AI gen large drone
Adobe Stock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

ASX defence stock Electro Optic Systems (ASX:EOS) has announced it saw revenue grow 92% to $142.6M in the first six months of the 2024 calendar year.

While that sits on an unaudited basis, the company flagged a cash balance of $52.2M at the end of June (albeit, also unaudited.)

“Given the lumpy nature of EOS revenue, quarterly figures should not be used to imply full year estimates,” the company wrote on Tuesday.

Compared to $74.3M pcp, the company pointed to growth across all EOS businesses – “including the impact of accelerating production and delivery of Remote Weapons Systems under an existing contract with a customer in the Middle East.”

The company’s space technologies and EM Solutions business arms also continue to remain beneficial for the company’s coffers.

EOS stated it wrapped up the 1HCY with capital investment in a gross contract asset balance of $89.7M, a $21.7M increase over the last six months. That figure reflects work done but not yet invoiced for customers.

The company raised $40M back in March in response to a growing demand across the entire global defence thematic, which is perhaps best exemplified by ASX peer Droneshield.

EOS last traded at $1.62/sh.

EOS by the numbers
More From The Market Online
The Market Online Video

HotCopper Highlights, Week 49: ASX Ltd shoots itself in foot again, NextDC-OpenAI & more

Good afternoon and welcome to HotCopper Highlights, I’m Jon Davidson, in this segment we go through the most viewed and most discussed stocks
ASX concept

ASX announcement outage issue all sorted on Tuesday, but reputational damages remain

More pain for the listed equities in ASX Ltd (ASX:ASX), the share market operator itself, after a Monday morning
A HotCopper-branded graphic image which reads "Insider Trades: Key director trades to watch" in front of an ASX-themed image which has been faded.

Pantoro, WEB, Energy One: All the biggest ASX director trades from the last week

Welcome to HotCopper’s Director Trades column, where we take a look at all the most interesting director transactions from across the past week and break