Intchains Group Limited (Nasdaq: ICG) (“we,” or the “Company”), an
innovative altcoins development company that primarily focuses on
providing integrated solutions consisting of high-performance
computing ASIC chip products for altcoins, and on acquiring and
holding ETH-based cryptocurrencies as its long-term asset reserve
to support its Web3 industry development initiatives including
actively developing Web3-based applications, today announced its
unaudited financial results for the third quarter ended September
30, 2024.
Third Quarter 2024 Operating and
Financial Highlights
-
Sales volume of ASIC chips: Our sales volume of
ASIC chips for Q3 2024 was 207,838 units, compared to 165,056 units
for the same period in 2023, representing an increase of 25.9%. All
ASIC chip sales in the third quarter of 2024 were for chips
embedded in computing equipment used for blockchain
applications.
-
Revenue: Our revenue for Q3 2024 reached RMB60.3
million (US$8.6 million), reflecting a significant increase of
781.4% from RMB6.8 million for the same period of 2023. For the
third quarter of 2024, revenue derived from mainland China and
overseas countries and regions accounted for 37.8% and 62.2% of our
total revenue, respectively.
- Net
Income: We reported a net income of RMB3.2 million (US$0.5
million) for Q3 2024, compared to a net loss of RMB19.1 million for
the same period in 2023.
- Non-GAAP
Adjusted Net Income: Non-GAAP adjusted net income in
the third quarter of 2024 was RMB6.4 million (US$0.9 million), as
compared to a non-GAAP adjusted net loss of RMB17.6 million in the
third quarter of 2023. Non-GAAP adjusted net income excludes
share-based compensation expenses. For further information, please
refer to “Use of Non-GAAP Financial Measures” in this press
release.
- Cryptocurrency
Assets: As of September 30, 2024, the fair value of our
cryptocurrency assets was RMB149.5 million (US$21.3 million),
primarily comprised of approximately 4,149 ETH, valued at RMB76.4
million (US$10.9 million), and approximately 9,847,687 Tether
(USDT) and USD Coin (USDC) with a total fair value of RMB69.0
million (US$9.8 million).
Intchains Group Unveils: Innovation and
a Promising Outlook
Mr. Qiang Ding, Chairman of the Board of
Directors and Chief Executive Officer, commented, “We are pleased
to see the development of the crypto industry in 2024, which has
driven the Company’s third quarter revenue to US$8.6 million,
representing a year-on-year increase of 781.4%. Our net income has
turned positive compared to the same period last year. In Q3 2024,
we continued to implement our strategy of accumulating ETH,
reaching 4,149 ETH as of September 30, 2024 representing a 71.7%
increase as of June 30, 2024. As part of our initial foray into
blockchain application expansion, we launched Goldshell Pay in Q3
2024, offering a one-stop payment solution for merchants. In
November 2024, we were excited to see that the total market
capitalization of cryptocurrencies reached a historical high, with
ETH prices surpassing the average cost of our holdings as of
September 30, 2024. Based on our confidence in the future of the
crypto industry, we plan to launch a hardware crypto wallet in Q4
2024, further advancing our application expansion on the foundation
of Goldshell Pay. Actively exploring new projects, we expect to
complete the production and commercialization of new ASICs by Q1
2025. Stay tuned as we continue to push boundaries with our
initiatives.”
Third Quarter 2024 Financial
Results
Revenue
Revenue was RMB60.3 million (US$8.6 million) for
the third quarter of 2024, representing an increase of 781.4% from
RMB6.8 million for the same period of 2023. The substantial growth
was primarily driven by a significant increase in the average
selling price of our latest ASIC chip products launched in 2024
compared to our earlier ASIC chip products.
Cost of Revenue
Cost of revenue was RMB19.5 million (US$2.8
million) for the third quarter of 2024, representing an increase of
29.6% from RMB15.1 million for the same period of 2023. The
percentage increase in cost of revenue was substantially lower than
the percentage increase in our revenue, which was primarily due to
the higher gross margins for our latest ASIC chip products launched
in 2024 compared to the older ASIC chip products.
Operating Expenses
Total operating expenses were RMB37.7 million
(US$5.4 million) for the third quarter of 2024, representing an
increase of 90.8% from RMB19.7 million for the same period of 2023.
The increase was primarily due to an increase in research and
development expenses, and general and administrative expenses, and
loss on fair value of cryptocurrency, net.
