Chrysos (C79) H2 2025 earnings summary

Executive summary

• Achieved unaudited FY25 revenue of $66.1m, up 46% year-over-year, and EBITDA of $16.1m, up 80% year-over-year, driven by global PhotonAssay adoption and major contracts.

• Deployed 11 new PhotonAssay units in FY25, totaling 40 units in operation and 59 contracted units, with expansion into South America and all four major global laboratory companies now partnered.

• Secured major agreements with Newmont, Bureau Veritas, SGS, and Intertek, including a Master Services Agreement and foundational partnerships for South America.

• Operating cashflow positive with $8.8m net inflow, and strong liquidity position of $91.1m–$99.1m at year-end, supporting further expansion.

Financial highlights

• FY25 unaudited revenue reached $66.1m, up 46% from $45.4m in FY24, exceeding guidance midpoint.

• EBITDA grew to $16.1m, an 80% increase from $9.0m in FY24, with margin rising to 24% from 20% year-over-year.

• Net cash/liquidity at year-end was $91.1m–$99.1m, with a $95m debt facility and $8.8m net operating cash flow.

• International (non-APAC) revenue accounted for 65% of total revenue.

• $63.2m invested in property, plant, and equipment, up 10% year-over-year.

Outlook and guidance

• FY26 revenue guidance set at $80m–$90m and EBITDA at $20m–$27m, a 30% and 50% increase at the midpoint, respectively.

• Guidance assumes current levels of additional assay charges and minimum monthly payments, with upside from accelerated deployments or industry improvement.

• Nine units ready for near-term deployment, supporting continued growth.

• Conservative outlook maintained despite signs of industry recovery and increasing sample volumes.