Conferencia de resultados del 1S 2026 de Intchains (ICG): el nuevo ASIC apunta a su lanzamiento en el T4

Conclusiones clave

• Intchains Group Limited informó ingresos para el primer semestre de 2026 por 11,1 millones de RMB, ya que la demanda cíclica se mantuvo débil y las restricciones a la venta de máquinas de minería en la República Popular China, anunciadas en febrero, afectaron al negocio.
• Los gastos operativos totales ascendieron a 42 millones de RMB. La pérdida neta básica y diluida por acción ordinaria fue de 1,22 RMB.
• El efectivo y equivalentes de efectivo, depósitos y títulos gubernamentales sumaron 461 millones de RMB al cierre del período, lo que permitió a la empresa financiar internamente su programa de ASIC para minería de última generación.
• Intchains completó el tape-out de su ASIC de minería de última generación en julio. La directiva apunta a un lanzamiento comercial en el cuarto trimestre de 2026, esperando ingresos modestos en la segunda mitad del año y una contribución más significativa en el ejercicio fiscal 2027.
• Al 30 de junio, la empresa logró aproximadamente 23,1 millones de RMB en ahorro anualizado de costos laborales a través de una reestructuración, la desinversión en un negocio no estratégico de chips y el mayor uso de herramientas impulsadas por IA.
• El consejo de administración autorizó un programa de recompra de ADS de hasta 15 millones de dólares durante dos años, financiado con el efectivo disponible.

Datos financieros clave

Rendimiento operativo y del negocio

El ASIC de minería de última generación pasó del cierre del diseño a la fabricación tras su tape-out en julio. Las muestras de ingeniería y la validación de laboratorio están en marcha, abarcando pruebas de rendimiento, fiabilidad y térmicas en comparación con los parámetros internos.

A condición de una validación exitosa, Intchains planea comenzar el incremento inicial de producción y la integración a nivel de sistema antes de su lanzamiento comercial en el cuarto trimestre de 2026 a través de su serie Goldshell Miner. El chip utiliza un proceso maduro y está diseñado para equilibrar la eficiencia, la fiabilidad y la disponibilidad de suministro para mineros minoristas y profesionales.

La dirección prevé que el nuevo producto amplíe el mercado total direccionable de la empresa y respalde futuras ofertas de sistemas y servicios. Asimismo, espera que las líneas de productos existentes contribuyan si los mercados de criptomonedas se recuperan, destacando que se podrían solicitar obleas adicionales rápidamente ya que los trabajos de tape-out ya se han completado.

Intchains también está evaluando oportunidades de crecimiento relacionadas con la IA, incluidas posibles adquisiciones que podrían extender sus capacidades de diseño de ASIC personalizados e integración de hardware hacia la computación impulsada por IA. Estas iniciativas se encuentran aún en una fase temprana.

La empresa señaló que 4.556 ETH estaban asignados a staking al 20 de agosto de 2026. Esto incluyó 3.556 ETH depositados a través de la plataforma de staking de Goldshell a la espera de la activación de validación y 1.000 ETH en staking en la plataforma Falcon X.

Previsiones de la dirección

La directiva fija el lanzamiento comercial del nuevo ASIC de minería para el cuarto trimestre de 2026. Se espera que el producto genere ingresos modestos en el segundo semestre de 2026, seguidos de una contribución más significativa en el ejercicio fiscal 2027 a medida que se aceleren la producción a gran escala y la comercialización.

Para 2027, la dirección afirmó que espera que los ingresos derivados del nuevo producto superen los niveles alcanzados en el ciclo de 2024 y 2025. El director financiero también expresó su opinión de que 2027 podría ser el año más fuerte de la empresa dentro de un período de cinco años, aunque no se proporcionó un pronóstico cuantitativo de ingresos.

Intchains planea continuar con sus iniciativas de disciplina de costos durante el resto de 2026. Tiene la intención de preservar su tesorería existente en ETH y generar rendimientos de staking, mientras prioriza el efectivo disponible para I+D, operaciones de máquinas de minería e iniciativas de IA en lugar de compras adicionales de ETH.