- Research and
development expenses increased by 21.1% to RMB13.8 million (US$2.0
million) for the third quarter of 2024 from RMB11.4 million for the
same period of 2023. The increase was primarily due to the
increased share-based incentive expenses and labor costs.
- Sales and
marketing expenses remained steady at RMB2.2 million and RMB2.1
million (US$0.3 million), respectively, for the third quarter of
2023 and 2024.
- General and
administrative expenses increased by 41.6% to RMB8.7 million
(US$1.2 million) for the third quarter of 2024 from RMB6.2 million
for the same period of 2023, mainly driven by increased share-based
incentive expenses, travelling expenses, and entertainment
fees.
- Loss on fair value
of cryptocurrency, net, for the third quarter of 2024 was RMB13.1
million (US$1.9 million), compared to nil in the same period of
2023. The loss was primarily due to the volatility of the
cryptocurrency market, with ETH falling approximately 24.2% from
the end of the second quarter to the end of the third quarter of
2024.
Interest Income
Interest income decreased by 8.9% to RMB4.2
million (US$0.6 million) for the third quarter of 2024 from RMB4.6
million for the same period of 2023, mainly attributable to the
decreased cash level due to our strategy of acquiring ETH-based
cryptocurrencies using our cash flow.
Other Income, Net
Other income, net, increased by 90.9% to RMB2.6
million (US$0.4 million) for the third quarter of 2024 from RMB1.4
million for the same period of 2023. The increase was primarily due
to an increase in grants received from the local government, which
have no repayment obligations and change in fair value of
short-term investments.
Net Income/(Loss)
As a result of the foregoing, we recorded a net
income of RMB3.2 million (US$0.5 million) for the third quarter of
2024, compared to a net loss of RMB19.1 million for the same period
of 2023.
Non-GAAP Adjusted Net
Income/(Loss)
Non-GAAP adjusted net income in the third
quarter of 2024 was RMB6.4 million (US$0.9 million), as
compared to a non-GAAP adjusted net loss of RMB17.6 million for the
same period of 2023.
Basic and Diluted Net Earnings/(Loss)
Per Ordinary Share
Basic and diluted net earnings per ordinary
share were RMB0.03 (US$nil) for the third quarter of 2024, compared
to basic and diluted net loss per ordinary share of RMB0.16 for the
same period of 2023.
Non-GAAP Basic and Diluted Net
Earnings/(Loss) Per Ordinary Share
Non-GAAP adjusted diluted net income per
ADS was RMB0.05 (US$nil) in the third quarter of 2024, compared to
basic and diluted net loss per ordinary share of RMB0.15 in the
same period of 2023. Each ADS represents two of the Company’s Class
A ordinary shares.
Recent Development
Development of Goldshell
Pay
As a part of our Web3 industry development
initiatives, we have been actively developing applications based on
blockchain technology. Goldshell Pay, our first such application,
was launched in the third quarter of 2024. It provides
professional, one-stop blockchain payment solutions for partners
worldwide, equipping merchants with functions for risk monitoring,
data operations, and business access. Once commercialized, we plan
to collect service fees from merchants who process payments and
receipts through Goldshell Pay. Currently in its trial stage, we do
not expect Goldshell Pay to contribute materially to our profits
during this phase. However, we believe it represents an important
step toward becoming a company with a stable application
development pipeline and the ability to navigate across the crypto
cycle.
Conference Call Information
The Company’s management team will host an
earnings conference call to discuss its financial results at 8:00
P.M. U.S. Eastern Time on November 20, 2024 (9:00 A.M. Beijing Time
on November 21, 2024). Details for the conference call are as
follows:
Event Title: |
Intchains Group Limited Third Quarter 2024 Earnings Conference
Call |
Date: |
November 20, 2024 |
Time: |
8:00 P.M. U.S. Eastern Time |
Registration Link: |
https://register.vevent.com/register/BI7793a98395ad40a9b50fc25fb6fae254 |
|
|
All participants must use the link provided
above to complete the online registration process in advance of the
conference call. Upon registering, each participant will receive a
set of dial-in numbers and a personal access PIN, which will be
used to join the conference call.
Additionally, a live and archived webcast of the
conference call will also be available at the Company’s website
at https://intchains.com/.
About Intchains Group
Limited
Intchains Group Limited is an innovative
altcoins development company that primarily focuses on providing
integrated solutions consisting of high-performance computing ASIC
chip products for altcoins, and on acquiring and holding ETH-based
cryptocurrencies as its long-term asset reserve to support its Web3
industry development initiatives including actively developing
Web3-based applications. For more information, please visit the
Company’s website at: https://intchains.com.
