Intchains Group Limited (ICG) Cash Flow Statement

NASDAQ: ICGOperating cash, capex, free cash flow and buybacks.

Where ICG’s cash came from and went, 2025

December 31, 2025 · Chinese yuan

Cash from operations: −CN¥92.9M
Capital expenditures: CN¥4.7M
Free cash flow: −CN¥97.6M
Returned to shareholders: —
Change in cash: −CN¥100.6M

Cash from operations

−CN¥92.9M

Capital expenditures

−CN¥4.7M

Investments (net)

−CN¥44.3M

Acquisitions & other

+CN¥36.7M

Shares issued

+CN¥10.1M

Other financing

−CN¥2.7M

Currency & other

−CN¥2.7M

Change in cash

−CN¥100.6M

Drawn to scale: where the cash came from and how it was used. Hover for values.

ICG operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

ICG cash flow trends, 2019–2025

Intchains Group Limited cash flow trends
Metric	Then	Latest	Change
Operating cash flow	−CN¥6.0M2019	−CN¥92.9M2025	—
Capital expenditures	CN¥165,0002019	CN¥4.7M2025	+74.9%/yr
Free cash flow	−CN¥6.2M2019	−CN¥97.6M2025	—
Free cash flow margin	−17.2%2019	−45.4%2025	−28.3 pts
Operating cash flow / net income	1.892020	−2.682024	−4.57
Stock-based compensation	CN¥923,0002019	CN¥8.7M2025	+45.2%/yr
Dividends paid	CN¥10.5M2019	CN¥02023	−100.0%
Capex / revenue	0.5%2019	2.2%2025	+1.7 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ICG cash flow by activity

OperatingInvestingFinancingChange in cash

ICG net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

ICG cash flow statement in Chinese yuan

Intchains Group Limited annual cash flow statement
	2025	2024	2023	2022	2021	2020	2019
Operating activities
Net income	−CN¥47.5M	CN¥51.5M	−CN¥26.8M	CN¥355.2M	CN¥450.1M	CN¥8.2M	−CN¥3.0M
Depreciation & amortization	CN¥6.8M	CN¥5.0M	CN¥3.8M	CN¥1.8M	CN¥1.4M	CN¥687,000	CN¥440,000
Stock-based compensation	CN¥8.7M	CN¥9.0M	CN¥3.5M	CN¥0	CN¥0	CN¥0	CN¥923,000
Change in working capital	−CN¥65.7M	−CN¥85.4M	CN¥2.3M	−CN¥32.7M	−CN¥56.2M	CN¥6.5M	−CN¥4.8M
Other non-cash items	CN¥4.8M	−CN¥118.3M	CN¥12.5M	CN¥2.4M	CN¥113,000	CN¥168,000	CN¥370,000
Cash from operating activities	−CN¥92.9M	−CN¥138.3M	−CN¥4.7M	CN¥326.7M	CN¥395.4M	CN¥15.6M	−CN¥6.0M
Investing activities
Capital expenditures	−CN¥4.7M	−CN¥10.1M	−CN¥51.6M	−CN¥4.0M	−CN¥1.8M	−CN¥251,000	−CN¥165,000
Investments (net)	−CN¥44.3M	−CN¥125.9M	−CN¥65.0M	−CN¥116.9M	−CN¥1.8M	−CN¥251,000	−CN¥165,000
Acquisitions & other investing	CN¥36.7M	CN¥10.1M	CN¥51.6M	CN¥4.0M	CN¥1.8M	CN¥251,000	CN¥165,000
Cash from investing activities	−CN¥12.3M	−CN¥125.9M	−CN¥65.0M	−CN¥116.9M	−CN¥1.8M	−CN¥251,000	−CN¥165,000
Financing activities
Dividends paid	—	—	CN¥0	CN¥0	−CN¥10.5M	−CN¥10.5M	−CN¥10.5M
Share repurchases & issuance (net)	—	—	—	—	CN¥10.5M	—	—
Net borrowing (repayment)	—	—	CN¥0	CN¥0	CN¥0	−CN¥6.2M	CN¥4.1M
Shares issued	CN¥10.1M	CN¥0	CN¥61.3M	CN¥0	CN¥100.0M	CN¥0	CN¥0
Other financing	−CN¥2.7M	CN¥0	−CN¥10.1M	CN¥85.0M	−CN¥10.9M	CN¥17.0M	CN¥9.8M
Cash from financing activities	CN¥7.4M	CN¥0	CN¥51.2M	CN¥85.0M	CN¥89.1M	CN¥251,000	CN¥3.4M
Summary
Net change in cash	−CN¥100.6M	−CN¥262.9M	−CN¥17.5M	CN¥209.8M	CN¥482.8M	CN¥15.6M	−CN¥2.8M
Cash at end of period	CN¥221.7M	CN¥322.3M	CN¥694.8M	CN¥712.2M	CN¥502.4M	CN¥19.6M	CN¥4.0M
Free cash flow	−CN¥97.6M	−CN¥148.3M	−CN¥56.3M	CN¥322.7M	CN¥393.6M	CN¥15.3M	−CN¥6.2M
Free cash flow margin	−45.4%	−52.6%	−68.4%	68.1%	62.3%	28.1%	−17.2%
Capex / revenue	2.2%	3.6%	62.7%	0.8%	0.3%	0.5%	0.5%
Operating cash flow / net income	—	−2.68	—	0.92	0.88	1.89	—

