Chrysos (C79) Q4 2025 earnings summary

Executive summary

• Achieved unaudited FY25 revenue of $66.1 million, up 46% year-over-year, and EBITDA of $16.1 million, up 80% year-over-year, with EBITDA margin rising to 24% from 20% in FY24.

• Deployed 11 new PhotonAssay units in FY25, totaling 40 units in operation across 29 sites globally, and expanded into South America with key partnerships.

• Secured all four major global laboratory partners (SGS, ALS, Bureau Veritas, Intertek) and strengthened relationships with major miners, notably Newmont, through a Master Services Agreement.

• Engaged with 70% of the world's top 20 gold miners, supporting significant market penetration.

• Expanded presence across four continents, with 59 contracted units by year-end and additional contracts signed post-period.

Financial highlights

• FY25 unaudited total revenue reached $66.1 million, up 46% from $45.4 million in FY24, exceeding the midpoint of guidance.

• EBITDA grew to $16.1 million, an 80% increase from $9.0 million in FY24, with margin improvement to 24%.

• Net cash position (cash and undrawn debt) of $91.1 million at year-end, with a $95 million debt facility and $17.4 million drawn as of June 30, 2025.

• Net operating cash flow was $8.8 million, supporting reinvestment and global expansion.

• Minimum Monthly Assay Payments contributed $55.9 million and Additional Assay Charges $10.1 million to total revenue.

Outlook and guidance

• FY26 revenue guidance set at $80–$90 million, a 30% increase at midpoint; EBITDA guidance at $20–$27 million, a 50% increase at midpoint.

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

• Well-positioned for global growth with $91.1 million in available liquidity at June 30, 2025.

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

• Cautiously optimistic industry outlook, with no improvement beyond current levels factored into guidance.