Earnings call transcript: Chrysos Corporation’s Q4 2025 results show strong growth

Chrysos Corporation Limited reported a robust financial performance for the fourth quarter of 2025, highlighted by a 46% increase in revenue to $66.1 million and an 80% growth in EBITDA to $16.1 million. The company’s stock experienced a modest increase of 0.9%, closing at $7.81, as investors reacted to the positive earnings report. With a market capitalization of $590.48 million and a year-to-date return of 58.1%, InvestingPro data suggests the stock is currently trading near its Fair Value. The company also provided an optimistic outlook for fiscal year 2026 with projected revenue growth of 30% at the midpoint.

Key Takeaways

• Revenue surged by 46% year-over-year, reaching $66.1 million.
• EBITDA grew by 80%, with the margin increasing from 20% to 24%.
• Chrysos deployed 11 new PhotonAssay units, expanding its total to 40.
• The company has a strong net cash position of $91.1 million.
• FY2026 revenue guidance indicates a 30% growth at the midpoint.

Company Performance

Chrysos Corporation demonstrated significant year-over-year growth in Q4 2025, driven by its innovative PhotonAssay technology. The company expanded its deployment of assay units and strengthened partnerships with major laboratory companies and gold miners. This strategic expansion has positioned Chrysos to capture a larger share of the gold exploration market, which is showing signs of recovery.

Financial Highlights

• Revenue: $66.1 million, a 46% increase from FY24.
• EBITDA: $16.1 million, up 80% from the previous year.
• EBITDA margin improved to 24% from 20%.
• Net cash position: $91.1 million.

Outlook & Guidance

Chrysos provided an optimistic outlook for FY2026, forecasting revenue between $80 million and $90 million, representing a 30% growth at the midpoint. EBITDA is projected to grow by 50% at the midpoint, with a focus on expanding into new regions, particularly South America. Analysts maintain a positive outlook with a consensus recommendation of 1.8 (where 1 is Strong Buy), and expect the company to achieve profitability with an EPS of $0.01 in FY2026. The company plans to continue deploying its PhotonAssay units, enhancing its market penetration.

Executive Commentary

Dirk Treasure, CEO of Chrysos, emphasized the company’s strategic partnerships and market potential, stating, "We’re now supported by all four of the major global laboratory companies." He also highlighted the market opportunity, noting, "Our total addressable market is around $120 million in annual revenue."

Risks and Challenges

• Market saturation in existing regions may limit growth.
• Economic volatility could impact gold exploration investments.
• Technological advancements by competitors could challenge Chrysos’s market position.
• Expansion into new regions may involve higher operational costs.
• Regulatory changes in key markets could affect deployment strategies.

Chrysos Corporation’s strong financial performance and strategic initiatives position it well for future growth, despite potential challenges in the broader market environment. For deeper insights into Chrysos’s financial health and growth potential, InvestingPro subscribers can access 13 additional ProTips and comprehensive financial metrics, including detailed valuation analysis and peer comparisons.

Full transcript - Chrysos Corporation Ltd (C79) Q4 2025:

Conference Operator: Thank you for standing by and welcome to the Chrysos Corporation Limited Trading Update. All participants are in a listen only mode. There will be a presentation followed by a question and answer session. If you wish to ask a question you will need to press the star key followed by the number one on your telephone keypad. I would now like to hand the conference over to Mr. Dirk Treasure, Managing Director and CEO. Please go ahead.

Dirk Treasure, Managing Director and CEO, Chrysos Corporation Limited: Thank you very much and good morning shareholders. Thank you all for joining us today. As usual, I’m joined by our CFO Brett Coventry. As you may have seen from the results, we’ve had a slight delay to releasing our annual report while the auditors work through our international tax position, particularly with respect to the accounting of deferred tax assets. We’re working closely with the auditors and confident that we will resolve this shortly and issue the full annual accounts before the end of August. In the meantime, I’m pleased to present a very exciting trading update capturing what has been a big year for Chrysos as well as the achievement of some significant milestones during the six weeks post year end. Slide 4 please, operator. I’ll start off with a very brief introduction of who we are and how we make money.

