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Intchains Group Ltd. ADR (ICG)
NASDAQ:ICG
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Intchains Group Ltd. ADR
(NASDAQ:ICG)
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Rating:59Neutral
Price Target:―
Intchains Group Ltd. is experiencing strong financial growth and has a promising outlook due to product innovations and strategic focus. However, significant cash flow challenges and bearish technical indicators present notable risks. The stock is reasonably valued but lacks a dividend yield, which may deter income investors.
Positive Factors
Revenue Growth
The significant year-over-year revenue growth indicates strong demand for Intchains' products, showcasing its ability to capture market share and drive sales in a competitive industry.
Product Innovation
The introduction of new products like the Aleo series mining product demonstrates Intchains' commitment to innovation, potentially enhancing its competitive edge and supporting future revenue growth.
Strong Balance Sheet
A robust balance sheet with high equity and low leverage provides Intchains with financial stability, enabling it to invest in growth opportunities and weather economic uncertainties.
Negative Factors
Cash Flow Challenges
The lack of positive cash flow raises concerns about Intchains' ability to sustain operations and fund growth without relying on external financing, which could impact long-term viability.
Gross Margin Decline
A decline in gross margin suggests challenges in maintaining profitability, particularly if sales of lower-margin products continue to increase, potentially affecting overall financial performance.
Market Pressure
Market pressures from economic uncertainties can dampen demand for Intchains' products, impacting revenue and profitability, especially given the company's reliance on the volatile cryptocurrency sector.
Intchains Group Ltd. ADR (ICG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$64.60M
Dividend YieldN/A
Average Volume (3M)153.88K
Price to Earnings (P/E)23.0
Beta (1Y)1.31
Revenue Growth6.18%
EPS Growth95.91%
CountryUS
Employees133
SectorTechnology
Sector Strength88
IndustrySemiconductors
Share Statistics
EPS (TTM)0.09
Shares Outstanding28,375,372
10 Day Avg. Volume134,436
30 Day Avg. Volume153,875
Financial Highlights & Ratios
PEG Ratio-0.03
Price to Book (P/B)0.71
Price to Sales (P/S)2.56
P/FCF Ratio-4.87
Enterprise Value/Market Cap0.60
Enterprise Value/Revenue0.13
Enterprise Value/Gross Profit0.27
Enterprise Value/Ebitda0.74
Forecast
1Y Price Target
$3.50Price Target Upside151.80% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Intchains Group Ltd. ADR Business Overview & Revenue Model
Company DescriptionIntchains 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. Intchains Group Limited was founded in 2017 and is based in Pudong, China.
How the Company Makes MoneyIntchains Group Ltd. generates revenue through the sale of its integrated circuit products, which are predominantly used in the cryptocurrency industry and other data-intensive applications. The company designs and manufactures these high-performance chips to meet the increasing demand for efficient and powerful computing solutions. Key revenue streams include direct sales to businesses and partnerships with technology firms that require custom chip solutions. Additionally, the company benefits from strategic collaborations with industry-leading enterprises that enhance its market reach and technological capabilities. These partnerships and the company's continuous innovation play a significant role in sustaining and growing its revenue.
Intchains Group Ltd. ADR Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with notable achievements in cryptocurrency gains, product launches, and strategic partnerships. However, these were counterbalanced by decreased revenue, increased operating losses, and rising costs. The company's future growth strategies, including the Dogecoin mining machine and staking platform, show promise but are yet to materialize.Q3-2025 Updates
Positive Updates
Strong Balance Sheet
As of September 30, 2025, the company's cash position, including cash equivalents, deposits, and government securities, was $66.5 million, with total assets of $160.6 million and total liabilities of just $5.6 million.
Substantial Gain in Cryptocurrency Holdings
Recorded a substantial gain in the fair value of cryptocurrencies of about RMB 79.3 million or $11 million, primarily due to increased ETH holdings by 3,117 units and an approximate increase of 21.4% in ETH price during the period.
Introduction of XTM Miner Series
Launched the XTM miner series, comprising XT BOX mining machines and XT CARD, expected to contribute meaningfully to revenue in Q4 2025.
Upcoming Dogecoin Mining Machine
Plans to launch a new Dogecoin mining machine in the first half of 2026, anticipated to become a top-tier product and grow the market share of the Goldshell brand.
Strategic Partnership with FalconX
Announced a partnership with FalconX to enhance ETH acquisition and explore return enhancements through a structured ETH yield strategy, including staking 1,000 ETH units.
Negative Updates
Decrease in Q3 Revenue
Q3 2025 revenue decreased to RMB 9.1 million due to lower sales of mining machines and a stabilized market demand after the initial surge.
Increased Operating Loss
Recorded a loss from operations of RMB 41.8 million due to softer demand for products in Q3 2025.
Year-to-Date Revenue Decline
9 months 2025 revenues decreased by 11% compared to 9 months 2024, influenced by cyclical fluctuations and softer demand.
Increased Costs and Operating Expenses
9 months 2024 cost of revenue increased by 42.9%, impacted by impairment charges on inventory, and total operating expenses increased by 6% due to higher G&A and sales expenses.
Decreased Interest Income
9-month 2025 interest income decreased to RMB 8.6 million, mainly due to cash used for ETH-based cryptocurrency acquisition.
