Q2 2024 Intchains Group Ltd Earnings Call Transcript
Key Points
- Intchains Group Ltd (ICG) reported a significant revenue increase of 785% year-over-year for Q2 2024, reaching USD 16.9 million.
- The company successfully launched new computing equipment products incorporating their latest chips for Alephium, Kaspa, Litecoin, and Dogecoin.
- Intchains Group Ltd (ICG) has accumulated a total holding of 2,417 Ethereum, enhancing financial flexibility and risk resilience.
- The AL BOX and KL BOX products have been well-received by individual users due to their exceptional hashrates and ultra-low power consumption.
- The company has diversified its business line and geographic footprint through the acquisition of GoldShell, with 72% of revenue now coming from overseas markets.
- Cost of revenue increased by 33.2% year-over-year, primarily due to inventory write-downs and provisions for inventory purchase commitments.
- Total operating expenses rose by 40.2%, driven by higher research and development, sales and marketing, and general and administrative expenses.
- Research and development expenses increased by 47.6%, mainly due to higher share-based incentive expenses and labor costs.
- Sales and marketing expenses saw a 48.5% increase, attributed to higher business promotion expenses and share-based incentive expenses.
- The company recorded a loss on the fair value of cryptocurrency amounting to RMB 0.3 million (USD 0.04 million) for Q2 2024.
Good day, ladies and gentlemen, thank you for standing by, and welcome to Intchains second quarter 2024 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 the 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 translation.
Before we continue, I'd like to remind you that today's discussion will contain 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.
The company undertakes no
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