$ICG

Intchains Group Ltd

CIK:0001895597|SEC Filings

Consolidated Statements of Operations and Comprehensive Income/(Loss) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($) $ / shares shares	Dec. 31, 2025 CNY (¥) ¥ / shares shares	Dec. 31, 2024 CNY (¥) ¥ / shares shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares
Income Statement [Abstract]
Products revenue	$ 31,583	¥ 220,864	¥ 281,767	¥ 82,225
Cost of revenue	(29,301)	(204,902)	(130,452)	(73,147)
Gross profit	2,282	15,962	151,315	9,078
Operating expenses:
Research and development expenses	(11,053)	(77,296)	(109,443)	(42,304)
Sales and marketing expenses	(1,262)	(8,824)	(8,468)	(6,532)
General and administrative expenses	(4,925)	(34,445)	(30,248)	(25,210)
Impairment of long-lived assets	(11)	(74)	(210)
Total operating expenses	(17,251)	(120,639)	(148,369)	(74,046)
Income/(loss) from operations	(14,969)	(104,677)	2,946	(64,968)
Interest income	1,575	11,014	16,235	16,750
Foreign exchange gain/(loss), net	(481)	(3,364)	1,382	(524)
Change in fair value of cryptocurrency	692	4,838	21,322
Other income, net	1,191	8,334	8,292	13,191
Income/(loss) before income tax expenses	(11,992)	(83,855)	50,177	(35,551)
Income tax benefit	5,194	36,323	1,320	8,756
Net income/(loss)	(6,798)	(47,532)	51,497	(26,795)
Foreign currency translation adjustment, net of nil tax	(718)	(5,023)	1,939	1,838
Total comprehensive income/(loss)	$ (7,516)	¥ (52,555)	¥ 53,436	¥ (24,957)
Weighted average number of shares used in per share calculation:
Basic	120,912,863	120,912,863	119,936,488	119,387,937
Diluted	120,912,863	120,912,863	120,016,243	119,387,937
Net earnings/(loss) per share
Basic \| (per share)	$ (0.06)	¥ (0.39)	¥ 0.43	¥ (0.22)
Diluted \| (per share)	$ (0.06)	¥ (0.39)	¥ 0.43	¥ (0.22)

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities
Net income/(loss)	$ (6,798)	¥ (47,532)		¥ 51,497	¥ (26,795)
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	1,237	8,650		8,974	3,474
Revenue recognized in the payment form of cryptocurrency	(6,476)	(45,289)		(122,028)
Operating expenses paid in cryptocurrency	81	565		359
Depreciation of property, equipment and software	884	6,179		4,507	3,830
Amortization of intangible assets	90	636	$ 66	476
Inventory provision	13,273	92,809		38,976	24,574
Write-down of prepayments	35	243		4,404	141
Provision for inventory purchase commitments				401
Deferred income tax benefit	(5,270)	(36,854)		(16,043)	(12,941)
Income from investments	(683)	(4,779)		(1,901)	(7)
Change in fair value of investments	(3)	(21)		60	(174)
Change in fair value of cryptocurrency	(692)	(4,838)		(21,322)
Impairment loss of cryptocurrency					34
Loss on disposal of property, equipment and software	5	38			4
Impairment of long-lived assets	11	74		210
Foreign exchange (gain)/loss	410	2,869		(1,382)	843
Changes in assets and liabilities:
(Increase) /Decrease in USDC	147	1,025		(1,690)
(Increase) /Decrease in inventories	(7,314)	(51,151)		(95,823)	11,441
(Increase) /Decrease in prepayments and other current assets	2,689	18,801		(25,626)	(23,546)
Decrease/(Increase) in other non-current assets				421	(421)
Increase /(Decrease) in accounts payable	(1,691)	(11,822)		14,652	(2,708)
Increase /(Decrease) in contract liabilities	(1,762)	(12,320)		16,702	9,822
Change in right-of-use assets and lease liabilities				(129)	192
Increase /(Decrease) in income tax payable	(284)	(1,984)		389	(605)
Increase /(Decrease) in provision for warranty	31	219		121	(183)
Increase /(Decrease) in accrued liabilities and other liabilities	(1,208)	(8,446)		5,542	8,317
Net cash used in operating activities	(13,288)	(92,928)		(138,253)	(4,708)
Cash flows from investing activities:
Purchase of short-term and long-term investments	(160,134)	(1,119,846)		(494,836)	(123,633)
Proceeds from disposal of short-term investments	153,804	1,075,569		401,324	639
Purchase of cryptocurrency	(1,819)	(12,719)		(68,199)	(679)
Proceeds from sale of cryptocurrency	4,839	33,843		45,852
Proceeds from sale of cryptocurrency	2,366	16,546
Purchase of property, equipment and software	(674)	(4,716)		(10,077)	(46,898)
Purchase of intangible assets					(3,425)
Purchase of intangible assets	(141)	(984)
Prepayments on long-term assets					(569)
Net cash used in investing activities	(1,759)	(12,307)		(125,936)	(174,565)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares	1,439	10,065			61,306
Payment for cost of issuance	(383)	(2,675)			(10,088)
Net cash provided by financing activities	1,056	7,390			51,218
Effect of exchange rate changes on cash and cash equivalent	(393)	(2,746)		1,270	995
Net decrease in cash and cash equivalents	(14,384)	(100,591)		(262,919)	(127,060)
Cash and cash equivalents, at the beginning of year	46,081	322,252		585,171	712,231
Cash and cash equivalents at the end of year	31,697	221,661	$ 46,081	322,252	585,171
Supplemental disclosure of cash flow information:
Cash paid for income taxes	244	1,707		15,422	4,790
Supplemental disclosure of non-cash activities:
Purchases of property, equipment, and software included in accrued liabilities and other liabilities	224	1,565		1,225	1,224
Revenue recognized in the payment form of cryptocurrency	6,476	45,289		122,028
Cryptocurrency received for sale of mining machines and remained in contract liabilities	322	2,252		10,917
USDT paid to purchase ETH	4,441	31,056
Operating expenses paid in cryptocurrency	81	565		359
Collection of USDC from exchange of USDT	1,020	7,131		43,525
Liability assumed in connection with asset acquisition		8,153
Transfer from prepayments on long-term assets to property, equipment and software				103,537
Transfer from prepayments on long-term assets to intangible assets				569
Transfer from prepayments on long-term assets to other non-current assets				9,319
Cumulative-effect adjustment due to the adoption of ASU 2023-08				¥ 332

Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Dec. 31, 2025 USD ($)	Dec. 31, 2025 CNY (¥)	Dec. 31, 2024 CNY (¥)
Current assets:
Cash and cash equivalents	$ 31,697	¥ 221,661	¥ 322,252
USDC	95	665	1,690
Cryptocurrency, current	863	6,035	30,079
Inventories, net	7,458	52,151	98,614
Prepayments and other current assets, net	7,873	55,063	69,703
Short-term investments	38,256	267,531	198,562
Total current assets	86,242	603,106	720,900
Non-current assets:
Cryptocurrencies, non-current	26,827	187,607	148,790
Long-term investments	55	386	20,569
Property, equipment and software, net	20,246	141,581	157,065
Intangible assets, net	1,712	11,975	3,552
Operating lease right-of-use assets	157	1,100	272
Deferred tax assets	9,409	65,796	28,942
Other non-current assets	1,194	8,347	9,419
Total non-current assets	59,600	416,792	368,609
Total assets	145,842	1,019,898	1,089,509
Current liabilities:
Accounts payable	433	3,025	14,847
Contract liabilities	2,354	16,462	37,447
Income tax payable	6	39	2,023
Operating lease liabilities, current	77	542	272
Provision for warranty	54	380	161
Accrued liabilities and other current liabilities	3,194	22,340	21,692
Total current liabilities	6,118	42,788	76,442
Non-current liabilities:
Operating lease liabilities, non-current	80	558
Total non-current liabilities	80	558
Total liabilities	6,198	43,346	76,442
Shareholders’ equity
Ordinary shares (US$0.000001 par value; 50,000,000,000 shares authorized, 120,081,456 and 121,484,348 issued, 120,020,962 and 121,423,854 shares outstanding as of December 31, 2024 and 2025, respectively)		1	1
Subscriptions receivable from shareholders		(1)	(1)
Additional paid-in capital	30,212	211,276	195,236
Statutory reserves	7,431	51,968	51,762
Accumulated other comprehensive income	(178)	(1,246)	3,777
Retained earnings	102,179	714,554	762,292
Total shareholders' equity	139,644	976,552	1,013,067
Total liabilities and shareholders' equity	$ 145,842	¥ 1,019,898	¥ 1,089,509