Chrysos Corporation (ASX: C79) builds gold sample testing units which it leases to gold miners, and to minerals testing businesses. Its new PhotonAssay testing technology is aiming to replace the traditional fire assay testing method.
Chrysos was due to release its 2025 financial-year results mid-August, but due to delays associated with completing the audit of international tax positions, only released a trading update.
The full unaudited results have now been released for the 2025 financial year, which tells a story of continuing steady revenue growth as Chrysos gains traction with major clients, and makes progress in new continents. However, moving into new territories required more people on the ground, and with higher operating expenses and a higher tax expense this resulted in a bigger net loss than that recorded in FY2024.
vRevenue continued its steady upward trajectory with $66.1 million over FY2025, up 46% on FY2024 ($45.4m).
Free Cash Flow (FCF) was negative $57.32 million, taking operating income of $8.83 million minus spending on Property, Plant and Equipment (PPE) of $66.15 million. Chrysos leases the PhotonAssay units, thus retaining ownership and counts the units as Equipment. PPE was higher over the year as this includes the increased units being worked on and deployed.
Employee expenses almost doubled as maintenance teams are needed for new jurisdictions. Sales and maintenance employee expenses will be higher as Chrysos moves into new territories, but this expense should decrease as a percentage of revenue, as more units are deployed in the same countries. Chrysos currently employs 207 people, up from 163 the previous year.
The chart below shows revenue by region, with revenue from the Americas up 138% year-on-year, and Europe, Middle East and Africa (EMEA), up 44%.
The net loss before tax increased to -$2.88 million (FY24 -$1.68 million), as PhotonAssay operating expenses were up, due to more employees being needed for installation and maintenance of the increased units deployed. Net loss after tax was $8.23 million (FY24: $0.704 million), due to a $5.34 million tax expense for the financial year. This arose mainly from $3.6 million in deferred tax assets not being recognised in foreign jurisdictions, where more units are being deployed.
Cash on hand at 30 June 2025 was $21.5 million. This is down on the start of the financial year balance of $61.06 million as Chrysos invested more in overseas expansion in FY25. A larger percentage of revenue in FY25 was derived from further afield, such as Europe and the Americas. Of the $77.5 million in undrawn debt facilities as at 30 June 2025, $10.85 million has been drawn down in FY25, leaving $66.7 million undrawn.
Chrysos (ASX: C79) provides FY2026 Guidance
Chrysos has provided FY2026 guidance with total revenue expected to be in the range of $80 million to $90 million (FY2025: $66.1 million), and EBITDA within the range of $20 million to $27 million (FY2025: $16.1 million). While these two figures signal continued growth, this is early guidance with 10 months to go until the end of the FY26 year. A positive for cash flow guidance is that the units are contracted for five years, with monthly payments, making cash flow forecasting easier.
Chrysos (ASX: C79) PhotonAssay Unit Metrics
The chart below shows that 85% of revenue came from the minimum monthly assay payments (MMAP), and 15% came from Additional Assay Charges (ACC). ACC is where customers pay per sample tested above the minimum payment amount. While increased gold sample testing increases revenue, I am happy most of the revenue comes from the minimum monthly assay payments. This gives more stability to revenue and some downside protection, should gold mining processing and exploration slow.
The life of the unit is approximately 20 years, and it costs $4 million per unit to build. With unit costs of approximately $440,000 per year to maintain and service, and with MMAP revenue of just over $1.6 million, it would take only around three years for the unit to pay for itself.
Large clients adopt Chrysos (ASX: C79) PhotonAssay units.
Chrysos estimates it has captured 5% of the Total Addressable Market (TAM) for PhotonAssay units. How much of this TAM Chrysos will capture is uncertain, as Chrysos is still in the early stages of its PhotonAssay technology gaining acceptance, and in an industry that has been known for slow adoption of new technology.
Nine new leases were signed in FY2025 and 11 new units were installed, bringing total PhotonAssay units deployed to 40. In total there are now 62 units deployed and under contract, including four units contracted since 30 June 2025.
