Income statement, balance sheet and cash flow statement for the last 4 fiscal years, taken from the XBRL data Intchains Group Ltd files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2022
FY2023
FY2024
FY2025
Revenue
68.7
11.6
38.6
31.6
Cost of revenue
12.6
10.3
17.9
29.3
Gross profit
56.1
1.28
20.7
2.28
Research and development
7.02
5.96
15
11.1
Selling and marketing
0.59
0.92
1.16
1.26
General and administrative
1.68
3.55
4.14
4.93
Operating expenses
9.28
10.4
20.3
17.3
Operating income
46.8
-9.15
0.4
-15
Interest expense
0.01
Interest income
1.61
2.36
2.22
1.58
Pre-tax income
53.2
-5.01
6.87
-12
Income tax
1.72
-1.23
-0.18
-5.19
Net income
51.5
-3.78
7.05
-6.8
EBITDA
47
-8.61
1.02
-14.1
EPS, basic
0.44
-0.03
0.06
-0.06
EPS, diluted
0.44
-0.03
0.06
-0.06
Shares, basic (weighted)
118
119
120
121
Shares, diluted (weighted)
118
119
120
121
Balance sheet
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
103
97.9
44.1
31.7
Short-term investments
1.92
27.2
38.3
Inventory
7.46
Other current assets
6.09
6.68
9.55
7.87
Total current assets
121
112
98.8
86.2
Property, plant and equipment
20.2
Lease right-of-use assets
0.19
0.24
0.04
0.16
Intangible assets
0.48
0.49
1.71
Long-term investments
2.82
Other non-current assets
0.06
1.29
1.19
Total assets
138
138
149
146
Accounts payable
0.42
0.03
2.03
0.43
Deferred revenue
0
1.38
5.13
2.35
Total current liabilities
2.78
3.97
10.5
6.12
Lease liabilities
0.04
0.11
0
0.08
Total liabilities
2.83
4.07
10.5
6.2
Paid-in capital
21
26.2
26.7
30.2
Retained earnings
108
101
104
102
Other comprehensive income
0.26
0.52
-0.18
Shareholders' equity
135
134
139
140
Total equity
135
134
139
140
Total liabilities and equity
138
138
149
146
Shares outstanding
118
120
120
121
Cash flow statement
FY2022
FY2023
FY2024
FY2025
Net income
51.5
-3.78
7.05
-6.8
Depreciation and amortization
0.26
0.54
0.62
0.88
Stock-based compensation
0.49
1.23
1.24
Deferred income tax
0.01
-1.82
-2.2
-5.27
Change in receivables
0
0
Change in inventory
-1.79
1.61
-13.1
-7.31
Change in payables
-0.53
-0.38
2.01
-1.69
Cash from operations
47.4
-0.67
-18.9
-13.3
Capital expenditures
-0.58
-6.61
-1.38
-0.67
Purchases of investments
-1.98
-67.8
-160
Cash from investing
-16.9
-9.15
-17.3
-1.76
Stock issued
0
8.64
0
1.44
Cash from financing
0
7.22
0
1.06
Exchange rate effect
0.14
0.17
-0.39
Net change in cash
30.4
-2.6
-36
-14.4
Free cash flow
46.8
-7.27
-20.3
-14
Interest paid
0
0
Income taxes paid
1.39
0.68
2.11
0.24
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.88 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
7.2%
Gross profit / revenue.
Operating margin
-47.4%
Operating income / revenue.
EBITDA margin
-44.6%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-38.0%
Pre-tax income / revenue.
Net margin
-21.5%
Net income / revenue.
FCF margin
-44.2%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-42.1%
Cash from operations / revenue.
Return on equity (ROE)
-4.9%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-4.6%
Net income / average total assets.
Return on invested capital (ROIC)
-11.7%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue
35.0%
Research and development expense / revenue.
Stock-based pay / revenue
3.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
2.1%
Capital expenditures / revenue.
D&A / revenue
2.8%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-18.2%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-22.8%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit growth, 1y
-89.0%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-65.6%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income growth, 1y
-3,814.0%
Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y
-1,481.0%
EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y
-196.4%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-200.0%
EPS vs the same period a year earlier. Only from a positive base.
Book value growth, 1y
0.6%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
1.0%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets growth, 1y
-2.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
1.8%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Share count change, 1y
0.7%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
0.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
14.1x
Current assets / current liabilities.
Quick ratio
11.4x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.4x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
-$0.06
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.26
Revenue / diluted weighted shares.
FCF per share
-$0.12
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.11
Cash from operations / diluted weighted shares.
Book value per share
$1.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
3.37x
Market cap / revenue.
P/B
0.76x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
0.77x
Market cap / tangible book value, when positive.
EV/Sales
1.15x
Enterprise value / revenue.
FCF yield
-13.1%
Free cash flow / market cap.
Earnings yield
-6.4%
Net income / market cap (the inverse of P/E).
What was Intchains Group Ltd's revenue in fiscal 2025?
Intchains Group Ltd reported revenue of $31.6M for fiscal 2025, 18.2% lower than the year before.
Was Intchains Group Ltd profitable in fiscal 2025?
No. It reported a net loss of $6.8M.
How much free cash flow did Intchains Group Ltd generate in fiscal 2025?
Cash from operations of $13.3M minus capital expenditures of $674.0K left free cash flow of -$14.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.