Teleconferência de Resultados da Intchains (ICG) do 1º Semestre de 2026: Novo ASIC Mira Lançamento no 4º Trimestre

Principais Destaques

• A Intchains Group Limited reportou receita de RMB 11,1 milhões no primeiro semestre de 2026, com a demanda cíclica permanecendo fraca e as restrições de vendas de máquinas de mineração na RPC anunciadas em fevereiro afetando os negócios.
• As despesas operacionais totais foram de RMB 42 milhões. O prejuízo líquido básico e diluído por ação ordinária foi de RMB 1,22.
• Caixa e equivalentes de caixa, depósitos e títulos públicos somaram RMB 461 milhões ao final do período, permitindo que a empresa financie internamente seu programa de ASIC de mineração de última geração.
• A Intchains concluiu o tape-out do seu ASIC de mineração de última geração em julho. A administração prevê o lançamento comercial no 4º trimestre de 2026, com receita modesta esperada para o segundo semestre e uma contribuição mais significativa no ano fiscal de 2027.
• A empresa alcançou aproximadamente RMB 23,1 milhões em economia anualizada de custos com mão de obra até 30 de junho por meio de reestruturação, um desinvestimento em negócio de chips não essencial e maior uso de ferramentas baseadas em IA.
• O conselho de administração autorizou um programa de recompra de ADSs de até US$ 15 milhões ao longo de dois anos, financiado com recursos de caixa existentes.

Principais Dados Financeiros

Desempenho Operacional e dos Negócios

O ASIC de mineração de última geração passou da conclusão do projeto para a fabricação após seu tape-out em julho. Amostras de engenharia e validação em laboratório estão em andamento, abrangendo testes de desempenho, confiabilidade e térmicos em comparação com benchmarks internos.

Sujeito a uma validação bem-sucedida, a Intchains planeja iniciar o aumento gradual da produção inicial e a integração em nível de sistema antes de um lançamento comercial no 4º trimestre de 2026 por meio de sua série Goldshell Miner. O chip utiliza um processo maturo e foi projetado para equilibrar eficiência, confiabilidade e disponibilidade de suprimentos para mineradores de varejo e profissionais.

A administração espera que o novo produto amplie o mercado endereçável da empresa e dê suporte a ofertas futuras de sistemas e serviços. Também espera que as linhas de produtos existentes contribuam caso os mercados de criptomoedas se recuperem, observando que wafers adicionais podem ser encomendados rapidamente porque o trabalho de tape-out já foi concluído.

A Intchains também está avaliando oportunidades de crescimento relacionadas à IA, incluindo possíveis aquisições que poderiam estender suas capacidades de projeto de ASIC customizado e integração de hardware para a computação com IA. Essas iniciativas permanecem em estágio inicial.

A empresa informou que 4.556 ETH estavam alocados em staking até 20 de agosto de 2026. Isso incluiu 3.556 ETH depositados por meio da plataforma de staking Goldshell aguardando ativação de validação e 1.000 ETH em staking na plataforma Falcon X.

Projeções da Administração

A administração prevê o lançamento comercial do novo ASIC de mineração para o 4º trimestre de 2026. Espera-se que o produto gere receita modesta no segundo semestre de 2026, seguida de uma contribuição mais significativa no ano fiscal de 2027 à medida que a produção em massa e a comercialização se acelerarem.

Para 2027, a administração declarou esperar que a receita do novo produto supere os níveis alcançados no ciclo de 2024 e 2025. O CFO também expressou a visão de que 2027 pode ser o ano mais forte da empresa em um período de cinco anos, embora nenhuma previsão quantitativa de receita tenha sido fornecida.

A Intchains planeja dar continuidade às iniciativas de disciplina de custos no restante de 2026. A empresa pretende preservar sua tesouraria existente em ETH e gerar rendimentos com staking enquanto prioriza o caixa disponível para P&D, operações de máquinas de mineração e iniciativas de IA, em vez de aquisições adicionais de ETH.

Riscos e Pontos de Atenção

• A demanda por máquinas de mineração permaneceu ciclicamente fraca durante o primeiro semestre, enquanto as restrições de vendas na RPC criaram um vento contrário adicional.
• O lançamento do ASIC no 4º trimestre depende do sucesso da validação do silício, testes, aceleração da produção e integração de sistemas.
• A administração descreveu o atual ambiente de criptomoedas como um mercado de baixa (bear market). Sem uma recuperação, espera-se que o novo ASIC seja o principal impulsionador de receita.
• As iniciativas de IA e possíveis aquisições ainda estão sob avaliação. Seu cronograma, necessidades de capital e potencial contribuição de receita ainda não podem ser estimados.
• As perspectivas da empresa para 2027 dependem em parte da comercialização bem-sucedida do novo ASIC e, no caso dos produtos legados, de uma recuperação nos preços das criptomoedas e na demanda por mineração.

Destaques da Sessão de Perguntas e Respostas com Analistas

Sobre a alocação de capital, a administração afirmou que a empresa financiará o programa de recompra de ações de US$ 15 milhões com o caixa existente, mantendo os gastos normais com tape-out de ASIC, estoque e vendas de produtos. As necessidades de capital para possíveis projetos de IA ou aquisições variarão por oportunidade e não foram quantificadas.

Em relação à tesouraria em ETH, a administração disse que atualmente não planeja vender ETH. A estratégia atual é usar os lucros gerados pelas vendas de máquinas de mineração para possíveis compras de ETH, em vez de utilizar caixa existente adicional.

Quanto à concorrência, a administração afirmou que a competição relacionada à criptomoeda visada pelo novo ASIC não é intensa e expressou confiança de que o produto oferecerá desempenho de liderança. A empresa não identificou a criptomoeda durante a teleconferência.

A administração espera que o novo ASIC domine a receita se os mercados de criptomoedas continuarem fracos. Se os preços do Dogecoin e do Aleo se recuperarem, as linhas de produtos anteriores também poderão contribuir, pois a Intchains pode fazer pedidos adicionais de wafers com seu parceiro de fabricação.

Transcrição Completa da Teleconferência de Resultados

Transcrição completa da teleconferência de resultados

Comentários da administração

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.

Perguntas e respostas

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.