Intchains Group Limited (Nasdaq: ICG) announced its unaudited financial results for the first quarter ended March 31, 2023. Sales volume of ASIC chips decreased by 47.1% compared to the same period in 2022. Revenue decreased by 83.1% and net income decreased by 96.3% for the three months ended March 31, 2023, compared to the same period in 2022.
Mr. Qiang Ding, Chairman of the Board of Directors and Chief Executive Officer, commented on the company's performance, stating that the business performance was closely tied to the fluctuations of the cryptocurrency market. Due to the price depression of cryptocurrencies, the sales prices of their products were adjusted, resulting in a decrease in product gross profit margin. However, the gross profit margin for the first quarter of 2023 has started to recover compared to the previous quarter. The company maintained profitability for this quarter and achieved sales revenue and net income in line with management's expectations.
Mr. Ding also mentioned several key milestones achieved in the first quarter, including completing their initial public offering on the Nasdaq Capital Market and initiating business expansion in Singapore. The company will continue to adhere to their corporate development strategy, focusing on research and development of their platforms and new products, as well as developing their business in Singapore. They believe that new business opportunities in the blockchain field will gradually emerge in the future.
The company's financial results for the first quarter of 2023 showed a decrease in revenue, cost of revenue, and net income compared to the same period in 2022. Total operating expenses increased due to higher research and development expenses and general and administrative expenses. Interest income and other income also increased, while other income decreased due to a decrease in government grants received.
Net income decreased by 96.3% and basic and diluted net earnings per ordinary share also decreased by 96.4% for the three months ended March 31, 2023, compared to the same period in 2022.
The company's management team will hold a conference call to discuss the financial results on May 24, 2023.
About Intchains Group Limited: Intchains Group Limited is a provider of integrated solutions for blockchain applications, specializing in high-performance ASIC chips and ancillary software and hardware. The company has a proprietary technology platform and focuses on research and development of new products in the blockchain industry.
Exchange Rate Information: The financial statements include amounts in RMB and US$. The exchange rate used for translation was US$1.00 = RMB6.8676.
Forward-Looking Statements: The company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results. The company undertakes no obligation to update or revise forward-looking statements.
For investor and media inquiries, please contact Intchains Group Limited or Ascent Investor Relations LLC.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS: The balance sheet as of March 31, 2023, shows the company's current assets and liabilities, as well as non-current assets and liabilities.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME: The statement of operations and comprehensive income for the three months ended March 31, 2023, shows the company's products revenue, cost of revenue, gross profit, operating expenses, income from operations, interest income, interest expense, foreign exchange gains/losses, other income, income before income tax expenses, income tax expense, net income, and comprehensive income.