Chrysos (C79) H2 2024 earnings summary

Executive summary

• FY24 revenue reached $45.4 million, up 69% year-over-year, with EBITDA increasing 156% to $9.0 million and margin improving to 20% from 14% in FY23.

• 29 PhotonAssay units deployed globally by year-end, with 9 new deployments, 2 redeployments, and 4 new contracts signed post-period; 54 units contracted or deployed in total.

• International revenue grew to 55% of total, reflecting strong adoption in EMEA and Americas, with significant customer endorsements from major gold miners.

• Well-funded with $61.1 million cash and an undrawn $95 million debt facility to support further growth.

Financial highlights

• Minimum Monthly Assay Payments contributed $39.5 million to revenue, with gross margin per unit at 76% and unit costs down 10% from FY23.

• Operating cash flow remained positive at $3.6 million, supporting reinvestment and growth.

• Net profit after tax was $0.4 million, down from $2.6 million in FY23, due to higher D&A and operating expenses.

• Revenue per deployed unit averaged $1.8 million, with projected lifetime return per unit over $20 million.

• Invested $57.8 million in property, plant, and equipment, increasing capital commitments to $95.9 million.

Outlook and guidance

• FY25 revenue guidance set at $60–70 million, with EBITDA expected between $9–19 million, supported by clustering strategy and stable per-unit revenue.

• 14 units ready for shipment and installation to support FY25 deployment schedule, with all recent contracts targeted for deployment in FY25.

• Positioned to benefit from a potential industry upswing in gold exploration.