인트체인스(ICG) 2026년 상반기 실적 설명회: 신규 ASIC 4분기 출시 목표

핵심 요약

• Intchains Group Limited는 순환적 수요 약세가 지속되고 지난 2월 발표된 중국(PRC)의 채굴기 판매 규제가 사업에 영향을 미침에 따라 2026년 상반기 매출액이 1,110만 위안을 기록했다고 발표했습니다.
• 총 영업비용은 4,200만 위안이었으며, 보통주 1주당 기본 및 희석 순손실은 1.22위안이었습니다.
• 기말 기준 현금 및 현금성 자산, 예금, 국채는 총 4억 6,100만 위안으로, 회사가 차세대 채굴용 ASIC 프로그램을 자체 자금으로 조달할 수 있는 수준입니다.
• Intchains는 7월에 차세대 채굴용 ASIC의 테이프아웃을 완료했습니다. 경영진은 2026년 4분기 상업용 출시를 목표로 하고 있으며, 하반기에는 소폭의 매출이 발생하고 2027 회계연도에 보다 의미 있는 기여를 할 것으로 예상하고 있습니다.
• 회사는 구조조정, 비핵심 반도체 사업 매각, AI 기반 도구 활용 확대 등을 통해 6월 30일 기준 연간 약 2,310만 위안의 인건비를 절감했습니다.
• 이사회는 기존 보유 현금을 활용해 2년간 최대 1,500만 달러 규모의 ADS 자사주 매입 프로그램을 승인했습니다.

주요 재무 데이터

사업 및 영업 실적

차세대 채굴용 ASIC은 7월 테이프아웃 이후 설계 완료 단계에서 제조 단계로 넘어갔습니다. 현재 내부 벤치마크 대비 성능, 신뢰성 및 발열 테스트를 포함한 엔지니어링 샘플 검증 및 연구소 검증이 진행 중입니다.

성공적인 검증을 전제로, Intchains는 골드쉘 마이너(Goldshell Miner) 시리즈를 통한 2026년 4분기 상업적 출시에 앞서 초기 생산 증대(램프업) 및 시스템 수준의 통합을 시작할 계획입니다. 이 반도체는 성숙 공정을 사용하며, 개인 및 전문 채굴자를 위해 효율성, 신뢰성, 공급 안정성 간의 균형을 맞추도록 설계되었습니다.

경영진은 신제품이 회사의 전체 잠재시장(TAM)을 확대하고 향후 시스템 및 서비스 제공을 지원할 것으로 기대하고 있습니다. 또한 이미 테이프아웃 작업이 완료되었기 때문에 추가 웨이퍼를 신속하게 주문할 수 있다고 언급하며, 암호화폐 시장이 회복될 경우 기존 제품군도 실적에 기여할 것으로 전망하고 있습니다.

또한 Intchains는 맞춤형 ASIC 설계 및 하드웨어 통합 역량을 AI 기반 컴퓨팅 분야로 확장할 수 있는 잠재적 인수를 포함해 AI 관련 성장 기회를 검토하고 있습니다. 다만 이러한 추진 과제들은 아직 초기 단계에 있습니다.

회사는 2026년 8월 20일 기준 4,556 ETH가 스테이킹에 배정되었다고 밝혔습니다. 여기에는 검증 활성화를 대기 중인 골드쉘 스테이킹 플랫폼을 통해 예치된 3,556 ETH와 팔콘X(Falcon X) 플랫폼에 스테이킹된 1,000 ETH가 포함됩니다.

경영진 가이던스

경영진은 신형 채굴용 ASIC의 상업적 출시 목표 시점을 2026년 4분기로 잡고 있습니다. 이 제품은 2026년 하반기에 소폭의 매출을 발생시킨 후, 양산 및 상업화가 가속화됨에 따라 2027 회계연도부터 보다 의미 있는 기여를 할 것으로 예상됩니다.

2027년에 대해 경영진은 신제품 매출이 2024년 및 2025년 사이클에서 달성한 수준을 상회할 것으로 기대한다고 밝혔습니다. CFO 또한 정량적인 매출 전망치를 제시하지는 않았으나, 2027년이 5년 기간 내 회사에서 가장 실적이 좋은 해가 될 수 있다는 견해를 밝혔습니다.

Intchains는 2026년 남은 기간 동안 비용 통제 기조를 이어갈 계획입니다. 추가적인 ETH 매수보다는 기존 ETH 자산을 보존하고 스테이킹 수익을 창출하는 한편, 가용 현금을 R&D, 채굴기 운영 및 AI 이니셔티브에 우선적으로 집행할 예정입니다.

리스크 및 관전 포인트

• 상반기 동안 채굴기 수요는 순환적으로 약세를 유지했으며, 중국의 판매 규제가 추가적인 악재로 작용했습니다.
• 4분기 ASIC 출시는 성공적인 실리콘 검증, 테스트, 생산 증대(램프업) 및 시스템 통합 여부에 달려 있습니다.
• 경영진은 현재 암호화폐 시장 환경을 약세장(bear market)으로 진단했습니다. 시장 회복이 이뤄지지 않을 경우, 신형 ASIC이 주요 매출 동력이 될 것으로 예상됩니다.
• AI 이니셔티브 및 잠재적 인수합병은 여전히 검토 중입니다. 추진 시기, 필요 자금, 예상 매출 기여도는 아직 추정할 수 없습니다.
• 회사의 2027년 전망은 부분적으로 신형 ASIC의 성공적인 상업화와 기존 제품의 경우 암호화폐 가격 및 채굴 수요 회복에 달려 있습니다.

애널리스트 Q&A 주요 내용

자본 배분과 관련하여 경영진은 ASIC 테이프아웃, 재고자산 및 제품 판매에 대한 정상적인 지출을 유지하는 한편, 1,500만 달러 규모의 자사주 매입 프로그램을 기존 현금으로 충당할 것이라고 밝혔습니다. 가용 AI 프로젝트나 인수합병에 필요한 자금 요구량은 기회별로 달라지며 아직 정량화되지 않았습니다.

ETH 자산 보관과 관련해 경영진은 현재 ETH를 매도할 계획이 없다고 말했습니다. 현재 전략은 추가적인 기존 현금을 집행하기보다는 채굴기 판매에서 발생하는 이익을 향후 ETH 매수에 활용하는 것입니다.

경쟁 상황과 관련해 경영진은 신형 ASIC이 겨냥하는 암호화폐 관련 경쟁이 치열하지 않다고 언급하며 해당 제품이 업계 최고 수준의 성능을 제공할 것이라는 자신감을 표명했습니다. 회사는 실적 발표 통화 중 해당 암호화폐가 무엇인지는 밝히지 않았습니다.

경영진은 암호화폐 시장이 약세를 지속할 경우 신형 ASIC이 매출의 대부분을 차지할 것으로 예상하고 있습니다. 도지코인(Dogecoin)과 알레오(Aleo) 가격이 회복된다면 Intchains는 파운드리 파트너사에 추가 웨이퍼를 주문할 수 있으므로 이전 제품군 역시 실적에 기여할 수 있습니다.

실적 발표 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.