Chrysos (C79) Q1 2025 earnings summary

Executive summary

• Q1 FY25 unaudited revenue reached $13.7 million, up 54% year-over-year and 2% quarter-on-quarter, driven by strong international expansion, especially in EMEA (up 82% YoY) and Americas (up 237% YoY).

• Achieved 23rd consecutive quarter of record PhotonAssay sample volumes, processing 1.3 million samples in Q1 FY25, up 30% year-over-year and 9% quarter-over-quarter.

• Ended the quarter with 31 operating PhotonAssay units, including first deployments in the USA at Barrick-Newmont's NGM operation and in Tanzania at Barrick's North Mara.

• Secured four new lease agreements, bringing total contracted units to 54 and expanding the customer base.

• Cash position at quarter-end was $47.5 million, with $95 million in undrawn debt facilities available.

Financial highlights

• Quarterly revenue reached $13.7 million, up 54% year-over-year and 2% quarter-on-quarter.

• Cash collections totaled $14.6 million, with positive operational cash flow of $3.7–$3.8 million.

• Net cash used in investing activities was $14.3 million, mainly for property, plant, and equipment.

• Cash and cash equivalents at quarter-end stood at $47.5 million, down from $61.1 million in the previous quarter.

• Total available funds for growth stand at $142.5–$143 million, including undrawn green loan facilities.

Outlook and guidance

• FY25 guidance reaffirmed: revenue of $60–$70 million and EBITDA of $9–$19 million, based on constant currency assumptions.

• Minimal impact from global currency changes this quarter.

• Thirteen units are ready for deployment, expected to be installed over the coming year to support FY25 schedule.