ICG 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of February, 2025

Commission File Number: 001- 41500

INTCHAINS GROUP LIMITED

(Exact name of registrant as specified in its charter)

c/o Building 16, Lane 999, Xinyuan South Road,

Lin-Gang Special Area,

Pudong, Shanghai, 201306

People’s Republic of China

+86 021 58961080

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

EXHIBIT INDEX

Exhibit No.		Description
99.1		Intchains Group Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INTCHAINS GROUP LIMITED
Date: February 27, 2025	By:	/s/ Qiang Ding
	Name:	Qiang Ding
	Title:	Chairman and Chief Executive Officer

EX-99.1

Exhibit 99.1

Intchains Group Limited Reports Fourth Quarter and Full Year 2024 Unaudited Financial Results

Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024.

Fourth Quarter 2024 Operating and Financial Highlights

•	Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Since we offer a wide<br>range of altcoin mining products, with each unit incorporating anywhere from tens to thousands of ASIC chips, it is more meaningful to measure the sales of our altcoin mining products by the number of embedded ASIC chips. Our sales volume of ASIC<br>chips for Q4 2024 was 1,705,408 units, compared to 423,040 units for the same period last year, representing an increase of 303.1%. All ASIC chip sales in Q4 2024 were for chips embedded in our altcoin mining products.
•	Revenue: Our revenue for Q4 2024 reached RMB74.2 million (US$10.2 million), reflecting a significant<br>increase of 109.2% from RMB35.5 million for the same period of 2023. For the fourth quarter of 2024, revenue derived from mainland China and overseas countries and regions accounted for 67.0% and 33.0% of our total revenue, respectively.
:---	:---
•	Net Income: Our net income for Q4 2024 was RMB12.8 million (US$1.8 million), reflecting an increase<br>of 58.2% from RMB8.1 million for the same period in 2023.
:---	:---
•	Non-GAAP Adjusted Net Income:<br>Non-GAAP adjusted net income in the fourth quarter of 2024 was RMB14.8 million (US$2.0 million), reflecting an increase of 54.2% from RMB9.6 million for the same period in 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press<br>release.
:---	:---
•	Cryptocurrency Assets: As of December 31, 2024, the fair value of our cryptocurrency assets other<br>than stablecoins such as USDT and USDC was RMB148.8 million (US$20.4 million), primarily comprised of approximately 5,702 ETH-based cryptocurrencies, valued at RMB141.2 million (US$19.3 million).
:---	:---

Full Year 2024 Operating and Financial Highlights

•	Sales Volume of Altcoin Mining Products Measured by Number of Embedded ASIC Chips: Our sales volume of<br>ASIC chips achieved 2,681,500 units for the year ended December 31, 2024, representing a year-over-year increase of 84.0% from 1,457,373 units for 2023.
•	Revenue: Our revenue was RMB281.8 million (US$38.6 million) for the year ended December 31,<br>2024, representing a year-over-year increase of 242.7% from RMB82.2 million for 2023. For the year ended December 31, 2024, revenue derived from mainland China and overseas countries and regions accounted for 45.5% and 54.5% of our total<br>revenue, respectively.
:---	:---
•	Net Income: Our net income was RMB51.5 million (US$7.1 million) for the year ended December 31,<br>2024, compared to a net loss of RMB26.8 million for 2023.
:---	:---
•	**Non-GAAP Adjusted Net Income:**Non-GAAP adjusted net income for the year ended December 31, 2024 was RMB60.5 million (US$8.3 million), compared to a net loss of RMB23.3 million for 2023. Non-GAAP adjusted net income excludes share-based compensation expenses. For further information, please refer to “Use of Non-GAAP Financial Measures” in this press<br>release.
:---	:---

Intchains Group Achieves Milestones in Innovative Solutions and Cryptocurrency Strategy

Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “The cryptocurrency market showed strong performance in Q4 2024, with growing optimism from major financial institutions about its prospects for 2025. Riding this momentum, Dogecoin saw solid price growth during the quarter. As a leading supplier of Dogecoin mining machines, the Company also delivered satisfactory operational results in Q4 2024. The growth rate of net profit in Q4 was slower than that of revenue, primarily due to the Company’s research and development expenses for the launch of new projects in 2025. the Company expects that the increased investment in research and development will better drive the Company’s operational performance in 2025. Throughout this quarter, the Company continued its Ethereum treasury strategy, increasing its ETH holdings by 37% compared to Q3 2024 in terms of units of ETH held at the end of the quarter, The combination of rising Ethereum prices and an expanded ETH portfolio had a positive impact on net profit, further strengthening the company’s financial position.

