Electro Optic Systems
Annual Report 2024

ANNUAL REPORT 
2024 
ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED 
PROTECTING
VITAL ASSETS


Electro Optic Systems Holdings Limited 
ANNUAL REPORT  
2024 


Electro Optic Systems Holdings Limited  | Annual Report 2024
1
Contents
Chairman’s Report
2
CEO’s Report
3
EOS Target Markets
4
Industry Insight: The Urgent Drone Threat
6
Industry Insight: EOS Counter-Drone Technology
7
Company Overview
8
Demonstration Activities
10
Advanced Manufacturing
12
EOS People
14
EOS Directors
16
EOS Executive Team
19
Review of Operations
20
Directors’ Report
34
Financial Statements and Notes
60
Consolidated Entity Disclosure Statement
122
Directors’ Declaration
123
Independent Auditor’s Report
124
ASX Additional Information
129
Corporate Directory
132
Electro Optic Systems Holdings Limited  | Annual Report 2024
1
Contents 
Chairman’s Report 
2 
CEO’s Report 
3 
EOS Target Markets 
4 
Industry Insight: The Urgent Drone Threat 
6 
Industry Insight: EOS Counter-Drone Technology 
7 
Company Overview 
8 
Demonstration Activities 
10 
Advanced Manufacturing 
12 
EOS People 
14 
EOS Directors 
16 
EOS Executive Team 
19 
Review of Operations 
20 
Directors’ Report 
34 
Financial Statements and Notes 
60 
Consolidated Entity Disclosure Statement 
122 
Directors’ Declaration 
123 
Independent Auditor’s Report 
124 
ASX Additional Information 
129 
Corporate Directory 
132 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
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Chairman’s Report 
For the year ended 31 December 2024 
Mr Garry Hounsell 
Director and Chair of the Board of Directors 
4 April 2025 
2024 represented the second full year in EOS’ 
turnaround plan, and I can advise that EOS is now on 
a much more stable footing and is well positioned to 
capture the exciting opportunities ahead of it. 
During 2024, conflicts continued throughout many 
regions of the world. Further, the ever-expanding 
number of cheap and increasingly autonomous drones 
is transforming the nature of modern warfare. This is 
causing an enduring and growing demand for the types 
of products EOS produces.  
In recognition of these changes, during the year the 
Board decided to change the growth emphasis of 
EOS, to focus on the growth markets of counter-drone 
products (including remote weapon systems and high 
energy laser weapons) as well as on space control 
products and services. 
As well as generating the highest total annual revenue 
in its long history, 2024 saw EOS shift its focus to 
developing its order book and commercialising the 
new products that have been launched in recent years. 
EOS’ customers – generally governments – have well 
established and prudent procurement processes. This 
can sometimes mean that it takes longer to sign new 
contracts than in other industries. The good news is that, 
as we have seen previously, contracts can be very large. 
In 2024, EOS management was focused on developing 
its chosen markets and progressing contractual 
negotiations with a number of potential customers. 
The Board looks forward to this work creating order 
book growth in the coming months and years. 
In March 2024, the Group undertook a modest $35m 
institutional placement, supplemented by a share 
purchase plan for existing retail investors. The purpose 
of this fundraising was to ensure that EOS was able to 
procure long lead time items, allowing the business to 
be more responsive to existing and potential customer 
needs. The Board wishes to thank the investors who 
supported EOS in this process. 
In November 2024, the Group announced that it had 
entered into an agreement to sell its naval satellite 
communications business, EM Solutions, to Cohort 
plc for an enterprise value of $144m. EM Solutions has 
performed well since it was acquired by EOS in 2019 and 
the Board did not take the decision to divest it lightly. 
Ultimately, it was determined that EM Solutions was 
strategically non-core to the rest of the Group and that 
it would be more optimal to use funds raised in its sale 
to invest in the core business. EOS is grateful to the 
Australian Commonwealth Government and Department 
of Defence for their support in the sale of EM Solutions. 
The sale of EM Solutions was completed on 31 January 
2025, triggering the automatic and full repayment of the 
debt held by Soul Patts (formerly Washington H Soul 
Pattinson). EOS is grateful to Soul Patts for its support 
during a difficult period. This repayment leaves EOS 
with no borrowings as at the end of January 2025 and a 
strong balance sheet, capable of supporting EOS’ growth 
agenda for the future. The Board remains committed to 
investing these funds strategically and prudently. 
The Board believes that EOS’ focus on the counter-drone 
and space domains is the right strategy to deliver growth. 
I wish to thank EOS’ senior management, its broader 
staff and the Board for their contributions to what was a 
highly positive year for the business. 
Overall, EOS enters 2025 in an enviable position, with a 
clear strategy, strong markets, innovative products and 
a robust balance sheet. The Board would like to thank 
shareholders for their ongoing support of EOS, and 
we look forward to the exciting things to come for the 
business in 2025. 
The Board is pleased to report on a 
successful year for EOS 

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CEO’s Report 
For the year ended 31 December 2024 
At EOS, we see exciting opportunities 
for growth and are working hard to 
grow our order book 
We are focused on delivering growth in: 
• counter-drone products, remote weapon systems and 
high energy laser weapons; and 
• space control product and services. 
Our main effort in 2024 was spent on progressing sales 
discussions with existing customers and potential new 
customers around the world. 
In our Defence Systems business, we continued to see 
success for our world-leading counter-drone offering, 
the Slinger system. The system has been sold to various 
clients and is now being used successfully in Ukraine. 
We have provided several other customers with smaller 
evaluation quantities of both the Slinger system and our 
traditional R400 remote weapon system. We hope to 
secure further orders in due course from this evaluation 
work. In late 2024, we also announced the first sale 
of our new container-based, rocket-carrying remote 
weapon system to a Western European customer. 
In 2024, EOS’ highly capable engineering teams began 
work on a ‘next-generation’ remote weapon system, 
the R500. It incorporates all the lessons learned from 
operations in various conflicts as well as the latest 
technological advances, such as fully AI-driven software 
for detection, classification and tracking of targets. We 
expect it to be well received by the international markets. 
Good progress was made in 2024 in developing the 
markets for the newer products in our portfolio. These 
include our heavy-calibre R800 system and light-weight 
R150 system, which were both launched in 2023. 
Feedback from the market has been positive – we look 
forward to securing more contracts in due course. 
