Intchains Group (NASDAQ:ICG) used its fourth-quarter and full-year 2025 earnings call to highlight a year marked by cryptocurrency market volatility, new mining product launches, and continued expansion of its Ethereum (ETH) treasury and staking initiatives. CFO Charles Yan said the company’s core businesses remain the sale of altcoin mining machines and its ETH accumulation and staking strategies, with mining hardware sales continuing to be its primary revenue source.
2025 operational updates: new miners and product iterations
Yan said 2025 featured the launch of several mining product lines, including miners tied to Aleo, Dogecoin, and XTM. In the first quarter, the company introduced its first Aleo mining series in response to what it described as rapid growth in Aleo-related demand. Management said the Aleo launch saw strong customer adoption and drove a substantial revenue increase in the first quarter, with Aleo contributing to higher revenues in the first six months of 2025.
Later in the year, Intchains introduced its XTM miner series, which Yan said accounted for a significant portion of fourth-quarter net revenues.
ETH treasury strategy: accumulation and staking expansion
Yan said Intchains continued to pursue a self-funded ETH purchase strategy, but adopted a more conservative capital allocation approach in the second half of 2025 amid significant price swings. He attributed volatility to macroeconomic uncertainty, shifting liquidity conditions, and evolving institutional participation in digital assets, while emphasizing that the company’s “long-term conviction” in the Ethereum ecosystem remains unchanged.
As of December 31, 2025, the company held 8,826 ETH, up from 5,702 a year earlier—an increase of 56%, according to management. Yan also reported that by February 23, 2026, Intchains’ ETH holdings had surpassed 9,000 units, reaching “over 9,070 units.”
On staking, management said it partnered with FalconX in 2025 to support ETH staking on an institutional-grade platform. In December 2025, the company acquired a proof-of-stake platform and launched the Goldshell Stake platform as an independent POS service under the Goldshell brand, adding cryptocurrency staking services for both individual and institutional investors. Yan said the company launched Manta and Conflux on the platform and expects to expand staking services more broadly internationally, leveraging Goldshell’s customer base and market presence.
In 2026, the company plans to continue a “dual platform” approach, staking some of its own ETH through FalconX while also using Goldshell Stake to stake third-party ETH. As of February 23, 2026, Yan said Intchains had 2,600 ETH staked—28.7% of its total ETH holdings at that time—split between 1,000 ETH staked on FalconX and 1,600 ETH staked on Goldshell Stake. He added that Goldshell Stake also had 1,359 ETH staked that is owned by crypto investors.
Full-year 2025 financial results
For full-year 2025, Intchains reported revenue of RMB 220.9 million (about $31.6 million), down 21.6% from 2024. Yan attributed the decline to cyclical market fluctuations and softer demand in the second half of the year.
Cost of revenue rose 56.1% year over year to RMB 204.9 million (about $29.3 million), which management said was impacted by impairment charges tied to excess inventory of certain altcoin mining machines.
Total operating expenses fell 18.7% to RMB 120.6 million (about $17.3 million). Yan said the decline was primarily due to lower expenses, including reduced preliminary research costs for new altcoin mining projects.
With lower revenue and gross margins, the company recorded an operating loss of RMB 104.7 million (about $50 million), compared with operating income of RMB 2.9 million in 2024. Interest income was RMB 11 million (about $1.6 million), down from the prior year, which Yan said reflected cash used to acquire ETH-based cryptocurrency.
For the year, Intchains posted a gain in fair value of cryptocurrency of RMB 4.8 million (about $0.7 million). Management said this was primarily due to the company increasing its ETH holdings by 3,170 units since the beginning of the year, partially offset by an approximately 12.6% decline in the ETH price during the period. Net loss for 2025 was RMB 52 million (about $7.4 million), compared with net income of RMB 51.5 million in 2024.
Yan said the company ended 2025 with a strong balance sheet, including a cash position of $67.8 million. As of December 31, 2025, Intchains reported current assets of $83.2 million, total assets of $145.2 million, and total liabilities of $6.2 million.
Mainland China notice and 2026 outlook priorities
Yan addressed a regulatory development in Mainland China, citing a February 6 notice titled “Notice on Further Preventing and Handling Risks Related to Virtual Currencies,” which prohibits mining machine production enterprises from providing services such as selling mining machines within Mainland China. He said Intchains is enhancing internal controls and undertaking rectification measures to ensure compliance. However, management said it does not expect the notice to have a material adverse impact on the company’s business, financial condition, or operating results, noting that the company’s sales are primarily to overseas end users and to domestic channel partners whose purchases are primarily for export.
Looking to 2026, management said its strategy centers on continued R&D investment, ongoing sales of Goldshell mining machines, and continued ETH accumulation and staking activities, supplemented by cost optimization to improve overall performance. Yan said Intchains expects 2026 to be a year of margin improvement, citing workforce reductions and organizational restructuring intended to enhance efficiency and optimize headcount.
In the Q&A session, management said it is targeting new altcoin mining machine launches in the second half of 2026, subject to market conditions and R&D progress, and that multiple coin projects are currently under development.
On third-party staking activity at Goldshell Stake, management told analysts that the roughly 1,400 ETH staked by crypto investors reflects a combination of users and assets that existed prior to the acquisition and growth after the acquisition, with management indicating the split is “both,” and that about half was prior to the acquisition and about half was post-acquisition.
About Intchains Group (NASDAQ:ICG)
Intchains Group Ltd (NASDAQ: ICG) is a technology company specializing in blockchain-based big data solutions. The company offers a suite of products and services aimed at enhancing data security, traceability and certification across diverse industries. Its core offerings include blockchain-powered data rights management, digital certificate issuance, supply-chain traceability platforms and analytics tools that leverage immutable ledgers to ensure data integrity.
Established in 2016 and headquartered in Beijing, Intchains Group serves a range of clients including government agencies, logistics providers, manufacturers and financial institutions.
