Intchains Group Limited announced its unaudited financial results for the first quarter ended March 31, 2025, reporting total revenues of RMB132.4 million (US$18.2 million). This figure exceeded the company's guidance and represents a 445.5% increase year-over-year from RMB24.3 million in Q1 2024, primarily driven by strong market demand for its newly-launched Aleo series mining machines, which accounted for 74.8% of total revenue.
The company achieved an income from operations of US$5.1 million, marking a turnaround from a loss in the prior-year period. However, Intchains Group reported a net loss of RMB34.0 million (US$4.7 million) for the quarter, an increase of 129.8% year-over-year. This loss was primarily due to a significant US$9.8 million loss on the fair value of cryptocurrencies, resulting from an approximately 46.0% decline in the price of Ethereum during the quarter.
Despite the ETH price volatility, the company remained committed to its long-term dollar-cost averaging strategy, increasing its ETH holdings to approximately 7,023 units as of March 31, 2025, a 23.2% increase quarter-over-quarter. The company also highlighted the successful launch of its Goldshell Byte dual-mining machine on March 26, 2025, further strengthening its position in the altcoin mining space.
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