Exchange Rate Information
The unaudited United States dollar (“US$”)
amounts disclosed in the accompanying financial statements are
presented solely for the convenience of the readers. Translations
of amounts from RMB into US$ for the convenience of the reader were
calculated at the noon buying rate of US$1.00=RMB7.0176 on the last
trading day of the third quarter of 2024 (September 30, 2024). No
representation is made that the RMB amounts could have been, or
could be, converted into US$ at such rate.
Forward-Looking Statements
Certain statements in this announcement are
forward-looking statements. These forward-looking statements
involve known and unknown risks and uncertainties and are based on
the Company’s current expectations and projections about future
events that the Company believes may affect its financial
condition, results of operations, business strategy and financial
needs. Forward-looking statements include, but are not limited to,
statements about: (i) our goals and strategies; (ii) our future
business development, formed condition and results of operations;
(iii) expected changes in our revenue, costs or expenditures; (iv)
growth of and competition trends in our industry; (v) our
expectations regarding demand for, and market acceptance of, our
products; (vi) general economic and business conditions in the
markets in which we operate; (vii) relevant government policies and
regulations relating to our business and industry; (viii)
fluctuations in the market price of ETH-based cryptocurrencies;
gains or losses from the sale of ETH-based cryptocurrencies;
changes in accounting treatment for the Company’s ETH-based
cryptocurrencies holdings; a decrease in liquidity in the markets
in which ETH-based cryptocurrencies are traded; security breaches,
cyberattacks, unauthorized access, loss of private keys, fraud, or
other events leading to the loss of the Company’s ETH-based
cryptocurrencies; impacts to the price and rate of adoption of
ETH-based cryptocurrencies associated with financial difficulties
and bankruptcies of various participants in the industry; and (ix)
assumptions underlying or related to any of the foregoing.
Investors can identify these forward-looking statements by words or
phrases such as “may,” “could,” “will,” “should,” “would,”
“expect,” “plan,” “intend,” “anticipate,” “believe,” “estimate,”
“predict,” “potential,” “project” or “continue” or the negative of
these terms or other comparable terminology. The Company undertakes
no obligation to update or revise publicly any forward-looking
statements to reflect subsequent occurring events or circumstances,
or changes in its expectations, except as may be required by law.
Although the Company believes that the expectations expressed in
these forward-looking statements are reasonable, it cannot assure
you that such expectations will turn out to be correct, and 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 in the
Company’s registration statement and other filings with the
SEC.
Use of Non-GAAP Financial
Measures
In evaluating Company’s business, the Company
uses non-GAAP measures, such as adjusted income (loss) from
operations and adjusted net income (loss), as supplemental measures
to review and assess its operating performance. The Company defines
adjusted income (loss) from operations as income (loss) from
operations excluding share-based compensation expenses, and
adjusted net income (loss) as net income (loss) excluding
share-based compensation expenses. The Company believes that the
non-GAAP financial measures provide useful information about the
Company’s results of operations, enhance the overall understanding
of the Company’s past performance and future prospects and allow
for greater visibility with respect to key metrics used by the
Company’s management in its financial and operational
decision-making.
The non-GAAP financial measures are not defined
under U.S. GAAP and are not presented in accordance with U.S. GAAP.
The non-GAAP financial measures have limitations as analytical
tools and investors should not consider them in isolation, or as a
substitute for net income, cash flows provided by operating
activities or other consolidated statements of operations and cash
flows data prepared in accordance with U.S. GAAP. One of the key
limitations of using adjusted net income is that it does not
reflect all of the items of income and expense that affect the
Company’s operations. Share-based compensation expenses have been
and may continue to be incurred in Company’s business and are not
reflected in the presentation of adjusted net income. Further, the
non-GAAP financial measures may differ from the non-GAAP
information used by other companies, including peer companies, and
therefore their comparability may be limited. The Company mitigates
these limitations by reconciling the non-GAAP financial measures to
the most comparable U.S. GAAP performance measures, all of which
should be considered when evaluating the Company’s performance.
