Financial Data and Key Metrics Changes - Revenue for Q1 2025 reached $18.2 million, representing a 78.5% quarter-over-quarter increase and exceeding previous guidance of $15 million to $16 million [6][12] - Gross margin improved significantly to 56.9%, up from 26.2% in the previous quarter, reflecting a 286.9% increase [7] - Operating income turned positive at $5.1 million, a recovery from the loss in Q4 2024 [7][13] - Net income was negative $4.7 million, impacted by a noncash revaluation loss of $9.8 million on cryptocurrency holdings [13][14] Business Line Data and Key Metrics Changes - The successful launch of the Allele miner series accounted for nearly 75% of total revenue in Q1 2025 [12] - Cost of revenue increased modestly from $7.5 million in Q4 to $7.9 million in Q1, growing at a lower pace than revenue due to higher margins from new miners [13] - The company continues to focus on product optimization and operational efficiency to maintain higher gross margins than industry averages [9] Market Data and Key Metrics Changes - The total market cap of cryptocurrency declined by 18% during the quarter, with significant price drops for Ether, Dogecoin, and Allele [6][11] - Despite market headwinds, the company maintained a steady pace of Ethereum accumulation, increasing holdings by over 23% to approximately 7,043 units [7][14] Company Strategy and Development Direction - The company aims to solidify its leadership in the home mining sector and plans to continue refining its mining products through technological upgrades [10][18] - A focus on innovation and operational excellence is central to the company's long-term value creation strategy [18] - The company is exploring new blockchain applications and anticipates potential catalysts such as interest rate cuts and regulatory support for crypto-linked ETFs [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market sentiment improving and the potential for revenue growth in Q2 and beyond [17] - The company projects revenue for the first half of 2025 to be approximately RMB 180 million to 200 million [17] - Management remains committed to a long-term Ethereum accumulation strategy despite current market volatility [16][17] Other Important Information - The company reported cash, cash equivalents, and short-term investments totaling $74.9 million as of March 31, 2025, an increase from the end of 2024 [14] - Total assets represented 147% of the company's market capitalization as of May 2025 [15] Q&A Session Summary Question: Future revenue mix with 75% from Allele miners - Management is optimistic about the future of Dogecoin and plans to continuously upgrade its Dogecoin miner program, aiming to become a top-tier supplier in the industry [22][24] Question: Potential of GoldShell Byte miner for revenue generation - The GoldShell Byte miner was designed to address the pain points of individual miners, allowing them to switch between cryptocurrencies easily, which could lower barriers to entry in the mining industry [26][27] Question: Expectations for inventory management - Management indicated that most inventory consists of both coin miners and Allele miners, and they will adjust pricing based on market conditions to sell inventory rather than write it off [34][35] Question: Feedback on GoldShell Byte from the market - The GoldShell Byte has received positive feedback from individual miners, and the company aims to attract new customers through this product while maintaining existing ones with professional miners [39][40] Question: R&D spending outlook - Management noted that while R&D spending is currently down, they cannot predict when it will increase again due to ongoing projects [48]

Financial Performance - Q1 2025 revenue reached $18.2 million, a 78.5% increase compared to Q4 2024[7], driven by Aleo series miners which accounted for 74.8% of total revenue[35, 99] - Gross profit for Q1 2025 was $10.4 million, a 287.9% increase compared to $2.7 million in Q4 2024, with a gross margin of 56.9%, a 30.7 percentage point increase[7] - The company reported an income from operations of $5.1 million in Q1 2025, compared to a loss of $5.0 million in Q4 2024[7] - Net loss for Q1 2025 was $4.7 million, impacted by a $9.8 million loss on the fair value of cryptocurrency holdings due to a 46% decrease in ETH price[35] Ethereum Accumulation - As of March 31, 2025, the company held approximately 7,023 ETH, a 23.2% increase compared to 5,702 ETH as of December 31, 2024[7, 16, 101] Product Innovation - The company launched the Aleo miner series in February 2025, with rapid iterations to maintain market leadership, achieving competitive daily returns among POW mining rigs[7, 44, 49] - Goldshell Byte, a leading dual-mining machine, was launched on March 26, 2025, allowing for the replacement of mining cards according to market conditions[7, 57] Market Position - Intchains' Q1 2025 revenue growth outpaced peers in the crypto mining sector, achieving a 78.6% QoQ increase[38] - The company was a rare crypto mining company with positive operating profit of $5.1 million in Q1 2025[7, 39] Future Outlook - The company aims to upgrade the mining efficiency of Dogecoin mining products to increase market share[90] - The company projects H1 2025 revenue to be between RMB 180 million and RMB 200 million[91]

Exhibit 99.1 Intchains Group Limited Reports First Quarter 2025 Unaudited Financial Results Total revenues of US$18.2 million exceeds guidance, up 445.5% YoY Total ETH-based cryptocurrency units were approximately 7,023, up 23.2% QoQ Income from operations reach US$5.1 million, achieving turnaround from prior-year period Intchains Group Limited (Nasdaq: ICG) ("we," or the "Company"), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based c ...