Riesgos y puntos a observar

• La demanda de máquinas de minería se mantuvo débil de forma cíclica durante el primer semestre, mientras que las restricciones de venta en la República Popular China crearon un obstáculo adicional.
• El lanzamiento del ASIC en el cuarto trimestre depende del éxito en la validación del silicio, las pruebas, el incremento de la producción y la integración de sistemas.
• La gerencia calificó el entorno actual de las criptomonedas como un mercado bajista. Sin una recuperación, se espera que el nuevo ASIC sea el principal motor de ingresos.
• Las iniciativas de IA y las posibles adquisiciones aún se están evaluando. Su cronograma, requisitos de capital y contribución potencial a los ingresos aún no se pueden estimar.
• Las perspectivas de la empresa para 2027 dependen en parte de la comercialización exitosa del nuevo ASIC y, en el caso de los productos heredados, de una recuperación en los precios de las criptomonedas y la demanda de minería.

Puntos destacados de la sesión de preguntas y respuestas con analistas

En cuanto a la asignación de capital, la dirección afirmó que la empresa financiará el programa de recompra de acciones de 15 millones de dólares con el efectivo disponible, mientras continúa con el gasto normal en el tape-out del ASIC, el inventario y las ventas de productos. Las necesidades de capital para posibles proyectos de IA o adquisiciones variarán según la oportunidad y aún no se han cuantificado.

Respecto a la tesorería en ETH, la gerencia declaró que actualmente no planea vender ETH. La estrategia actual es utilizar los beneficios generados por las ventas de máquinas de minería para posibles compras de ETH en lugar de destinar efectivo disponible adicional.

Sobre la competencia, la dirección señaló que la competencia vinculada a la criptomoneda a la que se dirige el nuevo ASIC no es intensa y expresó su confianza en que el producto ofrecerá un rendimiento líder. La empresa no identificó la criptomoneda durante la llamada.

La gerencia prevé que el nuevo ASIC domine los ingresos si los mercados de criptomonedas se mantienen débiles. Si los precios de Dogecoin y Aleo se recuperan, las líneas de productos anteriores también podrían contribuir, ya que Intchains puede realizar pedidos adicionales de obleas a su socio de fabricación.

Transcripción completa de la llamada de resultados

Transcripción completa de la conferencia de resultados

Comentarios de la dirección

Operator

Thank you for standing by. My name is Priscilla, and I will be your conference operator today. At this time, I would like to welcome everyone to the IC Group Limited First Half 2026 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Alice Zhang with Equity Group. Please go ahead.

Alice Zhang

Thank you, operator. Good evening to everyone. Welcome to Intchains' First Half 2026 Earnings Conference Call. Please be advised that the discussions on today's call will include forward-looking statements. These statements involve known and unknown risks and uncertainties and are based on the company's current expectations and projections regarding future events that may impact its financial condition, operating results and strategic direction.

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 those anticipated results. Investors should review other factors that may affect its future results in the company's registration statement and other filings with the SEC. The company undertakes no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances or changes in its expectations, except as required by law.

Please refer to the reconciliation of non-GAAP measures to the comparable GAAP measures in the earnings press release. The webcast replay of this conference call will be available on the Intchains' website at www.ir.inxen.com. It is my pleasure to introduce Ychen's CFO, Mr. Charles Yan, who will provide an overview of first half 2026 financial results and the company's business strategy and focus for the remainder of the year before opening the floor for questions. Charles, please go ahead.

Chaowei Yan

Thank you, Alice, and welcome, everyone. Let me start with a quick look at our first half 2026 results. The period reflected continued cyclical softness in outgoing demand, which was also impacted by the PRC mining machine sales restrictions announced in February. Revenue was RMB 11.1 million and total operating expenses were RMB 42 million with a basic and diluted net loss per ordinary share of RMB 1.22. We ended the period with RMB 461 million in cash and cash equivalents, deposits and government securities.

Our balance sheet that has allowed us to fund our next-generation chip program entirely from internal resources. Now turning into the remainder of 2026. Our progress on new product development and where we are taking the business from here. We entered this cycle with a deliberate choice, keep funding our next-generation mining ASIC development through a weaker demand environment so that we'll be ready with new products when the market turns, and that decision is now paying off.