Company Guidance
During the Intchains Group Limited Third Quarter 2025 Earnings Conference Call, the company provided comprehensive guidance on its financial performance and strategic direction. Intchains reported a Q3 2025 revenue decrease to RMB 9.1 million, with a loss from operations of RMB 41.8 million due to a downturn in mining machine sales. For the nine months ending September 30, 2025, revenues were RMB 184.7 million, an 11% decline compared to the previous year, impacted by market fluctuations and reduced demand. Operating expenses increased by 6% to RMB 97.6 million, with a 42.9% rise in the cost of revenue. Despite these challenges, Intchains recorded a net income of RMB 78.7 million, boosted by gains in the fair value of cryptocurrencies, notably an increase in ETH holdings by 3,117 units. The company's balance sheet remains robust, with total assets of $160.6 million and liabilities of just $5.6 million. Looking forward, Intchains plans to launch a new Dogecoin mining machine by the first half of 2026 and expand its ETH staking operations through a strategic acquisition. The company also emphasized its ongoing commitment to R&D, investing approximately $9 million year-to-date, to maintain its technological edge in the evolving altcoin mining sector.Intchains Group Ltd. ADR Financial Statement Overview
Summary
Intchains Group Ltd. shows strong revenue growth and a solid balance sheet with low leverage and high equity. However, cash flow challenges pose significant risks to liquidity and operational sustainability. Improvements in operational efficiency are needed to enhance profitability and ensure robust cash generation.Income Statement
Intchains Group Ltd. has shown significant revenue growth from 2023 to 2024, with a notable increase from $82.2M to $281.8M. The gross profit margin improved substantially, reflecting efficient cost management. However, EBIT and EBITDA margins remain low, suggesting potential challenges in operational efficiency. The net profit margin saw a remarkable recovery from a negative position in 2023 to 18.3% in 2024.65
Positive
Balance Sheet
The company maintains a strong financial position with a high equity ratio of 93.0% in 2024, indicating a robust capital structure. The debt-to-equity ratio remains exceptionally low, suggesting minimal leverage risks. The return on equity improved significantly, demonstrating effective utilization of shareholders' capital. The overall stability is supported by a substantial cash reserve relative to total liabilities.78
Positive
Cash Flow
Cash flow performance is concerning, with zero operating and free cash flow reported in 2024. This indicates potential difficulties in generating cash from operations, despite positive net income. The absence of positive free cash flow growth raises concerns about the company's ability to sustain its operations and invest in growth without external financing.40
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 310.07M | 281.77M | 82.22M | 473.74M | 631.84M | 54.60M |
| Gross Profit | 145.86M | 151.31M | 9.08M | 386.72M | 517.88M | 31.27M |
| EBITDA | 52.16M | 55.22M | -31.66M | 324.51M | 450.89M | 9.10M |
| Net Income | 20.19M | 51.50M | -26.80M | 355.20M | 450.14M | 8.25M |
Balance Sheet | ||||||
| Total Assets | 1.06B | 1.09B | 979.25M | 953.13M | 611.26M | 43.90M |
| Cash, Cash Equivalents and Short-Term Investments | 491.73M | 520.81M | 688.35M | 712.23M | 502.42M | 19.63M |
| Total Debt | 0.00 | 272.00K | 1.86M | 1.27M | 2.20M | 239.00K |
| Total Liabilities | 32.92M | 76.44M | 28.93M | 19.53M | 32.86M | 9.71M |
| Stockholders Equity | 1.03B | 1.01B | 950.33M | 933.60M | 578.40M | 34.19M |
Cash Flow | ||||||
| Free Cash Flow | -27.77M | -148.33M | -56.28M | 322.67M | 393.65M | 15.34M |
| Operating Cash Flow | -22.48M | -138.25M | -4.71M | 326.69M | 395.42M | 15.59M |
| Investing Cash Flow | -61.94M | -125.94M | -64.99M | -116.87M | -1.77M | -251.00K |
| Financing Cash Flow | 0.00 | 0.00 | 51.22M | 0.00 | 89.14M | 251.00K |
Intchains Group Ltd. ADR Technical Analysis
Positive
1.39
Price Trends
1.53
Positive
1.96
Negative
2.34
Negative
Market Momentum
-0.08
Negative
63.51
Neutral
66.81
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICG, the sentiment is Positive. The current price of 1.39 is above the 20-day moving average (MA) of 1.19, below the 50-day MA of 1.53, and below the 200-day MA of 2.34, indicating a neutral trend. The MACD of -0.08 indicates Negative momentum. The RSI at 63.51 is Neutral, neither overbought nor oversold. The STOCH value of 66.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ICG.
Intchains Group Ltd. ADR Risk Analysis
Intchains Group Ltd. ADR disclosed 82 risk factors in its most recent earnings report. Intchains Group Ltd. ADR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
We have incurred net losses and negative cash flows from operating activities in the past, and we may not achieve or sustain profitability. Q4, 2023
2.
Adverse developments affecting the financial services industry could adversely affect our current and projected business operations and our financial condition and results of operations. Q4, 2023
3.
Increases in labor costs and employee benefits in China may adversely affect our business and our profitability. Q4, 2023
Intchains Group Ltd. ADR Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
59 Neutral | $64.60M | 22.96 | 8.63% | ― | 6.18% | 95.91% | |
56 Neutral | $94.13M | ― | -2.24% | ― | -2.20% | -204.45% | |
55 Neutral | $124.84M | -15.97 | -39.72% | ― | -28.05% | -488.63% | |
54 Neutral | $268.05M | -20.16 | -32.47% | ― | 22.00% | 28.06% | |
44 Neutral | $83.84M | ― | -8.46% | ― | -7.79% | 10.04% | |
41 Neutral | $74.85M | -2.01 | ― | ― | -46.98% | -186.82% |
* Technology Sector Average
ICG
Intchains Group Ltd. ADR
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.