Singapore's Intchains Q4 revenue falls on impairment charges

Overview

• Singapore altcoin mining firm's Q4 2025 revenue fell due to market fluctuations

• Company reported Q4 2025 net loss of RMB130.7 mln, down from net income in 2024

Outlook

• Intchains plans to launch new altcoin mining machines in H2 2026

• Company aims to improve margins through cost optimization in 2026

• Intchains expects to accelerate ETH staking activities in 2026

Result Drivers

• MARKET FLUCTUATIONS - Revenue decreased 51.3% in Q4 2025 due to cyclical market fluctuations and softer demand for altcoin mining products

• INVENTORY IMPAIRMENTS - Increased cost of revenue due to impairment charges on excess inventory of altcoin mining machines

• ETH PRICE DECLINE - Loss in fair value of cryptocurrencies due to a decrease in ETH price during Q4 2025

Company press release: ID:nGNX97p9jZ

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the blockchain & cryptocurrency peer group is "buy"

• Wall Street's median 12-month price target for Intchains Group Ltd is $3.50, about 155.5% above its February 25 closing price of $1.37

• The stock recently traded at 13 times the next 12-month earnings vs. a P/E of 7 three months ago

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