Electro Optic Systems (ASX: $EOS) 1H 2024 Revenue and Cash Balance Announcement

Electro Optic Systems Holdings Limited (ASX: $EOS) has reported unaudited revenue of approximately $142.6m for the six months ending 30 June 2024, marking a substantial 92% increase from the prior year. The unaudited cash balance as of 30 June 2024 stood at $52.2m. The company operates in two divisions: Defence Systems, specializing in weapon systems optimization, and Space Systems, focusing on space and communications businesses.

Executive Commentary on 1H 2024 Performance and Outlook

The unaudited revenue growth of 92% for 1H 2024 reflects the strong performance across all of our businesses, particularly driven by accelerating production and delivery of Remote Weapons Systems (RWS) under an existing contract in the Middle East, as well as growth in the EM Solutions and Space Technologies businesses. We expect the increased working capital investment made during 1H 2024 to continue to be progressively realized during 2H 2024 and 1H 2025. The reduction in cash security deposits required to support existing bank guarantees further strengthens our financial position and provides flexibility for future investments and operations.

Summary of EOS 1H 2024 Performance and Outlook

Electro Optic Systems (ASX: $EOS) has achieved remarkable unaudited revenue growth of 92% for 1H 2024, reaching approximately $142.6m, driven by expansion across its Defence and Space Systems divisions. The company's working capital investment in a gross contract asset balance of $89.7m at 30 June 2024 indicates a positive outlook for continued realization in the coming periods. With a cash balance of $52.2m and a reduction in cash security deposits, EOS is well-positioned to pursue its strategic initiatives and capitalize on growth opportunities. The company's performance underscores its commitment to delivering value to stakeholders and its ability to navigate evolving market dynamics.