Our flagship technology, PhotonAssay, is the best technology available to analyze gold for a gold miner. Analysis is a non-discretionary spend such that it would be impossible to run a mine or exploration project without it. Prior to adoption of PhotonAssay, gold miners have predominantly been using a technique called fire assay which dates back to a time before Chrysos. Our PhotonAssay technology is faster, more accurate, requires reduced labor and sample preparation, and is better for the environment and for operators. Chrysos’ business model is based on a fee per sample and a take or pay which is designed to be competitive to fire assay, allowing us to offer an improved service to miners at the same or better price. Our contracts are typically five-year renewable contracts that offer secure long-term revenue, mostly with tier one counterparties. We operate lease agreements with minimum monthly assay payments or MMAP.

Each unit offers further upside based on utilization, with increased utilization leading to additional assay charges or AAC. Our growing fleet of PhotonAssay units operates at a gross profit margin of between 70% and 80%, and our global patent strategy protects us from direct competition. Without getting ahead of myself too far, we now count all four of the world’s biggest laboratory companies as partners and fulfill the analysis requirements for seven of the world’s biggest gold miners in at least one of their mines. Even with our rapid growth, we represent only a small proportion of the global gold assay market, so there remains plenty of opportunity for future expansion. Slide 5 please. Operator, Chrysos has finished the year strong and is out the gate for a cracking FY25. Our total unaudited revenue of $66.1 million is up 46% on FY24, reflecting excellent adoption of PhotonAssay throughout the year.

At the conclusion of the first half, we were guiding toward the lower end of our guidance range of $60 to $70 million, but have comfortably come in above midpoint as a result of the final four months of the year, demonstrating a solid recovery in sample volumes in the industry. Unaudited EBITDA for FY25 of $16.1 million demonstrates solid growth of 80% on FY24. Similarly to revenue, this follows our most recent guidance of below the midpoint of our $9 to $19 million range. Our improved result here demonstrates the strong flow through of revenue to EBITDA and the strength of our business model, which is designed to capture upside in the industry. Our EBITDA margin for the year was 24% compared to 20% in FY24.

Our net cash position, made up of cash and undrawn debt with the Commonwealth Bank, totals $91.1 million, providing substantial runway to support future growth. We deployed a total of 11 units during FY25, supported by nine new agreements. This brings us to a total of 40 deployed PhotonAssay units operating. Next slide please. Operator, in May of this year, we are pleased to announce our partnership with Newmont for deployment of PhotonAssay to their gold mines. Newmont operates 13 major gold mines around the world, including the two joint ventures that Newmont have with Barrick, which includes the Nevada Gold mining complex, which is supported by three PhotonAssay units. The structure of our agreement in May was to implement a Master Services Agreement with Newmont, which would streamline future PhotonAssay adoption for the miner.

Newmont initially committed to a single unit for deployment to their Ahafo mine in Ghana, and I’m pleased to announce today that we’ve expanded our relationship with Newmont with their commitment to deploy PhotonAssay into their Merian gold mine in Suriname, South America. Their rapid adoption into a subsequent mine site illustrates their confidence in PhotonAssay and demonstrates the efficacy of the Master Services Agreement. Our initial deployment to Ahafo in Ghana is now expected to begin before the conclusion of the first half FY26, and the Merian deployment will be following close behind it. Next slide please. Operator, with the deployment of an additional 11 units during FY25. We concluded the year with 40 deployed PhotonAssay units across four continents. I mentioned before that we’ve had a running start for FY26 and that’s captured on this slide.

In addition to the Merian deployment secured with Newmont, we’ve entered into our first contract with Bureau Veritas in partnership for South America, starting with a deployment into Antofagasta in Chile. This means that Chrysos has now partnered with all four of the global major laboratory companies being SGS, ALS, Bureau Veritas, and Intertek, with each company endorsing and openly marketing our technology to the industry. While the agreement with Bureau Veritas is only for one unit initially, we look forward to working with them and exploring further opportunities in this new region. Further to Newmont and Bureau Veritas, we have contracted the first of our next generation XN PhotonAssay units to SGS for deployment in Perth. I’ll provide some more detail on XN later in this presentation.