Core Insights - Intchains Group Limited reported total revenues of US$18.2 million for Q1 2025, a significant increase of 445.5% year-over-year, driven primarily by strong demand for its Aleo series mining machines [7][30] - The company achieved income from operations of US$5.1 million, marking a turnaround from a loss in the prior-year period [14][30] - The company held approximately 7,023 ETH as of March 31, 2025, reflecting a 23.2% increase quarter-over-quarter [5][30] Financial Performance - Total revenues for Q1 2025 were RMB132.4 million (US$18.2 million), up from RMB24.3 million in Q1 2024 [7][30] - Cost of revenue was RMB57.0 million (US$7.9 million), representing a 273.8% increase from RMB15.3 million in the same period of 2024, but the growth rate was lower than revenue growth due to higher gross margins from Aleo series machines [8][30] - Operating expenses decreased by 11.8% to RMB38.4 million (US$5.3 million) compared to RMB43.6 million in Q1 2024, primarily due to reduced research and development expenses [9][30] Cryptocurrency Strategy - The company introduced the Goldshell Byte, a dual-mining machine designed for flexibility and retail participation, enhancing its competitive position in the altcoin mining market [4][21] - Despite downward pressure on small- and mid-cap cryptocurrencies, the company maintained its long-term dollar-cost averaging strategy for Ethereum [5][6] - The fair value of the company's cryptocurrency assets, excluding stablecoins, was RMB101.6 million (US$14.0 million), primarily consisting of ETH [14][30] Market Position and Innovations - The Aleo series mining machines were launched in response to market dynamics and have proven profitable for miners, contributing significantly to the company's revenue [3][20] - The company views the recent Ethereum Pectra upgrade and the appointment of a new board of directors as positive developments for the blockchain technology landscape [6][30] - Sales volume of altcoin mining products, measured by the number of embedded ASIC chips, increased by 43.6% year-over-year, with 709,857 units sold in Q1 2025 [14][30]

Core Viewpoint - FY25 was a milestone year for ICG, achieving significant fundraising and growth in assets under management (AUM) while positioning itself for future growth in challenging market conditions [3][5][23]. Fundraising and AUM - ICG raised $24 billion from its global client base, including the world's largest GP-led secondaries fund and Europe's largest direct lending fundraising [4][35]. - AUM increased from $98.4 billion in FY24 to $112.4 billion in FY25, representing a 14% year-on-year growth [8][9]. - Fee-earning AUM rose from $69.7 billion to $75.1 billion, an 8% increase compared to FY24 [9][10]. Financial Performance - Management fees reached £604 million, up 19% from FY24, while performance fee income increased to £86 million [9][10][54]. - Fund Management Company profit before tax was £461 million, a 23% increase year-on-year [9][10][60]. - Group profit before tax decreased to £532 million, down 11% from the previous year [9][10]. Business Activity - Deployment and realisations were notably higher than the average of the previous four years, with structured capital and secondaries driving deployment [26][11]. - Total deployment for FY25 was $17.5 billion, with realisations amounting to $8.9 billion [11][26]. Strategic Positioning - ICG has established leading positions in structured capital, secondaries, and debt, with a real assets platform poised for growth [5][24]. - The company is focused on maintaining strong investment performance and exploring product innovations to enhance client offerings [31][28]. Medium-Term Guidance - ICG reiterated its medium-term financial guidance, aiming for fundraising of at least $55 billion between April 2024 and March 2028 [12][40]. - The effective management fee rate on fee-earning AUM was 0.97%, reflecting a slight increase from the previous year [55].

