Update on Significant Cash Receipt, Financial Guidance and SpaceLink Funding
Canberra, 27 October 2021
Electro Optic Systems Holdings Limited (“EOS” or “Company”) (ASX: EOS) has experienced several material developments in its business and finances.
1. Today the Company received $65 million of cash receipts relating to a major export contract, resulting in total cash at bank in excess of $100 million, including a $35 million working capital facility established during the quarter.
2. Recent impacts from COVID-19 and new outlays require the Company to revise downwards the previous financial guidance1 by $14 million at the Underlying EBIT level before SpaceLink costs2. This revision is primarily driven by the deferral of revenue from two leading defence contracts into 2022.
3. SpaceLink has contracted OHB to manufacture the first constellation of four satellites and the initial tranche of project funding is now underway via a SpaceLink pre-IPO convertible note.zasx2188e10azf10fe3fc28df49db81e04442ec8fda9f.pdf