Highlights

  • FY26 total Revenue reached $88.1 million, up 33% on FY25, while EBITDA grew 68% to $27.2 million with Margin expanding from 24% to 31%.
  • The company deployed seven new PhotonAssay units during FY26, bringing the total deployed fleet to 46 units, with 87 units now contracted including post-period leases.
  • Sample volumes processed rose 67% year-on-year to 11.3 million samples, with monthly throughput surpassing one million samples in every month since March 2026.
  • FY27 guidance points to total revenue of between $108 million and $118 million, and EBITDA of between $35 million and $42 million.

Chrysos Corporation Limited (ASX:C79) shares last traded at $6.40. The company presented its FY26 financial results on 11 August 2026, reporting revenue and EBITDA growth at the upper end of prior guidance, alongside FY27 guidance pointing to further acceleration in both metrics.

The gold assay technology company, which develops and leases its PhotonAssay analysis systems to Mining companies and laboratories globally, reported record sample volumes and continued expansion of its deployed and contracted equipment fleet during the year.

FY26 Financial Performance

Chrysos reported total revenue of $88.1 million for FY26, up 33% on FY25's $66.1 million, comprising Minimum Monthly Assay Payment (MMAP) revenue of $62.5 million, up 12%, and Additional Assay Charges (AAC) revenue of $25.5 million, up 153%. AAC represented 29% of revenue, up from 15% in FY25, reflecting increasing utilisation-led revenue as industry activity strengthened.

EBITDA increased 68% to $27.2 million, with EBITDA margin expanding from 24% to 31%, attributed to Economies of Scale and increased utilisation. Gross Profit rose 32% to $66.8 million, while total operating expenses grew just 18% to $39.6 million, well below the 33% revenue increase. Net Profit After Tax was $1.79 million, an improvement from a loss of $8.22 million in FY25.

The company said its FY26 results absorbed a foreign exchange headwind of approximately $2.9 million in revenue and $3.0 million in EBITDA, given approximately 55% of group revenue is exposed to non-Australian dollar currencies. On a constant-currency basis, the result would have equated to approximately $91.0 million in revenue and $30.2 million in EBITDA.

Sample Volumes and Fleet Utilisation

The company processed 11.3 million samples during FY26, up 67% on FY25, with monthly throughput surpassing one million samples in every month since March 2026, reaching a record of more than 1.1 million samples in July 2026. Quarterly sample volumes grew approximately 2.4 times over the last 24 months, from approximately 1.3 million in the fourth quarter of FY24 to a record approximately 3.1 million in the fourth quarter of FY26.

Hub-lab PhotonAssay utilisation increased from 41% during FY25 to 59% during FY26, with regional utilisation reaching 79% in APAC, 44% in EMEA and 38% in the Americas, up from 56%, 30% and 27% respectively. Several units have repeatedly demonstrated capacity of almost 50,000 samples per month, against nameplate capacity of 40,000, with upgrades increasing per-unit capacity by 10-20% at minimal Capital cost.

Fleet Deployment and Contracted Pipeline

Chrysos deployed seven units during FY26, bringing the total deployed fleet to 46 units, including three units with ALS across Australia and Canada, one unit for MSA in Grand Falls-Windsor, Canada, the company's first unit to South America with Bureau Veritas in Chile, a unit to Norseman, Australia with ITK, and the first next-generation XN unit at SGS Perth. The company also signed 24 new Lease agreements during FY26, with a further four post-period, bringing total contracted units to 87, including 41 still to deploy.

Direct-to-mine deployments during the year included a second Newmont unit at their Merian mine in Suriname, Acrux Gold's Cononish Project in Scotland, Alkane's Bjorkdal mine in Sweden, Pantoro's Norseman mine, and Allied Gold's Sadiola and Kurmuk mines. Nine units were available in the pre-shipping, shipping and awaiting installation stages as at August 2026, with six units currently deploying.

Funding Position

The company reported a total funding position of $165.9 million, comprising $25.9 million in cash and $140 million in undrawn debt, following a refinanced Debt Facility arrangement. Chrysos generated $17.9 million in net operating cash inflow during FY26, its first full year of being operating cash-flow positive. The company said it is well funded to support an increased Manufacturing cadence of PhotonAssay units, targeting 18 units per year going forward.

FY27 Guidance

Chrysos guided to FY27 total revenue of between $108 million and $118 million, and EBITDA of between $35 million and $42 million, based on constant currency assumptions set in August 2026. The guidance is supported by a larger contracted fleet, increasing deployment visibility, a mature operating platform and continued utilisation growth, underpinned by three pillars: improving revenue visibility from the contracted pipeline, continued fleet maturation through utilisation growth, and strengthened execution capability including restored manufacturing cadence and an expanded global deployment footprint.

What to Watch Next

Progress converting the 41 units still to deploy from the company's 87-unit contracted pipeline into operational fleet additions will be a key driver of revenue growth toward the FY27 guidance range. Continued expansion of AAC revenue, which the company said reflects increasing utilisation amid an elevated gold market, will be an important indicator of whether FY27 guidance is tracking toward its upper end.

The company's targeted manufacturing cadence of 18 units per year, together with progress on its Next Generation PhotonAssay technology referenced as part of its execution capability improvements, represent operational milestones for investors to monitor through FY27.

Risks

Approximately 55% of Chrysos' group revenue is exposed to non-Australian dollar currencies, and the company's FY26 result already absorbed a foreign exchange headwind of approximately $3 million to both revenue and EBITDA, meaning currency movements could similarly affect FY27 performance against the guided range. AAC revenue, which grew significantly faster than MMAP in FY26, is directly linked to customer utilisation and gold market conditions, introducing an element of variability tied to macro industry activity.

The company's guidance depends on successfully deploying the substantial pipeline of contracted but not-yet-deployed units, and any delays in manufacturing cadence or site deployment could affect the timing of revenue recognition relative to the FY27 targets.

Key Takeaways

Chrysos Corporation's FY26 results demonstrate continued acceleration in both revenue and profitability, with EBITDA margin expansion to 31% reflecting the benefits of scale as the company's deployed PhotonAssay fleet grew to 46 units and utilisation rates climbed across all three operating regions. The substantial 87-unit contracted pipeline, more than double the currently deployed fleet, provides visibility into the company's FY27 guidance of $108-118 million revenue and $35-42 million EBITDA, though the timing of that guidance realisation depends on the pace of deployment for the 41 units still to be installed. With the company now operating cash-flow positive and holding a $165.9 million funding position, Chrysos appears well placed to sustain its targeted manufacturing cadence of 18 units annually as it works through its growing global deployment pipeline.