Looking ahead to 2025, the Company remains committed to expanding its presence in altcoin development. In February 2025, the Company introduced the AE BOX series of mining products, positioning itself as an early mover in Aleo mining. The Company will also continue upgrading its Dogecoin mining machines, reinforcing its industry leadership. Additionally, it will maintain its Ethereum treasury strategy throughout the year. On the application front, the Company took a significant step in Web3 payments with the launch of Goldshell Wallet in February 2025. This expansion reflects the Company’s commitment to broadening its Web3 ecosystem.”

Fourth Quarter 2024 Financial Results

Revenue

Revenue was RMB74.2 million (US$10.2 million) for the fourth quarter of 2024, representing an increase of 109.2% from RMB35.5 million for the same period in 2023. The substantial growth was primarily driven by a significant increase in demand for our altcoin mining products, fueled by improved cryptocurrency market performance.

Cost of Revenue

Cost of revenue was RMB54.8 million (US$7.5 million) for the fourth quarter of 2024, representing an increase of 287.4% from RMB14.1 million for the same period of 2023. The percentage increase in cost of revenue was higher than the percentage increase in our revenue, which was primarily due to the lower gross margins for the series of mining products we primarily sold in the fourth quarter of 2024, compared to the same period last year.

Operating Expenses

Total operating expenses were RMB56.0 million (US$7.7 million) for the fourth quarter of 2024, representing an increase of 145.8% from RMB22.8 million for the same period of 2023. The increase was primarily due to an increase in research and development expenses.

•	Research and development expenses increased by 228.7% to RMB45.9 million (US$6.3 million) for the fourth<br>quarter of 2024 from RMB14.0 million for the same period of 2023. The increase was primarily due to higher expenses related to preliminary research costs conducted for new projects, as well as increased personnel-related expenses.
•	Sales and marketing expenses increased by 62.1% to RMB2.9 million (US$0.4 million) for the fourth quarter of<br>2024 from RMB1.8 million for the same period of 2023, mainly driven by increased personnel-related expenses.
:---	:---
•	General and administrative expenses remained relatively steady at RMB7.0 million and RMB7.2 million<br>(US$1.0 million), respectively, for the fourth quarter of 2023 and 2024.
:---	:---

Interest Income

Interest income decreased by 11.1% to RMB3.8 million (US$0.5 million) for the fourth quarter of 2024 from RMB4.2 million for the same period of 2023, mainly due to a reduced cash balance resulting from our strategy of using part of our operating cash flow to acquire and hold ETH-based cryptocurrencies.

Gain on fair value of cryptocurrency, net

Gain on fair value of cryptocurrency, net, for the fourth quarter of 2024 was RMB29.2 million (US$4.0 million), compared to nil in the same period of 2023. The gain was primarily due to an approximately 31.5% increase in the price of ETH and an approximately 37.4% increase in the number of ETH-based cryptocurrency units held from the end of the third quarter of 2024 to the end of the fourth quarter of 2024.

Other Income, Net

Other income, net, decreased by 29.8% to RMB5.2 million (US$0.7 million) for the fourth quarter of 2024 from RMB7.5 million for the same period of 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations.

Net Income

As a result of the foregoing, our net income increased by 58.2% to RMB12.8 million (US$1.8 million) for the fourth quarter of 2024 from RMB8.1 million for the same period of 2023.

Non-GAAP Adjusted Net Income

Non-GAAP adjusted net income increased by 54.2% to RMB14.8 million (US$2.0 million) for the fourth quarter of 2024 from RMB9.6 million for the same period of 2023.

