Electro Optic Systems inks 92% revenue growth for 1H CY24

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.