Intchains Group Limited announced its unaudited financial results for the third quarter ended September 30, 2024, reporting a significant increase in revenue to RMB60.3 million (US$8.6 million). This represents a substantial year-on-year increase of 781.4% from RMB6.8 million in the same period of 2023, primarily driven by higher average selling prices of its latest ASIC chip products.
The company achieved a net income of RMB3.2 million (US$0.5 million) for Q3 2024, marking a turnaround from a net loss of RMB19.1 million in the prior year's period. This positive shift in profitability was achieved despite a loss on the fair value of cryptocurrency totaling RMB13.1 million (US$1.9 million), attributed to an approximate 23.5% decline in Ethereum prices during the quarter.
As of September 30, 2024, Intchains Group's Ethereum holdings reached approximately 4,149 ETH, representing a 71.7% increase from June 30, 2024. The company also launched Goldshell Pay in Q3 2024 as part of its Web3 application expansion and plans to introduce a hardware crypto wallet in Q4 2024, with new ASICs expected by Q1 2025.
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