Revenue contracted by 52.0% year-over-year in 2025Q4, while gross margins collapsed to -167.7%, indicating potential inventory liquidation at significant losses.
| Sales/Revenue | 214.85M | 281.77M | 82.22M | 473.74M | 631.84M | 54.6M | 35.82M |
| Revenue Growth % | -23.75% | 242.68% | -82.64% | -25.02% | 1057.15% | 52.45% | - |
| Cost of Goods Sold | 199.32M | 130.45M | 73.15M | 87.02M | 113.95M | 23.33M | 29.58M |
| COGS % of Revenue | 92.77% | 46.3% | 88.96% | 18.37% | 18.04% | 42.73% | 82.59% |
| Gross Profit | 15.53M | 151.31M | 9.08M | 386.72M | 517.88M | 31.27M | 6.24M |
| Gross Margin % | 7.23% | 53.7% | 11.04% | 81.63% | 81.96% | 57.27% | 17.41% |
| Gross Profit Growth % | -89.74% | 1566.83% | -97.65% | -25.33% | 1556.06% | 401.56% | - |
| Operating Expenses | 117.28M | 148.37M | 74.05M | 64.01M | 70.56M | 23.24M | 8.78M |
| OpEx % of Revenue | 54.59% | 52.66% | 90.05% | 13.51% | 11.17% | 42.57% | 24.5% |
| Selling, General & Admin | 42.09M | 38.72M | 31.74M | 15.63M | 17.41M | 3.26M | 5.04M |
| SG&A % of Revenue | 19.59% | 13.74% | 38.6% | 3.3% | 2.76% | 5.96% | 14.06% |
| Research & Development | 75.19M | 109.44M | 42.3M | 48.39M | 53.15M | 22.48M | 9.06M |
| R&D % of Revenue | 35% | 38.84% | 51.45% | 10.21% | 8.41% | 41.17% | 25.3% |
| Other Operating Expenses | 7 | 210K | 0 | 0 | 0 | -2.5M | -5.32M |
| Operating Income | -101.75M | 3.16M | -64.97M | 322.7M | 447.32M | 8.03M | -2.54M |
| Operating Margin % | -47.36% | 1.12% | -79.01% | 68.12% | 70.8% | 14.71% | -7.09% |
| Operating Income Growth % | -3324.12% | 104.86% | -120.13% | -27.86% | 5470.62% | 416.02% | - |
| EBITDA | -94.94M | 8.14M | -61.14M | 324.51M | 447.87M | 8.72M | -2.1M |
| EBITDA Margin % | -44.19% | 2.89% | -74.35% | 68.5% | 70.88% | 15.96% | -5.87% |
| EBITDA Growth % | -1266.46% | 113.31% | -118.84% | -27.54% | 5037.94% | 514.9% | - |
| D&A (Non-Cash Add-back) | 6.82M | 4.98M | 3.83M | 1.81M | 553K | 687K | 440K |
| EBIT | -81.57M | 50.23M | -35.49M | 367.13M | 450.34M | 8.41M | -2.58M |
| Net Interest Income | 10.71M | 16.18M | 16.69M | 11.06M | 2.32M | -131K | -116K |
| Interest Income | 10.71M | 16.23M | 16.75M | 11.13M | 2.52M | 37K | 16K |
| Interest Expense | 0 | 56K | 62K | 73K | 197K | 168K | 132K |
| Other Income/Expense | 20.18M | 47.02M | 29.42M | 44.35M | 2.82M | 217K | -171K |
| Pretax Income | -81.57M | 50.18M | -35.55M | 367.06M | 450.14M | 8.25M | -2.71M |
| Pretax Margin % | -37.97% | 17.81% | -43.24% | 77.48% | 71.24% | 15.1% | -7.57% |
| Income Tax | -30.95M | -1.32M | -8.76M | 11.86M | 0 | 0 | 238K |
| Effective Tax Rate % | 37.94% | -2.63% | 24.63% | 3.23% | 0% | 0% | -8.78% |
| Net Income | -50.62M | 51.5M | -26.8M | 355.2M | 450.14M | 8.25M | -2.95M |
| Net Margin % | -23.56% | 18.28% | -32.59% | 74.98% | 71.24% | 15.1% | -8.24% |
| Net Income Growth % | -198.3% | 292.19% | -107.54% | -21.09% | 5358.28% | 379.56% | - |
| Net Income (Continuing) | -50.62M | 51.5M | -26.8M | 355.2M | 450.14M | 8.25M | -2.95M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.68 | 1.72 | -0.44 | 5.70 | 17.84 | 0.14 | -0.05 |
| EPS Growth % | -197.67% | 490.91% | -107.72% | -68.05% | 12642.86% | 383.4% | - |
| EPS (Basic) | -1.68 | 1.72 | -0.44 | 5.70 | 17.84 | 0.14 | -0.05 |
| Diluted Shares Outstanding | 30.23M | 30M | 59.69M | 62.4M | 59.82M | 59.82M | 59.82M |
| Basic Shares Outstanding | 30.23M | 29.98M | 59.69M | 59.82M | 59.82M | 58.82M | 59.82M |
| Dividend Payout Ratio | - | - | - | - | 2.34% | - | - |
Extreme cyclical revenue volatility
As reported in recent financial filings, ICG experienced a severe revenue decline, with the most recent quarterly figures showing a 52.0% year-over-year contraction, underscoring the extreme sensitivity of the firm's transactional business model to the underlying cyclicality of the cryptocurrency mining hardware market.
