Initiates ETH Staking with FalconX with Initial 1,000 ETH in Place

Acquisition of Proof-of-Stake Platform to Advance Cryptocurrency Staking Business

SINGAPORE, Nov. 13, 2025 (GLOBE NEWSWIRE) -- Intchains Group Limited (Nasdaq: ICG) (“we,” or the“Company”), a company engaged in the provision of altcoin mining products, strategic acquisition and holding of Ethereum-based cryptocurrencies, and active development of innovative Web3 applications, today announced its unaudited financial results for the third quarter (“Q3 2025”) and nine months (“9M 2025”) ended September 30, 2025.

Q3 2025 FINANCIAL HIGHLIGHTS

• Revenue: Revenue was RMB9.1 million (US$1.3 million), compared to RMB60.3 million for the same period of 2024.
• Income/(Loss) from Operations: Loss from operations was RMB41.8 million (US$5.9 million), compared to income from operations of RMB16.2 million for the same period of 2024.
• Change in fair value of cryptocurrencies: The change in fair value of cryptocurrencies was a gain of RMB107.2 million (US$15.1 million) during Q3 2025, compared to a loss of RMB13.1 million for the same period in 2024.
• Net Income: Net income was RMB74.4 million (US$10.5 million), compared to RMB3.2 million for the same period in 2024.
• Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income was RMB76.7 million (US$10.8 million), compared to income of RMB6.4 million for the same period in 2024.
• Cash position: As of September 30, 2025, the Company had cash and cash equivalents, deposits and government securities listed in short-term and long-term investments, in an aggregate amount of RMB473.6 million (US$66.5 million), compared to RMB541.4 million as of December 31, 2024.

9M 2025 FINANCIAL HIGHLIGHTS

• Revenue: Revenue was RMB184.7 million (US$25.9 million), compared to RMB207.6 million for the same period of 2024.
• Income/(Loss) from Operations: Loss from operations was RMB21.0 million (US$3.0 million), compared to income from operations of RMB39.8 million for the same period of 2024.
• Change in fair value of cryptocurrencies: The change in fair value of cryptocurrencies was 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.
• Net Income: Net income was RMB78.7 million (US$11.1 million), compared to RMB38.7 million for the same period in 2024.
• Non-GAAP Adjusted Net Income: Non-GAAP adjusted net income was RMB85.1 million (US$12.0 million), compared to income of RMB45.7 million for the same period in 2024.
  

RECENT OPERATIONAL HIGHLIGHTS

• Launch of New Mining Machines:
  • Tari Network ($XTM): a series of XTM mining products, including the high-performing XT BOX miner and XT CARD.
    • XT BOX is Intchains' first XTM miner, with a hashrate mode of 580GH/s±5%, a default hashrate power of 400W±5% and a default hashrate power consumption of 0.69J/GH, using algorithm SHA-3X.
    • XT CARD is an algorithm card to mine XTM, designed for Goldshell BYTE, Intchains' flagship Goldshell product that was first introduced to the market in March 2025.
  • $Alephium ($ALPH): AL CARD is an algorithm card designed for Goldshell BYTE to be used for mining of Alephium.
  • Following the launch of the XT CARD and AL CARD, the BYTE miner is now compatible for mining of $XTM, $ALPH, $DOGE, $ALEO, $LTC, and $BEL, supporting two different algorithm cards at the same time and enabling seamless switching of algorithm cards to maximize mining returns.
• ETH Accumulation: As of September 30, 2025, the fair value of our cryptocurrency assets other than stablecoins such as USDT and USDC was RMB263.6 million (US$37.0 million), which includes approximately 8,819 ETH-based cryptocurrencies, valued at RMB262.8 million.
• ETH Staking through FalconX cooperation: In July 2025, Intchains entered into a partnership with FalconX to optimize its ETH acquisition and enhance ETH yields, and has deployed a portion of its ETH holdings into yield-generating activities, including staking and liquidity provisioning, thereby enabling idle assets to generate incremental returns.
  • The Company's total units of ETH used in staking were 1,000, or 11.3% of its total ETH treasury holdings, as of September 30, 2025.
• R&D Investments : Since the beginning of 2025, Intchains has invested approximately RMB64.2 million in the development of new mining machines series and the upgrade of existing models. Through these investments, the Company aims to quickly identify, assess, and launch altcoin mining machines in response to altcoin market developments, thereby driving revenue growth through a diversified and evolving portfolio of altcoin mining machines.