2024 was a watershed year for the directed energy 
weapon market. These products are seen as a vital 
counter-measure to the emerging drone threat. EOS 
remains extremely well positioned to sell its High Energy 
Laser Weapon into this emerging market, particularly 
outside the United States. Due to its very low cost-
per-shot, high accuracy, speed and large ‘magazine’, 
the HELW represents a potential ‘game-changer’ for 
the protection of critical assets during conflict. We are 
working to secure customer contracts and future growth 
for this product. 
In 2024, the Space Systems business was proud to work 
with the Australian Defence Force to develop capabilities 
for Australia. We also continue to grow and execute on 
our Space growth strategy – using our unique expertise 
in space domain awareness and laser optics to affect 
objects in space. This is known in the industry as ‘space 
control’. This is an emerging market that has significant 
growth potential in the military domain. 
As you know, we sold the EM Solutions business in 
January 2025. This followed strong growth by that 
business – but, as our Chairman has outlined, this 
strategic decision was the right one for EOS and will 
allow us to focus more on our future core businesses. 
I would like to thank the EM Solutions team for their hard 
work during the 2024 year. 
Ensuring that the EOS management team has 
suitable depth and skills was a key 2024 focus for me. 
Investment in sales capability will maximise the chances 
of winning more and larger contracts over time. A 
highlight in this regard was the employment of Christian 
Tobergte as Executive Vice President, Defence Systems 
International in April 2024. His focus is on developing 
international markets for EOS Defence Systems products. 
I wish to acknowledge all the employees at EOS whose 
hard work and dedication have ensured 2024 has been a 
year of great success and who have laid the groundwork 
for further success to come. 
Dr Andreas Schwer 
Managing Director and 
Chief Executive Officer 
4 April 2025 

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Electro Optic Systems Holdings Limited | Annual Report 2024 
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EOS Target Markets 
Our customers have been located in: 
Australia 
USA 
UAE 
Singapore 
Thailand 
South Korea 
Canada 
Netherlands 
Germany 
Spain 
Portugal 
Mexico 
Japan 
India 
France 
EOS 
Canberra and Melbourne, Australia 
EOS 
Abu Dhabi, UAE 
EOS 
Deggendorf, Germany 
KiwiStar Optics 
Wellington, New Zealand 
EOS 
Singapore 
EUROPE 
MIDDLE 
EAST 
SE ASIA 
OCEANIA 

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Electro Optic Systems Holdings Limited | Annual Report 2024 
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EOS  
Hunstville, USA 
Sale of Slinger systems 
to Western European 
customer 
EOS secured a contract to supply 
Slinger counter-drone remote 
weapon systems (RWS) to Diehl 
Defence in Germany, integrating 
onto a lightweight 4×4 platform 
to protect critical assets. 
Demonstration of 
counter-drone capability 
in North America 
EOS R400 RWS was 
demonstrated as part of a 
Leonardo DRS CUAS system 
for a North American customer, 
showcasing a range of effectors 
on the Stryker vehicle. 
Sale of counter-drone 
container-based RWS 
to Western European 
customer 
EOS secured a contract to supply 
counter-drone container-based 
RWS to a Western European 
customer, integrating with a 
70 mm long-range counter-drone 
rocket. 
NORTH AMERICA 

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Industry Insight 
Electro Optic Systems Holdings Limited | Annual Report 2024
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The Urgent Drone Threat 
Recent conflicts in Ukraine and the Middle East have 
proven that drones now pose a highly credible real-world 
threat to military and civil assets, infrastructure and 
personnel. 
It is also clear that this threat is not a passing one; drones 
are now an established fixture of the modern battlefield. 
As a result, counter-drone technologies that can defend 
against drone incursions – efficiently, reliably and cost-
effectively – have become a critical capability for modern 
defence forces. 
An agile, evolving technology 
Drones are cheap to make, easy to deploy and can be 
used for both surveillance activities and direct attacks. 
Their small size and high manoeuvrability make them 
difficult to detect, and they can damage and destroy a 
wide range of military and other targets – from naval 
assets to ground vehicles to critical infrastructure. 
The ease with which drones can be assembled, using 
commercially available components, and then converted 
into attack systems lends them a real ‘disposability’. 
Technological advances – including in artificial 
intelligence (AI), which may soon enable ‘autonomous 
synchronisation’ of drone swarms – look set to increase 
the potency of drones over time. 
In future conflicts we believe that it is likely that 
whichever side can field the most efficient, scalable, cost-
effective drone and counter-drone technologies will have 
a real military advantage. 
A need for solutions 
There is widespread acknowledgement in the global 
defence community that conventional weapon systems 
are often unsuited to the task of detecting, tracking and 
neutralising drone threats in any cost-effective manner. 
Defence forces around the world – including in the US – 
are therefore prioritising the development and acquisition 
of technologies that can counteract the drone threat. 
This represents a significant commercial opportunity for 
EOS. 
The ever increasing use of drones in military contexts has fundamentally 
altered modern warfare and national security 

Industry Insight 
Electro Optic Systems Holdings Limited | Annual Report 2024 
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EOS Counter-Drone Technology 
Slinger 
EOS’ Slinger is a leading-edge hard-kill system that offers 
users a decisive advantage in counter-drone operations. 
The battle-tested platform integrates a threat-detecting 
targeting radar (featuring EOS’ proprietary electro-optical 
sensors) and a stabilised four-axis gimbal. 
Capable of being fitted with a range of weapons – 
including machine guns, cannons, rockets and missiles 
– the system can defeat manoeuvring drones at 
significantly longer ranges than competitor products. 
High Energy Laser Weapon 
EOS’ formidable high energy laser weapon has been 
designed to engage drone targets at a range up to 4 km 
at an economical cost-per-shot. 
Equipped with a laser capable of delivering energy 
levels of 50–100 kW, the weapon was designed to be 
complemented by both soft and hard kill effectors, 
offering layered protection to friendly forces, assets and 
infrastructure. 
To ensure high performance, it is supplied with fast-
cueing algorithms and with radar, infrared threat 
detection, and target acquisition and beam locking 
systems. 
If a continuous power supply is unavailable, the system 
can conduct up to 500 engagements before its battery 
is exhausted – enough to defeat an entire drone swarm. 
With continuous power, its ammunition and operation 
time are greatly extended. 
EOS’ main longstanding activity is in manufacturing ground-to-ground remote weapon systems. We have used this 
expertise to develop world-leading counter-drone systems. 
Today, we design, develop and manufacture highly accurate and precise counter-drone solutions for force and asset 
protection. 
Our counter-drone solutions include both kinetic and high energy laser options that excel at defeating drone threats 
effectively and at a comparatively low cost per shot. 
