Financial Data and Key Metrics Changes - FY 2025 revenue was RMB 220.9 million, or $31.6 million, a decrease of 21.6% compared to FY 2024 due to cyclical fluctuations and soft demand [11] - FY 2025 cost of revenue was RMB 204.9 million, or $29.3 million, an increase of 56.1%, impacted by impairment charges [12] - FY 2025 net loss was RMB 52 million, or $7.4 million, compared to a net income of RMB 51.5 million in FY 2024 [14] - As of December 31, 2025, cash position was $67.8 million, with total assets of $145.2 million and total liabilities of $6.2 million [14] Business Line Data and Key Metrics Changes - Altcoin mining hardware and Ethereum accumulation and staking activities are the core pillars of the business, with mining machine sales being the primary revenue source [4] - The launch of new mining products, including Aleo and Dogecoin miners, contributed to increased revenues in the first half of 2025, but demand softened in the second half [11][12] - The introduction of the XTM miners accounted for a significant portion of Q4 net revenues, reinforcing market competency [7] Market Data and Key Metrics Changes - The company operates in a market heavily influenced by cyclical volatility, impacting net revenue for FY 2025 [4] - ETH experienced significant price swings in 2025, driven by macroeconomic uncertainty and evolving institutional participation [8] - As of December 31, 2025, the company held 8,822 ETH, increasing from 5,702 a year ago, representing a growth of 56% [9] Company Strategy and Development Direction - The company plans to focus on continued investment in R&D, development and sale of Goldshell mining machines, and ETH accumulation and staking activities for 2026 and beyond [16] - Cost optimization initiatives, including workforce reduction, are expected to enhance efficiency and improve financial performance [18] - The company aims to generate incremental returns from idle assets through a dual platform staking approach [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the cyclical nature of the industry and the impact of market volatility on operations [4][8] - The long-term conviction in the Ethereum ecosystem remains unchanged, with ETH being a core digital asset in the company's treasury strategy [8] - Management does not expect regulatory changes in Mainland China to have a material adverse impact on the business [15] Other Important Information - The company has expanded into the blockchain infrastructure service sector, aiming to generate synergies across business lines [22] - The acquisition of the Goldshell Stake platform allows the company to provide cryptocurrency staking services for individual and institutional investors [10] Q&A Session Summary Question: Will new mining products be launched in the second half of 2026? - Yes, the company is targeting new altcoin mining machines in the second half, subject to market conditions and R&D progress [25] Question: Regarding Goldshell Stake, are the staked ETH from new users or did they come over with the acquisition? - The staked ETH includes both prior and new users, with growth in ETH units occurring post-acquisition [26]

Core Viewpoint - Intchains Group Limited reported significant financial losses for Q4 2025 and FY 2025, primarily due to decreased revenue from altcoin mining products and adverse market conditions affecting cryptocurrency valuations [1][4]. Q4 2025 Financial Highlights - Revenue for Q4 2025 was RMB 36.1 million (US$ 5.2 million), a decrease of 51.3% from RMB 74.2 million in Q4 2024 [9]. - Loss from operations was RMB 83.7 million (US$ 12.0 million), compared to a loss of RMB 36.8 million in Q4 2024 [12]. - The change in fair value of cryptocurrencies resulted in a loss of RMB 74.4 million (US$ 10.6 million) for Q4 2025, contrasting with a gain of RMB 29.2 million in Q4 2024 [14]. - Net loss for Q4 2025 was RMB 130.7 million (US$ 18.7 million), compared to a net income of RMB 12.8 million in Q4 2024 [16]. FY 2025 Financial Highlights - Total revenue for FY 2025 was RMB 220.9 million (US$ 31.6 million), down 21.6% from RMB 281.8 million in FY 2024 [21]. - Loss from operations for FY 2025 was RMB 104.7 million (US$ 15.0 million), compared to income from operations of RMB 2.9 million in FY 2024 [24]. - The change in fair value of cryptocurrencies for FY 2025 was a gain of RMB 4.8 million (US$ 0.7 million), significantly lower than a gain of RMB 21.3 million in FY 2024 [26]. - Net loss for FY 2025 was RMB 52.0 million (US$ 7.4 million), compared to net income of RMB 51.5 million in FY 2024 [28]. Recent Business Updates & 2026 Strategy - The company completed the acquisition of a Proof-of-Stake platform for US$ 1.3 million and launched the Goldshell Stake platform, expanding its cryptocurrency staking services [4]. - The 2026 strategy focuses on the sale of altcoin mining machines, investing in new products, and improving profitability through cost-saving initiatives [4]. - As of February 23, 2026, the company held 9,070 units of ETH, with 2,600 units currently staked across its platforms [6]. - The company plans to enhance its ETH accumulation strategy and continue to generate staking yields through partnerships with platforms like FalconX [6]. Regulatory Environment - Following a regulatory notice from PRC governmental bodies on February 6, 2026, the company ceased accepting new orders from customers in mainland China to comply with new restrictions on mining machine sales [4]. - The company aims to mitigate the impact of these regulations by accelerating the expansion of its overseas sales channels and marketing infrastructure [4].

Financial Performance (Q3 2025 vs Q3 2024) - Revenue decreased to RMB 9.1 million ($1.3 million) from RMB 60.3 million due to market cyclicality and softer demand[16] - Net income increased significantly to RMB 74.4 million ($10.5 million) from RMB 3.2 million, primarily due to gains on fair value of cryptocurrency holdings related to a ~67.5% increase in ETH price[16] Financial Performance (9M 2025 vs 9M 2024) - Revenue decreased to RMB 184.7 million ($25.9 million) from RMB 207.6 million, affected by market cyclicality in Q3, offset by strong ALEO miner sales in Q1[16] - Net income increased to RMB 78.7 million ($11.1 million) from RMB 38.7 million, driven by gains on fair value of cryptocurrency holdings related to a ~21.4% increase in ETH price and a 3,117 unit increase of ETH holdings[17, 18] Investments and Assets - R&D investments totaled RMB 64.2 million ($9.0 million), focused on developing new mining machines and upgrading existing ones[19] - Cash position as of September 30, 2025, was RMB 473.6 million ($66.5 million), including cash, equivalents, deposits, and government securities[19] - Total current assets were RMB 663.5 million ($93.2 million), and total assets were RMB 1,143.0 million ($160.6 million) as of September 30, 2025[22] ETH Accumulation and Staking - The company held 8,819 units of ETH, valued at RMB 262.8 million as of September 30, 2025[23] - 1,000 units of ETH, approximately 11.3% of total ETH holdings, were staked on the FalconX platform to generate yields[23] - Intchains plans to acquire a Proof-of-Stake (PoS) platform for $1.3 million to enhance ETH yield through diversified staking[24, 25]