Basic and Diluted Net Earnings Per Ordinary Share

Basic and diluted net earnings per ordinary share both increased by 57.1% to RMB0.11 (US$0.01) for the fourth quarter of 2024 from RMB0.07 for the same period of 2023.

Non-GAAP Basic and Diluted Net Earnings Per Ordinary Share

Non-GAAP adjusted basic and diluted net earnings per ordinary share increased by 50.2% to RMB0.12 (US$0.02) for the fourth quarter of 2024 from RMB0.08 for the same period of 2023. Each ADS represents two of the Company’s Class A ordinary shares.

Full Year 2024 Financial Results

Revenue

Revenue was RMB281.8 million (US$38.6 million) in 2024, representing an increase of 242.7% from RMB82.2 million in 2023. The substantial growth was primarily driven by a significant increase in the average selling price of our new products launched in March 2024, compared to older products, as well as improved cryptocurrency market performance, which led to higher demand for our products.

Cost of Revenue

Cost of revenue was RMB130.5 million (US$17.9 million) for the year ended December 31, 2024, representing an increase of 78.3% from RMB73.1 million for 2023. The percentage increase in cost of revenue was substantially lower than the percentage increase in our revenue, which was primarily due to the higher gross margins for our new products launched in March 2024 compared to the older products.

Operating Expenses

Total operating expenses were RMB148.2 million (US$20.3 million) for 2024, representing an increase of 100.1% from RMB74.0 million for 2023. The increase was primarily due to an increase in research and development expenses.

•	Research and development expenses increased by 158.7% to RMB109.4 million (US$15.0 million) for 2024 from<br>RMB42.3 million for 2023. The increase was primarily due to more products launched in 2024, as well as increased personnel-related expenses.
•	Sales and marketing expenses increased by 29.6% to RMB8.5 million (US$1.2 million) for 2024 from<br>RMB6.5 million for 2023, mainly driven by increased personnel-related expenses.
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•	General and administrative expenses increased by 20.0% to RMB30.2 million (US$4.1 million) for 2024 from<br>RMB25.2 million for 2023, primarily due to increased personnel-related expenses and increased amortization expenses of trademarks.
:---	:---

Interest Income

Interest income remained relatively steady at RMB16.8 million and RMB16.2 million (US$2.2 million), respectively, for the year ended December 31, 2023 and 2024.

Gain on fair value of cryptocurrency, net

Gain on fair value of cryptocurrency, net, for 2024 was RMB21.3 million (US$2.9 million), compared to nil for 2023. The gain was primarily due to ETH closing price rising approximately 48.6% from the end of 2023 to the end of 2024, as well as units of ETH-based cryptocurrencies held increased from approximately 60 from the end of 2023 to 5,702 from the end of 2024.

Other Income, Net

Other income, net, decreased by 38.7% to RMB8.1 million (US$1.1 million) for 2024 from RMB13.2 million for 2023, primarily due to the decrease in grants received from the local government, which have no repayment obligations.

Net Income/(loss)

As a result of the foregoing, we recorded a net income of RMB51.5 million (US$7.1 million) for the year ended December 31, 2024, compared to a net loss of RMB26.8 million for the year ended December 31, 2023.

Basic and Diluted Net Earnings/(Losses) Per Ordinary Share

Basic and diluted net earnings per ordinary share were both RMB0.43 (US$0.06) for the year ended December 31, 2024, compared to basic and diluted net loss per ordinary share of RMB0.22 for the year ended December 31, 2023.

Non-GAAP Basic and Diluted Net Earnings/(Losses) Per Ordinary Share

Non-GAAP adjusted basic and diluted net income per ordinary share was RMB0.50 (US$0.07) for the year ended December 31, 2024, compared to Non-GAAP adjusted basic and diluted net loss per ordinary share of RMB0.20 for the year ended December 31, 2023. Each ADS represents two of the Company’s Class A ordinary shares.

Recent Development

Aleo Mining: On February 7, 2025, the Company launched AE BOX series of cutting-edge mining products for Aleo, establishing itself as a pioneer in Aleo mining solutions. This marks the Company’s first venture into the zero-knowledge proof sector, further reinforcing its deep expertise and innovation in the altcoin space.