EOS is a world leader in high-precision counter-drone technology 

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Company Overview 
Company Overview 
Electro Optic Systems (EOS) is an Australia-based 
manufacturer of advanced technologies for the global 
and domestic space and defence markets. 
The history of the business began in 1983, when 
EOS was founded in Canberra, Australia – where the 
Company’s global headquarters can still be found. 
A proven technological innovator, we deliver cutting-
edge remote weapon, counter-drone and space domain 
capabilities to Australian and international customers. 
Electro Optic Systems Holdings Limited (‘the Company’) 
and the entities it controls (‘the Group’) operate in two 
business divisions: 
• EOS Defence Systems 
• EOS Space Systems. 
The Group’s core technologies include advanced optical 
and laser assemblies, thermal imagers, day cameras, 
gimbal units and laser rangefinders. 
EOS is a world leader in accuracy. Our technical 
proficiency has enabled the development of an expanding 
portfolio of products that are notable for their precision 
and superior performance in real-world conditions. 
The Group – a long-established member of the global 
defence and space industries – has four decades of 
experience in designing, manufacturing and delivering 
innovative products and services to our customers. 
The breadth of our business has expanded in recent 
years and EOS now has a global footprint, including 
on-the-ground operations in Australia, the United States, 
Europe, Singapore, the Middle East and New Zealand. 
EOS designs, develops and builds the world’s most accurate and precise remote 
weapon systems 
EOS unveiled the new R500 remote weapon system at IDEX 2025 

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Company Overview 
EOS Defence Systems 
EOS Defence Systems specialises in technologies that 
allow the integration of weapon systems to a diverse 
range of platforms used in traditional as well as counter-
drone warfare. Its products are characterised by extremely 
high accuracy and comparatively low cost per shot. 
Currently, EOS Defence Systems’ key products are: 
• remote weapon systems (RWS), including high-
performance R150 (lightweight), R400, R400-M 
(marine), and R800 (heavy-calibre) variants 
• the Slinger counter-drone system 
• high energy laser weapon prototypes for use against 
uncrewed aerial systems (UAS). 
EOS Space Systems 
EOS Space Systems is a leader in the global space 
community whose technologies provide: 
• space surveillance and intelligence products and 
services; and 
• space control capabilities. 
EOS Space Systems operates as two distinct entities: 
• Canberra-based EOS Space Systems, which supplies 
space domain awareness and space control products 
and services to domestic and international customers. 
• New Zealand-based KiwiStar Optics, which specialises 
in the manufacture of precision optics and has 
designed and installed bespoke components for many 
of the world’s leading space observatories. 
EOS is a world leader in accuracy, 
precision and superior performance 
in real-world conditions 

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Demonstration Activities 
In 2024 EOS participated in over 20 demonstrations across North America, 
Europe, the Middle East, Asia and Australia 
Demonstration Activities 
Long Range Counter-Drone Firing Demo 
• 
Conducted in collaboration with the Australian Army’s 
Robotic and Autonomous Systems Implementation and 
Coordination Office (RICO). 
• 
Showcased the long-range remote firing capabilities and 
precision of EOS’ R400 RWS mounted on an M113 Armoured 
Personnel Carrier. 
• 
The RWS was remotely operated from EOS’ high-tech facility 
in Canberra, successfully engaging targets 550 km away at 
the Australian Defence Force’s Puckapunyal Military Area at 
distances of 300 m and 600 m. 
US Army Project Convergence Capstone 4 
• 
Conducted in collaboration with the US Army at the National 
Training Centre in Fort Irwin, California as part of Project 
Convergence Capstone 4 (PC-C4). 
• 
Demonstrated the R600 RWS, integrating an M230LF 
cannon, a coaxial machine gun and four Javelin missiles. 
• 
Mounted on an Army Small Multipurpose Equipment 
Transport (S-MET) robotic infantry support vehicle, 
showcasing its multi-domain operational capability and 
multi-mission payload offerings. 

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Demonstration Activities 
Stryker Counter-Drone Demonstration 
• 
Conducted in collaboration with Leonardo DRS for US 
Government customers. 
• 
Demonstrated a variant of the 8×8 Stryker light armoured 
vehicle, integrating an EOS R400 RWS equipped with a 30 mm  
cannon and a M240B machine gun, alongside additional 
counter-drone effectors for layered defence. 
• 
Successfully engaged multiple drone targets, demonstrating 
near-simultaneous CUAS capability with kinetic and directed 
energy effectors. 
Red Sands Live Fire Exercise 
• 
Conducted as a regular demonstration for a major customer, 
supporting US–Saudi counter-drone initiatives. 
• 
EOS’ R400 RWS performed successfully alongside a variety 
of counter-drone technologies, engaging drone targets in 
scenarios based on intricate enemy tactics. 
• 
Delivered in collaboration with a key C2 software 
development partner. 
Land Autonomous Systems 
and Teaming Demo 
• 
Conducted with the Australian Army’s 
Robotics and Autonomous Systems 
Implementation and Coordination 
Office (RICO) and the Army’s Battle Lab 
to test uncrewed ground vehicle (UGV) 
and RWS technologies. 
• 
Demonstrated the integration of 
UGVs and UAS for autonomous 
reconnaissance, strike missions and 
live-fire counter-drone engagements. 
• 
Showcased the EOS R400 RWS, 
integrated onto both the Hawkei PMV 
and UGV platforms, used to engage 
aerial threats. 

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Advanced Manufacturing 
From design to delivery 
EOS has a long, proud heritage of Australian 
manufacturing, and our Canberra facilities are the global 
hub for the assembly and integration of our remote 
weapon and counter-drone systems. 
The Company’s primary research, development and 
production centre for laser systems, in Singapore, 
is supported by a pool of laser and optomechanical 
engineering experts. 
Our production function is always evolving, and our 
ongoing aim is to make it as agile, efficient and cost-
effective as possible – from the CAD Model to the 
production cells. 
This year, EOS made substantial progress in enhancing 
our production processes and supply chain management. 
Specifically, we: 
• improved our performance in on-time delivery 
• streamlined the sourcing of components 
• invested in securing supply chains 
• upgraded and refined our engineering and 
manufacturing IT systems and processes. 
Our Quality Management System was also recertified in 
2024, following a triennial audit. 
We are proud to be contributing to growth in Australia’s 
manufacturing capability and productivity – including 
through job creation – and adding to the depth and 
breadth of high technology products manufactured 
domestically and exported to the world. 
