ICG
The quarter wasn’t pretty, but the roadmap got interesting
Intchains Group’s first-half 2026 numbers were still stuck in the crypto hangover phase: RMB 11.1 million in revenue, RMB 42 million in operating expenses, and a basic and diluted net loss of RMB 1.22 per share. Management blamed the usual suspects — soft altcoin demand and PRC mining machine sales restrictions announced in February — which is basically the financial version of trying to ride a bike with a flat tire.
The real headline: the next chip is finally real
The part investors may want to zoom in on is the new mining ASIC. In July, Intchains completed tape-out on its next-generation chip, a key milestone that keeps it on track for a commercial launch in Q4 2026. Management said the chip is designed around efficiency, reliability, and supply availability, and that it should start contributing to revenue in H2 2026 before becoming more meaningful in 2027.
Cutting costs, buying back stock, chasing optionality
Intchains is also trying to tighten the screws on expenses. The company said it booked RMB 23.1 million in labor cost savings thanks to restructuring and AI tools — a very 2026 sentence if there ever was one. On top of that, it announced a $15 million share repurchase program, signaling that management thinks the stock is cheap enough to deserve some corporate self-love.
Big picture: less crypto roulette, more real business?
The strategic twist here is diversification. Intchains said it’s exploring AI-related growth opportunities to reduce its dependence on cryptocurrency cycles, while still keeping a prudent ETH treasury and capital allocation strategy. If it can turn that tape-out into actual product revenue, this could start looking less like a one-trick crypto miner and more like a broader semiconductor story.