Chrysos Reports $16.2m Q3 Revenue, 57% Surge in Sample Volumes
Chrysos Corporation reported a 25% year-on-year revenue increase in Q3 FY25, driven by strong growth in sample volumes and expanded deployment of its PhotonAssay technology across key mining regions.
- Q3 FY25 revenue rose 25% YoY to $16.2 million
- Sample volumes increased 57% YoY to 1.7 million
- Total deployed PhotonAssay units reached 35, with 58 contracted
- New deployments include major mining sites in Nevada, New Zealand, Namibia, and Australia
- FY25 revenue guidance remains $60m-$70m; EBITDA tracking below midpoint
Strong Revenue Growth Amid Expanding Deployments
Chrysos Corporation Limited (ASX:C79) has delivered a robust trading update for Q3 FY25, reporting unaudited revenue of $16.2 million. This marks a 25% increase compared to the same quarter last year and a 5% rise quarter-on-quarter, underscoring sustained demand for its PhotonAssay technology in the mining sector.
The revenue growth was underpinned by a significant 57% year-on-year increase in sample volumes processed, reaching 1.7 million samples in the quarter. This surge reflects the ongoing conversion of gold mining projects to Chrysos’ faster and more accurate assay method, supported by both existing and newly deployed units.
Expanding Global Footprint with Strategic Deployments
Operationally, Chrysos has expanded its footprint with the deployment of five new PhotonAssay units during the quarter. Notably, the company completed the installation of a direct-to-mine unit at OceanaGold’s Macraes project in New Zealand and deployed a third unit supporting Barrick’s Nevada Gold Mines operation in the United States.
Additional deployments include new hub-and-spoke laboratories in Namibia for Gloriosa Lab, and in Australia at Kalgoorlie for both SGS and ALS, increasing the capacity of these established facilities. The company now has 35 units deployed globally, with a further 58 units contracted, including two new units secured with ALS during the quarter.
Financial Position and Guidance Outlook
Chrysos remains on track to meet its FY25 guidance, maintaining revenue expectations in the $60 million to $70 million range, though current performance is tracking toward the lower end. EBITDA is anticipated to fall below the midpoint of the $9 million to $19 million guidance range, reflecting ongoing investments and operational costs.
The company’s balance sheet remains strong, with $35.1 million in cash and $77.1 million in undrawn debt facilities as of 31 March 2025, providing ample liquidity to support continued unit deployments and growth initiatives. Chrysos also noted that property, plant, and equipment costs normalized in Q3 following elevated spending in Q2 related to supplier payments for unit growth.
Looking Ahead: Aligning Growth with Manufacturing Capacity
Chrysos emphasized its commitment to aligning deployment cadence with manufacturing capacity in the medium term, aiming to balance rapid expansion with operational efficiency. With nine units ready for shipment and installation, down from 13 in the previous half, the company appears focused on streamlining its rollout process.
As Chrysos continues to scale its PhotonAssay technology across key mining jurisdictions, the company’s ability to rapidly deploy units and secure contracts with major industry players like ALS and Barrick positions it well to capitalize on the growing demand for faster, safer, and more environmentally friendly gold analysis.
Bottom Line?
Chrysos’ steady revenue growth and expanding global deployments set the stage for a pivotal FY25, though execution risks remain tied to manufacturing capacity and EBITDA margins.
Questions in the middle?
- How will Chrysos manage manufacturing constraints to meet deployment targets?
- What impact will the lower-than-midpoint EBITDA tracking have on investor confidence?
- Can Chrysos secure additional contracts beyond ALS and Barrick to accelerate growth?