Advanced Manufacturing 
Innovation is the driving force at EOS, and our advanced manufacturing 
capability is what brings this innovation to life 
Preparing the Bale Defence Rough Terrain Vehicle (RTV) with the EOS R150 RWS for transport to a demonstration activity
Preparing the Bale Defence Rough Terrain Vehicle (RTV) with the EOS R150 RWS for transport to a demonstration activity 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
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Advanced Manufacturing 
A network of valued partners 
Our manufacturing function is supported by a network of 
valued supply chain partners, who are indispensable to our 
domestic and global business. 
EOS products are only as effective as their component 
parts enable them to be. Our technologies require exacting 
technical specifications, and our suppliers ensure we 
can manufacture products to the highest standards. We 
are careful to build relationships with suppliers who offer 
technical excellence and exceptional reliability. 
We ensure EOS is in strict compliance with all Australian 
and international standards and regulations relating to our 
business, including ITAR and other export controls. 
Exploring new frontiers through research 
Fundamentally, our business is fuelled by cutting-edge 
research – and our scientific and academic focus have 
driven our growth for 40 years. 
EOS is an active member of the Australian and international 
STEM communities and has longstanding relationships 
with a variety of leading Australian research institutions – 
for example, through the EOS Professorial Chair in Laser 
Physics at the University of South Australia, established in 
2021, which is helping to advance Australia’s laser physics 
capabilities. 
Keeping pace with new developments in these and other 
areas will require bright, ambitious minds – and EOS is 
committed to supporting the next generation of STEM 
practitioners. 
Our suppliers enable us to meet the 
highest industry standards 
Assembling an RWS sensor unit 
Engineer working in a clean room laser laboratory 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
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EOS People 
EOS People 
We are proud of ... 
Our global employees partnering with global 
customers and suppliers 
To succeed, our people require close partnerships with 
vendors and partners to deliver to customers globally. 
From sales and business development through to our 
global supply chain and production teams, EOS people 
ensure we have the right equipment, supplies, resources 
and technology. We rely on our relationships with our 
extended partners and need great people to ensure we 
deliver to customers. 
A world of career opportunities 
Whether they travel for work or work with a global 
peer and customer base closer to home, at EOS, our 
employees have a significant opportunity to build great 
careers. 
Celebrating our diversity 
EOS is proud of its diverse employee group. This 
diversity means there are opportunities to acknowledge 
important traditions and events in each country in which 
we operate, building our culture while celebrating our 
unique teams and people in each location. 
Building skills for the future 
In 2024, EOS offered employees 24/7 access to 
Udemy, a global online learning provider specialising 
in technological and critical skills. Udemy enables EOS 
employees to learn at a time and place that suits them. 
Since starting with Udemy in June 2024, 25 per cent of 
courses taken by EOS employees have been focused on 
business skills; 73 per cent on technical skills; and 2 per 
cent on personal skills, including learning languages. 
The opportunity to scale the utilisation of Udemy to 
acquire market-recognised credentials, use ‘sandboxes’ 
to practise new technical skills and utilise AI to help 
employees build tailored learning pathways will 
ensure EOS continues to focus on our people and their 
development of skills for the future. 
A range of targeted learning programs have also been 
implemented in 2024; examples are given below. 
Singapore SkillsFuture 
All EOS employees in Singapore can leverage the 
SkillsFuture program, which provides lifelong learning 
and upskilling opportunities. 2024 saw employees 
studying topics ranging from advanced hardware 
and software troubleshooting, project management 
and laser radiation safety programs through to data 
protection and export control compliance programs. 
EOS Global Workforce Breakdown 
EOS Staff 2024 
Number 
Female 
Female % 
Male 
Male % 
Australia* 
364 
73 
20% 
291 
80% 
New Zealand 
12 
1 
8% 
11 
92% 
Singapore 
21 
7 
33% 
14 
67% 
United States 
51 
16 
31% 
35 
69% 
United Arab Emirates 
46 
6 
13% 
40 
87% 
Germany 
2 
1 
50% 
1 
50% 
Totals 
496 
104 
21% 
392 
79% 
* Includes EM Solutions 
Great technology requires great people, and EOS’ global team is proudly made 
up of diverse, passionate and highly skilled people 

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EOS People 
People leadership capability 
EOS has introduced a comprehensive leadership 
development program aimed at equipping current and 
emerging leaders with the critical skills needed for 
effective leadership in a dynamic business environment. 
In 2024, the first two cohorts have been run in Australia 
and looking ahead, EOS will be expanding the program 
globally in 2025. 
UAE training program 
Employees in the UAE have been working on a specific 
learning and development plan in 2024 focused on the 
skills and competencies required to meet their operational 
needs both locally and internationally. This program 
has begun with product, technical, operational, program 
management, financial and safety training. In 2025, the 
focus will be on advanced technical skills. Walid Mokbel, 
Director, Support Services, says the program is part 
of a ‘broader, ongoing learning and development plan 
designed to continuously enhance our teams’ expertise’. 
STEM outreach programs 
EOS recognises that connecting with students and 
highlighting careers in space, technology and advanced 
manufacturing will have long-term benefits for our 
industry. 
In 2024, EOS supported the Space Camp Scholarships 
with partner One Giant Leap. This is a school-based 
STEM program focused on building awareness of, 
and enthusiasm for, space and on igniting students’ 
imaginations and inspiring them to one day embark on 
careers in the space industry. 
In 2024, EOS organised a tour to Space Camp USA 
in Huntsville, Alabama for school students, which 
provided an immersive experience in space science and 
exploration and gave participants practise in hands-
on activities and simulations that mirror real-world 
astronaut training. 
CAREER SPOTLIGHT 
Chantelle Nosworthy 
Assistant Production Manager 
Chantelle Nosworthy, Assistant 
Production Manager at EOS’ flagship 
Queanbeyan production facility, has 
come a long way since her days as a self-
described ‘stay-at-home mum’ – albeit 
one with a knack for disassembling and 
rebuilding lawnmowers. 
Since starting at EOS as a Production 
Technician in 2017, Chantelle has, she 
says, ‘picked up and done things that, 
honestly, I never thought I would do’. In 
the process, she has progressed through 
a series of roles that have seen her take 
on increasing levels of responsibility at 
EOS’ bustling Queanbeyan site. 
Each new experience, she says, only 
‘made [her] want to figure out more’ 
about what makes the business – and 
its technologies – tick. ‘I took on more 
responsibility wherever I could.’ 
