Intchains Group Ltd. ADR (ICG) AI Stock Analysis

• Market Cap: $120.74M
• Dividend Yield: N/A
• Average Volume (3M): 400.36K
• Price to Earnings (P/E): 9.2
• Beta (1Y): 1.02
• Revenue Growth: 6.18%
• EPS Growth: 95.91%
• Country: US
• Employees: 133
• Sector: Technology
• Sector Strength: 88
• Industry: Semiconductors
• EPS (TTM): 0.09
• Shares Outstanding: 28,375,372
• 10 Day Avg. Volume: 900,049
• 30 Day Avg. Volume: 400,359
• 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 Cap: 1.32
• Enterprise Value/Revenue: 0.51
• Enterprise Value/Gross Profit: 1.09
• Enterprise Value/Ebitda: 3.06
• 1Y Price Target: $3.50
• Price Target Upside: 81.35% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 65 Neutral
• Price Target: $2.00 ▲(3.63% Upside)

The score is primarily driven by strong balance-sheet conservatism and improving technical momentum. Offsetting these positives are weak/volatile cash generation and a mixed earnings-call outlook featuring revenue declines and operating losses, with recent net income aided by cryptocurrency fair-value gains rather than core operating strength; valuation is supportive with a low P/E.

Positive Factors

Very Conservative Balance Sheet

Extremely low leverage and sizable equity provide durable financial flexibility, allowing Intchains to fund R&D, product launches, and strategic deals without near-term refinancing risk. This resilience helps the company weather cyclical mining demand and invest through downturns.

Strategic Diversification into Staking/PoS

Moving beyond hardware into PoS staking and acquiring a staking platform materially diversifies revenue mix toward recurring yield-based income. This structural shift reduces sole dependence on cyclical miner hardware sales and positions the company to capture longer-duration crypto service revenues.

Product Pipeline and Ongoing R&D

A steady product roadmap (XTM series plus a planned Dogecoin miner) supported by multi-million dollar R&D spending suggests sustainable competitiveness in specialized mining hardware. Continued innovation can preserve share in premium niches and enable margin recovery versus commodity miners.

Negative Factors

Weak Cash Generation

Deterioration to negative operating and free cash flow undermines self-funding capacity for production, R&D, and staking acquisitions. Persistent cash burn increases reliance on external financing or asset sales, raising execution risk and limiting ability to scale through a prolonged market downturn.

Recent Revenue Declines and Operating Losses

Declining sales and widening operating losses reflect structural softness in mining-machine demand and higher cost pressures. These trends threaten the core hardware revenue base, making near-term profitability recovery uncertain and increasing dependency on new product success and alternative revenue streams.

Earnings Reliant on Crypto Fair-Value Gains

Material non-operating crypto fair-value gains have meaningfully propped up reported net income, obscuring the operating performance of hardware and services. Reliance on volatile asset revaluations reduces earnings quality and makes future profitability highly sensitive to crypto price swings.

Intchains Group Ltd. ADR Business Overview & Revenue Model

Company Description

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. Intchains Group Limited was founded in 2017 and is based in Pudong, China.

How the Company Makes Money

Intchains 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 Financial Statement Overview

Summary

Balance sheet strength is a major positive (near-zero leverage and substantial equity), and 2024 showed a meaningful profitability rebound. However, 2024 negative operating/free cash flow and multi-year earnings volatility reduce confidence in earnings quality and sustainability.

Income Statement

Revenue rebounded sharply in 2024 (up ~15.9% YoY) after a very weak 2023, and profitability improved materially with a return to positive net income and a much stronger gross margin (~53.7%). However, results are volatile across years (exceptionally high profitability in 2021–2022, large losses in 2023), which raises confidence and sustainability questions despite the recent recovery.

Balance Sheet

The balance sheet is very conservative: debt is near-zero relative to equity (debt-to-equity ~0.0003 in 2024), and equity is large versus assets, providing substantial financial flexibility. Return on equity is positive again in 2024 (~5.1%) but well below prior peak levels, signaling that while the company is well-capitalized, returns have been inconsistent.

