- After a rough start following its IPO, the stock price of Chrysos Corporation has soared.
- The company’s latest Quarterly results showed revenue increases of 57% year over year.
- The stock price reversed its upward trend, falling 16.6% over the last month.
The Chrysos Corporation debuted on the ASX on 5 May of 2022, heralded as a disruptor in the field of mining assaying technology with its revolutionary PhotonAssay™ technology, used to assay gold, silver, and copper. Following an initial drop, the share price has climbed 32.3% since listing and 63.8% year over year.
Source: ASX
The company’s PhotonAssay™ technology was developed by the CSIRO (Commonwealth Scientific and Industrial Research Organisation) for gold analysis with forecasted growth of a rise of 20 units deployed in FY 2023 to 38 in FY 2024.
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The company turned profitable in FY 2023, achieving all of its IPO prospectus targets and exceeding its EBITDA (earnings before interest taxes depreciation and amortisation). Revenues rose 89% with a net profit after tax of $433 million dollars, up from an FY 2022 loss of 3,938 million dollars.
Chrysos Corporation Financial Performance
Source: ASX
FY 2024 guidance calls for revenues between $48 million dollars and $58 million.
An analyst at Shaw and Partners has a BUY recommendation Chrysos Corporation (C79), calling the share price reaction “overdone” following the results release and delays in installations of Photon Assay™ units as a timing, not a demand issue. Entry levels for investors are “attractive.”
Marketscreener.com has a consensus BUY recommendation on C79 shares, with all three analysts reporting at BUY.
The Wall Street Journal has a consensus BUY recommendation with two analysts at BUY and one at OVERWEIGHT.
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