Intchains Group Limited Q3 FY2025 earnings call

• Intchains engages in design and development of altcoin mining machines, ETH accumulation and yield-generating strategies, and Web3 application development. Cryptocurrency mining machines are the primary revenue contributor.
• Q3 2025 revenue was impacted by cyclical volatility in the industry. YTD performance provides a clearer reflection of growth.
• Year-to-end, Intchains invested approximately $9 million in R&D. Recent initiatives include launch of ALEO miner series service in February, Goldshell Byte in March, XTM mining service in September 2025. Plan to launch Dogecoin mining machine in H1 2026.
• ETH strategy: Paused purchasing ETH in Q3, but believe in ETH's appreciation potential. Partnered with FalconX in July, and acquired a proof-of-stake technology platform to expand blockchain infrastructure capability.

Intchains' main business pillar is cryptocurrency mining machines, which account for the entirety of total net revenue. In Q3 2025, revenue decreased to RMB 9.1 million due to softer demand, and there was an operation loss of RMB 41.8 million. For the 9 months 2025, revenue was RMB 184.7 million (down 11% from 9 months 2024), total operating expenses increased by 6%, loss from operations was RMB 21 million, net income was RMB 78.7 million, and cash position as of September 30, 2025 was $66.5 million.

• Expect XTM miners to contribute meaningfully to revenue in Q4 2025.
• Plan to launch Dogecoin mining machine in H1 2026, which is expected to contribute to top line growth in FY 2026.
• R&D focus continues with plans to optimize expenses in 2026.
• Actively exploring ways to enhance ETH strategy post-purchase pause.

• Cyclical volatility in the cryptocurrency and mining machine industry impacts quarterly performance.
• Market demand fluctuations for mining machines can affect revenue.
• Regulatory uncertainties in the cryptocurrency space pose potential risks.

Q: With regard to the Dogecoin launch in 2026, how should we think about the timing of that launch and then the timing of the rollout throughout the year?

A: Expect to receive test chip within 2025, then assess and develop the Dogecoin mining machine. Plan to launch in H1 2026 and contribute revenue in H2 2026.

Q: With the announcement of the acquisition of the staking platform, how are you thinking about the role that staking would play within your platform and to what extent would this be for your own staking versus third-party customers?

A: Transaction not yet closed, but near 9,000 Ethereum units will be staked in the platform to generate ETH. After completion, will provide detailed update including operational road map and collaboration with third parties.

Q: Do you have any expectations on how you'll market the staking platform to customers? And do you think that would be branded under Goldshell or under its existing brand?

A: Will use own brand for the new platform. Not decided yet whether to use Intchains, Goldshell, or a new brand, but will choose a suitable way after transaction completion.

Q: Can you provide any help for 4Q R&D? Do you expect to be investing in the December quarter?

A: Q3 had a new product launch (XTM miner), R&D expense mainly occurred in Q3. Q4 does not expect a new chip to tape out, so R&D expense is expected to decrease. Updates on R&D for the balance of the year will be provided when available.