In July, we successfully completed the tape-out of our new next-generation mining ASIC, a major technical milestone that keeps us on track for commercial launch in Q4 2026. This chip is architected specifically to optimize performance, balancing efficiency, reliability and supply availability using a mature process and is designed to improve unit economics and returns on invested capital for retail and professional miners.

The successful tape-out transitions the ASIC project from design completion to the start of the manufacturing process and sets the stage for silicon validation, followed by mass production and official commercial launch. With our capital and R&D intensive phase of this ASIC chip development now complete, the company has initiated engineering sample production and laboratory validation, including performance, reliability and thermal testing against internal benchmarks.

Subject to successful validation, Intchains expects to commence initial production ramp and system-level integration in advance of a planned commercial launch targeted for Q4. Once launched through the sales of our Goldshell Miner series, we believe it will broaden our addressable market across retail and professional miners, enhance the competitiveness of our hardware portfolio and unlock new revenue streams through future system and service offerings.

Looking into the second half, we believe we are moving quickly to capture the opportunities ahead. Our mining -- our new mining assets is expected to begin contributing a modest revenue in H2 2026, building a far more meaningful impact in fiscal 2027 as commercialization accelerates.

Longer term, we believe that this platform further strengthens our position as a leading active supplier of purpose-built mining ASIC systems, driving superior operational efficiency for our customers and advancing a more sustainable approach to proof-of-work infrastructure. It's a core part of our strategy to build a more resilient, diversified revenue base.

Beyond this new project, we are also in the early stages of evaluating new growth opportunities in artificial intelligence, including potential acquisitions that would extend our core competencies in custom ASIC design and hardware systems integration into AI-enabled computing applications. Our goal is to reduce reliance on cryptocurrency market cycles over time and to position Intchains in a higher-value computing market adjacent to our existing hardware expertise. This work is still in early stages, and we look forward to share more details as our plans develop.

On the cost side, we continued to make progress on our cost optimization efforts. As of June 30, 2026, we had realized approximately RMB 23.1 million in annualized labor cost savings through our organizational restructuring. The divestiture of our noncore chip-related business and expanded use of AI-enabled tools across our business operations. We expect to continue these cost disciplined initiatives throughout the remainder of the year. On our ETH treasury holdings, as of June 30, 2026, the fair value of our cryptocurrency assets, excluding stablecoins such as USDC and USDT was RMB 98.9 million, including approximately 9,176 ETH.

As of August 20, 2026, the company's total units of ETH stated were 4,556 with 3,556 ETH deposited through our Gold Shield staking platform pending validation activation and 1,000 ETH stakes on Falcon X platform. Going forward, we expect to maintain a prudent ETH treasury and staking position, preserving our existing treasury holdings and continue generating staking yields while prioritizing capital allocation towards our next-generation AI program and the new AI initiatives over additional ETH accumulation.

We also announced today that our Board of Directors had approved a share repurchase program, under which we may repurchase up to $15 million of our ADS over the next 2 years, funded from our existing cash balance. We believe that this program reflects our confidence in Intchains's long-term strategic direction and our commitment to creating value for shareholders. And it's consistent with our disciplined approach to capital allocation, balancing returns to shareholders with continued investment in our next-generation ASIC and new AI initiatives.

Looking ahead to second half of 2026, while we expect continued market headwinds, we will remain focused on disciplined execution, commercializing our new ASIC prioritizing cost optimization and advancing our evaluation of AI-related growth opportunities. We believe these initiatives will position Intchains for a more diversified and resilient business over the long term. With that, operator, let's open it up for questions.

Operator

[Operator Instructions] Your first question comes from the line of Mark Palmer with The Benchmark.

Preguntas y respuestas

Mark Palmer

Just you announced the new share repurchase program and also discussed ongoing R&D activities as well as the potential for M&A, especially focused on AI and AI-driven businesses. Can you talk a bit about what your capital allocation priorities are? And more broadly, what your capital allocation strategy looks like going forward?