Group 1 - Intchains Group Limited is engaged in providing altcoin mining products, acquiring and holding Ethereum-based cryptocurrencies, and developing innovative Web3 applications [1][3] - The company will attend The Benchmark Company's Virtual Digital Assets Seminar on May 20, 2025, which aims to foster investor engagement [1][2] - The seminar will feature discussions with public and private digital assets companies, moderated by Benchmark's Fintech & Digital Assets Senior Analyst, Mark Palmer [2] Group 2 - The Benchmark Company is an institutionally focused firm that provides research, sales trading, and investment banking services, founded in 1988 and headquartered in New York City [4]

Core Viewpoint - Intchains Group Limited is set to release its unaudited financial results for the first quarter of 2025, which ended on March 31, 2025, highlighting its ongoing activities in altcoin mining, Ethereum-based cryptocurrency acquisition, and Web3 application development [1]. Group 1 - The earnings conference call will take place on May 22, 2025, at 8:00 PM U.S. Eastern Time, allowing stakeholders to discuss the financial results [2]. - Participants must register in advance using a provided link to receive dial-in numbers and a personal access PIN for the conference call [2]. - A live and archived webcast of the conference call will be available on the Company's investor relations website [3]. Group 2 - Intchains Group Limited focuses on providing altcoin mining products, acquiring and holding Ethereum-based cryptocurrencies, and developing innovative Web3 applications [4]. - For further inquiries, the Company has provided contact information for investor relations [5].

Business Operations - Intchains Group Limited operates primarily through its PRC subsidiaries and has initiated business operations in Singapore in 2023[20]. - Intchains Group Limited has obtained all necessary permissions and approvals to conduct business operations in mainland China[25]. - The company has not faced difficulties in transferring cash between its subsidiaries as of the date of the report[27]. - The company relies on a limited number of third-party foundry partners for altcoin mining products, which poses risks of delays in product shipments if sufficient foundry capacity is not obtained[43]. - The company does not have long-term contracts with the Foundry Partner, relying on purchase orders, which may lead to supply chain risks[62]. - The company may pursue acquisitions or strategic alliances to expand its business, but such efforts could disrupt operations and lead to increased expenses[108]. Financial Performance - The company recorded a net loss of RMB26.8 million for the year ended December 31, 2023, with net cash outflows from operating activities of RMB4.7 million and RMB138.3 million (US$18.9 million) for the years ended December 31, 2023 and 2024, respectively[43]. - For the years ended December 31, 2022, 2023, and 2024, the company's revenue amounted to RMB473.7 million, RMB82.2 million, and RMB281.8 million (US$38.6 million), respectively[78]. - The carrying value of inventories was RMB 41.8 million and RMB 98.6 million (US$13.5 million) as of December 31, 2023, and 2024, respectively[75]. - Research and development expenses incurred were RMB 48.4 million, RMB 42.3 million, and RMB 109.4 million (US$15.0 million) for 2022, 2023, and 2024, respectively[74]. Dividend Policy - The company has not declared or paid any dividends on its ordinary shares since inception and intends to retain available funds for business operations and expansion[28]. - For the year ended December 31, 2024, no cash or asset transfers occurred among Intchains Group Limited and its subsidiaries, and no dividends were distributed[27]. - The ability of Intchains Group Limited to pay dividends depends on dividends paid by its PRC subsidiaries, which may be restricted by PRC laws[30]. - Under PRC laws, PRC subsidiaries can only pay dividends after setting aside 10% of net profit as reserve funds[30]. Regulatory Environment - The PCAOB has secured complete access to inspect registered public accounting firms in mainland China and Hong Kong, affecting the company's compliance with the Holding Foreign Companies Accountable Act[32]. - The company is subject to significant legal and regulatory uncertainties regarding cryptocurrency operations, which could adversely affect its business and financial condition[58]. - The People's Bank of China has prohibited all organizations from engaging in initial coin offerings and has emphasized the crackdown on bitcoin mining and trading activities[60]. - The U.S. government has imposed restrictions on trade and investment with China, which may impact the company's operations and product development[183]. Market Risks - The company derives substantially all of its revenue from sales of mining products, making it vulnerable to fluctuations in cryptocurrency prices, which can lead to excess inventory and margin compression[50]. - The company faces risks related to the volatility of ETH, which has historically influenced financial results and the market price of its American Depositary Shares (ADSs)[41]. - The company’s reliance on the cryptocurrency market makes it particularly vulnerable to market fluctuations, impacting its financial condition and results of operations[52]. - The company may experience liquidity constraints if cash requirements exceed available liquidity, potentially impacting its ability to fund and expand operations[47]. Operational Challenges - The company expects to continue making significant investments in business development, which may lead to operational challenges and affect profitability if not managed effectively[44]. - The company faces challenges in attracting and retaining qualified personnel, especially in research and development, which is critical for technological and product innovations[101]. - The company may not be able to maintain adequate inventory levels to meet demand, resulting in lost sales and competitive disadvantages[51]. - The company faces risks associated with relying on a limited number of third-party foundries, including potential quality control issues and delivery delays[64]. International Trade and Tariffs - Approximately 12.4% of the company's total revenue for the year ended December 31, 2024, came from customers in the U.S., which may be affected by increased tariffs[171]. - The U.S. has imposed an aggregate 125% tariff on certain goods imported from China, impacting the company's cost structure for essential components[172]. - Changes in international trade policies and tariffs could adversely affect the company's financial condition and international sales[182]. Intellectual Property - The company has registered 32 trademarks and 12 patents in the PRC, indicating efforts to protect its intellectual property[92]. Internal Controls and Compliance - A material weakness was identified in internal controls related to safeguarding private keys, which could affect financial reporting accuracy[98]. - The company has implemented internal control measures to mitigate risk exposure to international sanctions, but evolving regulations may still pose risks[181]. Economic Conditions - Any prolonged economic slowdown could negatively impact the company's business and financial condition[123]. - The global financial markets have faced disruptions since 2008, with ongoing uncertainties impacting the company's results and operations[122]. Future Outlook - The company plans to enhance its research and development capabilities and improve operational and financial systems to support future growth[79]. - The company may employ aggressive pricing strategies to remain competitive, potentially leading to price reductions and adverse effects on operational results[104].