We’ve also secured an agreement with Intertek for deployment at Pantoro’s Norseman Gold mine in Western Australia and have actually just completed installation of that unit. This is testament to our ability to move quickly with the units that we have available and ready to ship. With respect to those units, we’ve now reduced their number to nine units and these remain available to be quickly deployed into an accelerating market. Next slide please, Oprah. I won’t go into all of the detail on this slide, but we’re often asked about our sales strategy. In brief, we work closely with the laboratory companies which support PhotonAssay adoption by directly marketing to local miners and explorers. Within Chrysos, we have a team that supports their efforts with the obvious outcome that high utilization of our deployed hub and spoke units drives unit margins.

Our mine site deployment strategy is targeted toward the larger gold miners, conversion of which creates an adoption blueprint and provides confidence for other miners to adopt PhotonAssay, effectively creating a snowball effect. These deployments are further supported by our technical services team, which is made up primarily of metallurgists and geologists that can ensure that miners are getting the best value out of their adoption beyond just a like-for-like replacement for fire assay and ensuring the best experience with the technology. While most of our samples come from the hub and spoke laboratories as shown on the right-hand side, we have a growing volume originating from mine site deployments, which remains a key focus for Chrysos. I would also point out in this chart the increasingly sharp rise in sample volume, reflective of ongoing adoption of the technology and, more recently, accelerating sample volumes coming through the industry.

Slide 9 please, operator. The chart on the left here illustrates our current penetration into the mining industry. Mindful that we’ve only had PhotonAssay operating for seven years in an industry that is conservative and often slow to adopt new technology, we consider this to be a huge achievement, and it showcases the near-term future potential. Each slice represents one of the largest 20 gold mining companies by production. The yellow slices indicate those companies that are actively using our technology across one or multiple mines, either directly or via one of our laboratory partners. Every one of these companies offers future growth where we are not yet running all of their samples because they are all multi-mine operators. The blue slices represent those companies where we’ve completed one or more paid feasibility or implementation studies.

For some of the larger companies, this often spans multiple deposits and ranges through exploration, geology, production geology, and metallurgical analysis. These companies are each near-term conversion opportunities where we remain in active discussions regarding either technical or commercial aspects of PhotonAssay. All of the studies have successfully illustrated PhotonAssay’s applicability to displace existing analytical techniques. Lastly, the gray slices here represent future potential, albeit some of these are within countries that we’re not looking to operate in at this time. Over the past couple of years, we’ve demonstrated an excellent track record of miner conversion, most recently bolstered by our agreement with Newmont. Slide 11 please, operator. Our view as a company is to be the world’s leading provider of innovative assay services and technologies, and that really starts with our PhotonAssay technology.

The goal with PhotonAssay is to convert all major gold mining projects around the world to PhotonAssay, displacing their incumbent analytical techniques. We’re building strategic partnerships with our customers, which are both major miners and laboratory companies. We’re now supported by all four of the major global laboratory companies, complementing our relationships with our other laboratory partners MSA and Britannia. These partnerships are key to our success, and we work closely with our partners on new opportunities. Our business model, which operates as a fee per sample, reduces barriers to entry, minimizing the investment required by our customers, making for a very simple adoption proposition. Our commitment to availability and performance of the equipment, supported by our global maintenance team, de-risks adoption for a technology that becomes critical infrastructure for the mine site.

For Chrysos, the business model offers a long-term annuity style revenue post deployment where our economics are supported by our minimum monthly assay payments. We also retain exposure to industry upswings where our additional assay charges can drive unit profitability higher, as we’re seeing over the last few months. On the right-hand side, we illustrate market penetration into our total addressable market. Our TAM is made up of hub and spoke laboratories accounting for around 200 deployment opportunities and miners which account for around 410 opportunities. Once a mine is large enough, it requires site analysis to operate, otherwise it would be effectively running its process, plant, and mining operations without any information. As a gold mine processes more tonnes, it generally correlates to a higher volume of samples.

We’ve estimated our total addressable market as those mines around the world which are mining at least 40,000 ounces of gold a year, equating to around $120 million in annual revenue. It’s important to note that we consider the total addressable market as the number of sites for deployment around the world, and while we have 40 units deployed, we’re only on 29 sites. This highlights that while we have had excellent adoption to date, we’re still at less than 5% market share, so there’s still considerable upside from here. Next slide please. Albrona, this slide shows the distribution of our total addressable market and highlights why our expansion into South America is so important to Chrysos. South America represents around 20% of those mines producing more than 40,000 ounces of production and so will be an important part of our global market.