ACQUISITION OF A PROOF-OF-STAKE TECHNOLOGY PLATFORM

• Intchains has entered into a definitive agreement to acquire a Proof-of-Stake (“PoS”) technology platform for $1.3 million from ECHOLINK Limited. The acquisition is expected to close in approximately 30 business days after the relevant closing conditions are met.
• The acquisition of the PoS platform expands Intchains' business operations into cryptocurrency staking for both individual and institutional crypto investors, covering four prominent blockchains: Ethereum (ETH), Avalanche (AVAX), Manta (MANTA), and Conflux (CFX), positioning the company for growth in decentralized finance.
• Upon completion of the acquisition, the PoS platform will become an independent offering under Intchains, operating with a new brand identity. Intchains intends to leverage both the newly acquired PoS platform and the FalconX platform to stake the bulk of its ETH holdings. This initiative forms part of Intchains' ETH treasury yield-generating strategy, enabling it to diversify ETH holdings and maximize staking returns.
  

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented,“As expected, our revenue was impacted by lower sales of mining machines, as our flagship ALEO mining project, which peaked in Q1 2025, has transitioned into a stable stage, as market demand has gradually leveled off following the initial surge. Our quarterly performance is heavily influenced by cyclical volatility, a common dynamic within our industry, and recent results have been consistent with these factors.

Despite less favorable market environment, we remained focused on investing in and advancing the launch of new project-based mining products. We are excited to introduce our first XTM miner series, the XT BOX home miner, and an XT CARD for our BTYE dual-mining machine, further enriching our product lineup and reinforcing the synergy within our mining ecosystem. These XTM products have been well received by our customers, and we expect them to contribute to our top-line growth in Q4 2025.

While we remain committed to our long-term dollar-cost averaging (DCA) strategy to build our ETH treasury position, we paused the purchase of ETH-based cryptocurrencies during the quarter due to tactical funding allocation, and do not currently plan to resume in Q4. This decision reflects our disciplined approach to capital management in the current market environment. That said, we remain optimistic in the long-term digital asset appreciation potential and continue to explore opportunities to enhance ETH yields. As part of this effort, we made the strategic decision to stake the majority of our ETH treasury going forward. We took the first step by staking 1,000 units of ETH onto FalconX's platform. Additionally, following the completion of our acquisition of the PoS platform, we plan to take full advantage of this platform by staking the bulk of our ETH holdings on both platforms to maximize returns. We believe the launch of yield-generating initiatives building on our ETH position will enable us to generate additional return on our ETH treasury.”

Reinforces Going Forward Strategy
Mr. Ding continued,“As we look towards 2026, our growth strategy is centered on key initiatives in both hardware and digital assets, namely, the development and sale of altcoin mining machines, as well as ETH accumulation and staking activities. We believe that the planned launch of our new DOGE mining product, combined with our ETH accumulation and staking activities, will position the Company for growth and enhanced financial performance in the coming year.

We expect to receive the test chips for our new Dogecoin mining machine in December. We are confident that, once launched in the first half of 2026, it will become a top-tier DOGE mining product, enabling us to compete effectively in the market and support revenue growth in FY2026. Our continued R&D investment in altcoin mining machine development remains the cornerstone of Intchains' long-term growth trajectory, and we remain dedicated to strengthening our industry leadership and expanding our market share. At the same time, we anticipate implementing both new and existing ETH initiatives to fully unlock the value potential of our ETH position and improve our overall financial performance.

