New forum to kick off answer (or opinion) to @AUROPAL's question.
I held EOS some some years ago (2019-21) - fortunately only a 0.5% position, as I lost c. 30% of my capital.
My original thesis was:
The thesis was progressively broken over the two years I held due to:
To be fair, a major contract to the Middle East got caught up with pandemic border closures, which delayed cash flows.
My ingoing thesis was weak and lacked any evidence of a track record. I am glad I baled out when I did. If I'd stayed invested, I'd have lost over 90% of my original capital.
There is a new CEO, but I wont be going back.
I consider that this kind of defence manufacturer is for companies with big balance sheets and a large portfolio of contracts (Lockheen, Raytheon, BAe etc.) Contracts can be much bigger than $100m, and unless there is a steady flow of cash inflows from contracts being delivered, the margins are not sufficient to compensate for the long cash conversion cycle and what is akin to a capital project delivery risk.
A contrary view is that it is so beaten down, a few contracts with some positive newsflow on sound execution could see a strong SP recovery over the coming years. But that is not for me, as I have zero conviction in the firm's ability to deliver reliably.
$EOS is no longer on my watch list.