Goldshell Wallet: On February 26, 2025, the Company introduced the Goldshell Wallet, an air-gapped, triple-secured wallet designed for maximum security and seamless user experience. Currently in their trial stage, Goldshell Wallet is not expected to contribute materially to our profits during this phase. However, we believe they represent an important step toward becoming a company with a stable application development pipeline and the ability to navigate across the crypto cycle.

Conference Call Information

The Company’s management team will host an earnings conference call to discuss its financial results at 8:00 PM U.S. Eastern Time on February 27, 2025 (9:00 AM Beijing Time on February 28, 2025). Details for the conference call are as follows:

Event Title:		Intchains Group Limited Fourth Quarter 2024 Earnings Conference Call
Date:		February 27, 2025
Time:		8:00 PM U.S. Eastern Time
Registration Link:		https://register.vevent.com/register/BI19e79ee987794b71a2f0af1c0f1a3d42

All participants must use the link provided above to complete the online registration process in advance of the conference call. Upon registering, each participant will receive a set of dial-in numbers and a personal access PIN, which will be used to join the conference call.

Additionally, a live and archived webcast of the conference call will also be available at the Company’s website at https://intchains.com/.

About Intchains Group Limited

Intchains Group Limited is a company that engages in the provision of altcoin mining products, the strategic acquisition and holding of Ethereum-based cryptocurrencies, and the active development of innovative Web3 applications. For more information, please visit the Company’s website at: https://intchains.com/.

Exchange Rate Information

The unaudited United States dollar (“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers. Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00=RMB7.2993 on the last trading day of the fourth quarter of 2024 (December 31, 2024). No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Forward-looking statements include, but are not limited to, statements about: (i) our goals and strategies; (ii) our future business development, formed condition and results of operations; (iii) expected changes in our revenue, costs or expenditures; (iv) growth of and competition trends in our industry; (v) our expectations regarding demand for, and market acceptance of, our products; (vi) general economic and business conditions in the markets in which we operate; (vii) relevant government policies and regulations relating to our business and industry; (viii) fluctuations in the market price of ETH-based cryptocurrencies; gains or losses from the sale of ETH-based cryptocurrencies; changes in accounting treatment for the Company’s ETH-based cryptocurrencies holdings; a decrease in liquidity in the markets in which ETH-based cryptocurrencies are traded; security breaches, cyberattacks, unauthorized access, loss of private keys, fraud, or other events leading to the loss of the Company’s ETH-based cryptocurrencies; impacts to the price and rate of adoption of ETH-based cryptocurrencies associated with financial difficulties and bankruptcies of various participants in the industry; and (viii) assumptions underlying or related to any of the foregoing. Investors can identify these forward-looking statements by words or phrases such as “may,” “could,” “will,” “should,” “would,” “expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “project” or “continue” or the negative of these terms or other comparable terminology. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

Use of Non-GAAP Financial Measures

In evaluating Company’s business, the Company uses non-GAAP measures, such as adjusted income (loss) from operations and adjusted net income (loss), as supplemental measures to review and assess its operating performance. The Company defines adjusted income (loss) from operations as income (loss) from operations excluding share-based compensation expenses, and adjusted net income (loss) as net income (loss) excluding share-based compensation expenses. The Company believes that the non-GAAP financial measures provide useful information about the Company’s results of operations, enhance the overall understanding of the Company’s past performance and future prospects and allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

The non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. The non-GAAP financial measures have limitations as analytical tools and investors should not consider them in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operations and cash flows data prepared in accordance with U.S. GAAP. One of the key limitations of using adjusted net income is that it does not reflect all of the items of income and expense that affect the Company’s operations. Share-based compensation expenses have been and may continue to be incurred in Company’s business and are not reflected in the presentation of adjusted net income. Further, the non-GAAP financial measures may differ from the non-GAAP information used by other companies, including peer companies, and therefore their comparability may be limited. The Company mitigates these limitations by reconciling the non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance.