The addition of the new PoS platform adds to Intchains' business portfolio, spanning the development of altcoin mining machines, ETH accumulation and yield-generating activities, and the development of Web3 applications. Excited about the growth opportunities in 2026, we look forward to accelerating increased participation and fostering seamless synergy in emerging blockchain ecosystems for our miner customers. As a versatile player in this innovative sector, we aim to drive long-term value for our shareholders.”

CONFERENCE CALL INFORMATION
The Company will host a conference call to discuss these financial results at 8:00 PM U.S. Eastern Time on Thursday, November 13, 2025 (corresponding to 9:00 AM Beijing Time on Friday, November 14, 2025).

Participant Dial-in Numbers:

Webcast:
A simultaneous audio webcast including accompanying slides may be accessed via the following link: , or via the investor relations section of the Company's website . For those unable to listen to the live webcast, the replay will be available on the Company's website shortly after the conclusion of the call.

Q3 2025 FINANCIAL RESULTS

Revenue
Revenue was RMB9.1 million (US$1.3 million) for Q3 2025, representing a decrease of 84.8% from RMB60.3 million for the same period in 2024. The decrease was primarily due to cyclical fluctuations in the market and softer demand for our products in this period.

Cost of Revenue
Cost of revenue was RMB18.2 million (US$2.6 million) for Q3 2025, representing a decrease of 6.6% from RMB19.5 million for the same period of 2024. Cost of revenue for Q3 2025 was impacted by impairment charges recorded against excess inventory of certain altcoin mining machines. Softer market demand led to lower selling prices for our altcoin mining products, resulting in lower gross margins for Q3 2025 compared to the same period in 2024.

Operating Expenses
Total operating expenses were RMB32.7 million (US$4.6 million) for Q3 2025, representing an increase of 33.1% from RMB24.6 million for the same period of 2024. The increase was primarily due to higher research and development expenses.

• Research and development expenses increased by 64.5% to RMB22.7 million (US$3.2 million) for Q3 2025 from RMB13.8 million for the same period of 2024. The increase was primarily due to higher expenses related to preliminary research costs conducted for new projects.
• Sales and marketing expenses increased by 18.4% to RMB2.4 million (US$0.3 million) for Q3 2025 from RMB2.1 million for the same period of 2024, primarily driven by higher promotion expenses, as well as the increased travel expenses.
• General and administrative expenses decreased by 12.9% to RMB7.6 million (US$1.1 million) for Q3 2025 from RMB8.7 million for the same period of 2024. The decrease was due to decreased professional fees, partially offset by increased depreciation expenses.
  

Income/(Loss) from operations
Loss from operations was RMB41.8 million (US$5.9 million) for Q3 2025, compared to income from operations of RMB16.2 million for the same period of 2024. The change from income to loss from operations was primarily attributable to the decrease in revenue and gross profit.

Interest Income
Interest income decreased by 43.1% to RMB2.4 million (US$0.3 million) for Q3 2025 from RMB4.2 million for the same period of 2024, mainly due to cash used to acquire ETH-based cryptocurrencies.

Change in fair value of cryptocurrencies
Change in fair value of cryptocurrencies resulted in income of RMB107.2 million (US$15.1 million) for Q3 2025, compared to a loss of RMB13.1 million for the same period in 2024. The substantial gain for Q3 2025 was primarily a result of an approximate 67.5% increase in the price of ETH during Q3 2025.

Other Income, Net
Other income, net was RMB2.6 million (US$0.4 million) for Q3 2025, compared to RMB2.6 million, for the same period of 2024.

Net Income
As a result of the foregoing, our net income increased by 2258.4% to RMB74.4 million (US$10.5 million) for Q3 2025 from RMB3.2 million for the same period of 2024.

Non-GAAP Adjusted Net Income
Non-GAAP adjusted net income was RMB76.7 million (US$10.8 million) for Q3 2025 as compared to RMB6.4 million for the same period of 2024.

Basic and Diluted Net Income Per Ordinary Share
Basic and diluted net income per ordinary share both were RMB0.61 (US$0.09) for Q3 2025 as compared to RMB0.03 for the same period of 2024.

