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Thoughts on C79 Quarterly Report?

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    Thoughts on C79 Quarterly Report?

    Hi MM, Can we please have MM’s updated views on C79 following the release of C79’s quarterly activity report today. What did MM think of the report, did it meet or exceed MM’s expectations and does MM still remain long and bullish on C79? Thanks, Darren

    Answer

    Hi Darren,

    We weren’t excited by C79’s report with the stock plunging almost 20% at one stage although it was encouraging to see the stock recover more than half of its intra-days loss after the release.

    • The company anticipates revenue between $60 million and $70 million in FY25, about 9% below our expectations.
    • While there was some reason for optimism, with 2 new contracted units post quarter with new customers, the overall run-rates have dropped.
    • This implies an increase of ~40% from today’s unaudited FY24 revenue, a considerable reduction from the ~70% growth prior.
    • Interestingly, Barrenjoey increased to buy equivalent on Friday with a $6.45 PT thinking the weakness is a buying opportunity.

    We intend to let the dust settle for now and see if the early momentum this quarter will continue.

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    Chrysos Corp Ltd (C79)
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