Intchains Group Limited (ICG) reported a narrowed first-half 2026 loss as it advances toward the commercial launch of a next-generation mining ASIC, despite ongoing headwinds from regulatory restrictions and soft crypto mining demand.
The company posted revenue of RMB 11.1 million for the six months ended June 30, 2026, while recording a net loss of RMB 1.22 per ordinary share on a diluted basis. Total operating expenses reached RMB 42 million during the period, reflecting continued investment in research and development ahead of the ASIC rollout.
As of June 30, Intchains held RMB 461 million in cash, deposits, and government securities, alongside cryptocurrency assets valued at RMB 98.9 million. The firm also maintained approximately 9,176 ETH, with 4,556 units staked as of August 20, including 3,556 ETH deposited via the Goldshell Staking platform and 1,000 ETH on the FalconX platform.
Management highlighted organizational restructuring and AI-driven efficiency gains that delivered annualized labor cost savings of RMB 23.1 million. The company also authorized a share repurchase program of up to $15 million in American Depositary Shares over a two-year period, while retaining its long-term ETH treasury holdings to fund operations and R&D.
The next-generation mining ASIC completed tape-out in July, entering engineering sample production and validation testing. Intchains plans a Q4 2026 commercial launch under its Goldshell Miner series, positioning the chip for initial production ramp ahead of mass-market adoption in fiscal 2027. Analysts project positive EPS of $0.14 for FY2026 alongside 47% revenue growth, though the company faces cyclical softness in crypto mining demand following February 2026 restrictions on mining machine sales in the People’s Republic of China.
Beyond hardware, management is exploring early-stage artificial intelligence opportunities, including potential acquisitions, to diversify revenue streams and reduce reliance on volatile cryptocurrency cycles. The company’s gross profit margin stood at 7.23% over the last twelve months, while its stock traded at $0.85 in regular sessions, down 4.55% from the prior close, with a 52-week range of $0.60 to $2.28.
