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Highlights
- Revenue Growth: Q2 FY25 unaudited revenue rose 12% quarter-on-quarter and 53% year-on-year to $15.3 million, driven by international revenue and increased sample volumes.
- Expanding Contracts: Two new contracts with OceanaGold and SGS brought the total to 56 contracted PhotonAssay units, though only 34 are currently deployed.
- Positive Cash Flow and Guidance Reaffirmation: The company recorded $1.5 million in net operating cash inflows and reaffirmed FY25 revenue guidance of $60–$70 million and EBITDA of $9–$19 million.
Shares of Chrysos Corporation Ltd (ASX:C79), a leader in mining technology, saw a significant boost on Wednesday. The stock was up as much as 9% to $5.40 in early trade before stabilising at $5.19, a 5% increase at the time of writing.
The surge in share price follows the release of the company’s second-quarter FY25 update, which highlighted robust revenue growth, increased sample volumes, and promising contractual progress for its flagship PhotonAssay technology.
Revenue and Sample Volume Growth
For the quarter, unaudited revenue totaled $15.3 million, marking a 12% increase quarter-on-quarter and a 53% rise year-on-year. This performance was largely fueled by international revenue growth and an increase in sample volumes, which rose to 1.6 million samples, up 18% from the previous quarter and 53% year-on-year.
PhotonAssay, Chrysos’ flagship product, continues to drive the company’s growth. This innovative technology provides faster, safer, more accurate, and environmentally friendly analysis of gold, silver, copper, and other elements, making it a valuable tool for the mining industry.
Contract Wins and Deployment
During the quarter, Chrysos signed two new contracts with OceanaGold Corporation and SGS, building on four contracts secured in the first quarter of FY25. These additions bring the total number of contracted PhotonAssay units to 56, although only 34 units are currently deployed. This leaves a significant capacity to scale up operations as demand grows.
Cash Flow and Financial Position
Chrysos also reported strong cash flow results for the quarter. It recorded $11.7 million in cash receipts from PhotonAssay customers, resulting in $1.5 million in net operating cash inflows.
As of the end of the quarter, Chrysos had a cash balance of $26.6 million and access to $95 million in undrawn debt, leaving the company well-funded to support the continued growth of PhotonAssay units.
Management Comments and Guidance Reaffirmation
Chrysos’ managing director and CEO, Dirk Treasure, expressed satisfaction with the company’s performance in the first half of FY25, stating:
“Increased sample volumes, together with our growing international unit footprint, have driven 12% quarter-on-quarter revenue growth. We remain on track to achieve our FY25 guidance of $60–$70 million in revenue and $9–$19 million in EBITDA.”
Treasure added that the company is well-positioned to benefit from a broader recovery in the gold industry cycle, leveraging its latent unit capacity to capture additional demand.
