Liquidity is under pressure as evidenced by a negative OCF/NI ratio of -1.76 in 2024Q4, highlighting a persistent disconnect between accounting profits and actual cash generation.
Intchains Group Limited (ICG) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | 0 | -92.93M | -138.25M | -4.71M | 326.69M | 395.42M | 15.59M | -5.99M |
| Operating CF Margin % | - | -43.25% | -49.07% | -5.73% | 68.96% | 62.58% | 28.54% | -16.72% |
| Operating CF Growth % | 100% | 32.78% | -2836.55% | -101.44% | -17.38% | 2437.02% | 360.33% | - |
| Net Income | -165.15M | -47.53M | 51.5M | -26.8M | 355.2M | 450.14M | 8.25M | -2.95M |
| Depreciation & Amortization | 0 | 6.82M | 4.98M | 3.83M | 2.75M | 1.35M | 687K | 440K |
| Stock-Based Compensation | 7.2M | 8.65M | 8.97M | 3.47M | 0 | 0 | 0 | 923K |
| Deferred Taxes | 0 | -36.85M | -16.04M | -12.94M | 42K | 0 | 0 | 238K |
| Other Non-Cash Items | -26.99M | 41.67M | -102.22M | 25.41M | 1.38M | 113K | 168K | 132K |
| Working Capital Changes | 0 | -65.68M | -85.44M | 2.31M | -32.69M | -56.19M | 6.48M | -4.77M |
| Change in Receivables | 0 | 0 | 0 | 0 | -13.43M | 6.53M | -1.53M | -5M |
| Change in Inventory | 0 | -50.13M | -97.51M | 11.44M | -12.34M | -57.34M | 12.94M | 15.69M |
| Change in Payables | 0 | -11.82M | 14.65M | -2.71M | -3.68M | 5.96M | 441K | -452K |
| Cash from Investing | 0 | -12.31M | -125.94M | -64.99M | -116.87M | -1.77M | -251K | -165K |
| Capital Expenditures | 0 | -4.72M | -10.08M | -48.15M | -4.02M | -1.77M | -251K | -165K |
| CapEx % of Revenue | 0% | 2.2% | 3.58% | 58.55% | 0.85% | 0.28% | 0.46% | 0.46% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 36.69M | -22.35M | -3.42M | -112.86M | 0 | 0 | 0 |
| Cash from Financing | 0 | 7.39M | 0 | 51.22M | 0 | 89.14M | 251K | 3.39M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -4M | 4M |
| Equity Issued (Net) | 0 | 10.06M | 0 | 61.31M | 0 | 100.6M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -10.54M | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | -2.67M | 0 | -10.09M | 0 | -916K | 4.25M | -612K |
| Net Change in Cash | -4.8M | -100.59M | -262.92M | -17.48M | 209.81M | 482.79M | 15.59M | -2.76M |
| Free Cash Flow | 0 | -97.64M | -148.33M | -56.28M | 322.67M | 393.65M | 15.34M | -6.15M |
| FCF Margin % | 0% | -45.45% | -52.64% | -68.45% | 68.11% | 62.3% | 28.08% | -17.18% |
| FCF Growth % | 100% | 34.17% | -163.56% | -117.44% | -18.03% | 2467% | 349.27% | - |
| FCF per Share | 0.00 | -3.23 | -4.94 | -0.94 | 5.17 | 6.58 | 0.26 | -0.10 |
| FCF Conversion (FCF/Net Income) | -0.00x | 1.84x | -2.68x | 0.18x | 0.92x | 0.88x | 1.89x | 2.03x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 1.71M | 15.42M | 4.79M | 9.57M | 0 | 0 | 0 |
Quick answers to the most common questions about buying ICG stock.
Intchains Group Limited (ICG) generated $-92.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Intchains Group Limited (ICG) reported negative free cash flow of $97.6M in 2025, indicating capital requirements exceeded cash from operations.
Intchains Group Limited (ICG) spent $4.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Extreme cyclical revenue volatility
Earnings Disconnect Signals Operational Strain
According to the provided financial data, ICG exhibits a profound disconnect between reported net income and operating cash flow, with the most recent quarterly figures showing a negative OCF/NI ratio of -1.76, suggesting that accounting profits are not translating into actual liquidity for the firm.
The inability to convert earnings into cash flow indicates that the company's reported income is likely bolstered by non-cash items or accruals that do not reflect the underlying cash-burning nature of the business. Investors should monitor this divergence as it suggests that the company's core operations are consuming, rather than generating, the capital required to sustain its fabless semiconductor model.
Free Cash Flow Remains Deeply Negative
As reported in recent financial statements, ICG's free cash flow trajectory is consistently negative, highlighted by a -37.4% FCF margin in 2024Q4, which underscores the structural difficulty the firm faces in funding its R&D and operational overhead through its current transactional revenue streams.
The persistent negative free cash flow suggests that the company is currently unable to self-fund its operations, forcing a reliance on existing cash reserves to bridge the gap. This trend warrants further investigation into whether the firm can achieve a positive FCF inflection point without a significant and sustained recovery in the broader cryptocurrency mining hardware market.
Capital Intensity Outpacing Revenue Generation
Based on the company's reported figures, capital expenditures reached 7.1% of revenue in 2024Q4, a level that appears disproportionately high given the firm's contracting top-line and the rapid technological obsolescence inherent in the ASIC semiconductor industry.
While the absolute dollar amount of CapEx may appear modest, the capital intensity relative to declining revenue suggests that the firm is struggling to maintain its competitive edge in hardware design. This spending may indicate a desperate attempt to keep pace with technological shifts, even as the return on such investments remains highly uncertain.
Working Capital Volatility Masks Liquidity Risks
As indicated by the latest quarterly filings, ICG experienced a working capital inflow of $8.8M in 2024Q4, which appears to be a temporary relief rather than a sign of improved operational efficiency in managing inventory or customer collections.
The fluctuation in working capital suggests that the company may be liquidating inventory or delaying payables to manage its cash position, which is a common but unsustainable tactic during industry downturns. Investors should monitor whether these working capital movements are masking a deeper deterioration in the firm's ability to manage its supply chain and customer relationships effectively.