ICG - Earnings call transcript Q1 2024 | Intchains Group Limited

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cycle anticipated However, start the has ensured upward XXXX a fresh industry's as arrived. has

and our industrial industry of the technological an unprecedented to leading the long poised to an to chain. embrace see leveraging is a opportunities, and fullest. We As aim value Intchains resources area opportunity advantages along infrastructure provider, encounter to

to goal the own. as secure in position well industry is promote prominent industry's Our and a prosperity as our the more WEBX

KA The and technology KHeavyHash first the the trial equipment sale computing Kaspa our latest Goldshell-branded the -- market several for our March currency, We Box the products technological success. brought widespread received integrated production chip into quarter series AL XX-nanometer launched BOX of Both of end at WEBX household Altium BOX in respectively. We recognition. algorithms and products. Utilizing and and April. latest XXXX commenced of have for

trial of of with concluded, As equipment the and second debugging quarter. with the production internal the computing various along equipped chip production full-scale types in the commence chip our will XX-nanometer XX-nanometer products

contribution All potential and financial the our of confidence new products positive prospects the this quarters. their coming reaffirms of our in in

XXXX, move continue suitable we products our will for development WEBX through introducing As research applications. chip strengthening and asset we efforts industry and

encryption Additionally, with potential advising we blockchain tremendous the to explore enhanced teams are external state-of-art applications, leveraging actively collaborations technology. of

investments in initiatives. now unleash will our its cryptocurrencies. of Intchains To Turning value fully capital, financial expand to the our

group. ETH-based as forward, for results serve Going crucial will the cryptocurrency asset long-term a

promise. ETH one We enhance anticipating industry. We company's is and a filled the Intchains are for WEBX implementing reserve funds the industrialization. to development year strategy of believe an the necessary daily operations with competitiveness firmly ETH beyond possibility that dynamic of to ahead, the WEBX future represents

new the market lineups. our innovative expand in will WEBX equipment, chips related We our to asset meet the applications, actively and explore and same products areas covering to continuously growing ZKP, investment demand. At FHE continue AI product other we time, increase to of products to will computing introducing

market. through long-term and position value its efforts, solidify in enhance these its We competitive concerted are will the confident that Intchains

XXXX. of a provide will quarter the overview first I Now brief financial of

in our million of first was XXX% from products. Total expenses an by development higher first operating for period period expenses first crypto million the of million increased was to The rotor increase expenses to of X.X mask million RMB in and R&D for XXXX expenses USD X or first increase revenue million of XXXX, X.X the marketing an cryptocurrency products as period RMB the expenses the to or same expenses. G&A relatively such fair XXXX, adjustment XXXX X.X driven as asset the transition X.X effect management. and incentive USD intelligent date, projects the RMB opening RMB balance chip of XXXX mainly same million million period increased XXX.X% increase to the XXXX expenses sale, first quarter quarter for of from the value of quarter, chip X.X partially revenue RMB to volume one-off XXXX. the incentive for an products RMB million in research reflecting sale due expenses. representing with fair The of of the due inventory XX change includes first by XX.X cash of was products. Cost expenses. Sales mainly USD first price of for RMB value of the XXXX. We due in of gain XX.X the balance on million The increase early for by certain increase million fair XXXX, The the method million by the for recorded million and opening significant RMB RMB January to to yes. We of development our X.X by adverse value XX.X X.X of from required RMB products increased from same same increased related revenue. When in a write-down gain adjustment RMB the X.X X.X% the increase million revenue cryptocurrency XX.X% same representing market or in XX.X remeasurement policy of X.X was share-based X and for representing loss cost personnel-related revenue quarter one-off X.X% currency increased of net period of or or period from the of the quarter expenses, million was for or to USD administrative generated XXXX. million of X.X as to new same was million fluctuations the X.X currency. Research X.X no price accumulative million to for average XXXX, XXXX, remained a the and increased recorded from at the primarily the X.X RMB XXXX. share-based for a and of or primarily for RMB increase XXXX. XXXX. of Our XXXX effect stable for for expenses, the from gain a net by in The accounting the earnings income. USD return for X.X RMB return the using period Gain periods cryptocurrency X.X or our between of which increased X.X from million earnings, either excluding which million same period of of of adoption to primarily well of XXXX offset the first X.X driven first the in adopted a for USD same asset million effective was selling or by from was the driven an expectation sales of our quarter conditions with fair RMB quarter primarily decrease decrease facing million amendment from RMB first the this million of quarter retrospective USD of XX.X% the cumulative to general value by mainly quarter was increase critical sales XX.X mainly and in by of marketing million and income attributable of the to quarter as million attributable X.X the million modified million X, pertains in XXXX, USD for of RMB XX.X compared RMB measure were XX.X% The ETH. Interest

RMB by have to to of Our same was from million primarily million other in RMB for XXXX government, The X.X XX.X% decrease lower income due -- for which X.X quarter from the received first RMB the local or million the X.X decrease period decreased grants of XXXX. the obligations.

RMB ADS of shares. Thank million USD for RMB and X.X diluted in and basic X.XX X.XX a net first of net ordinary ordinary diluted of represents for share million we recorded XXXX. our our compared of end or XX.X Class to per the forward future. on to you of of net you period As company's X.X continued quarter for for Each USD quarter first XXXX the RMB of or the share the look of two foregoing, same for Basic per ordinary A RMB income X.XX a progress XXXX of compared to We of million loss updating loss support. earnings the result net your XXXX.

to Now turn for operator any questions. I'd like discussion the over to

Intchains Group Limited (ICG) 17 May 242024 Q1 Earnings call transcript