For investor and media inquiries, please contact:

Intchains Group Limited

Investor relations

Email: [email protected]

Redhill

Belinda Chan

Tel: +852-9379-3045

Email: [email protected]

INTCHAINS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except share and per share data, or as otherwise noted)

	As of December 31,
	2023			2024
	RMB			RMB
ASSETS
Current Assets:
Cash and cash equivalents		694,750			322,252		44,148
USDC		—			1,690		232
Cryptocurrency-current		—			30,079		4,121
Inventories, net		41,767			98,614		13,510
Prepayments and other current assets, net		47,403			69,703		9,549
Short-term investments		13,596			198,562		27,203
Total current assets		797,516			720,900		98,763
Non-current Assets:
Cryptocurrency-non-current		645			148,790		20,384
Long-term investments		—			20,569		2,818
Property, equipment, and software, net		49,184			157,065		21,518
Intangible assets, net		3,425			3,552		487
Right-of-use<br>assets		1,735			272		37
Deferred tax assets		12,899			28,942		3,965
Prepayments on long-term assets		113,425			—		—
Other non-current assets		421			9,419		1,290
Total non-current assets		181,734			368,609		50,499
Total assets		979,250			1,089,509		149,262
LIABILITIES, AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Accounts payable		195			14,847		2,034
Contract liabilities		9,828			37,447		5,129
Income tax payable		1,634			2,023		277
Lease liabilities		1,103			272		37
Provision for warranty		40			161		22
Accrued liabilities and other current liabilities		15,364			21,692		2,971
Total current liabilities		28,164			76,442		10,470
Non-current Liabilities:
Deferred tax liabilities		—			—		—
Lease liabilities		761			—		—
Total non-current liabilities		761			—		—
Total liabilities		28,925			76,442		10,470
Shareholders’ Equity:
Ordinary shares (0.000001 par value; 50,000,000,000 shares authorized, 119,876,032 and<br>120,081,456 shares issued, 119,876,032 and 119,962,962 shares outstanding as of December 31, 2023 and December 31, 2024, respectively)		1			1		—
Subscriptions receivable from shareholders		(1	)		(1	)	—
Additional paid-in capital		186,262			195,236		26,747
Statutory reserve		48,265			51,762		7,091
Accumulated other comprehensive income		1,838			3,777		518
Retained earnings		713,960			762,292		104,436
Total equity		950,325			1,013,067		138,792
Total liabilities and shareholders’ equity		979,250			1,089,509		149,262

All values are in US Dollars.

INTCHAINS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except share and per share data, or as otherwise noted)

		For the Three Months ended December 31,
		2023			2024
		RMB			RMB
Products revenue			35,454			74,177		10,162
Cost of revenue			(14,132	)		(54,752	)	(7,501	)
Gross profit			21,322			19,425		2,661
Operating expenses:
Research and development expenses			(13,962	)		(45,887	)	(6,286	)
Sales and marketing expenses			(1,787	)		(2,897	)	(397	)
General and administrative expenses			(7,040	)		(7,237	)	(991	)
Total operating expenses			(22,789	)		(56,021	)	(7,674	)
Loss from operations			(1,467	)		(36,596	)	(5,013	)
Interest income			4,248			3,778		518
Foreign exchange gains/(losses), net			(971	)		2,264		310
Gain on fair value of cryptocurrency, net			—			29,228		4,004
Other income, net			7,458			5,237		717
Income before income tax expenses			9,268			3,911		536
Income tax (expense)/benefit			(1,190	)		8,870		1,215
Net Income			8,078			12,781		1,751
Foreign currency translation adjustment, net of nil tax			(826	)		4,127		565
Total comprehensive income			7,252			16,908		2,316
Weighted average number of shares used in per share calculation
— Basic			119,876,032			119,962,962		119,962,962
— Diluted			119,921,358			119,980,895		119,980,895
Net earnings per share
— Basic			0.07			0.11		0.01
— Diluted			0.07			0.11		0.01

All values are in US Dollars.