Today, Chantelle is known as an 
approachable manager and leader who 
is always willing to help those around her 
– a trait she said she admires in her own 
professional mentors at EOS. 
She cites formal learning and 
development opportunities – including 
a recent leadership course, first aid 
training, and ISO9001 and ‘test and tag’ 
certifications – as a highlight of her time 
with the company. ‘I’ve found EOS is very 
supportive,’ she says. ‘If you want growth, 
they will help you to get growth.’ 
EOS team members developing leadership skills 
2024 Space Camp participants 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
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EOS Directors 
EOS Directors 
Garry is currently Chair of Helloworld Travel Limited (since 2016) and a Non-
executive Director at Treasury Wine Estates Limited (since 2012). 
Garry was previously the Chair of the Commonwealth Superannuation 
Corporation, Chair of Myer Holdings Limited (2017-2020; Executive Chair Feb-Jun 
2018), Chair and a Non-executive Director of Spotless Group Holdings Limited 
(2014-2017), and Chair of Emitch Limited (2006-2008) and PanAust Limited 
(2008-2015). He was also previously an Advisory Board Member of PanAust 
Limited (2015-2017), Rothschild Australia Limited (2012-2017), and Investec 
Global Aircraft Fund (2007-2019). He was a Director at Orica Limited (2004-2013), 
Nufarm Limited (2004-2012), Qantas Airways Limited (2005-2015), Mitchell 
Communication Group Limited (2008-2010), Integral Diagnostics Limited (2015-
2017), Dulux Group Limited (2010-2017) and Investec Aircraft Syndicate Limited 
(2012-2018). Garry was a member of Commencer Capital’s (formally Investec 
Emerging Companies) Investment Committee (2019-2024). 
Garry was a Senior Partner at Ernst & Young (2002-2004), CEO and Managing 
Partner of Arthur Andersen (2001-2002) and a Partner at Arthur Andersen (1989-
2002). 
Garry has a Bachelor of Business (Accounting) from the Swinburne Institute of 
Technology (1975) and is a Fellow of Chartered Accountants Australia and New 
Zealand and a Fellow of the Australian Institute of Company Directors. 
Directorships of other listed entities in the last three years: 
Treasury Wine Estates Limited (2012 to present) and Helloworld Travel Limited 
(2016 to present). 
Mr Garry Hounsell 
B.Bus (Acc), FCA, FAICD 
Independent Non-executive Chair 
Appointed: 24 November 2022 
Board Committees: 
Nomination Committee (Chair) 
Dr Andreas Schwer 
PhD, MSc, MSE 
Managing Director and 
Chief Executive Officer 
Appointed: 11 December 2023 
Dr Schwer was appointed as Chief Executive Officer in August 2022 and appointed 
as Managing Director on 11 December 2023. 
An executive leader with deep international experience – including in Asia, the 
Middle East, Europe, and North America – Dr Schwer has had a varied career in 
the defence and space domains. His previous experience includes senior positions 
in the global defence industry, including fourteen years at Airbus Group and five 
years at the German defence company Rheinmetall AG. Dr Schwer has a thorough 
understanding of the Company’s global operations, having acted, most recently, 
as President of EOS EMEA (Europe, Middle East, and Africa) for two years, during 
which time he oversaw the expansion of the company’s operations in NATO and 
Middle Eastern markets. Among his qualifications, he holds a PhD in the field of 
system modelling and satellite engineering. 
Directorships of other listed entities in the last three years: 
Independent Director at Titomic Ltd. (1 January 2020–present) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
17 
EOS Directors 
Air Marshal 
Geoffrey Brown AO 
BEng (Mech), M.A. 
(Strategic Studies) 
Independent Non-executive Director 
Appointed: 21 April 2016 
Board Committees: 
People and Culture Committee (Chair) 
Nomination Committee 
Geoff retired from the Royal Australian Air Force in July 2015 as Air Marshal in the 
position of Chief of Air Force. Among his qualifications he holds a BEng (Mech), a 
Master of Arts (Strategic Studies), Fellow of the Institution of Engineers Australia 
and is a Fellow of the Royal Aeronautical Society. He is Chair of the Advisory Board 
of CAE Asia Pacific and Deputy Chair of the Sir Richard Williams Foundation. Geoff 
is a member of the Strategic Advisory Board of Lockheed Martin (Australia) Pty 
Ltd and a member of the Governing Council of the Temora Air Museum. 
Directorships of other listed entities in the last three years: 
Nil 
Kate served as a Senator representing the Australian Capital Territory from 
1996 to 2015. During this time, she held various front bench positions in both 
Government and Opposition, including the Minister for Sport, Multicultural Affairs 
and Assisting on Industry and Innovation and the Digital Economy. 
Kate continues to be passionate about technology and innovation. Her focus is 
the positive impact of technology on society, culture and the economy. In 2017, 
the Australian National University awarded her a Doctor of Letters (honorary 
doctorate) for her exceptional contributions to advocacy and policy for information 
communications and technology, for the ACT and nationally. 
In 2017, she was inducted into the Pearcey Hall of Fame for distinguished 
achievement and contribution to the development and growth of the Information 
and Communication Technology Industry. The Pearcey Foundation is named 
in honour of Dr Trevor Pearcey, an outstanding Australian ICT Pioneer, notable 
for his leadership of the project team that built one of the world’s earliest digital 
computers, the CSIR Mark 1, later known as CSIRAC. 
Kate is the Chair of the Cyber Security Cooperative Research Centre, the 
Geospatial Council of Australia and the Chair of the Canberra Institute of 
Technology. She is also a Non-executive Director of the National Roads and 
Motoring Association, the National Youth Science Forum and Frontier SI. 
