Intchains Q3 2025: Contradictions Emerge on R&D Spending, Staking Platform Strategy, Dogecoin Launch, and Acquisition Integration

Date of Call: November 13, 2025

Financials Results

• Revenue: RMB 9.1 million in Q3 2025; 9M 2025 revenue RMB 184.7 million ($25.9M), down 11% YOY

Guidance:

• XTM miners expected to account for a meaningful revenue contribution in Q4 2025.
• Dogecoin miner test chips expected in December 2025; product launch planned in H1 2026 with revenue contribution anticipated in H2 2026.
• Paused ETH purchases in Q3 and do not plan to resume in Q4; maintain long-term dollar-cost-averaging strategy.
• Pursuing ETH yield via FalconX (lending/derivative strategies targeting up to ~10% annualized) and acquiring a PoS platform to expand staking services.
• Company expects these initiatives to drive revenue growth and bottom-line improvements in 2026.

Business Commentary:

* Revenue Decline and Market Volatility: - Intchains Group Limited reported a decrease in revenue to RMB 9.1 million for Q3 2025, and a loss for operations of RMB 41.8 million. - The decline was primarily due to lower sales of mining machines as the flagship ALEO mining project transitioned into a stable stage following its initial surge, and softer demand for their products in the period.

• R&D Investment and Innovation:
• The company invested approximately $9 million in R&D in 2025, reflecting a commitment to driving technological advancements and sustaining long-term growth.

• This investment has led to the launch of several key initiatives, including the ALEO miner series, Goldshell Byte, and XTM mining service, enhancing efficiency, performance, and user experience.

• Ethereum Acquisition and Staking Strategy:

• As of September 30, 2025, Intchains had 9,919 ETH-based cryptocurrencies valued at approximately $37 million.

• The company paused ETH purchases in Q3 due to tactical funding allocation and is exploring ways to enhance its ETH strategy, including a partnership with FalconX for efficient ETH acquisition and yield generation.

• Staking Platform Acquisition:

• Intchains announced a definitive agreement to acquire a proof-of-stake technology platform, aiming to enhance its blockchain infrastructure capabilities.

• The acquisition will incorporate staking operations for four prominent blockchains, enabling Intchains to provide diversified, high-quality staking services and support the growth of its digital assets.

• 2026 Growth Strategy:

• Intchains is focusing on the development and sale of Goldshell mining machines and ETH accumulation and staking activities for 2026 and beyond.
• The launch of its new Dogecoin mining machine in the first half of 2026 is expected to contribute to its top-line growth for fiscal year 2026.
  

  Sentiment Analysis:

  Overall Tone: Positive

  • Management emphasized product roadmap and M&A as growth drivers: "We are optimistic... this new product will become a top-tier Dogecoin mining machine" and said the PoS acquisition "positions us well"; they expect staking, XTM and new products to "drive tangible revenue growth and bottom line improvements in 2026."

Q&A:

• Question from Mark Palmer (The Benchmark Company, LLC, Research Division): With regard to the Dogecoin launch in 2026, which is a big part of the company's growth strategy for next year, how should we think about the timing of that launch and then the timing of the rollout throughout the year?
  Response: Test chip expected in 2025; product launch planned in H1 2026 and expected to contribute revenue in H2 2026.

• Question from Mark Palmer (The Benchmark Company, LLC, Research Division): With the announcement of the acquisition of the staking platform from ECHOLINK, assuming that, that deal closes as expected, how are you thinking about the role that staking would play within your platform? And to what extent would this be a platform you'd be using for your own staking versus what you would be able to do with third-party customers?
  Response: Deal is not closed yet; preliminary security and integration work completed; confirmed ~9,000 ETH will be staked on the platform; broader third-party commercial plans and roadmap to be disclosed after closing.

• Question from Matthew Galinko (Maxim Group LLC, Research Division): Do you have any expectations on how you'll market the staking platform to customers? And do you think that would be branded under Goldshell or under its existing brand?
  Response: Will operate the platform under the company's own brand, but final choice (Intchains, Goldshell or a new brand) is undecided; branding and go-to-market details will be provided post-close.

• Question from Matthew Galinko (Maxim Group LLC, Research Division): Can you provide any help for 4Q R&D? Do you expect to be investing in the December quarter? Or is the number you reported in the third quarter a relatively good one to use for fourth quarter? It should be more like second quarter. Some kind of outlook for how we should be thinking about R&D for the balance of the year.
  Response: R&D concentrated in Q3 for new product launches; expect Q4 R&D to decrease (no chip tape-out) and anticipate lower total R&D spending in 2026.