For investor and media inquiries, please
contact:
Intchains Group Limited
Investor relationsEmail: ir@intchains.com
Redhill
Belinda Chan Tel:
+852-9379-3045Email: belinda.chan@creativegp.com
|
INTCHAINS
GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED
BALANCE SHEETS(All amounts in thousands, except
share and per share data, or as otherwise noted) |
|
|
|
|
|
As of December 31, |
|
As of September 30, |
|
2023 |
|
2024 |
|
RMB |
|
RMB |
US$ |
ASSETS |
|
|
|
|
Current
Assets: |
|
|
|
|
Cash and cash equivalents |
694,750 |
|
|
514,027 |
|
73,248 |
|
Inventories, net |
41,767 |
|
|
87,436 |
|
12,460 |
|
Prepayments and other current
assets, net |
47,403 |
|
|
78,202 |
|
11,143 |
|
Short-term investments |
13,596 |
|
|
49,348 |
|
7,032 |
|
Total current assets |
797,516 |
|
|
729,013 |
|
103,883 |
|
Non-current Assets: |
|
|
|
|
Cryptocurrency |
645 |
|
|
149,529 |
|
21,308 |
|
Property, equipment, and
software, net |
49,184 |
|
|
49,546 |
|
7,061 |
|
Intangible assets, net |
3,425 |
|
|
3,584 |
|
511 |
|
Right-of-use assets |
1,735 |
|
|
1,007 |
|
144 |
|
Deferred tax assets |
12,899 |
|
|
19,326 |
|
2,754 |
|
Prepayments on long-term
assets |
113,425 |
|
|
112,856 |
|
16,080 |
|
Other
non-current assets |
421 |
|
|
432 |
|
62 |
|
Total non-current assets |
181,734 |
|
|
336,280 |
|
47,920 |
|
Total assets |
979,250 |
|
|
1,065,293 |
|
151,803 |
|
LIABILITIES, AND SHAREHOLDERS’ EQUITY |
|
|
|
|
Current
Liabilities: |
|
|
|
|
Accounts payable |
195 |
|
|
7,645 |
|
1,089 |
|
Contract liabilities |
9,828 |
|
|
45,131 |
|
6,431 |
|
Income tax payable |
1,634 |
|
|
3,381 |
|
482 |
|
Lease liabilities |
1,103 |
|
|
1,136 |
|
162 |
|
Provision for warranty |
40 |
|
|
22 |
|
3 |
|
Accrued
liabilities and other current liabilities |
15,364 |
|
|
13,269 |
|
1,890 |
|
Total current liabilities |
28,164 |
|
|
70,584 |
|
10,057 |
|
Non-current Liabilities: |
|
|
|
|
Deferred tax liabilities |
— |
|
|
543 |
|
77 |
|
Lease
liabilities |
761 |
|
|
— |
|
— |
|
Total non-current
liabilities |
761 |
|
|
543 |
|
77 |
|
Total liabilities |
28,925 |
|
|
71,127 |
|
10,134 |
|
Shareholders'
Equity: |
|
|
|
|
Ordinary shares (US$0.000001
par value; 50,000,000,000 shares authorized, 119,876,032 and
120,023,092 shares issued, 119,876,032 and 119,962,962 shares
outstanding as of December 31, 2023 and September 30, 2024,
respectively) |
1 |
|
|
1 |
|
— |
|
Subscriptions receivable from
shareholders |
(1 |
) |
|
(1 |
) |
— |
|
Additional paid-in
capital |
186,262 |
|
|
193,243 |
|
27,537 |
|
Statutory reserve |
48,265 |
|
|
51,376 |
|
7,321 |
|
Accumulated other
comprehensive income |
1,838 |
|
|
(350 |
) |
(50 |
) |
Retained earnings |
713,960 |
|
|
749,897 |
|
106,861 |
|
Total equity |
950,325 |
|
|
994,166 |
|
141,669 |
|
Total liabilities and shareholders’ equity |
979,250 |
|
|
1,065,293 |
|
151,803 |
|
|
|
|
|
|
|
|
|
|
INTCHAINS
GROUP LIMITEDUNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS)(All amounts in thousands, except
share and per share data, or as otherwise noted) |
|
|
|
|
For the Three Months ended September 30, |
|
2023 |
|
2024 |
|
RMB |
|
RMB |
US$ |
|
Products revenue |
6,842 |
|
|
60,305 |
|
8,593 |
|
Cost of
revenue |
(15,054 |
) |
|
(19,508 |
) |
(2,780 |
) |
Gross profit/(loss) |
(8,212 |
) |
|
40,797 |
|
5,813 |
|
Operating
expenses: |
|
|
|
|
Research and development expenses |
(11,370 |
) |
|
(13,769 |
) |
(1,962 |
) |
Sales and marketing expenses |
(2,195 |
) |
|
(2,056 |
) |
(293 |
) |