Chaowei Yan

Firstly, for the share repurchase program, we planned $15 million for the share repurchase program. And for the R&D or R&D in current asset, we will handle this as usual. We will do the tape-out and buy the inventory and then sell them. So the capital cost of the current business, it will be -- remain the same with our prior projects. And finally, for the AI initiatives and M&A, it will depend on -- it all depends on the project we engaged. Currently, we have several projects to assess and every project has a different capital requirement. So currently, for the AI part, we cannot give accurate estimation. Thank you.

Mark Palmer

Yes. And a follow-up question, please. Charles, you made reference to the fact that you're anticipating that there will be a pickup in the impact from the newly developed ASIC product in 2027.

Can you talk a bit about how you're currently thinking about 2027, particularly with regard to the diversification of revenue that you made reference to reducing reliance on crypto cycles? And also, what should we be watching for over the next few quarters in terms of milestones or signs of your progress?

Chaowei Yan

Firstly, our next milestone of the product is the product launch, it will be happening in Q4 2026. And it will contribute some revenue for the second half, but it will not be very big. But for the 2027, the whole product will be -- the whole mass production will be on track. So in 2027, our expectation is the revenue will be better than the last cycle. And last cycle, I mean, maybe 2025 and 2024.

So -- and this is our business basic. And in addition, for other revenue or other revenue base, we will continue to state ease and will contribute meaningful revenue compared with this year and last year. And finally, the AI initiatives, if it has some meaningful process, it will also contribute additional revenue. I think the -- in current stage, I think we cannot estimate the current figure of that part. But I believe the 2027 will be a good year or the best year among 5 years of the company.

Operator

And your next question comes from the line of Matthew Galinko with Maxim Group.

Matthew Galinko

Maybe firstly, can you -- just given the environment we've been in for crypto, can you discuss any changes you're seeing in competition in the ASIC design business?

Chaowei Yan

Currently, what I can say now is that our new next-generation ASIC, the foundation of this new cryptocurrency is very good and the competition of this new cryptocurrency is not intense. We may not the first one entering into that area, but we believe that our products have a leading performance among all competitors. And I think we are very confident on this new asset or new mining machine for the for this new co and for 2027.

And on the other hand, I think the crypto environment currently, it has some soft demand issues. And now I think for the second half and next year, the market will recover and together with our business and our revenue and the ETH price. This is all our company -- all our company's business, yes.

Matthew Galinko

Great. And I guess as a follow-up to drill a little bit more into the capital allocation decisions. How do you view your ETH Treasury holdings in respect to other investment opportunities, including M&A, additional ASIC development if you see opportunities? Is the are treasury holdings potentially convertible into cash for M&A or other initiatives if it suits? Or do you intend to hold that as a fixed asset and not really consider it as part of the -- any kind of spend?

Chaowei Yan

I think we will not sell ETH firstly. And -- but we're using our own fund to buy ETH. So if we did not generate operating cash, it's difficult for us to pay, pay more money on it. So our current strategy is to sell mining machine and obtain profit and use that profit to buy the ETH.

So for the capital allocation, if we will not use the -- we will not further use current cash to buy ETH, but but this is our current strategy. I cannot ensure we will -- if we will change in the future. But currently, we are using this strategy. Our current cash will used in R&D, mining machine sales, current business and AI initiatives. Thank you.

Matthew Galinko

And maybe last question for me. In addition to the new machine that you're rolling out in Q4 and you expect to contribute to 27. Do you expect any -- if we get a recovery in the crypto market, do you expect to have decent contribution from other products in your portfolio? Or do you think that 27% is going to be just predominantly driven by the new launch?

Chaowei Yan

I think if the, currently -- if the -- now currently, cryptocurrency is in the bear market. So if the market did not recover, if the market did not recover, I think we can -- our main product is this new product -- our main revenue will come from -- contributed by this new product.

But if the market recovers, the all the price, the Dogecoin price, the Aleo coin price recover, then we will have another other contributions from the prior product line because we have finished the tape-out. So it's very quick for us to order more wafer from our fab.

Operator

And I'm showing no further questions at this time. I would like to turn it back to Charles Yan for closing remarks.

Chaowei Yan

Yes. Thanks again to all of you for joining us. We are always open to a dialogue with investors. Please feel free to reach out to us or to our Investor Relations firm, -- the Equity Group for any additional questions. We look forward to speaking with you all again on our next call. Thank you.

Operator

Ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.