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- **Revenue Decline**: Q3 2025 revenue down 11% YoY to RMB 184.7 million due to market volatility and project stabilization.
- **Strategic Investments**: RMB 9 million in R&D for new products like XTM miners and Dogecoin machines, with H2 2026 revenue potential.
- **ETH Staking Expansion**: Acquired staking platform to diversify blockchain infrastructure and enhance yield strategies.
- **R&D Optimization**: Q4 2025 R&D expenses expected to decrease, with 2026 focus on cost efficiency.

**【CFO Financial Summary】**
- Q3 2025 revenue decreased to RMB 9.1 million due to stabilization of the ALEO mining project, resulting in a loss of RMB 41.8 million.
- Year-to-date 2025 revenue was RMB 184.7 million (-11% YoY), with cost of revenue up 42.9% due to inventory impairment charges.
- Operating expenses rose 6% to RMB 97.6 million, driven by higher G&A and sales costs.
- Strong balance sheet with RMB 66.5 million in cash and RMB 160.6 million in total assets.

**【Product and Strategy Updates】**
- R&D investment of RMB 9 million in 2025 led to new product launches: XTM mining service (Q4 2025), Dogecoin mining machine (H1 2026 test chips), and AL CARD expansion.
- ETH strategy: 9,919 ETH holdings valued at RMB 37 million; paused Q3 purchases but exploring yield strategies with FalconX (10%+ annualized returns).
- Acquired a proof-of-stake platform for Ethereum, Avalanche, Manta, and Conflux, enhancing staking operations and blockchain infrastructure.

**【Q&A Highlights】**
- **Dogecoin Launch Timeline**: Test chips expected in Q4 2025, commercial launch in H1 2026, revenue contribution in H2 2026.
- **Staking Platform Integration**: Post-closing, will integrate into existing operations and explore third-party customer use cases.
- **R&D Outlook**: Q4 2025 R&D expenses expected to decrease as no new chip launches planned; 2026 R&D to be optimized for efficiency.


Intchains Group Limited (ICG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ICG

ICG fundamentals

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