Chrysos (C79) H2 2025 earnings summary

Executive summary

• Achieved 46% year-over-year revenue growth and 80% EBITDA growth, driven by global PhotonAssay adoption and expansion into South America.

• Deployed 11 new PhotonAssay units in FY25, reaching 40 units globally and engaging 70% of the world's top 20 gold miners.

• Secured major contracts, including a Master Services Agreement with Newmont and foundational partnership with Bureau Veritas for South America.

• Expanded partnerships to include all four major global laboratory companies and deepened relationships with major gold miners.

• Well-funded with $99.1 million cash and a $95 million debt facility, supporting further expansion.

Financial highlights

• FY25 unaudited revenue reached $66.1 million, up 46% year-over-year and exceeding guidance midpoint.

• EBITDA grew 80% to $16.1 million, with EBITDA margin rising to 24% from 20% in FY24.

• Net cash position at year-end was $91.1 million, with $99.1 million cash and a $95 million debt facility.

• Operating cash flow positive with $8.8 million net inflow.

• International revenue (non-APAC) accounted for 65% of total revenue.

Outlook and guidance

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

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

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

• Conservative outlook maintained despite signs of industry recovery and increasing sample volumes.

• Focus on expanding market share beyond current ~5% penetration.