Chrysos (C79) Q2 2025 earnings summary

Executive summary

• Achieved unaudited Q2 FY25 revenue of $15.3m, up 53% year-over-year and 12% quarter-on-quarter, driven by international expansion and record sample volumes for the 24th consecutive quarter.

• 1.6 million samples processed in Q2 FY25, with capacity to capture further industry upturn.

• Closed the quarter with 34 operating PhotonAssay units, three deployed during the quarter, and two new lease agreements signed, bringing total contracted units to 56.

• Expanded relationships with major laboratory companies and miners, notably SGS, Barrick, and OceanaGold, to drive growth.

• Maintains strong cash position of $26.6m and $95m undrawn debt facility, providing $121.6m in available funding for growth.

Financial highlights

• Q2 FY25 unaudited revenue of $15.3m, up 53% year-over-year and 12% quarter-on-quarter.

• EMEA revenue grew 42% year-over-year; Americas revenue surged 305% year-over-year, with international (non-APAC) revenue accounting for over 50% of total.

• Net operating cash inflow of $1.5m for the quarter; cash receipts from customers totaled $11.7m.

• Cash outflows for property, plant & equipment were elevated at $24.8m due to supplier payment timing and investment in next-gen units.

• Ended Q2 FY25 with $26.6m in cash and $95m undrawn debt facilities.

Outlook and guidance

• FY25 revenue guidance reaffirmed at $60–$70m, with EBITDA expected between $9–$19m.

• On track to achieve FY25 guidance, supported by a forecastable revenue model and strong YTD unaudited revenue of $29.0m.

• Manufacturing capacity increased to 20 units per year, aiming to match deployment cadence through expanded sales and direct miner relationships.

• Expectation of additional drawdown from the green loan in the next quarter to support growth.

• Latent unit capacity positions the company to benefit from a potential gold industry upturn.