Chrysos (C79) H1 2026 earnings summary

Executive summary

• Achieved record first half FY 2026 results with 49% year-over-year revenue growth to AUD 43.3 million (USD 43.3 million) and 152% EBITDA growth to AUD 14.4 million, with margin expanding to 33%, driven by global PhotonAssay adoption and strong gold market conditions.

• Deployed 43 PhotonAssay units globally, signed 14 new lease agreements (8 during the half, 6 post-period), bringing total contracted units to 72, and achieved record sample volumes approaching 1 million per month.

• PhotonAssay now endorsed by all four major laboratory partners and Tier One miners, with engagement from 70% of the top 20 gold miners.

• Operating leverage is emerging, with revenue growth outpacing expense growth, positive operating cash flow, and transition to statutory profitability (NPAT AUD 700,000 / USD 0.732 million).

• Well-funded for expansion, with AUD 21.6 million cash, AUD 50.4 million undrawn debt, and a AUD 200 million facility in progress.

Financial highlights

• Revenue for the half was AUD 43.3 million (USD 43.3 million), up 49% year-on-year, with EBITDA reaching AUD 14.4 million, up 152%, and margin expanding to 33%.

• Operating cash flow was AUD 8.6 million (USD 8.56 million), and NPAT was AUD 700,000 (USD 0.732 million), marking statutory profitability.

• Gross profit margin for PhotonAssay remained strong at approximately 76%, with operating expenses growing slower than revenue.

• Additional Assay Charges (AAC) represented 27% of total revenue, up from 11% year-on-year, with AAC revenue rising 261% to AUD 11.7 million.

• Minimum Monthly Assay Payments (MMAP) increased 22% to AUD 3.5 million (USD 31.5 million) year-over-year.

Outlook and guidance

• FY 2026 guidance reaffirmed: revenue between AUD 80–90 million (USD 80–90 million) and EBITDA between AUD 20–27 million, both tracking toward the upper end, supported by elevated industry activity and utilization.

• Deployments expected to accelerate through the remainder of the year and beyond, with continued strong sample volumes and AAC growth.

• Conservative approach to guidance due to FX volatility, particularly AUD/USD swings.

• Ongoing international expansion and new sales resources in Latin America to accelerate regional engagement.