Cash Flow

Cash generation weakened significantly in 2024 with negative operating cash flow and negative free cash flow, a notable deterioration from the strong cash production seen in 2021–2022. While reported free cash flow versus net income appears favorable in some years, the headline issue is the 2024 cash burn and volatility in cash conversion, which increases execution risk.

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

• Technical Analysis Sentiment: Neutral
• Last Price: 1.93
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ICG, the sentiment is Neutral. The current price of 1.93 is below the 20-day moving average (MA) of 1.96, above the 50-day MA of 1.80, and below the 200-day MA of 1.94, indicating a neutral trend. The MACD of 0.08 indicates Positive momentum. The RSI at 50.30 is Neutral, neither overbought nor oversold. The STOCH value of 36.81 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ICG.

Intchains Group Ltd. ADR Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ICG	65 Neutral	$120.74M	9.16	8.63%	―	6.18%	95.91%
Sector *	61 Neutral	$37.18B	12.37	-10.20%	1.83%	8.50%	-7.62%
INTT	56 Neutral	$116.72M	-50.94	-2.24%	―	-2.20%	-204.45%
GSIT	52 Neutral	$276.65M	-17.35	-32.47%	―	22.00%	28.06%
MX	50 Neutral	$107.95M	-2.84	-8.46%	―	-7.79%	10.04%
QUIK	50 Neutral	$138.43M	-13.93	-39.72%	―	-28.05%	-488.63%
GCTS	45 Neutral	$56.59M	-1.65	―	―	-46.98%	-186.82%

Intchains Group Ltd. ADR Corporate Events

Intchains Divests Non-Core Chip R&D Unit and Tightens Insider Compliance

On January 5, 2026, Intchains Group Limited’s subsidiary Shanghai Intchains Technology Co., Ltd. entered into a business transfer agreement to divest a non-core, early-stage chip design and development business and related assets to Shanghai TopsFuture Microelectronics Co., Ltd., a company controlled by Intchains’ chairman and CEO, for aggregate consideration of up to RMB18 million, including RMB3 million in fixed payment for intellectual property and up to RMB15 million in optional inventory purchases over 12 months. The divestiture, approved by Intchains’ board on January 5, 2026 after recommendation by the audit committee and with the interested chairman recusing himself, is part of a broader strategic realignment aimed at streamlining operations, cutting capital-intensive non-core R&D and associated headcount while preserving core R&D activities, and improving capital and resource allocation; separately, the company also plans to tighten its internal trading compliance policies in response to new U.S. regulatory requirements for foreign private issuers’ insiders, signaling an increased focus on corporate governance and regulatory compliance for its executives and directors.

The most recent analyst rating on (ICG) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Intchains Group Ltd. ADR stock, see the ICG Stock Forecast page.

Intchains Group Reports Q3 2025 Results and Expands Cryptocurrency Staking Operations

Intchains Group Limited reported its financial results for the third quarter and nine months ending September 30, 2025, showing a significant decrease in revenue compared to the previous year, but a notable gain in the fair value of cryptocurrencies, leading to an increase in net income. The company launched new high-performing XTM mining products and initiated ETH staking with FalconX, aiming to support revenue growth in Q4 2025. Additionally, Intchains has entered into an agreement to acquire a Proof-of-Stake technology platform, expanding its business operations into cryptocurrency staking, which positions the company for growth in decentralized finance.

The most recent analyst rating on (ICG) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Intchains Group Ltd. ADR stock, see the ICG Stock Forecast page.

Intchains Group Expands Blockchain Capabilities with PoS Platform Acquisition

On November 13, 2025, Intchains Group Limited announced the signing of a definitive agreement to acquire a Proof-of-Stake technology platform from ECHOLINK Limited for $1.3 million. This acquisition, which includes staking operations for Ethereum, Avalanche, Manta, and Conflux, represents a strategic move to enhance Intchains’ blockchain infrastructure capabilities and expand its presence in decentralized finance. By integrating this platform, Intchains aims to diversify its technology offerings and strengthen its position in the digital asset management sector, ultimately contributing to long-term shareholder value.

The most recent analyst rating on (ICG) stock is a Buy with a $6.00 price target. To see the full list of analyst forecasts on Intchains Group Ltd. ADR stock, see the ICG Stock Forecast page.