Intchains Group Ltd-Adr (NASDAQ:ICG) Q2 2025 Earnings: Revenue and EPS Beat Estimates Amid Ethereum Accumulation Push

Intchains Group Limited (NASDAQ:ICG) Reports Q2 2025 Earnings: Revenue and EPS Surpass Estimates Amid ETH Accumulation Strategy

Intchains Group Limited (ICG) released its second-quarter and first-half 2025 financial results, revealing a mixed performance with revenue and earnings per share (EPS) exceeding analyst expectations, while operational challenges and a strategic focus on Ethereum (ETH) accumulation shaped its financial trajectory.

Key Financial Highlights

• Revenue: Q2 2025 revenue came in at RMB 43.2 million (US$6.0 million), down 64.9% year-over-year but significantly above analyst estimates of RMB 14.7 million.
• EPS: Reported net income was RMB 38.3 million (US$5.3 million), translating to RMB 0.32 per share (US$0.04), far surpassing the estimated RMB 0.06 per share.
• ETH Holdings: The company aggressively expanded its Ethereum treasury, increasing holdings to 8,816 ETH as of June 30, 2025—a 26% quarterly increase and 55% growth since December 2024. The fair value of its ETH holdings stood at RMB 157.4 million (US$22.0 million).
• Cash Position: Total cash and equivalents declined to RMB 512.6 million (US$71.6 million) from RMB 564.6 million in Q1 2025, partly due to ETH acquisitions.

Market Reaction

Following the earnings release, ICG’s stock saw an after-market gain of ~0.83%, suggesting cautious optimism. However, the stock has struggled in recent weeks, declining 8.7% over the past week and 14.1% over the past month, reflecting broader market skepticism around altcoin mining volatility and hardware demand.

Operational and Strategic Developments

• Mining Hardware Sales Decline: Revenue from mining products dropped sharply due to softer demand, particularly for Aleo-series machines, leading to inventory impairments.
• R&D Investments: The company allocated RMB 41.6 million toward new mining machine development, including the Goldshell Byte, a dual-mining machine compatible with Aleo and Dogecoin.
• ETH Treasury Strategy: ICG emphasized a dollar-cost averaging (DCA) approach to ETH accumulation, positioning itself as one of the top public company holders of ETH. A partnership with FalconX aims to optimize yield generation through staking and liquidity provisioning.

Outlook vs. Analyst Estimates

Management acknowledged near-term headwinds, expecting softer sales in H2 2025 due to altcoin price volatility. However, they anticipate a stronger 2026 driven by new product launches and ETH yield strategies.

Analysts project:

• Q3 2025 Revenue: RMB 15.2 million (vs. no formal guidance from ICG).
• Full-Year 2025 Revenue: RMB 64.9 million, implying a slowdown from H1’s RMB 175.6 million.

Conclusion

Intchains’ Q2 results reflect a company navigating cyclical hardware demand while doubling down on crypto treasury strategies. The EPS and revenue beats may provide short-term relief, but long-term investor confidence hinges on execution in R&D and ETH monetization.

For more detailed earnings estimates and historical performance, visit ICG’s earnings page.

Disclaimer: This article is for informational purposes only and does not constitute investment advice.