Directorships of other listed entities in the last three years: 
Nil 
The Hon Kate Lundy 
HonLittD, GAICD 
Independent Non-executive Director 
Appointed: 23 March 2018 
Board Committees: 
Data Security and Data Governance 
Committee (Chair) 
Audit and Risk Committee 
People and Culture Committee 
Nomination Committee 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
18 
EOS Directors 
Company Secretaries 
Mr David Black 
BA(Hons) (Economics), FCA, 
MBA, GAICD 
Independent Non-executive Director 
Appointed: 1 January 2021 
Board Committees: 
Audit and Risk Committee (Chair) 
People and Culture Committee 
Data Security and Data Governance 
Committee 
Nomination Committee 
Mr Robert Nicholson 
BSc, LLB, LLM, MBA, GAICD 
Independent Non-executive Director 
Appointed: 24 May 2023 
Board Committees: 
Audit and Risk Committee 
Data Security and Data Governance 
Committee 
Nomination Committee 
Ms Leanne Ralph 
BBus (Acc & Fin majors), FGIA, GAICD 
Appointed: 23 August 2022 
Resigned: 31 May 2024 
Ms Melanie Andrews 
BComm, MBA, FCPA, GAICD 
Appointed: 26 March 2024 
Before retiring from the Deloitte Touche Tohmatsu Australia partnership, David 
spent 25 years with Deloitte in the UK and Australia. During that time David 
provided services to a range of clients including in the Defence, Manufacturing and 
Government sectors. David’s experience includes working with growing start-up 
businesses, multinational corporations and the boards of ASX-listed entities on 
complex accounting, internal and external auditing, risk management, corporate 
governance and due diligence engagements. During his time at Deloitte David 
previously served as the audit partner for the Company. 
Since his retirement from Deloitte, David has established a growing family 
business, The Coastal Brewing Company, and serves on five Government sector 
audit committees as an independent member, chairing one of those committees. 
Directorships of other listed entities in the last three years: 
Nil 
Robert was a Partner at Herbert Smith Freehills (and predecessor firms) for 28 
years. He served on the Freehills Board of Partners for 10 years and was the 
Chairman for three years in the lead-up to the firm’s merger with Herbert Smith to 
create a global firm with 500 partners and 28 offices. 
Robert is a Director of Port of Melbourne, Alinta Energy, Baker Heart and Diabetes 
Institute and European Australian Business Council. He is a Senior Advisor to 
Herbert Smith Freehills. 
Directorships of other listed entities in the last three years: 
Nil 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
19 
EOS Executive Team 
EOS Executive Team 
Christian Tobergte 
Executive Vice President, 
EOS Defence Systems 
International 
Appointed: 
April 2024 
Dr Andreas Schwer 
Managing Director and 
Chief Executive Officer 
At EOS, our core advantage lies in our 
ability to develop and manufacture best-in-
class products and services for our clients. 
Our systems set a global benchmark for 
accuracy, reliability and performance. 
Innovation is at the heart of our business. 
Our legacy spans over 40 years of 
advancements in defence and space 
technologies. 
With a deep portfolio of IP and a refreshed strategy focusing on 
counter-drone solutions – including remote weapon systems and 
high energy laser weapons – as well as space control products and 
services, we are well positioned to capitalise on recent geopolitical 
developments. 
At EOS, it’s what we do next that matters most. 
Clive Cuthell 
Chief Financial Officer, 
Chief Operating Officer 
Appointed: 
September 2022 
Ian Cook 
Executive Vice President, 
EOS Defence Systems 
Australia 
Appointed: 
November 2023 
Dr James Bennett 
Executive Vice President, 
EOS Space Systems 
Appointed: 
August 2022 
“Our systems 
set a global 
benchmark 
for accuracy, 
reliability and 
performance.” 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
20 
Review of Operations 
1. Results for the year ended 31 December 
2024 
For Electro Optic Systems Holdings Limited and its 
subsidiaries (collectively, the “Group” or “EOS”), revenue 
from continuing operations activities was $176.6m, 
representing a $14.6m or 9 per cent increase compared 
to the prior year (2023: $162.0m). 
The loss before tax from continuing operations was 
$38.5m, compared to a loss of $55.6m in the prior year. 
Underlying earnings before interest, taxes, depreciation, 
and amortisation (“EBITDA”)1 from continuing operations 
(prior to foreign exchange gains and other one-off 
adjustments) for the year was a loss of $12.9m, 
representing a decrease of $0.1m compared to the prior 
year (2023: $13.0m loss). Further detail is disclosed on 
the following page. 
The Group reported an operating loss after tax from 
continuing operations of $35.1m for the year (2023: 
$44.3m loss). 
Continuing operations does not include the financial 
results of EM Solutions Pty Limited and its subsidiary 
(“EMS”) for either the current or the comparative period. 
On 21 November 2024, the Group announced the sale of a 
subsidiary, EMS. The activities of EMS are disclosed as a 
discontinued operation at 31 December 2024 and detailed 
in Note 5 to the financial statements. After the end of the 
year EOS announced the completion of a transaction to 
divest 100% of the equity in EMS as well as full repayment 
of the outstanding debt facilities owed to Washington H. 
Soul Pattinson (“WHSP”). Further details are set out in the 
sections below. 
The Group reported net cash outflows from operations 
(including EMS) for the year totalling $30.4m (2023: 
$113.1m net cash inflows). In addition, the Group 
reported $3.7m of net cash inflows from investing 
activities (2023: $34.7m of net cash outflows). The net 
cash inflows from financing activities for the year was 
$9.2m, due to equity capital fund raising of $35m during 
the year. The cash inflows from financing activities were 
reduced by the repayment of WHSP debt (2023: net cash 
outflows $29.1m). 
At 31 December 2024, the Group held cash totalling 
$52.3m consisting of $41.1m from continuing operations, 
and $11.2m from discontinued operations which is 
included in assets classified as held for sale (2023: 
$71.0m Group total consisting of $51.5m from continuing 
operations, and $19.5m from discontinued operations). 
In addition, the Group had $56.1m of restricted cash 
security deposits consisting of $49.5m from continuing 
operations, and $6.6m from discontinued operations 
(2023: $67.1m Group total, including $6.6m for 
discontinued operations). 
Key elements of financial performance are summarised 
below: 
1.1 Revenue 
For the year ended 31 December 2024, the Group 
recorded revenue from continuing operations of $176.6m 
(2023: $162.0m), representing an increase of $14.4m or 9 
per cent. 
The increase in revenue was driven partly by higher 
Defence Systems segment revenue, up from $155.4m in 
2023 to $165.7m in 2024, an increase of $10.3m. More 
detailed information is provided in Section 4 below. 
Revenue in the Space Systems segment (excluding EMS) 
also increased on prior year to $10.8m (2023: $6.7m). 
More detailed information is provided in Section 4 below. 
The underlying cause of the 2024 revenue increase 
was higher activity levels, including on the delivery of a 
Defence Systems contract to a customer in the Middle 
East, the delivery of a contract to a Western European 
Government and the commencement of new space 
capability contracts with the Commonwealth of Australia. 
At 31 December 2024, the Group (excluding EMS) had an 
order book backlog of unconditional contracted future 
work of approximately $135.6m. This represents work 
under customer contracts, mainly in Defence Systems. 