General and administrative expenses |
(6,176 |
) |
|
(8,744 |
) |
(1,246 |
) |
Loss on fair value of cryptocurrency, net |
— |
|
|
(13,089 |
) |
(1,865 |
) |
Total operating expenses |
(19,741 |
) |
|
(37,658 |
) |
(5,366 |
) |
Income/(loss) from operations |
(27,953 |
) |
|
3,139 |
|
447 |
|
Interest income |
4,571 |
|
|
4,162 |
|
593 |
|
Foreign exchange gains, net |
(603 |
) |
|
(1,301 |
) |
(185 |
) |
Other income, net |
1,352 |
|
|
2,581 |
|
368 |
|
Income/(loss) before income tax expenses |
(22,633 |
) |
|
8,581 |
|
1,223 |
|
Income tax (expense)/benefit |
3,537 |
|
|
(5,425 |
) |
(773 |
) |
Net Income/(loss) |
(19,096 |
) |
|
3,156 |
|
450 |
|
Foreign currency translation adjustment, net of nil tax |
(399 |
) |
|
(1,967 |
) |
(280 |
) |
Total comprehensive income/(loss) |
(19,495 |
) |
|
1,189 |
|
170 |
|
|
|
|
|
|
Weighted average
number of shares used in per share calculation |
|
|
|
|
— Basic |
119,876,032 |
|
|
119,961,032 |
|
119,961,032 |
|
— Diluted |
119,876,032 |
|
|
120,035,926 |
|
120,035,926 |
|
Net earnings/(loss)
per share |
|
|
|
|
— Basic |
(0.16 |
) |
|
0.03 |
|
0.00 |
|
— Diluted |
(0.16 |
) |
|
0.03 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
INTCHAINS
GROUP LIMITEDRECONCILIATIONS OF GAAP
AND NON-GAAP RESULTS(All amounts in
thousands, except per share data) |
|
|
|
For the Three Months ended September 30, |
|
2023 |
|
2024 |
|
RMB |
|
RMB |
US$ |
Income/(loss) from operations |
(27,953 |
) |
|
3,139 |
|
447 |
|
Add: |
|
|
|
|
|
|
Share-based compensation expense |
1,490 |
|
|
3,247 |
|
463 |
|
Non-GAAP adjusted
income/(loss) from operations |
(26,463 |
) |
|
6,386 |
|
910 |
|
Net
income/(loss) |
(19,096 |
) |
|
3,156 |
|
450 |
|
Add: |
|
|
|
|
|
|
Share-based compensation expense |
1,490 |
|
|
3,247 |
|
463 |
|
Non-GAAP adjusted net
income/(loss) |
(17,606 |
) |
|
6,403 |
|
913 |
|
|
|
|
|
|
|
|
Non-GAAP adjusted net
earnings/(loss) per share |
|
|
|
|
|
|
— Basic |
(0.15 |
) |
|
0.05 |
|
0.00 |
|
— Diluted |
(0.15 |
) |
|
0.05 |
|
0.00 |
|
|
|
|
|
|
|
|
|
|
INTCHAINS GROUP LIMITEDUNAUDITED
CRYPTOCURRENCY-ADDITIONAL INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
As of Quarter
Ended |
Cryptocurrency |
Approximate Number of Cryptocurrency Held at End of
Quarter |
Original Cost Basis |
Approximate Average Cost Price Per Unit of
Cryptocurrency |
Lowest Market Price Per Unit of Cryptocurrency During
Quarter (a) |
Market Value of Cryptocurrency Held at End of Quarter Using
Lowest Market Price (b) |
Highest Market Price Per Unit of Cryptocurrency During
Quarter (c) |
Market Value of Cryptocurrency Held at End of Quarter Using
Highest Market Price (d) |
Market Price Per Unit of Cryptocurrency at End of Quarter
(e) |
Market Value of Cryptocurrency Held at End of Quarter Using
Ending Market Price (f) |
|
|
Unit |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
USD |
September 30, 2024 |
ETH |
3,522 |
10,115,116 |
2,872 |
2,116 |
7,452,552 |
3,563 |
12,548,886 |
2,596 |
9,143,112 |
ETH-Coinbase Staked |
627 |
1,800,713 |
2,872 |
2,290 |
1,435,830 |
3,926 |
2,461,602 |
2,807 |
1,759,989 |
Bitcoin |
8.47 |
549,364 |
64,860 |
49,050 |
415,454 |
70,000 |
592,900 |
63,552 |
538,285 |
USDT&USDC |
9,847,687 |
9,849,266 |
1 |
1 |
9,814,682 |
1 |
9,857,395 |
1 |
9,845,929 |
Others |
Multiple * |
105,405 |
Multiple * |
Multiple * |
36,415 |
Multiple * |
72,441 |
Multiple * |
53,661 |
|
Total |
|
22,419,864 |
|
|
19,154,933 |
|
25,533,224 |
|
21,340,976 |