Intchains Group Limited quarterly cash flow statement
	Mar '26	Dec '25	Mar '25	Dec '24	Dec '23
Operating activities
Net income	−CN¥74.5M	−CN¥18.4M	−CN¥34.0M	CN¥12.8M	CN¥8.1M
Depreciation & amortization	CN¥1.7M	CN¥6.8M	CN¥1.3M	CN¥1.3M	CN¥1.5M
Stock-based compensation	CN¥2.8M	CN¥4.2M	CN¥2.0M	CN¥2.0M	CN¥3.5M
Change in working capital	−CN¥65.7M	−CN¥65.7M	CN¥8.8M	CN¥8.8M	CN¥321,000
Other non-cash items	CN¥42.7M	−CN¥19.9M	−CN¥518,000	−CN¥47.3M	−CN¥10.6M
Cash from operating activities	−CN¥92.9M	−CN¥92.9M	−CN¥22.5M	−CN¥22.5M	CN¥2.8M
Investing activities
Capital expenditures	−CN¥4.7M	−CN¥4.7M	−CN¥5.3M	−CN¥5.3M	−CN¥7.3M
Investments (net)	—	—	—	−CN¥61.9M	−CN¥10.6M
Acquisitions & other investing	−CN¥7.6M	−CN¥7.6M	−CN¥56.7M	—	CN¥7.3M
Cash from investing activities	−CN¥12.3M	−CN¥12.3M	−CN¥61.9M	—	−CN¥10.6M
Financing activities
Shares issued	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other financing	CN¥7.4M	CN¥7.4M	—	CN¥0	−CN¥245,000
Cash from financing activities	CN¥7.4M	CN¥7.4M	—	CN¥0	−CN¥245,000
Summary
Net change in cash	CN¥221.7M	−CN¥4.8M	−CN¥191.8M	−CN¥83.2M	−CN¥8.8M
Cash at end of period	CN¥221.7M	CN¥31.7M	CN¥322.3M	CN¥322.3M	CN¥694.8M
Free cash flow	−CN¥97.6M	−CN¥97.6M	−CN¥27.8M	−CN¥27.8M	−CN¥4.5M
Free cash flow margin	−1,754.5%	−274.0%	−21.0%	−37.4%	−12.6%
Capex / revenue	84.7%	13.2%	4.0%	7.1%	20.6%
Operating cash flow / net income	—	—	—	−1.76	0.35

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

ICG cash generation

In fiscal 2025 (ended December 31, 2025), Intchains generated -CN¥92.9 million of cash from operations and spent CN¥4.7 million on capital expenditures, leaving free cash flow of -CN¥97.6 million, −45.4% of revenue. Cash and equivalents fell by CN¥100.6 million over the year.

Related: ICG income statement, ICG balance sheet. See the ICG stock overview for the latest quote and news.

ICG cash flow FAQ

What is Intchains's free cash flow?

Intchains's free cash flow was -CN¥97.6 million in fiscal 2025: -CN¥92.9 million of operating cash flow minus CN¥4.7 million of capital expenditures It was -CN¥148.3 million a year earlier..

How much cash does Intchains generate from operations?

Intchains generated -CN¥92.9 million of cash from operating activities in fiscal 2025.

How much does Intchains spend on capital expenditures?

Intchains spent CN¥4.7 million on capital expenditures in fiscal 2025, 2.2% of revenue, compared with CN¥10.1 million the year before.