We’re excited to be supported by Bureau Veritas for our entry into the region and consider that their well-established platform of laboratories in South America will accelerate adoption by miners in the region. Next slide please. Alvaro, I referenced our XN unit earlier in the presentation. With that unit soon to be deployed to SGS into their Perth laboratory, we’re excited to showcase XN and look forward to providing some of the quantitative differences between XN and our first generation units in future. XN is focused on providing the same groundbreaking PhotonAssay analysis with even greater efficiency. That means less time to install, lower transportation costs, simpler operator interaction, and reduced maintenance requirements. In essence, this system is designed to be even easier for customers to use while costing Chrysos less to install and maintain.

We’ve successfully demonstrated the new automation used in XN when we upgraded one of our initial Intertek units with the Australian designed and built system. We’re pleased with the results and are now moving to roll out the complete XN generation. Next slide please. Operator, while the gold market remains our primary focus, there’s considerable opportunity beyond just gold analysis. We currently operate PhotonAssay globally for gold, silver, and copper and have scoped to broaden that into other elements as well as other applications. Our ability to offer this broader service has been important in securing contracts with customers that have products that extend beyond gold. We’re seeing increasing interest in our broader suite of analysis and have been working with our laboratory partners around the world to enable these additional services on their units. Slide 16 please.

Operator, we’re pleased to provide guidance for FY2026 indicating another strong year of growth ahead. Revenue guidance has been set at $80 million to $90 million, an increase of 30% on FY2025 at the midpoint, and we are guiding to an EBITDA range of $20 million to $27 million, which is a circa 50% increase on FY2025 at the midpoint. While we see elevated samples in the industry and we are cautiously optimistic that the cycle is on the way up, we remain conservative in any flow through into the guidance range. Next slide please. Summarizing the year, we’ve had robust growth of revenue and EBITDA up 46% and 80% respectively, supported by an increasing EBITDA margin from 20% to 24% year on year.

We fulfilled our original guidance for both revenue and EBITDA despite guiding toward the lower end of our guidance during our first half release, reflective of accelerating deployments and increased industry activity following the first half. We deployed 11 new units during the year, bringing our deployed units to 40 at the end of the financial year. Between FY24 and a couple of months post period, we’ve had some excellent progress from a strategic standpoint with strong growth in our relationship with SGS, with four units related to SGS deployed during the year, including two direct-to-mine sites in support of Barrick and OceanaGold. We’re also excited to be deploying the first of our next-generation XN PhotonAssay units to SGS in the coming months.

Our Master Services Agreement with Newmont has already streamlined adoption of their second PhotonAssay unit, with units to be deployed to Ahafo in Ghana and Merian in Suriname during FY26. We’ve entered a foundational partnership with Bureau Veritas for deployment into South America, with an initial deployment into Antofagasta in Chile. While this currently has only one related unit, we look forward to the opportunity to convert a new region of gold miners to PhotonAssay supported by Bureau Veritas. We’ve also had our first unit where we’ve contracted directly with a miner, where a major laboratory company has been separately contracted to run this unit. This three-way partnership between Chrysos, OceanaGold, and SGS is performing well and delivering the miner the best outcome. Finally, we remain well supported for future growth with cash on hand and available debt totaling $91.1 million at the end of FY25.

Thank you and we’ll move to questions.

Conference Operator: Thank you. If you wish to ask a question, please press Star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press Star two. If you’re on a speakerphone, please pick up the handset to ask your question. Your first question comes from Josh Kanarakis from Baron. Josh, please go ahead. Your line is now live. You may have yourself on mute. Once again, if you do wish to ask a question, please press Star one and wait for your name to be announced. Your next question comes from Jules Cooper from Shoran Partners. Please go ahead.

Dirk Treasure, Managing Director and CEO, Chrysos Corporation Limited: Hi, Dirk, thanks for taking my question. It looks like you’ve had quite a good finish to the year. If we cast our mind back to the FY2025 closeout, the revenue came in a bit higher than what your guidance was. That flowed through to EBITDA, as we’d expect. Is that coming from, do you think, that improvement in the cycle and additional assay charges coming through?

I’m just curious, your comment.

