Chrysos Corporation posted a 33% revenue increase and 68% EBITDA growth in FY26, driven by expanding its PhotonAssay™ technology fleet to 46 units worldwide and signing 24 new lease agreements.
- 33% revenue growth to $88.1 million
- 68% EBITDA increase to $27.2 million with 31% margin
- 46 PhotonAssay™ units deployed across five continents
- 24 new lease agreements signed, expanding contracted units to 87
- Secured $200 million syndicated debt facility to fund growth
Record Financial Performance Amid Global Expansion
Chrysos Corporation Limited (ASX:C79) has marked its strongest financial year yet, reporting FY26 revenue of $88.1 million, a 33% increase on FY25’s $66.1 million, alongside a 68% jump in EBITDA to $27.2 million. The company’s EBITDA margin expanded to 31%, up from 24% the prior year, reflecting improved operating leverage as PhotonAssay™ unit utilisation surged.
This performance underscores Chrysos’ successful scaling of its proprietary PhotonAssay™ technology, which offers faster, safer, and more accurate assay services to the global mining sector. The business processed over 11.3 million commercial samples during FY26, a 67% increase on FY25, with monthly sample volumes surpassing one million for five consecutive months since March 2026.
Fleet Growth and Geographic Diversification
Chrysos expanded its global footprint by deploying seven new PhotonAssay™ units during FY26, including its inaugural installation in South America at Bureau Veritas’ Antofagasta site in Chile. This milestone extended the company’s presence to 46 units operating or deploying across five continents and 12 countries.
Alongside deployments, Chrysos signed 24 new lease agreements during FY26, with an additional four post-period, bringing its contracted fleet to 87 units. The company’s strategy of partnering with all four major global laboratory groups; SGS, ALS, Bureau Veritas, and Intertek; has been pivotal in driving adoption and expanding market reach.
Revenue growth was well-distributed geographically: Asia-Pacific led with 70% growth to $39 million, Americas revenue rose 28% to $23.4 million, and EMEA continued steady expansion to $25.8 million. International markets now represent 56% of total revenue, reflecting Chrysos’ successful diversification beyond its Australian base.
Robust Revenue Model with Upside from Utilisation
Chrysos’ revenue comprises Minimum Monthly Assay Payments (MMAP), providing a stable, contracted base, and Additional Assay Charges (AAC), which capture upside from volumes processed above contracted minimums. MMAP grew 12% to $62.5 million, consistent with fleet expansion, while AAC surged 153% to $25.5 million, now representing 29% of total revenue compared to 15% in FY25.
Higher utilisation rates across the fleet, with some sites exceeding the nameplate capacity of 40,000 samples per unit per month, have driven this AAC growth, demonstrating the scalability and stickiness of Chrysos’ business model amid a buoyant gold market and rising exploration activity.
Strengthened Balance Sheet and Funding for Growth
Chrysos refinanced its debt during FY26, replacing its previous asset-based facility with a new $200 million syndicated corporate debt facility provided by Australia and New Zealand Banking Group, National Australia Bank, and Export Finance Australia. As of 30 June 2026, $60 million was drawn with $140 million undrawn, providing ample headroom to support manufacturing cadence and global deployments.
The company’s operating cash flow doubled to $17.9 million, reflecting strong earnings and disciplined working capital management. Capital expenditure of $41 million was invested primarily in manufacturing capacity, with $114 million in capital commitments ensuring readiness to meet rising demand.
Operational Excellence and Safety
Chrysos maintained a strong safety record with zero notifiable incidents and a stable Total Recordable Injury Frequency Rate (TRIFR) of 2. Its workforce grew 14% to 236 employees across 14 countries, supporting expanded operations and customer service.
Product development continued with rollout of next-generation PhotonAssay™ units, including the XN model deployed at SGS Perth, featuring improved throughput and simplified maintenance. The company also advanced capabilities in detecting additional elements such as copper and silver, reinforcing its technology leadership.
Executive Remuneration Reflects Performance
Executive pay outcomes mirrored the company’s strong performance. The Managing Director and CEO received a short-term incentive award of 98.1% of maximum opportunity, while the CFO’s award was 89.5%. However, no long-term incentive rights vested for the FY24 grant due to Total Shareholder Return (TSR) falling below the benchmark index, highlighting the rigorous performance hurdles in place.
For FY27, fixed remuneration for the MD & CEO and CFO will increase to $714,000 and $467,000 respectively, reflecting the company’s growth and operational complexity. The incentive framework will evolve to include both absolute and relative TSR measures to better align executive rewards with shareholder outcomes.
What to Watch Next
Chrysos enters FY27 well-positioned to accelerate deployments with a contracted pipeline of 83 units and a target manufacturing cadence of 18 units per year. The company’s ability to convert contracts into revenue-generating assets, sustain high utilisation, and expand its non-gold assay capabilities will be critical to maintaining momentum.
Risks remain around deployment timing due to site readiness and geopolitical factors, particularly in emerging markets. The upcoming performance of the FY25 and FY26 long-term incentive grants will also be closely observed as indicators of shareholder value creation.
Bottom Line?
Chrysos’ FY26 results confirm PhotonAssay™ as an industry standard, but execution risks and TSR hurdles will test growth sustainability in FY27.
Questions in the middle?
- How quickly can Chrysos convert its strong contracted pipeline into deployed, revenue-generating units?
- Will the company’s expansion into non-gold elements materially broaden its addressable market?
- How will geopolitical and supply chain risks impact deployment schedules and operating costs?