Intchains Group Ltd. ADR (ICG) has released an update.
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Intchains Group Ltd., specializing in high-performance ASIC chip-based solutions and a holder of Ethereum-based cryptocurrencies, reported a steady sales volume of 494,235 ASIC units in Q1 2024 but faced a revenue decline of 6.8% and a net loss of RMB 14.8 million compared to a net income in the same period last year. The company attributes the revenue dip to a one-off sale in 2023 and a write-down of inventory, despite a stable sales volume. Intchains remains optimistic, focusing on R&D and a new cryptocurrency strategy, emphasizing long-term ETH asset accumulation.
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