Chrysos (C79) H2 2024 earnings summary

Executive summary

• FY24 revenue reached AUD 45.4 million (USD 45.4m), up 69% year-over-year, driven by strong global adoption of PhotonAssay technology and meeting revised guidance.

• EBITDA increased 156% to AUD 9 million, with margin conversion improving to 20% from 14% in FY23.

• 29 PhotonAssay units deployed globally by year-end, with 9 new deployments, 2 redeployments, and 4 new contracts signed post-period.

• International (non-APAC) revenue now represents 55% of total, reflecting strong global adoption.

• Well-funded with AUD 61 million cash and an undrawn AUD 95 million debt facility to support further growth.

Financial highlights

• Total revenue grew 69% year-over-year to AUD 45.4 million; EBITDA margin improved to 20% from 14% in FY23.

• Operating cash flow remained positive; free cash flow before financing was negative due to significant growth CAPEX.

• Gross margin per unit achieved 76%, with unit costs down 10% from FY23.

• Minimum Monthly Assay Payments (MMAP) grew 85% to AUD 39.5 million, accounting for 89% of FY24 income.

• Net profit after tax was AUD 0.4 million, down from AUD 2.6 million in FY23, reflecting higher D&A and operating expenses.

Outlook and guidance

• FY25 revenue guidance set at AUD 60–70 million, implying ~45% growth at midpoint, assuming consistent revenue per unit.

• EBITDA guidance for FY25 is AUD 9–19 million, with margin supported by clustering strategy and scale.

• Deployment cadence expected to match manufacturing capacity of ~20 units/year, with 14 units ready for shipment and all recent contracts targeted for deployment in FY25.

• Positioned to benefit from a potential industry upswing in gold exploration.