Can Chrysos Sustain Growth Amid Rapid Expansion and Market Challenges?

Strong Financial Momentum

Chrysos Corporation Limited (ASX – C79) has delivered a compelling trading update for FY25, showcasing a 46% surge in revenue to $66.1 million and an 80% leap in EBITDA to $16.1 million. These gains underscore the accelerating global adoption of its proprietary PhotonAssay technology, which offers faster, safer, and more environmentally friendly gold analysis.

The company’s EBITDA margin improved to 24% from 20% in the prior year, reflecting operational leverage as deployment scales. Chrysos also reported positive operating cash flow of $8.8 million and maintains a strong balance sheet with $95 million in debt facilities, of which only $17.4 million was drawn by year-end, positioning it well to fund further expansion.

Expanding Global Footprint and Strategic Partnerships

Chrysos has now deployed 40 PhotonAssay units worldwide, including 11 during FY25, with active engagement from 70% of the world’s top 20 gold miners. A highlight is the recently announced Master Services Agreement (MSA) with Newmont Corporation, the world’s largest gold miner. This agreement will see PhotonAssay units deployed at Newmont’s Ahafo gold mine in Ghana and Merian mine in Suriname in FY26, building on prior deployments at the Nevada Gold Mines joint venture.

Beyond Newmont, Chrysos has strengthened partnerships with major laboratories such as SGS, Bureau Veritas, and ITK, facilitating broader market penetration across key mining regions including Australia, North America, South America, and Africa. The company’s lease model ensures secure, recurring revenue streams with upside potential as unit utilization increases.

Innovation and Market Opportunity

Chrysos continues to enhance its PhotonAssay technology, introducing the new XN generation units with improved automation, smaller footprint, and higher throughput capacity. This innovation supports easier installation and maintenance, further strengthening unit economics.

The company’s strategy targets converting gold mining projects globally to PhotonAssay, leveraging competitive pricing and strategic partnerships to capture a growing share of the estimated 610-site total addressable market. While gold remains the core focus, Chrysos is exploring applications beyond gold to other base metals, rare earths, and energy metals, signaling potential for diversified revenue streams.

Outlook and Guidance

Looking ahead, Chrysos projects FY26 total revenue between $80 million and $90 million, with EBITDA expected to range from $20 million to $27 million. This guidance reflects confidence in continued unit deployments and expanding adoption of PhotonAssay technology across the mining sector.

With a robust cash position and strategic contracts in place, Chrysos appears well positioned to sustain its growth trajectory and deepen its footprint among the world’s leading gold producers.