Intchains Group Limited Q2 FY2024 Earnings Call

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Intchains Technology – Q2 2024 Earnings Summary

  • Total Revenue: RMB 123 million (USD 16.9 million), up 785% YoY from RMB 13.9 million in Q2 2023. Surge attributed to increased sales and higher average selling prices from new ASIC chip products (e.g., AL BOX and KA BOX).
  • Chip Sales Volume: Over 274,019 units sold for supported coins including Alephium, Kaspa, Litecoin, and Dogecoin, demonstrating robust product demand.
  • Cost of Revenue: RMB 40.9 million (USD 5.6 million), up 33.2% YoY from RMB 30.7 million. The increase is primarily due to inventory and prepayment write-downs, and purchase commitment provisions totaling RMB 30.3 million.
  • Total Operating Expenses: RMB 24.3 million (USD 3.3 million), up 40.2% YoY from RMB 17.3 million.
    • R&D Expenses: RMB 13.2 million, up 47.6% YoY.
    • Sales & Marketing Expenses: RMB 1.9 million, up 48.5% YoY.
    • G&A Expenses: RMB 8.9 million, up 25.5% YoY.
  • Cryptocurrency Holdings: ETH holdings increased to 2,417 ETH as of June 30, 2024, from 825 ETH in Q1, as part of a long-term treasury reserve strategy leveraging operational cash flows.

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Operator: Good day, ladies and gentlemen. Thank you for standing by, and welcome to Intchains Second Quarter 2024 Earnings Conference Call. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Joining us today is Mr. Chaowei Yan, Chief Financial Officer of Intchains. Mr. Yan will provide overview of the company's performance and details of the company's financial results. After that, we will conduct the question-and-answer session to take your questions. During the question-and-answer session, Mr. Yan will deliver the answers in Chinese, and the company's representative will provide corresponding English translation. Before we continue, I'd like to remind you that today's discussion will contain forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections about future events that the company believes may affect its financial conditions, results of operations, business strategy and financial needs. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances or changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the company cau

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