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
ETH |
1,937 |
6,179,744 |
3,190 |
2,814 |
5,450,718 |
3,974 |
7,697,638 |
3,394 |
6,574,178 |
ETH-Coinbase Staked |
480 |
1,301,108 |
2,711 |
2,954 |
1,417,920 |
4,243 |
2,036,640 |
3,645 |
1,749,600 |
Bitcoin |
3.95 |
265,883 |
67,312 |
56,500 |
223,175 |
72,777 |
287,469 |
61,613 |
243,371 |
USDT&USDC |
10,422,648 |
10,423,276 |
1 |
1 |
10,386,315 |
1 |
10,458,980 |
1 |
10,404,063 |
Others |
Multiple * |
107,484 |
Multiple * |
Multiple * |
54,226 |
Multiple * |
122,435 |
Multiple * |
64,202 |
Total |
|
18,277,495 |
|
|
17,532,354 |
|
20,603,162 |
|
19,035,414 |
|
|
|
|
|
|
|
|
|
|
|
March 31,2024 |
ETH |
346 |
999,180 |
2,888 |
2,100 |
726,600 |
4,094 |
1,416,524 |
3,618 |
1,251,828 |
ETH-Coinbase Staked |
479 |
1,297,687 |
2,709 |
2,236 |
1,071,044 |
4,341 |
2,079,339 |
3,842 |
1,840,318 |
Bitcoin |
0.67 |
44,995 |
67,157 |
38,501 |
25,796 |
73,836 |
49,470 |
70,407 |
47,173 |
USDT&USDC |
99,583 |
99,583 |
1 |
1 |
99,583 |
1 |
99,583 |
1 |
99,583 |
Others |
Multiple * |
81,571 |
Multiple * |
Multiple * |
67,814 |
Multiple * |
124,481 |
Multiple * |
91,346 |
Total |
|
2,523,016 |
|
|
1,990,837 |
|
3,769,397 |
|
3,330,248 |
* The 'Others' category encompasses various cryptocurrencies
that are not reported individually due to their lower significance.
This category is labeled as 'Multiple' to indicate the presence of
diverse prices associated with different type of cryptocurrency.
Due to their immaterial nature, detailed price listings are not
provided.(a) The "Lowest Market Price Per Unit of Cryptocurrency
During Quarter" represents the lowest market price for a single
unit of cryptocurrency reported on the Coinbase exchange during the
respective quarter, without regard to when we obtained any of the
cryptocurrency.(b) The "Market Value of Cryptocurrency Held at End
of Quarter Using Lowest Market Price" represents a mathematical
calculation consisting of the lowest market price for a single unit
of cryptocurrency reported on the Coinbase exchange during the
respective quarter multiplied by the number of cryptocurrency we
held at the end of the applicable period.(c) The "Highest Market
Price Per Unit of Cryptocurrency During Quarter" represents the
highest market price for a single unit of cryptocurrency reported
on the Coinbase exchange during the respective quarter, without
regard to when we obtained any of the cryptocurrency.(d) The
"Market Value of Cryptocurrency Held at End of Quarter Using
Highest Market Price" represents a mathematical calculation
consisting of the highest market price for a single unit of
cryptocurrency reported on the Coinbase exchange during the
respective quarter multiplied by the number of cryptocurrency we
held at the end of the applicable period.(e) The "Market Price Per
Unit of Cryptocurrency at End of Quarter" represents the market
price of a single unit of cryptocurrency on the Coinbase exchange
at midnight UTC+8 time on the last day of the respective quarter,
which aligns with the our revenue recognition cut-off.(f) The
"Market Value of Cryptocurrency Held at End of Quarter Using Ending
Market Price" represents a mathematical calculation consisting of
the market price of a single unit of cryptocurrency on the Coinbase
exchange at midnight UTC+8 time on the last day of the respective
quarter multiplied by the number of cryptocurrency we held at the
end of the applicable period.
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