Intchains(US:ICG)2025-11-13 21:02Financial Performance - Q3 2025 revenue was RMB9.1 million (US$1.3 million), a decrease of 84.8% from RMB60.3 million in Q3 2024[16] - Loss from operations for Q3 2025 was RMB41.8 million (US$5.9 million), compared to income of RMB16.2 million in Q3 2024[19] - Net income for Q3 2025 increased by 2258.4% to RMB74.4 million (US$10.5 million) from RMB3.2 million in Q3 2024[23] - Non-GAAP adjusted net income for Q3 2025 was RMB76.7 million (US$10.8 million), compared to RMB6.4 million in Q3 2024[25] - Revenue for the first nine months of 2025 was RMB184.7 million (US$25.9 million), a decrease of 11.0% from RMB207.6 million in the same period of 2024[28] - Net income was RMB78.7 million (US$11.1 million) for 9M 2025, compared to RMB38.7 million for the same period of 2024[37] - Non-GAAP adjusted net income was RMB85.1 million (US$12.0 million) for 9M 2025, up from RMB45.7 million for the same period of 2024[38] - The company reported a net income of RMB 78,687 for the nine months ended September 30, 2025, compared to RMB 38,716 in 2024, representing a growth of 103%[50] Expenses and Costs - Cost of revenue for 9M 2025 was RMB108.2 million (US$15.2 million), an increase of 42.9% from RMB75.7 million in 9M 2024[29] - Total operating expenses for 9M 2025 were RMB97.6 million (US$13.7 million), an increase of 5.9% from RMB92.1 million in 9M 2024[30] - Research and development expenses remained steady at RMB64.2 million (US$9.0 million) for 9M 2025, compared to RMB63.6 million for the same period of 2024[34] - Sales and marketing expenses increased by 20.3% to RMB6.7 million (US$0.9 million) for 9M 2025 from RMB5.6 million for the same period of 2024[34] - General and administrative expenses increased by 15.7% to RMB26.6 million (US$3.7 million) for 9M 2025 from RMB23.0 million for the same period of 2024[34] - Operating expenses increased to RMB 97,577, up 6% from RMB 92,138 in 2024, with research and development expenses remaining relatively stable[50] Cryptocurrency and Investments - Change in fair value of cryptocurrencies resulted in a gain of RMB107.2 million (US$15.1 million) in Q3 2025, compared to a loss of RMB13.1 million in Q3 2024[21] - The change in fair value of cryptocurrencies resulted in a gain of RMB79.3 million (US$11.1 million) for 9M 2025, compared to a loss of RMB7.9 million for the same period in 2024[35] - The company initiated ETH staking with FalconX, deploying 1,000 ETH, which is 11.3% of its total ETH treasury holdings[10] - The acquisition of a Proof-of-Stake platform for $1.3 million is expected to enhance the company's cryptocurrency staking business[10] - The company held a total cryptocurrency market value of approximately USD 23,528,521 as of September 30, 2025[56] - The average cost per unit of Bitcoin held was USD 103,296, with a highest market price of USD 124,533 during the quarter[56] Shareholder Information - Basic and diluted net income per ordinary share were both RMB0.65 (US$0.09) for 9M 2025, compared to RMB0.32 for the same period of 2024[39] - Total assets increased to RMB1,142.97 million (US$160.55 million) as of September 30, 2025, from RMB1,089.51 million as of December 31, 2024[48] - Total shareholders' equity rose to RMB1,102.83 million (US$154.91 million) as of September 30, 2025, compared to RMB1,013.07 million as of December 31, 2024[48] - The weighted average number of shares used in the basic net income per share calculation was 120,740,661 for the nine months ended September 30, 2025[50] Interest Income - Interest income decreased by 30.9% to RMB8.6 million (US$1.2 million) for 9M 2025 from RMB12.5 million for the same period of 2024[32] - The company’s interest income decreased to RMB 8,602 for the nine months ended September 30, 2025, down from RMB 12,457 in 2024[50]