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ICG

Intchains Group Limited

ICG

Intchains Group Limited • NASDAQ
$1.51 ▼ -9.04% (-0.15)
Market Cap $45.51 M
52w High $12.04
52w Low $0.93
Dividend Yield 0%
P/E 7.19
Volume 130.69K
Outstanding Shares 30.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $9.145M ▼ $32.701M ▲ $74.432M ▲ 813.909% ▲ $2.44 ▲ $69.041M ▲
Q2-2025 $43.197M ▼ $26.447M ▼ $38.252M ▲ 88.552% ▲ $1.26 ▲ $-14.911M ▼
Q1-2025 $132.391M ▲ $38.429M ▼ $-33.997M ▼ -25.679% ▼ $-1.14 ▼ $38.163M ▲
Q4-2024 $74.177M ▲ $48.325M ▲ $12.781M ▲ 17.23% ▲ $0.42 ▲ $11.727M ▼
Q3-2024 $60.305M $37.658M $3.156M 5.233% $0.053 $17.186M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $452.684M ▼ $1.143B ▲ $40.135M ▲ $1.103B ▲
Q2-2025 $491.729M ▼ $1.06B ▲ $32.922M ▼ $1.027B ▲
Q1-2025 $543.846M ▲ $1.038B ▼ $52.906M ▼ $985.145M ▼
Q4-2024 $520.814M ▼ $1.09B ▲ $76.442M ▲ $1.013B ▲
Q3-2024 $563.375M $1.065B $71.127M $994.166M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $38.252M ▲ $0 $0 $0 $0 $0
Q1-2025 $-33.997M ▼ $0 ▲ $0 ▲ $0 $0 ▲ $0 ▲
Q4-2024 $12.781M ▲ $-22.484M ▼ $-61.937M ▼ $0 $-191.775M ▼ $-27.769M ▼
Q3-2024 $3.156M ▼ $0 $0 $0 $0 $0
Q2-2024 $50.355M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement The income statement shows a company that rode a big wave up, then hit a rough patch, and is now stabilizing at a lower level. Revenue climbed sharply through 2021, stayed strong in 2022, then fell off hard in 2023 and only partially recovered in 2024. Profitability followed the same pattern: very high profits in 2021–2022, a clear loss in 2023, and a return to modest profit in 2024. This tells you the business is highly sensitive to crypto and mining cycles. The good news is that the company has shown it *can* earn strong margins in good times; the risk is that earnings swing quickly when demand softens.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Total assets and shareholders’ equity have steadily risen over the last few years, and the company carries essentially no financial debt, which reduces balance sheet risk. Cash was very strong after the earlier boom years but has declined more recently as the business environment cooled and the company invested in new initiatives. Overall, this is a solid, equity-financed balance sheet, but the trend of using more cash is worth watching if earnings remain volatile.

Cash Flow

Cash Flow Cash generation has shifted from clearly positive to mildly negative. In the earlier years, the business produced healthy operating cash flow and free cash flow, with only light spending on equipment and development. As market conditions weakened, operating cash flow faded and turned negative, and free cash flow followed. Capital spending itself is still quite modest; most of the pressure seems to be from weaker operating performance and working capital movements, plus strategic investments. This means the business currently relies more on its existing cash buffer and past profits than on fresh cash coming in from operations.

Competitive Edge

Competitive Edge ICG operates in a specialized corner of the semiconductor and crypto ecosystem: high-performance, energy‑efficient ASICs for altcoin mining, mainly targeting small and residential miners rather than industrial-scale farms. This niche focus, combined with the Goldshell brand and a wide global customer base, gives the company a differentiated footprint that is not directly head‑to‑head with the largest Bitcoin‑focused hardware makers. Its fabless model keeps it asset‑light and flexible. The flip side is heavy exposure to the highly cyclical and sentiment‑driven crypto market, plus potential regulatory and technology shifts that could quickly change which coins and algorithms are in demand.

Innovation and R&D

Innovation and R&D Innovation is clearly at the center of the strategy. The proprietary Xihe design platform and strong track record of successful chip tape‑outs point to solid engineering capabilities. The company is also deliberately broadening beyond pure mining hardware: accumulating major crypto assets, entering staking and Proof‑of‑Stake infrastructure, and exploring Web3 applications. New product plans for specific altcoin miners and a push into staking‑as‑a‑service suggest a move toward more diversified and potentially more recurring revenue streams. The key uncertainty is execution: turning strong technical ideas and early platforms into durable, scalable, and regulator‑compliant businesses.

Summary

ICG is a cyclical, crypto‑linked technology company that has already experienced both boom and bust conditions in a short period. The business has proven it can be highly profitable when demand for altcoin mining hardware is strong, but recent results show how quickly that can reverse. The balance sheet is a notable strength, with no debt and a solid equity base, although cash use has increased as markets softened and the company invested for the future. Strategically, ICG’s niche focus, recognized Goldshell brand, and shift toward staking and Web3 infrastructure create meaningful opportunities but also raise execution and regulatory risks. Overall, this is an evolving blockchain infrastructure play with a mix of clear technological strengths and significant exposure to the volatility of the broader crypto environment.

NEWS

November 25, 2025 · 7:00 AM UTC

Intchains Group to Participate in Two Upcoming Investor Conferences

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November 20, 2025 · 2:00 AM UTC

ICG plc: Notification of Major Holdings

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November 19, 2025 · 1:00 AM UTC

ICG plc: Notification of Major Holdings

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November 18, 2025 · 1:00 AM UTC

ICG and Amundi announce a long-term strategic partnership to develop private markets products managed by ICG and distributed by Amundi targeted at wealth investors

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November 13, 2025 · 4:05 PM UTC

Intchains Group Limited Reports Third Quarter and Nine Months 2025 Financial Results

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