The size of this order book at 31 December 2024 is 
smaller than expected because some opportunities that 
were targeted to be secured in 2024 are taking longer 
than expected to develop. The order book backlog is 
currently expected to be converted to revenue principally 
in 2025 and 2026. 
In addition to the unconditional contracted order book, 
EOS had conditional orders with Ukrainian customers 
to a total value of A$181.0m. More details are set out in 
section 4 below. 
We continue to work on various opportunities and aim to 
grow the order book during 2025. 
As at 25 February 2025 
¹ Underlying EBITDA represents earnings before finance costs, depreciation, amortisation and taxation expense, discontinued operations, and one-off items. This is a non-IFRS and 
unaudited measure which provides useful financial information. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
21 
Review of Operations 
Continuing operations year ended 31 December $m 
2024 
2023 
(Loss) for the year 
(35.1) 
(44.4) 
Income tax (benefit) 
(3.3) 
(11.2) 
(Loss) before tax 
(38.4) 
(55.6) 
Finance costs 
24.6 
35.3 
Foreign exchange (gain) 
(11.6) 
(0.9) 
Underlying EBIT (loss) (before impairment and foreign exchange gains) 
(25.4) 
(21.2) 
Depreciation & amortization 
12.5 
9.4 
Other one-off (gain) adjustments 
-
(1.2) 
Underlying EBITDA (loss) (before impairment and foreign exchange gains) 
(12.9) 
(13.0) 
1.2 Expenses 
Expenses in continuing operations increased from 
$220.8m in the prior year to $228.6m in this year. This 
increase of $7.8m was partly driven by an increase in 
employee benefit costs of $8.4m resulting from higher 
activity. This is offset by reduced finance costs of 
$10.7m due to decrease in interest incurred following 
the repayments of debt facilities in September 2023 
and April 2024. The increase of $2.9m in administration 
expenses in 2024 included the impact of work to develop 
market opportunities into orders, particularly increased 
marketing costs associated with new product launches 
and increased travel and management costs associated 
with growing international markets. Depreciation and 
amortisation charges increased by $3.1m from the prior 
year primarily due to higher amortisation of previous 
years’ transfer from property, plant and equipment 
and the commencement of amortisation on product 
development cost. 
The Group’s gross margin percentage from continuing 
operations was 48 per cent in 2024 (2023: 45 per cent). 
This increase was driven by higher margin sales being 
achieved in 2024 in the Defence Systems business. The 
Group’s gross margin includes Revenue from customers 
and Raw material and consumables used. 
1.3 Underlying EBITDA 
Underlying EBITDA for continuing operations (prior to 
foreign exchange gains and other one-off adjustments) 
was a loss of $12.9m, compared to a loss of $13.0m in 
the prior year. 
Underlying EBITDA 
EOS high energy laser beam director, featuring a sensor unit, radar, and laser aperture 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
22 
Review of Operations 
1. Results for the year ended 31 December 
2024 (continued) 
1.4 Impairment 
There were no impairments recognised in the year ended 
31 December 2024 or 2023. 
1.5 Foreign Exchange 
The results from continuing operations included foreign 
exchange gains in the year of $11.6m (2023: gain of 
$0.9m), which predominantly arose on the translation of 
US Dollar assets into Australian Dollars. 
1.6 Contract Assets 
The Group recognises a contract asset, being revenue 
recognised on projects that has not yet been invoiced 
to customers. Revenue is recognised under Australian 
Accounting Standards. Amounts are invoiced to 
customers in accordance with legal arrangements 
specified in customer contracts. 
At 31 December 2024, the Group had contract 
assets totalling $57.4m (31 December 2023: $68.0m, 
including $5.8m from EMS), being revenue earned but 
not invoiced, primarily on a project with a significant 
overseas customer in the Middle East. The contract asset 
decreased by $10.6m during the year, due to invoices 
issued to customers during the year exceeding revenue 
recognised on customer contracts.  
1.7 Contract Liabilities 
The Group recognises contract liabilities for amounts 
that have been received from customers as advance 
payments on projects.  During the year, the amount 
of contract liabilities increased from $20.6m at 31 
December 2023 to $24.1m at 31 December 2024.  
1.8 Cash Balances 
The cash balance (including held for sale) decreased 
from $71.0m at 31 December 2023 to $52.3m at 31 
December 2024. 
The Group continues to closely monitor its cash flow 
outlook, to ensure that adequate funding is in place and, 
if necessary, seek to amend the Group capital structure. 
The Group continues to focus on maximising cash 
inflows, including seeking contract amendments on 
existing contracts where appropriate, and securing and 
delivering on new sales contracts that are cash positive. 
Cash Flows from Operating Activities 
During the year, the Group had a net cash outflow from 
operating activities of $30.4m. 
Net cash from operating activities was impacted by a 
decrease in Receipts from Customers from $325.5m 
in the prior year to $261.1m in 2024. The decrease in 
receipts follows a contract amendment that resulted 
in relatively high levels of cash collection during 2023. 
Payments to Suppliers and employees of $268.4 m, 
increased from $215.9m in the prior year, due to the 
increased supplier payments as the result of increased 
activity and investment in supply chain resilience 
(including long-lead time items). Cashflows from other 
operating activities of $23.1m (outflow) was largely driven 
by interest paid during the year. 
Cash Flows from Investing Activities 
The Group had a net cash inflow of $3.7m from 
investing activities during the year. This included net 
cash inflows of $15.2m for security deposits for bonds 
released under contract with an Australian customer, 
and cash outflows of $11.5m from acquisitions of 
property, plant and equipment, and intangibles. 
Cash Flows from Financing Activities 
A net cash inflow of $9.2m from financial activities were 
achieved during the year, compared to a net outflow of 
$29.1m in the prior period. The 2024 inflow mainly arose 
from the impact of the equity raise, partially offset by 
debt repayments. 
During March and April 2024, the Group undertook an 
equity capital raising via a fully-underwritten Placement 
and a Share Purchase Plan. The Group successfully 
raised $33.2m (net of fees) via a fully-underwritten 
placement of approximately $20.6m new fully paid 
ordinary shares on 25 March 2024. The Group also 
raised an additional $1.7m (net of fees) via a Share 
Purchase Plan on 22 April 2024. 
Proceeds from the equity raise have been, and will 
continue to be, applied to support future sales growth in 
key global markets, through investment in long lead time 
critical supplies, specifically Remote Weapon System 
(“RWS”) cannons, other long lead time equipment 
components and security deposits for bank guarantees. 
