ICG Intchains Group Ltd

Overview and Growth

In fiscal 2025, Intchains Group Ltd recorded $31.58M of revenue, net loss of $6.80M, and an operating cash outflow of $13.29M. The $31.58M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $38.60M in fiscal 2024, revenue decreased 18.2%, a top-line contraction that reduced operating scale. The company reported diluted EPS of -$0.06, adding a shareholder-level measure to the absolute income figures considered below. Diluted EPS decreased by 200.0% from $0.06 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis. Total assets stood at $145.84M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Asset turnover was 0.22x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

After reported cost of revenue, the company retained $2.28M as gross profit before recognizing operating expenses and other items. Gross margin was 7.2%, so that share of each revenue unit remained after the cost of revenue reported for the period. The company recorded an operating loss of $14.97M after the reported operating expense base. Relative to revenue, the operating deficit measured 47.4%, showing the shortfall after operating costs. After all below-operating-line items, the company recorded a net loss of $6.80M for the fiscal year. Measured against revenue, the bottom-line deficit represented 21.5% after all recognized items. Before income taxes, the company recorded a loss of $11.99M, bridging the operating result to the final net loss. The pretax loss equaled 38.0% of revenue, measuring the pre-tax deficit against sales. The company recognized an income-tax benefit of $5.19M, increasing after-tax earnings relative to the pretax result. The net loss equaled 4.9% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 4.7%, placing the bottom-line deficit against the company’s resource base. The bottom line deteriorated from $7.05M of income in fiscal 2024 to a $6.80M loss.

Liquidity and Capital Structure

At period end, the $145.84M asset base was financed through $6.20M of liabilities and $139.64M of equity. At period end, current assets of $86.24M compared with current liabilities of $6.12M, defining the company’s short-term resource position. At 14.1x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. Cash and equivalents totaled $31.70M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 518.1%, excluding receivables and other current assets. The equity-to-assets relationship was 95.8%, placing book capital against the total resource base. The liabilities-to-assets relationship was 4.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 21.7% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $149.26M in fiscal 2024, the current asset base moved 2.3% and finished lower. Book equity was 0.6% higher than fiscal 2024 equity of $138.79M, showing how shareholder capital changed year over year. The reported cash balance changed 28.2% from $44.15M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $13.29M of cash, resulting in an operating cash outflow for the year. The company spent $674.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. The company recorded a $13.96M cash deficit after capital spending for the period. Relative to revenue, the post-investment cash deficit represented 44.2%. The cash deficit after capital spending represented 9.6% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.