Intchains Group Limited

ICG

Semiconductors · Technology

Price

$0.82

-0.00 (-0.12%)

Market Cap

$24.8M

Exchange

NASDAQ Capital Market

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count falling — buybacks

−49.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 59.8M (2021) → 30.2M (2025)

Intchains Group Limited is a Chinese semiconductor company that designs chips used in cryptocurrency mining. Its main products are application-specific integrated circuits, or ASICs, which are specialized chips built to do one job — in this case, processing blockchain transactions as fast and efficiently as possible. The company sells these chips and related hardware to cryptocurrency mining firms and individual miners, primarily in China and other parts of Asia.

Intchains earns revenue by selling its mining chips and finished mining machines directly to customers. The company is small, with a market cap near zero, and it operates almost entirely in China, making it heavily exposed to that country's regulatory environment around cryptocurrency. Its gross margin of around 8% and deep operating losses signal that the business is struggling to cover its costs, and the biggest risk it faces is the volatile demand for crypto mining equipment, which swings sharply with cryptocurrency prices and government policy.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-52.0% YoY

YoY Growth Rate

Revenue declining

EPS Growth

<−1,000% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$75M/ year

↓ Declining (-31% vs prior year)

35.0% of revenue

2.3x the sector average (15%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

51.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$684M cash & investments

Quarterly Free Cash Flow

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Intchains Group Limited's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

-167.7%

Thin — -167.7% gross margin

Operating Margin

-231.3%

Losing money on operations — -231.3%

ROCE

-8.5%

Weak — -8.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

-21.8%

Shrinking sales (-21.8% YoY)

EPS YoY

-252.9%

Earnings shrinking (-252.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

0.0%

Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.00

Conservative — low debt load (0.00)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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