Chrysos Corporation’s creeping takeover of the world’s traditional gold assay business continues with the Australian-based company growing its fiscal 2025 revenues by 46% year-on-year and seeing “accelerating momentum” early in FY26.
Investment firm Shaw and Partners says Chrysos’ novel PhotonAssay technology is in the early stages of a global industry rollout that already involves gold majors Newmont and Barrick and heavyweight traditional assaying services groups such as SGS and Bureau Veritas.
“Momentum has accelerated post period end, including [signing] a strategic partnership with Bureau Veritas to establish a foundational relationship in South America … [and] an additional lease agreement with Newmont for its Merian gold mine in Suriname, highlighting rapid adoption under the master services agreement signed in May,” Shaw said in a research note.
“Delivery of Chrysos’ first next-generation XN unit to SGS’s Perth facility [builds] on the four SGS-related contracts secured in FY25.
“Given FY26 has started well, the [industry investment] cycle is improving and C79 has a significantly broader base of engaged customers, we don’t see 11 deployments in FY26 as too high a bar and is where we have set our initial expectations.”
Chrysos exited FY25 with 40 deployed PhotonAssay machines after adding nine to its operating fleet during the year. Four have already been installed in FY26. It has 59 contracted PhotonAssay units.
“A strong uptick in additional assay revenue drove the beat versus [FY25] guidance and highlights the cycle turn is now clearly underway,” Shaw said.
“We believe FY26 guidance looks very achievable, with visibility on at least 6-7 units already, contracting momentum improving and the cycle now moving in [Chrysos’] favour.”
Chrysos reported circa-US$43 million of FY25 revenue and unaudited EBITDA of A$16.1 million (US$10.5 million). Its FY26 guidance has revenue at A$80-90 million (US$52-59 million) and EBITDA between A$20-27 million (US$13-18 million).
The company says it has circa-A$91 million of available cash and credit.
“The business continues to see increasing PhotonAssay use with customer sample volumes building strongly across four continents, particularly in the final quarter,” Chrysos CEO Dirk Treasure said.
“Most notably, Chrysos signed a master services agreement and initial lease contract with the industry’s leading gold miner, Newmont. Chrysos also continued to develop and expand its international relationships with the world’s largest laboratory companies.”
Chrysos has a current market capitalisation of about A$780 million.
