Chrysos (C79) H1 2025 earnings summary

Executive summary

• Revenue for 1H FY25 grew 54% year-over-year to AUD 29.1 million, driven by record PhotonAssay/PhotonAssay™ sample volumes, global expansion, and new deployments across key mining regions.

• EBITDA increased 150% year-over-year to AUD 5.7 million, with margin expanding to 20% from 12% due to operational efficiencies.

• Six new lease agreements were signed, bringing total contracted units to 56 and deployed units to 34 as of February 2025.

• Statutory net loss after tax narrowed to AUD 2.6 million from AUD 3.1 million in 1H FY24, reflecting higher depreciation and finance costs.

• International revenue (non-APAC) accounted for over 50% of total revenue, with significant growth in EMEA (59%) and the Americas (270%).

Financial highlights

• Minimum Monthly Assay Payments (MMAP) accounted for 89% of revenue (AUD 25.8 million), with Additional Assay Charges (AAC) representing 11% (AUD 3.3 million).

• Cash position at period end was AUD 26.9 million, supported by a AUD 95 million debt facility, with an initial drawdown of AUD 18 million post-half.

• Capital expenditure increased to AUD 41.9 million, with capital commitments at AUD 79 million for units on order and under construction.

• Operating cash flow increased tenfold year-over-year to AUD 6.1 million, supporting reinvestment in growth.

• Net available liquidity was AUD 121.9 million as of 31 December 2024, including cash and undrawn debt facility.

Outlook and guidance

• Revenue is tracking toward the lower end of FY25 guidance ($60m–$70m), with EBITDA below the midpoint of the $9m–$19m range.

• Focus remains on accelerating deployment cadence, broadening the customer base, and global expansion.

• No major change in market conditions is assumed in guidance; deployment timing is the key variable.

• Company is positioned to capture upside from potential improvement in the gold industry cycle.