ICG

MKT CAP:$39M

Intchains Group Limited

Market Cap

$39M

Technology·Semiconductors·🇨🇳 China·NASDAQ

Technology·Semiconductors·🇨🇳·NASDAQ

Stock Price

$1.32-$0.55 (-29.41%)

Apr 24, 2026

Company Details

Intchains Group Limited designs and sells application-specific integrated circuit chips and ancillary software and hardware for blockchain applications in the People's Republic of China. It serves distributors, companies, and individuals. I...

CEO

Qiang Ding

IPO Date

Mar 16, 2023

Website

intchains.com

Key Metrics TTM

Revenue

$32M

-21.8% YoY

Net Income

-$7M

EPS (Diluted)

-$0.24

Free Cash Flow

-$4M

Revenue / Share

$1.06

Gross Margin

7.6%

Operating Margin

-46.9%

Net Margin

-22.8%

FCF Margin

-12.6%

P/S

1.2x

P/E

—

Earnings Reports

FY 2025

Dec 30, 2025

$31M-23.8%EPS -$0.25

Q4 2025

Feb 26, 2026

$5M-52.0%EPS -$0.61

Q3 2025

Nov 13, 2025

$1M-84.8%EPS $0.36

Q2 2025

Aug 14, 2025

$6M-64.9%EPS $0.18

Q1 2025

May 22, 2025

$19M+445.5%EPS -$0.17

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$23M	$19M	$18M
Q2 22	$23M	$19M	$17M
Q3 22	$18M	$16M	$13M
Q4 22	$5M	$2M	$2M
Q1 23	$4M	$2M	-$208.1K
Q2 23	$2M	-$2M	-$5M
Q3 23	$999.7K	-$1M	-$4M
Q4 23	$5M	$3M	-$214.4K
Q1 24	$4M	$1M	-$5M
Q2 24	$18M	$12M	$8M
Q3 24	$9M	$6M	$458.7K
Q4 24	$11M	$3M	-$4M
Q1 25	$19M	$11M	$5M
Q2 25	$6M	$2M	-$2M
Q3 25	$1M	-$1M	-$6M
Q4 25	$5M	-$9M	-$12M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	0.4x	0.6x
Q3 22	0.4x	0.5x
Q4 22	0.6x	0.8x
Q1 23	0.8x	1.2x
Q2 23	1.3x	2.9x
Q3 23	3.3x	—
Q4 23	3.3x	—
Q1 24	3.3x	—
Q2 24	1.4x	11.0x
Q3 24	1.1x	5.7x
Q4 24	1.0x	5.2x
Q1 25	0.7x	8.3x
Q2 25	0.9x	13.3x
Q3 25	1.0x	2.9x
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$26M	$25M
Q1 22	$0	$0
Q2 22	$0	$0
Q3 22	$0	$0
Q4 22	$2M	$1M
Q1 23	$0	$0
Q2 23	$0	$0
Q3 23	$0	$0
Q4 23	$409.9K	-$654.7K
Q1 24	$0	$0
Q2 24	$0	$0
Q3 24	$0	$0
Q4 24	-$3M	-$4M
Q1 25	$0	$0
Q2 25	$0	$0
Q3 25	$0	$0

Capital Expenditures

Quarter	CapEx
Q4 21	$102.3K
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$197.3K
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$1M
Q1 24	$0
Q2 24	$0
Q3 24	$0
Q4 24	$772.2K
Q1 25	$0
Q2 25	$0
Q3 25	$0

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+926.5%	+236.7%
Q4 22	-88.8%	-78.8%
Q1 23	-83.1%	-14.1%
Q2 23	-91.3%	+3.8%
Q3 23	-94.6%	-13.2%
Q4 23	+5.3%	+66.9%
Q1 24	-6.8%	+114.3%
Q2 24	+785.1%	+35.7%
Q3 24	+781.4%	+64.3%
Q4 24	+109.2%	+179.2%
Q1 25	+445.5%	+62.3%
Q2 25	-64.9%	-8.9%
Q3 25	-84.8%	-10.9%
Q4 25	-52.0%	+14.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$507.6K	9.8%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$474.4K	5.4%
Q4 24	$291.2K	2.7%
Q1 25	$0	0.0%
Q2 25	$315.8K	5.0%
Q3 25	$327.9K	24.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$693.0K	$585.9K	$169.8K	—
Q2 22	$2M	$390.1K	$83.0K	—
Q3 22	$3M	$465.7K	$184.0K	—
Q4 22	$1M	$246.9K	$158.0K	—
Q1 23	$1M	$721.7K	$186.4K	—
Q2 23	$1M	$1M	$186.2K	—
Q3 23	$2M	$902.4K	$320.7K	—
Q4 23	$2M	$1M	$261.1K	—
Q1 24	$5M	$790.5K	$237.1K	—
Q2 24	$2M	$1M	$276.5K	—
Q3 24	$2M	$1M	$300.4K	—
Q4 24	$7M	$1M	$423.3K	—
Q1 25	$4M	$1M	$326.9K	—
Q2 25	$2M	$1M	$296.6K	—
Q3 25	$3M	$1M	$355.8K	—
Q4 25	$2M	—	—	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$73M	$0	$73M
Q1 22	$3M	$0	$3M
Q3 22	$14M	$0	$14M
Q4 22	$104M	$0	$104M
Q1 23	$16M	$0	$16M
Q2 23	$15M	$0	$15M
Q3 23	$103M	$504.2K	$103M
Q4 23	$86M	$15M	$101M
Q1 24	$97M	$740.5K	$98M
Q2 24	$94M	$2M	$97M
Q3 24	$75M	$7M	$82M
Q4 24	$47M	$29M	$76M
Q1 25	$36M	$44M	$79M
Q2 25	$40M	$31M	$72M
Q3 25	$38M	$28M	$66M
Q4 25	$33M	$36M	$69M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	60M	+15.6%	—
Q2 22	60M	0.0%	—
Q3 22	62M	+4.3%	+24.8%
Q4 22	62M	0.0%	+20.6%
Q1 23	59M	-5.5%	-1.4%
Q2 23	60M	+1.7%	+0.2%
Q3 23	60M	-0.0%	-3.9%
Q4 23	60M	+0.0%	-3.9%
Q1 24	60M	-0.0%	+1.7%
Q2 24	60M	+0.1%	+0.1%
Q3 24	60M	0.0%	+0.1%
Q4 24	30M	-50.0%	-50.0%
Q1 25	30M	+0.1%	-49.9%
Q2 25	30M	+0.8%	-49.6%
Q3 25	30M	+0.6%	-49.3%
Q4 25	30M	-0.3%	+1.2%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	$48.7K	101
Q1 23	$37.7K	101
Q2 23	$20.1K	101
Q3 23	$9.9K	101
Q4 23	$39.0K	133
Q1 24	$26.7K	133
Q2 24	$135.1K	133
Q3 24	$66.3K	133
Q4 24	$81.5K	133
Q1 25	$145.4K	133
Q2 25	$47.5K	133
Q3 25	$10.0K	133
Q4 25	$39.1K	133

Revenue / Employee