Chrysos (C79) H1 2026 earnings summary

Executive summary

• Achieved 49% year-over-year revenue growth to $43.3 million and 152% EBITDA growth to $14.4 million, with EBITDA margin expanding to 33% from 20%, driven by global PhotonAssay adoption and strong gold market conditions.

• Deployed 43 PhotonAssay units globally, with 14 new lease agreements signed and a total of 72 contracted units, reflecting robust market adoption and a strong sales pipeline.

• Record sample volumes approaching 1 million per month, with PhotonAssay endorsed by all four major laboratory partners and adopted by 70% of the top 20 gold miners.

• Net profit after tax reached $0.732 million, marking a transition to statutory profitability.

• International revenue accounted for over 50% of total revenue, with expansion in Africa, North America, Australia, and Europe.

Financial highlights

• Revenue for the half was $43.3 million, up 49% year-on-year; EBITDA reached $14.4 million, up 152%, with margin expanding to 33% from 20%.

• Operating cash flow was $8.6 million, reflecting higher EBITDA and improved cash conversion.

• Additional Assay Charges (AAC) rose to 27% of total revenue, up from 11% in the prior year, with AAC revenue at $11.7 million, up 261%.

• Gross profit margins for PhotonAssay remained strong at approximately 76%.

• Minimum Monthly Assay Payments (MMAP) increased 22% to $31.5 million year-over-year.

Outlook and guidance

• FY26 guidance reaffirmed: revenue between $80–90 million and EBITDA between $20–27 million, with current trading tracking toward the upper end of both ranges.

• Strong funding and liquidity position supports continued growth and capital expenditure for further PhotonAssay deployments.

• Ongoing international expansion and new sales resources in Latin America to accelerate regional engagement.

• Industry cycle remains supportive, utilization elevated, and AAC performance strong into the second half.

• Conservative guidance maintained due to FX volatility, particularly AUD/USD swings affecting USD-denominated income.