INTCHAINS GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME/(LOSS)

(All amounts in thousands, except share and per share data, or as otherwise noted)

		For the Year ended December 31,
		2023			2024
		RMB			RMB
Products revenue			82,225			281,767		38,602
Cost of revenue			(73,147	)		(130,452	)	(17,872	)
Gross profit			9,078			151,315		20,730
Operating expenses:
Research and development expenses			(42,304	)		(109,443	)	(14,994	)
Sales and marketing expenses			(6,532	)		(8,468	)	(1,160	)
General and administrative expenses			(25,210	)		(30,248	)	(4,144	)
Total operating expenses			(74,046	)		(148,159	)	(20,298	)
Income/(loss) from operations			(64,968	)		3,156		432
Interest income			16,750			16,235		2,224
Foreign exchange gains/(losses), net			(524	)		1,382		189
Gain on fair value of cryptocurrency, net			—			21,322		2,921
Other income, net			13,191			8,082		1,107
Income/(loss) before income tax expenses			(35,551	)		50,177		6,873
Income tax benefit			8,756			1,320		181
Net Income/(loss)			(26,795	)		51,497		7,054
Foreign currency translation adjustment, net of nil tax			1,838			1,939		266
Total comprehensive income/(loss)			(24,957	)		53,436		7,320
Weighted average number of shares used in per share calculation
— Basic			119,387,937			119,932,051		119,932,051
— Diluted			119,387,937			120,011,806		120,011,806
Net earnings/(losses) per share
— Basic			(0.22	)		0.43		0.06
— Diluted			(0.22	)		0.43		0.06

All values are in US Dollars.

INTCHAINS GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except per share data)

		For the Three Months ended December 31,
		2023			2024
		RMB			RMB
Loss from operations			(1,467	)		(36,596	)	(5,013	)
Add:
Share-based compensation expense			1,501			1,992		273
Non-GAAP adjusted operating<br>income/(loss)			34			(34,604	)	(4,740	)
Net income			8,078			12,781		1,751
Add:
Share-based compensation expense			1,501			1,992		273
Non-GAAP adjusted net income			9,579			14,773		2,024
Non-GAAP adjusted net earnings per share
— Basic			0.08			0.12		0.02
— Diluted			0.08			0.12		0.02

All values are in US Dollars.

INTCHAINS GROUP LIMITED

RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

(All amounts in thousands, except per share data)

		For the Year ended December 31,
		2023			2024
		RMB			RMB
Income/(loss) from operations			(64,968	)		3,156		432
Add:
Share-based compensation expense			3,474			8,973		1,229
Non-GAAP adjusted operating<br>income/(loss)			(61,494	)		12,129		1,661
Net income/(loss)			(26,795	)		51,497		7,054
Add:
Share-based compensation expense			3,474			8,973		1,229
Non-GAAP adjusted net income/(loss)			(23,321	)		60,470		8,283
Non-GAAP adjusted net earnings/(losses) per share
— Basic			(0.20	)		0.50		0.07
— Diluted			(0.20	)		0.50		0.07

All values are in US Dollars.

