Intchains Group Limited Q3 FY2025 Earnings Call

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Intchains Group Limited – Q3 2025 Earnings Summary

  • Revenue: Q3 2025 revenue was RMB 9.1 million, a significant decline from the peak seen in Q1 2025 due to stabilization of demand for the ALEO mining project.
  • Operating Loss: The company recorded an operating loss of RMB 41.8 million in Q3 2025, driven by reduced demand for mining machines.
  • 9-Month Performance Overview (2025 vs. 2024):
    • Revenue for the first 9 months of 2025 was RMB 184.7 million (approx. $25.9 million), down 11% YoY.
    • Cost of revenue rose to RMB 108.2 million (approx. $15.2 million), up 42.9% YoY, impacted by inventory impairment related to certain altcoin mining products.
    • Operating expenses increased 6% to RMB 97.6 million ($13.7 million), attributed to increased G&A and sales costs.
    • Operating result shifted from an income of RMB 39.8 million in 2024 to a loss of RMB 21 million in 2025.
    • Fair value gain on cryptocurrencies rose significantly to RMB 79.3 million ($11 million), mainly from ETH holdings (+3,117 ETH units, ETH price up ~21.4%).
    • Net income for 9M 2025 totaled RMB 78.7 million ($11 million), up from RMB 38.7 million in 2024, driven by crypto appreciation.

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Operator: Thank you for standing by. Welcome to the Intchains Group Limited Third Quarter 2025 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alice Zhang with The Equity Group. You may begin. Alice Zhang: Thank you, operator. Good evening to everyone. Welcome to Intchains Third Quarter 2025 Earnings Conference Call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results and strategic direction. Although the company believes that the expectations expressed in these forward-looking statements are reasonable, we cannot assure you that such expectations will turn out to be correct, and the company cautions investors that actual results may differ materially from the anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law. Please note that in today's call, we will discuss certain non-GAAP financial measures. Please also refer to the reconciliation of non-GAAP measures to

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