Core Viewpoint - Intchains Group Limited has successfully closed a US$1.0 million registered direct offering to enhance its operations in the altcoin mining sector and support its long-term strategic goals [1][3]. Group 1: Offering Details - The offering involved the sale of 361,011 American Depositary Shares (ADSs) at a price of US$2.77 per ADS, along with warrants to purchase an equal number of ADSs at the same price [2][3]. - Gross proceeds from the offering amounted to US$1.0 million, which will primarily be used for upgrading altcoin mining machines, with remaining funds allocated to working capital and general corporate purposes [3]. Group 2: Institutional Investor Agreement - An Institutional Investor has the option to purchase an additional US$1.0 million of ADSs under a Purchase Agreement, exercisable within 60 days from March 27, 2025 [4]. - This option can be exercised in whole or in part, reflecting the investor's confidence in the company's long-term value [4][5]. Group 3: Company Outlook - The CEO of Intchains Group Limited expressed gratitude towards the Institutional Investor, highlighting the company's positive operational results in 2024 and the anticipated strong performance in the first half of 2025 due to the launch of the AE BOX series mining machines [5]. - The company aims to deliver long-term returns to shareholders and enhance its recognition in the market [5]. Group 4: Regulatory Information - The ADSs and Warrants were offered under a registration statement filed with the U.S. Securities and Exchange Commission, which was declared effective on August 5, 2024 [6]. - A prospectus supplement related to this offering was filed on March 26, 2025 [6]. Group 5: Company Overview - Intchains Group Limited specializes in altcoin mining products, strategic acquisition of Ethereum-based cryptocurrencies, and development of innovative Web3 applications [9].

Core Insights - Intchains Group Limited (ICG) has launched the Goldshell Byte, an innovative home miner designed for efficient altcoin mining, on March 27, 2025 [1][2]. Product Features - Goldshell Byte features a dual-slot mining base with hot-swappable mining hash boards, allowing miners to use two different algorithms simultaneously and switch mining cards based on market conditions [2][3]. - The AE Card has a default hash rate of 4.5 MH/s ±5%, while the DG Card operates at 65 MH/s ±5% [2]. Strategic Advantages - The Goldshell Byte allows for quick switching of mining algorithms without the need to replace the entire rig, reducing miners' exposure to market volatility and enabling them to seize early-market opportunities [3]. - The product enhances the standardization of ICG's offerings in the home mining sector and supports the company's market position [3]. Availability - The Goldshell Byte is available for purchase starting March 27, 2025, on Goldshell's official website [5]. Company Overview - Intchains Group Limited specializes in providing altcoin mining products, acquiring Ethereum-based cryptocurrencies, and developing innovative Web3 applications [6]. Additional Features - The Goldshell Byte supports dual mining capability, allowing simultaneous mining of two cryptocurrencies [7]. - It is designed for home use with noise-free operation and simple setup, making it suitable for household environments [7]. - The device can be monitored and controlled via WiFi using the Goldshell Hub App [7].