Intchains Group Limited (ICG) has announced its unaudited financial results for the third quarter of 2023. During this period, the company experienced a decrease in sales volume and revenue compared to the same period in 2022. Sales volume of ASIC chips decreased by 70.3%, and revenue decreased by 94.6%. Additionally, the company reported a net loss of RMB19.1 million for the third quarter of 2023, compared to a net income of RMB96.6 million for the same period in 2022.
Despite the challenging conditions in the blockchain market, ICG remains confident in the growth of the WEB3 industry and the potential of blockchain technology. The company has made technological breakthroughs and completed the tape-out of its new generation of chips on a new process node. Mass production of these chips is planned to begin in the first quarter of 2024. In order to capitalize on the market recovery, ICG is also exploring collaboration opportunities with the downstream industry value chain.
ICG recently entered into a non-binding letter of intent with a Singapore-based blockchain company for the acquisition of a portfolio of intellectual property rights, information, and technical materials associated with its "Goldshell" brand. This acquisition, if completed, would allow ICG to expand its offerings in the downstream production and sales sector, including mining equipment and other WEB3 infrastructure-related hardware and software products.
In terms of financial results, ICG reported a decrease in cost of revenue and total operating expenses for the third quarter of 2023 compared to the same period in 2022. However, interest income increased, while other income decreased. As a result, the company recorded a net loss for the third quarter of 2023.
Looking ahead, ICG plans to commence mass production of its new generation of chips and continue exploring growth opportunities in the blockchain industry. The company's management team will host an earnings conference call to discuss its financial results in more detail.
About Intchains Group Limited: Intchains Group Limited is a provider of integrated solutions for blockchain applications, specializing in high-performance computing ASIC chips and ancillary software and hardware. The company utilizes a fabless business model and has established strong supply chain management. For more information, please visit the company's website.
Disclaimer: This article contains forward-looking statements. Actual results may differ materially from the anticipated results due to various factors. Investors are advised to review other factors that may affect the company's future results.
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