Investment firm Shaw and Partners has seen a “step change” in Chrysos Corporation PhotonAssay contracting levels as the billion-dollar ASX-listed company continues to grow its revenue and earnings.
Chrysos reported a 49% year-on-year bump in revenue to A$43.3 million for the first six months of fiscal 2026 and a 152% EBITDA gain to $14.3 million. Despite an Australia-US dollar currency headwind, the company is trending towards the upper end of its full-year $80-90 million revenue and $20-27 million EBITDA guidance, according to Shaw.
The firm is forecasting $89 million FY26 revenue and $26.8m EBITDA and thinks Chrysos can hit circa-$155 million sales and $61m EBITDA by FY28.
“[Chrysos] has guided that total revenue is tracking towards the upper end of guidance,” Shaw said.
“That implies yoy growth close to 36% and there is nothing shabby with that.
“But underlying growth, ex-currency, would be even stronger. Guidance was set in August 2025 when the AUD:USD was 64c versus 70c now.”
Shaw said South Australia-based Chrysos, which supplies novel gold assaying technology for the global mining and geochemistry lab industry, had contracted at least 14 PhotonAssay units in the past six months compared with nine in FY2025.
“Several quarters into industry volume recovery this demonstrates that PhotonAssay is increasingly the technology of choice for new capacity for labs and miners,” the investment firm said.
“Customer demand has been broad based with Chrysos deploying and contracting with labs and miners into both existing and new regions.
“Management noted [that] contracted units supports accelerated deployments in 2026.
“Chrysos has expanded its debt facilities to $200 million [about $155 million undrawn], supporting its strong outlook.
“Capex per [PhotonAssay] unit is about $4 million plus spares so this added debt capacity allows Chrysos to confidently scale to an 18-plus unit [annual] run-rate and beyond.”
