Chrysos (ASX:C79) reported a strong first half of FY 2026, pointing to accelerating global adoption of its PhotonAssay technology, record sample volumes, and expanding margins as utilization increased across its deployed fleet. Managing Director and CEO Dirk Treasure said the company is seeing “meaningful operating leverage emerging in the business” as both new deployments and a supportive gold industry cycle lift throughput.
Revenue growth and margin expansion
For the half, Chrysos posted revenue of AUD 43.3 million, up 49% year-on-year. EBITDA rose 152% to AUD 14.3 million, with EBITDA margin expanding to 33% from 20% in the prior corresponding period. CFO Brett Coventry said revenue growth “materially outpaced expense growth,” which he described as evidence that the global platform Chrysos has been building is now delivering operating leverage.
Record sample volumes and rising additional assay charges
Management emphasized PhotonAssay sample volumes as a key leading indicator of adoption. Treasure said Chrysos is now processing volumes approaching 1 million samples per month, with consistent growth of 50% to 100% year-on-year. Coventry noted January volumes exceeded 950,000 samples and said utilization momentum had continued into the second half.
Additional Assay Charges (AAC)—which provide upside as utilization rises—continued to increase as a portion of revenue. AAC totaled AUD 11.7 million for the half and represented about 27% of total revenue, up from just over 11% in the first half of FY 2025. Management said elevated gold prices and improving exploration and production activity were supporting higher utilization, which flows through to AAC.
Deployments, contracting momentum, and customer adoption
Chrysos ended the half with 43 deployed units. The company deployed four units during the period, with one unit reaching end of lease. Treasure highlighted deployments including an “XN” generation unit with SGS in Perth, Pantoro’s Norseman mine site with Intertek, a second ALS unit in Thunder Bay, Canada, and ALS’s seventh Western Australian unit. The company is also upgrading “Max Unit One,” its first unit, located at ALS’s Canning Vale facility in Perth.
On the contracting side, Chrysos signed eight new lease agreements during the half and a further six after period end, bringing total contracted units to 72. Treasure described a “step change in sales momentum,” with 14 lease agreements signed in recent months, and said the company is looking to accelerate its deployment schedule in 2026 and beyond.
The company reiterated its dual go-to-market approach:
- Hub-and-spoke laboratory partnerships, where labs market PhotonAssay to regional customers
- Direct-to-mine deployments, which embed PhotonAssay into mine operations and deepen engagement with technical teams
Treasure said mine-site deployments can unlock value beyond replacing fire assay, while increased Tier One miner adoption creates a “halo effect” for broader industry conversion.
Management also pointed to milestones over the past 18 months, including SGS installing the first complete XN unit, Bureau Veritas entering its first PhotonAssay lease (bringing Chrysos partnerships to all four major global labs), and expanded engagement with major miners. Treasure said Chrysos now has engagement with approximately 70% of the top 20 gold miners, while still representing around 5% of the global opportunity.
Cash flow, balance sheet, and expanded debt capacity
Operating cash flow was AUD 8.6 million for the half. Capital expenditure was AUD 3.3 million, which management attributed primarily to investment in fleet expansion and supplier payment timing. Coventry said receivables increased with revenue; about AUD 10 million was over terms at period end, and more than AUD 4.5 million had subsequently been collected.
At 31 December, Chrysos held AUD 21.6 million in cash and had access to a AUD 95 million committed debt facility with AUD 50.4 million undrawn. During the half, the company drew AUD 29.5 million under its CBA facility to support fleet expansion. Capital commitments related to PhotonAssay units on order were approximately AUD 70 million, reflecting the contracted deployment pipeline.
Subsequent to period end, Chrysos secured approved term sheets to refinance and expand facilities to a total committed level of AUD 200 million. Coventry said the proposed syndicated facility would refinance existing debt, expand growth capacity, improve pricing, and extend tenor. In Q&A, management said drawdown would depend on completing long-form documentation, and that the facility was “much more cashflow looking” than previous facilities, with standard covenants expected.
Guidance reaffirmed as trading trends remain strong
Chrysos reaffirmed FY 2026 guidance of AUD 80 million to 90 million in revenue and AUD 20 million to 27 million in EBITDA. Treasure said both revenue and EBITDA were tracking toward the upper end of the range, citing supportive industry conditions, elevated utilization, and strong AAC performance early in the second half.
When asked why guidance was not raised despite annualizing above the range, Treasure said the company intended to remain conservative and highlighted the impact of a 7.5% swing in the AUD/USD exchange rate, noting a proportion of income is denominated in USD.
Management said deployments are expected to accelerate through the remainder of the calendar year and beyond, supported by growing contracted units and funding capacity. Treasure summarized the half as the combination of a strong industry cycle and ongoing conversion delivering higher revenue, AAC uplift, and margin expansion “our model is designed to generate.”
About Chrysos (ASX:C79)
Chrysos Corporation Limited engages in the development and supply of mining technology. The company offers PhotonAssay, a technology for analysis of gold, silver, copper, and other elements. Chrysos Corporation Limited was incorporated in 2016 and is headquartered in Adelaide, Australia.