The world’s largest gold miner Newmont Corporation (ASX: NEM) signed a master services agreement and procured an initial unit in May 2025. Newmont has since ordered a second PhotonAssay unit for its Merian gold mine in Suriname, which is encouraging.
Chrysos has also inked a foundational agreement with global testing and inspection business Bureau Veritas, as it looks to gain a foothold in South America. Bureau Veritas will deploy the PhotonAssay technology into its South America operations, starting with an initial installation in Antofagasta, Chile, scheduled for FY2026. This will help introduce the Photon Assay technology to more miners on the continent.
Does Chrysos (ASX: C79) still offer decent value after the post-results share price rise?
Since the initial trading update, the price has risen 40% at the time of writing. I think primarily investors are pleased with traction gained with large clients like Newmont. The continued upward trajectory of the gold price, and general positive sentiment in the market has pushed the price up, with shares now trading on a very high Price to Sales (P/S) ratio of 13. Founder and CEO Dirk Treasure has taken advantage of the higher price to sell 200,000 shares on-market in September, though he still owns 784,411 shares.
This article on A Rich Life in 2023 argues that Chrysos should be on your watchlist. Despite recent positive developments, Chrysos will still be a watchlist stock for many investors, as it is still unprofitable and investors may want to wait and see how successful the takeup is of the new PhotonAssay technology.
I (Chris Coe) bought shares in Chrysos (ASX: C79) in July, on the basis that this faster, safer and more environmentally friendly way to test samples will continue to gain acceptance among miners and minerals testing businesses. There is an old engineering adage that states “Faster, Better, Cheaper – pick two”. The Photon Assay technology is certainly faster, more accurate, and cheaper when you factor in reduced labour, time, and fewer consumables.
Another positive factor of the PhotonAssay technology is that it is more environmentally friendly than the traditional fire assay method. According to the World Gold Council, around 50% of all gold produced is used for jewlery, and customers are increasing looking to net-zero emissions produced gold, and the PhotonAssay machines would be one step in achieving this.
Increasingly, industrial and mining companies are highlighting good safety records in company reports and presentations. A good selling point for PhotonAssay technology is that traditional fire assay testing generates significant lead-contaminated waste, which can cause lead poisoning, whereas PhotonAssay is chemical and hazardous-waste free.
Highly regarded mining executive ‘Bustling’ Bill Beament is no stranger to the gold mining industry, having taken Northern Star Resources (ASX: NST) from a small explorer to one of Australia’s most successful gold producers. Beament is hot on the technology, owning 1,125,000 shares in Chrysos. Having someone in the industry who is well-regarded, advocating for the PhotonAssay technology is certainly a plus!
The FY25 results show Chrysos is on-track, and while I would be cautious of buying at the current share price (the stock is up more than 50% since July when I bought it), the long-term thematic is still intact and this stock is worth watching, whether for a more attractive price, or for improved performance.
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Disclosure: The author of this article, Chris Coe owns shares in C79. The editor of this article Claude Walker does not own shares in C79. Neither the author nor the editor will trade C79 shares for at least 48 hours following the publication of this article. This article is not intended to form the basis of an investment decision and is not a recommendation. Any statements that are advice under the law are general advice only. The author has not considered your investment objectives or personal situation. Any advice is authorised by Claude Walker (AR 1297632), Authorised Representative of Ethical Investment Advisers Pty Ltd (ABN 26108175819) (AFSL 276544).
The information contained in this report is not intended as and shall not be understood or construed as personal financial product advice. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement. Nothing in this report should be understood as a solicitation or recommendation to buy or sell any financial products. A Rich Life does not warrant or represent that the information, opinions or conclusions contained in this report are accurate, reliable, complete or current. Future results may materially vary from such opinions, forecasts, projections or forward looking statements. You should be aware that any references to past performance does not indicate or guarantee future performance.