The erratic revenue performance suggests that ICG lacks a recurring revenue base, leaving the top line entirely exposed to the timing of ASIC product cycles and crypto-asset price fluctuations. This volatility appears to be structural rather than seasonal, as the company struggles to maintain consistent demand for its specialized hardware in a highly competitive and regulatory-sensitive environment.
Based on the latest income statement data, ICG's gross margin plummeted to -167.7%, a stark reversal from previous periods that suggests the company is likely forced to liquidate inventory at significant losses to clear obsolete hardware in a rapidly deteriorating market environment.
The inability to maintain positive gross margins indicates a fundamental breakdown in pricing power and a potential mismatch between production costs and market-clearing prices. Investors should monitor whether this margin compression is a temporary inventory write-down event or a permanent impairment of the company's ability to compete on a cost-basis with larger, more efficient semiconductor peers.
According to the company's recent quarterly disclosures, operating losses have widened significantly to $82.4M, demonstrating that the firm's fixed cost structure is currently unable to scale effectively against the backdrop of collapsing gross profits and declining sales volumes.
The persistent operating losses suggest that R&D and administrative overhead remain disproportionately high relative to the company's current revenue generation capacity. This lack of operating leverage implies that the business model may require a substantial and sustained increase in mining activity to reach even a break-even point on an operating basis.
As indicated by the provided financial statements, ICG's net income has exhibited extreme swings, including a $128.9M loss in the most recent quarter, which suggests that reported earnings are heavily influenced by non-operating items and accounting adjustments rather than core operational performance.
The wide variance between operating income and net income warrants further investigation into the nature of these non-operating gains and losses. The lack of consistent profitability, combined with the reliance on cash reserves to fund operations, suggests that the quality of earnings is currently low and potentially unsustainable without a fundamental shift in the business model.
Based on the reported figures, the company's reliance on a high-beta, transactional revenue stream in a declining market raises significant concerns regarding the long-term viability of its current ASIC-focused strategy, particularly given the persistent negative operating margins and the rapid pace of technological obsolescence.
Short-sellers would likely focus on the disconnect between the company's cash-heavy balance sheet and its inability to generate positive cash flow from operations. The risk remains that the current cash position will be eroded by continued operating losses, leaving the firm with limited resources to pivot toward more profitable or stable semiconductor applications.
Quick answers to the most common questions about buying ICG stock.
For fiscal year 2025, Intchains Group Limited (ICG) reported total revenue of $214.8M. This represents a 499.9% increase compared to $35.8M in 2019.
Intchains Group Limited (ICG) reported a net loss of $50.6M for the fiscal year ending 2025.
Intchains Group Limited (ICG) reported an operating income of $-101.8M, resulting in an operating profit margin of -47.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Intchains Group Limited (ICG) generated $15.5M in gross profit for the year, representing a gross profit margin of 7.2%. This demonstrates the company's core pricing power and production efficiency.