INTCHAINS GROUP LIMITED

UNAUDITED CRYPTOCURRENCY-ADDITIONAL INFORMATION

As of Quarter<br>Ended	Cryptocurrency	Approximate<br>Number of<br>Cryptocurrency<br>Held at End<br>of Quarter			Original CostBasis		ApproximateAverage CostPrice Per UnitofCryptocurrency		Lowest MarketPrice Per UnitofCryptocurrencyDuringQuarter (a)		Market ValueofCryptocurrencyHeld at End ofQuarter UsingLowest MarketPrice (b)		Highest MarketPrice Per UnitofCryptocurrencyDuringQuarter (c)		Market ValueofCryptocurrencyHeld at End ofQuarter UsingHighest MarketPrice (d)		Market PricePer Unit ofCryptocurrencyat End ofQuarter (e)		Market ValueofCryptocurrencyHeld at End ofQuarter UsingEnding MarketPrice (f)
		Unit
December 31, 2024	ETH		5,075		15,102,524		2,976		2,309		11,718,175		4,109		20,853,175		3,414		17,326,050
	ETH-Coinbase Staked		627		1,800,713		2,872		2,487		1,559,349		4,450		2,790,150		3,701		2,320,527
	Bitcoin		10.29		720,567		70,026		58,864		605,711		108,389		1,115,323		95,285		980,483
	USDT&USDC		4,425,484		4,428,159		1		1		4,384,335		1		4,469,357		1		4,419,574
	Others		Multiple	*	78,298		Multiple	*	Multiple	*	30,694		Multiple	*	101,589		Multiple	*	69,389
	Total				22,130,261						18,298,264				29,329,594				25,116,023
September 30, 2024	ETH		3,522		10,115,116		2,872		2,116		7,452,552		3,563		12,548,886		2,596		9,143,112
	ETH-Coinbase Staked		627		1,800,713		2,872		2,290		1,435,830		3,926		2,461,602		2,807		1,759,989
	Bitcoin		8.47		549,364		64,860		49,050		415,454		70,000		592,900		63,552		538,285
	USDT&USDC		9,847,687		9,849,266		1		1		9,814,682		1		9,857,395		1		9,845,929
	Others		Multiple	*	105,405		Multiple	*	Multiple	*	36,415		Multiple	*	72,441		Multiple	*	53,661
	Total				22,419,864						19,154,933				25,533,224				21,340,976
June 30, 2024	ETH		1,937		6,179,744		3,190		2,814		5,450,718		3,974		7,697,638		3,394		6,574,178
	ETH-Coinbase Staked		480		1,301,108		2,711		2,954		1,417,920		4,243		2,036,640		3,645		1,749,600
	Bitcoin		3.95		265,883		67,312		56,500		223,175		72,777		287,469		61,613		243,371
	USDT&USDC		10,422,648		10,423,276		1		1		10,386,315		1		10,458,980		1		10,404,063
	Others		Multiple	*	107,484		Multiple	*	Multiple	*	54,226		Multiple	*	122,435		Multiple	*	64,202
	Total				18,277,495						17,532,354				20,603,162				19,035,414
March 31, 2024	ETH		346		999,180		2,888		2,100		726,600		4,094		1,416,524		3,618		1,251,828
	ETH-Coinbase Staked		479		1,297,687		2,709		2,236		1,071,044		4,341		2,079,339		3,842		1,840,318
	Bitcoin		0.67		44,995		67,157		38,501		25,796		73,836		49,470		70,407		47,173
	USDT&USDC		99,583		99,583		1		1		99,583		1		99,583		1		99,583
	Others		Multiple	*	81,571		Multiple	*	Multiple	*	67,814		Multiple	*	124,481		Multiple	*	91,346
	Total				2,523,016						1,990,837				3,769,397				3,330,248

All values are in US Dollars.

*	The ‘Others’ category encompasses various cryptocurrencies that are not reported individually due to<br>their lower significance. This category is labeled as ‘Multiple’ to indicate the presence of diverse prices associated with different type of cryptocurrency. Due to their immaterial nature, detailed price listings are not provided.
(a)	The “Lowest Market Price Per Unit of Cryptocurrency During Quarter” represents the lowest market<br>price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
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(b)	The “Market Value of Cryptocurrency Held at End of Quarter Using Lowest Market Price” represents a<br>mathematical calculation consisting of the lowest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable<br>period.
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(c)	The “Highest Market Price Per Unit of Cryptocurrency During Quarter” represents the highest market<br>price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter, without regard to when we obtained any of the cryptocurrency.
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(d)	The “Market Value of Cryptocurrency Held at End of Quarter Using Highest Market Price” represents a<br>mathematical calculation consisting of the highest market price for a single unit of cryptocurrency reported on the Coinbase exchange during the respective quarter multiplied by the number of cryptocurrency we held at the end of the applicable<br>period.
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(e)	The “Market Price Per Unit of Cryptocurrency at End of Quarter” represents the market price of a<br>single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter, which aligns with the our revenue recognition cut-off.
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(f)	The “Market Value of Cryptocurrency Held at End of Quarter Using Ending Market Price” represents a<br>mathematical calculation consisting of the market price of a single unit of cryptocurrency on the Coinbase exchange at midnight UTC+8 time on the last day of the respective quarter multiplied by the number of cryptocurrency we held at the end of the<br>applicable period.
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