Non-GAAP Basic and Diluted Net Income Per Ordinary Share
Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.63 (US$0.09) for Q3 2025 as compared to RMB0.05 for the same period of 2024. Each ADS represents two of the Company's Class A ordinary shares.

9M 2025 FINANCIAL RESULTS

Revenue
Revenue was RMB184.7 million (US$25.9 million) for 9M 2025, representing a decrease of 11.0% from RMB207.6 million for the same period in 2024. The decrease was primarily due to cyclical fluctuations in the market and softer demand for our products in this period.

Cost of Revenue
Cost of revenue was RMB108.2 million (US$15.2 million) for 9M 2025, representing an increase of 42.9% from RMB75.7 million for the same period of 2024. Cost of revenues was impacted by impairment charges recorded against excess inventory of certain altcoin mining machines. Softer market demand in Q2 and Q3 2025 led to lower selling prices for our altcoin mining products, resulting in lower gross margins for 9M 2025 compared to the same period in 2024.

Operating Expenses
Total operating expenses were RMB97.6 million (US$13.7 million) for 9M 2025, representing an increase of 5.9% from RMB92.1 million for the same period of 2024. The increase was primarily due to increased general and administrative expenses and sales and marketing expenses.

• Research and development expenses remained relatively steady at RMB64.2 million (US$9.0 million) and RMB63.6 million, respectively, for 9M 2025 and the same period of 2024.
• 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, mainly driven by increased promotion expenses and personnel-related expenses.
• 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, mainly driven by increased personnel-related expenses, professional fees and depreciation expenses.
  

Income/(Loss) from operations
As a result of the foregoing, loss from operations was RMB21.0 million (US$3.0 million) for 9M 2025, compared to income from operations of RMB39.8 million for the same period of 2024.

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, mainly due to cash used to acquire ETH-based cryptocurrencies.

Change in fair value of cryptocurrencies
The change in fair value of cryptocurrencies was 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. The gain was primarily the result of an approximately 21.4% increase in the price of ETH during the period, in conjunction with an increase in our holdings of ETH-based cryptocurrencies by 3,117 units since the end of 2024.

Other Income, Net
Other income, net, was RMB3.0 million (US$0.4 million) for 9M 2025, compared to RMB2.8 million, for the same period of 2024.

Net Income
As a result, our net income was RMB78.7 million (US$11.1 million) for 9M 2025, compared to RMB38.7 million for the same period of 2024.

Non-GAAP Adjusted Net Income
Non-GAAP adjusted net income was RMB85.1 million (US$12.0 million) for 9M 2025 from RMB45.7 million for the same period of 2024.

Basic and Diluted Net Income Per Ordinary Share
Basic and diluted net income per ordinary share were both RMB0.65 (US$0.09) for 9M 2025 as compared to RMB0.32 for the same period of 2024.

Non-GAAP Basic and Diluted Net Income Per Ordinary Share
Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.70 (US$0.10) for 9M 2025 as compared to RMB0.38 for the same period of 2024. Each ADS represents two of the Company's Class A ordinary shares.

About Intchains Group Limited
Intchains Group Limited engages in the provision of altcoin mining products, strategic acquisition and holding of Ethereum-based cryptocurrencies, and active development of innovative Web3 applications. For more information, please visit the Company's website at: .

Exchange Rate Information
The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.1190 on the last trading day of Q3 2025 (September 30, 2025). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company's ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company's ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as“may,”“could,”“will,”“should,”“would,”“expect,”“plan,”“intend,”“anticipate,”“believe,”“estimate,”“predict,”“potential,”“project” or“continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it 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 and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the SEC.

Use of Non-GAAP Financial Measures
In evaluating Company's business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company's results of operations, enhance the overall understanding of the Company's past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company's management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company's operations. Share-based compensation expenses have been and may continue to be incurred in Company's business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company's performance.

For investor and media inquiries, please contact:

Intchains Group Limited
Investor relations
Email: ...

The Equity Group
Lena Cati, Senior Vice President
212-836-9611 / ...

Alice Zhang, Associate
212-836-9610 / ...

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