As we step into 2024, we will increase our investment in progress, proactively exploring development opportunities within the industry to better position ourselves for sustained long-term growth. Thank you for your continued support. We look forward to updating you on our progress in the future. Now, I’d like to turn the discussion over to operator for any questions.
Operator: Thank you. [Operator Instructions]. And it comes from the line of Liz Kenyon with The Piacente Group. Please proceed.
Liz Kenyon: Yes. Thank you for taking my question. Can you please provide further insights into market conditions in the fourth quarter and that impact on sales growth as well as your outlook for 2024? Thank you.
Chaowei Yan: Thank you for the question. [Foreign Language]. In fourth quarter, driven by the anticipation of the BTC ETF approval and other positive industry developments, the price of major cryptocurrency, especially Bitcoin rebounded to a varying decrease. As a result, robust data growth in downstream product orders boosted our fourth quarter sales to $5 million marking our return to a profitability of two consecutive quarters of losses. [Foreign Language] Looking ahead to 2024, given the clear market recovery trends, our outlook for the year has improved. First, the company’s newly announced products featuring a 12 nanometer process node are scheduled to hit the market no later than second quarter. Additionally, we have accelerated the chip out process.
Currently, we have initiated multiple projects related to the 12 nanometer process node technology, particularly in the field of privacy computing and cutting edge non-computing chips. We aim to conclude this project’s R&D and publicly disclose the latest development before second quarter. [Foreign Language] In 2024, we will ramp up our investment in R&D to pursue a higher return on capital. However, given the ongoing industry volatility, we are unable to provide a specific financial forecast for the year. Nevertheless, with ample financial reserves, a long-term and diversified industry vision and strategy as well as prudent operational and risk control practices. We have confidence in our ability to grow alongside the WEB3 industry and emerge as a leading provider of WEB3 infrastructure.
Thank you for the answer. Now, let’s move to the next question.
Operator: Thank you. One moment, please. All right. It comes from the line of [indiscernible]. Please proceed.
Unidentified Analyst: [Foreign Language] Could you please provide insights on your post acquisition strategy for the Goldshell brand and how they are expected to influence sales and performance? Thank you.
Chaowei Yan: [Foreign Language] We successfully closed the deal today. Starting tomorrow, the company will seamlessly take over the Goldshell brand, its global sales website and all social media channels. This enable us to directly market and to sell mining machines and other computing products equipped with our HPC chips and the Goldshell brand on a global scale, except in certain regulated regions. [Foreign Language] From a strategy perspective, Intchains aim to become a leading provider of WEB3 infrastructure. We have already conducted extensive R&D efforts on blockchain infrastructure products beyond HPC chips. By acquiring Goldshell brand and delivering its brand influence among downstream users, we are establishing new independent sales channels for the company’s future WEB3 products.
[Foreign Language] Therefore, the brand acquisition represents a structurally significant move. As for the short-term impact on sales and performance, it will ultimately depend on the product offering and the industry dynamics. Given the volatility of blockchain industry, it is very challenging for us to quantify impact at this point. However, we believe it will yield highly positive outcomes in the long run. Thank you for the answer. Let’s move to the next question.
Operator: And I’m not showing any further questions in the queue. I will just conclude this period and conference for today. Thank you all for participating. And you may now disconnect.