Intchains Group Limited announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. For Q4 2024, revenue reached RMB74.2 million (US$10.2 million), an increase of 109.2% from the same period in 2023, primarily due to increased demand for altcoin mining products.
The company reported a net income of RMB12.8 million (US$1.8 million) for Q4 2024, up 58.2% year-over-year. This was significantly bolstered by a RMB29.2 million (US$4.0 million) gain on the fair value of cryptocurrencies, resulting from an approximately 31.5% increase in ETH price and a 37.4% increase in ETH units held quarter-over-quarter.
For the full year 2024, Intchains Group's revenue was RMB281.8 million (US$38.6 million), a 242.7% increase from 2023. The company achieved a net income of RMB51.5 million (US$7.1 million) for the full year, a substantial turnaround from a net loss of RMB26.8 million in 2023, with ETH units held increasing from approximately 60 to 5,702 by year-end.
CEO Qiang Ding highlighted the company's continued Ethereum treasury strategy, which saw ETH holdings increase by 37% compared to Q3 2024. He also noted the launch of the AE BOX series mining products in February 2025 and the Goldshell Wallet, reinforcing the company's commitment to expanding its Web3 ecosystem.
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