Intchains Group Limited (NASDAQ:ICG) Q4 2024 Earnings Call Transcript

Intchains Group Limited (NASDAQ:ICG) Q4 2024 Earnings Call Transcript February 28, 2024

Intchains Group Limited isn't one of the 30 most popular stocks among hedge funds at the end of the third quarter (see the details here).

Operator: Good day, ladies and gentlemen. Thank you for standing by. Welcome to Intchains Fourth Quarter and Full-Year 2023 Earnings Conference Call. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Joining us today is Mr. Chaowei Yan, Chief Financial Officer of Intchains. Mr. Yan will provide an overview of the company's performance and the details of the company's financial results. After that, we will conduct a question-and-answer session to take your questions. During the question-and-answer session, Mr. Yan will deliver the answers in Chinese and the company's representative will provide corresponding English translations. Before we continue, I would like to remind you that today's discussion will contain forward-looking statements.

These forward-looking statements involve known and unknown risks and uncertainties that are based on the company's current expectations and projections about future events that the company believes may affect its financial condition, result of operations, business strategy and financial needs. The company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent or current 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.

With that, I will now turn the call over to Mr. Chaowei Yan, the company's CFO. Mr. Yan, please go ahead.

A robotic arm holding a semiconductor chip, emphasizing the precision and quality of the company's production equipment.

Chaowei Yan: Thank you, operator, and everyone for joining Intchains earnings conference call for the fourth quarter and full-year 2023. On today's call, we will provide an overview of our operational and financial performance for the fourth quarter and full-year 2023. After that, we will conduct a Q&A session to take your questions. 2023 was a challenging year for the WEB3 industry, while we witnessed sustained rapid innovation in both underlying technology and application layers. The industry was deeply affected by short-term volatility. Influenced by these fluctuations, the company's revenue for the full-year of 2023 decreased by 83% year-over-year. However, in the fourth quarter of 2023, the cryptocurrency market rebounded significantly from the third quarter downturn.

Driving sustainable development of application layers as well as heightened demand for blockchain products. This propelled sequential revenue growth of 418% for the fourth quarter and empowered us to deliver quarterly profitability. 2023 was also a year of remarkable milestones for Intchains. In March, we successfully listed on NASDAQ in the United States, marking the beginning of a new chapter in our development alongside numerous other outstanding firms. As a young WEB3 practitioner, Intchains has focused on refining cheap processes and upgrading algorithms to enhance our core competitiveness. While persistently advising our products and expanding our product and service offerings across the industry value chain. In the Q4, we enter into an agreement to acquire the Goldshell brand, officially entering downstream mining machine production and sales.

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