They’re about, you know, remaining optimistic, but not factoring that into the guide. How have you handled that, given what looks like a pretty strong finish to FY2025? Yeah, great. Great question, Gilles. Thanks. Thanks for the question. It’s certainly been a strong finish to 2025 with respect to additional assay charges. I’d say that’s a function of two things. I talked earlier on about our sales strategy of supporting laboratories to bring in additional samples in the catchment regions that surround those labs. I certainly think that’s bearing fruit. In addition to that, we are seeing the industry itself picking up. Sample volumes are starting to increase after what’s been, up until three or four months ago, a relatively soft exploration market.

As we mentioned in guidance, we’re cautiously optimistic and I think that’s reflected in what we’ve seen from some of the other companies that are releasing that are in a similar industry. As I said, we haven’t really baked a, we certainly haven’t baked any increase beyond where we are into guidance for next year.

Fantastic.

All right. Just one follow up. Great news on South America. Multiple units now going into that region. When we look at the cost base, that’s assumed there within the guide.

If we just take EBITDA from EBITDA.

From the revenue, how much of that broadly is an investment into South America?

Do you think, in terms of establishing?

A base there versus the other regional hubs you have.

Ongoing investment required in the business?

Yeah, look, that’s certainly factored into those numbers. The way that we’ve talked about this before is it costs us very little to deploy an adjacent unit to an existing unit, both for maintenance and kind of operating overheads. As we then have additional units in a country that we already operate in, that’s a very small step up. As new regions become a bit of a bigger step up there, there will be establishment costs to get into the region, but those are included in the EBITDA. I think it’s probably important to note as well that we’ve talked about having these four major regions for us: APAC, North America, South America, and Africa, or EMEA, rather. This then establishes us in all of those regions.

Where we’ve had step changes in costs as we’ve expanded in the past, this now really has all of those costs built in and everything becomes incremental from here. Yeah. Excited to get into that region. Yeah.

Fantastic.

Great result. Thank you. Thank you once again.

Conference Operator: If you do wish to ask a question, please press Star one. We’ll pause for any further questions to register. Your next question comes from Sam Clark from CLSA. Please go ahead.

Dirk Treasure, Managing Director and CEO, Chrysos Corporation Limited: Hey guys, great result and thanks again for taking my question. I’d just be keen to understand the timing around the new XN model you mentioned. Deployment’s going to be a bit quicker. Just be keen to hear a little bit about that. Yeah, absolutely. No, thanks for the question, Sam. This is something that we’re always excited to talk about, but we probably don’t talk about it much. We have, within one of the Intertek units already in Perth, replaced the automation in that unit to effectively test our XN automation. The automation is one of the biggest aspects of the upgrade there, and that’s now been running for about six to eight weeks at full capacity. The XN unit that incorporates that automation, that’s the complete new design. Smaller footprint, lighter, easier to install, easier to operate, easier to maintain, is probably three months away from being installed.

It’s actually been built, factory tested in China, and it’s now being boxed up and shipped to Australia. This is a very near term deployment for us. Later this year or early next year, you could certainly expect some more quantitative results as to how that unit is performing and the impact on exactly the things there that I’m talking about. Great, thanks. And then, yeah, back to maybe the guidance.

I just.

Sorry, I missed that a little bit from Jules. The 80 to 90, is that basically assuming pretty similar levels of AACS now and then MMAP coming through from the current deployments? Pretty much, yeah. Correct. We take a conservative view on the AACS, and then we build in our models the MMAP that will come from each unit going forward. I’d say that we don’t consider the industry to be improving from where we are at the moment. There’s potential upside there. Great. Thanks very much. Take those questions.

Conference Operator: Your next question comes from Josh Kanarakis from Baron Joey. Please go ahead.

Hey, guys, second time lucky. Sorry, the web phone wasn’t working. Can you hear me okay?

Dirk Treasure, Managing Director and CEO, Chrysos Corporation Limited: Yeah, we got you. Thanks, Josh. Thanks.

Just a point of clarification around the guidance, firstly. When you talk about the industry not improving, basically we’re thinking that the AAC, like, are we saying that the midpoint of guidance effectively is the AAC sort of the current levels of market volumes, or how should we look at the bottom and the top end in terms of the range? Is that more deployments?

