Chrysos (C79) H1 2025 earnings summary

Executive summary

• Revenue for H1 FY25 rose 54% year-on-year to AUD 29.1 million, driven by increased adoption of PhotonAssay technology and new deployments across key mining regions.

• EBITDA increased 150% year-on-year to AUD 5.7 million, with margin expanding to 20% from 12% in the prior year.

• Six new lease agreements were signed, bringing total contracted units to 56 and deployed units to 34 as of February 2025.

• Statutory net loss after tax narrowed to AUD 2.6 million from AUD 3.1 million in the prior year, reflecting higher depreciation and finance costs.

• International revenue (non-APAC) accounted for over 50% of total revenue, with significant growth in EMEA (59%) and the Americas (270%).

Financial highlights

• Minimum monthly assay payments accounted for 89% of revenue, with additional assay charges representing 11%.

• Minimum revenue from assay payments grew 56% year-on-year to AUD 25.8 million; additional assay charges rose 41% to AUD 3.3 million.

• Cash position at period end was AUD 26.9 million, supported by a AUD 95 million debt facility, with an initial drawdown of AUD 18 million post-half.

• Capital expenditure increased 27% to AUD 41.9 million, supporting global deployment.

• Net loss after tax reduced to AUD 2.6 million from AUD 3.1 million year-on-year.

Outlook and guidance

• Revenue is tracking toward the lower end of FY25 guidance due to timing of some deployments, while EBITDA is tracking below the midpoint but remains within guidance.

• Focus remains on accelerating deployment cadence, broadening the customer base, and global expansion.

• No major change in market conditions is assumed in guidance; deployment timing is the key variable.