SHANGHAI, China, May 24, 2023 (GLOBE NEWSWIRE) — Intchains Group Limited ICG (“we,” or the “Company”), a provider of integrated solutions consisting of high-performance computing ASIC chips and ancillary software and hardware for blockchain applications, today announced its unaudited financial results for the first quarter ended March 31, 2023.
First Quarter 2023 Operating and Financial Highlights
- Sales volume of ASIC chips was 497,854 units for the three months ended March 31, 2023, representing a decrease of 47.1% from 941,620 units for the same period of 2022.
- Revenue was RMB26.0 million (US$3.8 million) for the three months ended March 31, 2023, representing a decrease of 83.1% from RMB154.3 million for the same period of 2022.
- Net income was RMB4.7 million (US$0.7 million) for the three months ended March 31, 2023, representing a decrease of 96.3% from RMB128.3 million for the same period of 2022.
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented, “In the first quarter of 2023, our business performance remained closely tied to the fluctuations of the cryptocurrency market. Due to the price depression of cryptocurrencies, we adjusted the sales prices of our products compared to the same period last year, resulting in a decrease of product gross profit margin from 85.7% for the three months ended March 31, 2022 to 49.1% for the same period of 2023. However, the gross profit margin of this quarter has started to recover when compared to the gross profit margin of 40.6% for the fourth quarter of 2022, which is consistent with the market trends in the overall cryptocurrency industry in the first quarter of 2023. We maintained profitability for this quarter against the backdrop of challenging market conditions. We achieved sales revenue of RMB26.0 million and net income RMB4.7 million for the first quarter of 2023, resulting in a net profit margin of 18.2% for the same period. This is in line with management’s expectations.”