Yeah, look, that’s a fair question. You’re dead on there. The idea of where we are at the moment projected forward from AAC lands us roughly in the midpoint as well as our planned deployment timing. If there’s accelerated deployments or the industry heats up, we end up towards the top of that range. Obviously, the inverse there applies as well. There’s really only two levers to that revenue number, and that’s timing of unit deployments and the revenue per unit driven by the utilization of those units and what’s happening in the industry.

Got it. Okay, that’s great. Second one just around Newmont. Great that you’ve obviously had some progression in those contracts. What’s the pipeline there looking like? Obviously that was a pretty quick turnaround post the Master Services Agreement. There’s probably another 20 or so out there. How should we be sort of looking at the roadmap there? Maybe just talk us through a little bit more detail or granularity around that process and where you are in terms of the sales pipeline and potential for conversion over the next 12 months?

Absolutely. Newmont adopting their second unit really just shows confidence in the technology. If we think back to the way that our relationship with Barrick has progressed over the years, they deployed the first unit, got comfort with that unit, deployed another to their flagship African asset, got confidence with that, and then moved toward a global adoption. The fact that we’re seeing Newmont be more aggressive from an adoption point of view, and I guess they already consider the PhotonAssay technology to be de-risked for their mines, seeing that rapid adoption is excellent for us. We will then work methodically through all of their other projects. I mentioned earlier in the release that there are 13 mines run by Newmont. This will get us into two of them that are not joint ventures. We’re also in the Nevada Gold Mines complex, which is a Barrick joint venture.

We’re in three of the 13, which leaves 10 to go.

Got it. Okay. No, I understand. In terms of Bureau Veritas, can you just give us a little reminder, you know, fantastic to get them on board, a bit of context around their positioning in the market, their strategy, what the roadmap is for further adoption both over in South America and globally?

Yeah, absolutely. Bureau Veritas are one of the four big laboratories. When we think about the four big laboratories, they’re an order of magnitude bigger than the mid tiers below them. Having Bureau Veritas now as a customer in support of our technology is an excellent outcome. In South America, ALS and Bureau Veritas are pretty much the two dominant laboratories. Working with Bureau Veritas in that region, they’re well established and I think that really helps. We’ve talked a lot about the fact that Bureau Veritas haven’t adopted previously because they’ve just been that slight step behind some of the other major labs that we’ve been working with. It’s pretty exciting for both Chrysos and Bureau Veritas that they’re establishing in a region that the other labs haven’t established yet. I think this gives us a clear opportunity with Bureau Veritas to grow in that region.

Obviously, the sweetener of having Merian over there in Suriname means that we’ve got two units basically going into South America around the same time as well. Having that going to Newmont allows us that halo effect of you’ve got the world’s biggest gold miner operating our technology in South America in one of their big mines. As we go in with a laboratory partner in a hub and spoke labor, really just using that halo effect to drive volume in there and drive adoption into South America.

Got it. Final one for me, if I can squeeze one in. Just on forward looking CapEx, can you give us any context around how we should be thinking about versus 2025, sort of the all-in CapEx expectations going forward?

Yeah, great question. Look, I’ll pass to Brett in a second. It’s probably important to note that we’ve talked about CapEx of a unit being in the order of $4 million per unit. We account for some capital spares as well, being in the 10% of capital cost. You can certainly see that continuing with our rollout of units without those numbers really changing dramatically. Brett, do you have more details at this stage? We’re still working through that position, obviously, Josh. We’ve also been a little bit distracted with a few other things over the last couple of days. Apologies there, but yeah. We expect to release the final results before the end of August and we can probably include some more information at that point in time.

Okay, got it. All right, thanks, guys.

Conference Operator: Thank you. There are no further questions at this time. I’ll now hand back to Mr. Treasure for closing remarks.

Dirk Treasure, Managing Director and CEO, Chrysos Corporation Limited: Thank you, Ami. Thank you to everyone for attending today. I’m really excited to see what FY26 brings. We’ve got great conversion of the biggest miners. We now have all four of the major labs supporting our technology. We’re operating in all of our target regions, and we have an exploration industry that looks like it might be turning upward after a couple of slow years. I look forward to providing you with further updates throughout FY26.

Conference Operator: That does conclude our conference for today. Thank you for participating. You may now disconnect.

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