The Chrysos Corporation Ltd (ASX: C79) share price is climbing higher on Thursday.
Shares in the mining technology company are up 4.3% to $4.86 as shareholders buckle up for the tail end of today's session.
An air of positivity is surrounding the Chrysos share price today after the company released a shiny fourth-quarter report this morning. However, the exuberance for this ASX small-cap share started well before today, with its shares now 65% greener this year.
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Chrysos share price sparkles as revenue jumps 83%
The latest quarter was one of significant growth across many of Chrysos' key measures. Unsurprisingly, investors are reacting by bidding the company's share price higher despite the materials sector falling into the red, weighed down by Fortescue Metals Group Ltd (ASX: FMG).
Given the current unprofitable state of Chrysos, shareholders will have wanted to see continued business expansion during the fourth quarter. Fortunately, that appears to be what management has delivered, dialling up total Q4 revenue by 83%, versus the prior corresponding period, to $8.6 million — pictured below.
The increased revenue was underpinned by more deployed and leased PhotonAssay units (Chrysos' X-ray assaying solution). Deployed units finished the quarter at 20 compared to 10 units in the field a year ago.
Meanwhile, PhotonAssay lease agreements grew from 38 in the previous fourth quarter to 49 contracted units in the latest quarter. Furthermore, the next unit deployed is expected to be operational in Ghana from Q1 FY24.
The company also experienced a 50% increase in sample volumes, increasing to 978,000. Undoubtedly another positive for the Chrysos share price today.
Commenting on the impressive results, Chrysos managing director and CEO Dirk Treasure said:
The continuation of our global PhotonAssay deployment plan has meant we have exceeded our FY23 Prospectus targets for both Revenue and EBITDA.
We are pleased to provide FY24 guidance, forecasting substantial revenue growth, underpinned by our growing fleet of PhotonAssay units in key mining hubs across the world. By the end of FY24, we expect to have at least 38 units deployed globally.
If these FY24 estimates come to fruition, it would mean an additional 90% increase in deployed units over the next year.
What's ahead?
According to the release, total revenue for the current full year is expected to be $26.8 million. If beating prospectus forecasts weren't enough, the company is now guiding for another sensational year of growth ahead.
Chrysos forecasts FY24 revenue of between $48 million and $58 million. This would suggest an increase ranging between 79% to 116% on the current full year's revenue.
Likewise, management is charting the course for earnings before interest, tax, depreciation, and amortisation (EBITDA) between $7 million and $17 million.
The report noted that a PhotonAssay unit running at 70% capacity is only fractionally more expensive than one running at 50% capacity. As such, earnings should benefit from increased scale — something shareholders will be keeping an eye on to drive the Chrysos share price in the future.
Cash in the bank amounted to $53.4 million at the end of the quarter.