The Group repaid $20.5m to retire its second Working 
Capital Facility which matured on 11 April 2024. After the 
end of the year, the Group repaid remaining borrowings. 
More details are set out at sections 5 and 10 below. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
23 
Review of Operations 
2. Changes in Directors and Management 
During the year, there were no changes to Board 
membership. 
The following changes to the management team 
occurred: 
• Mr Christian Tobergte was appointed Executive Vice 
President of Defence Systems International in April 
2024 to lead international growth in the Defence 
Systems business outside of Australia. This role will 
be based in Europe. 
• Mr Clive Cuthell was appointed Chief Operating 
Officer in addition to his existing role as Chief 
Financial Officer, to focus on execution of key group 
initiatives to support growth. 
• EOS brought its company secretary function fully in 
house during the year. Ms Leanne Ralph resigned as 
Joint Company Secretary on 31 May 2024, leaving 
EOS employee Ms Melanie Andrews, (appointed 26 
March 2024) as the sole Company Secretary. 
3. Strategic Update 
During 2022 EOS initiated a multi-year turnaround 
program. 2024 represented the second full year of this 
turnaround program. 
During 2024 EOS reviewed how best to continue working 
to commercialise our longstanding intellectual property. 
Based on compelling market dynamics, EOS has 
determined to focus on the growth opportunities in the 
counter-drone and space domains. 
As part of this strategic refocussing, it became apparent 
that EMS, EOS’ naval satellite communications business, 
had become non-core to the growth strategy. As such, 
a process was initiated to divest this business which 
culminated in executing an agreement to sell the 
business to Cohort plc in November 2024. 
The divestment of EMS (which was completed on 
31 January 2025) leaves EOS with a strengthened 
balance sheet. EOS intends that capital will be prudently 
deployed to support the growth opportunities identified 
in counter-drone and space domains noted above. 
In line with the work to grow the core business, EOS 
restructured its core Defence Systems organisation 
in order to better focus on its strategic objectives 
to maximise international sales and optimise its 
operations. This saw the establishment of a new role 
of “EVP Defence Systems International” in April 2024 to 
drive international business growth. In addition, the role 
of “EVP Defence Systems Australia” is now focussed 
on Australian activity including all of the operational 
activities there. These roles are filled by highly 
experienced defence industry leaders, Christian Tobergte 
and Ian Cook, respectively. 
4. Detailed Segment Update 
4.1 EOS Defence Systems 
Defence Systems had a positive year ended 31 
December 2024, with revenue increasing from $155.4m 
in the prior year to $165.7m in 2024. This $10.3m 
increase was predominantly due to the impact of the 
continued focus on the contract for a large customer 
in the Middle East and a new contract with a Western 
European Government. 
The main activity during the year was the manufacture 
and delivery of RWS for several different customers. 
Market Overview and Sales Activity 
Throughout 2024, ongoing conflicts in Ukraine and the 
Middle East, as well as rising tensions and increased 
defence spending in other regions, supported customer 
demand and customer enquiry. 
EOS continues to pursue a number of material 
opportunities in different international markets, including 
Europe, the Middle East, North America and other 
international markets. Typically, EOS operates in an 
industry where it can take an extended period of time 
EOS Defense Systems USA integrates the R400 remote weapon system at a recent Canadian CUAS Sandbox 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
24 
Review of Operations 
4. Detailed Segment Update (continued) 
(including up to, and beyond, twelve months) for new 
market opportunities to be converted into signed sales 
contracts. 
Work continued during the year on sales opportunities, 
including significant projects in Australia and 
internationally. 
During the year, negotiations continued in Australia to 
finalise a contract with Hanwha Defence Australia (HDA) 
for the provision of RWS in relation to the Australian 
Land 400 Phase 3 project opportunity. Under this 
project, HDA has been selected to deliver 129 infantry 
fighting vehicles to the Australian Defence Force (ADF) 
in 2027 and 2028. 
In the year to 31 December 2024, Defence Systems 
entered into contracts with customers for the following 
new business: 
• a contract to supply Slinger Counter-Drone RWS to 
Diehl Defence in Germany valued at €9m (~$15m); 
• orders from Thales worth $5.4m for the supply of 
10 new and refurbishment/upgrade of 9 R400 RWS 
under its sustainment agreement with the customer; 
• an order for Counter-Drone Container Based Remote 
Weapon Systems (CBRWS) from a new Western 
European customer valued at €8m (~$13.6m); 
• a contract to supply R600 RWS unit spares to a 
customer in Southeast Asia, valued at approximately 
$28m; and 
• EOS Singapore received orders for remote weapon 
system spares worth SGD17m (~$20m). 
During the year, EOS continued to work with the 
Ukrainian end-users and customers to allow committed 
orders to be placed under the conditional contracts that 
were announced in April 2023, (valued at approximately 
$181.0m). EOS has been advised that the Ukrainian 
Ministry of Defence (MOD) has now listed its R400 with 
M230LF on the official Armaments List. This listing is 
a key step toward allowing the MOD to use Ukrainian 
funds to purchase EOS systems. The situation in Ukraine 
remains fluid and is subject to changing battlefield 
priorities, budget constraints and evolving donor 
attitudes. As announced previously, there is no certainty 
or guarantee that committed orders will be received by 
EOS under these conditional contracts. 
Defence Systems continues to be in active discussions 
and contract negotiations for the provision of RWS and 
related components with other potential customers. In 
2024 a number of demonstration units were provided to 
potential customers for evaluation purposes. Assuming 
the evaluation of these systems progresses positively, 
EOS would hope to move to sell larger, commercial 
quantities to these customers. There is no certainty that 
any particular outcome or transaction will result from 
these discussions and negotiations. 
Product Development 
Product development work continues on a range of 
opportunities. Where development costs are significant, 
the Group is focused on obtaining third party funding, 
to speed delivery to the market and manage costs and 
returns on capital. 
Defence Systems continued to develop its intellectual 
property and commercialise its product range during the 
year: 
• EOS continued discussions with potential customers 
for the R150 RWS (launched during 2023) and the 
R800 RWS (launched during 2023). In addition, 
EOS was in discussions with customers about the 
development and supply of RWS for the marine 
market (i.e. naval applications). 
• Following the 2023 launch of the flagship Slinger 
counter-drone system, work continued to meet strong 
demand for counter-drone solutions. In addition to 
ongoing demonstrations of the Slinger counter-drone 
system capabilities to customers, in July 2024, the 
Group also successfully demonstrated its Laser 
Dazzler at the CUAS Sandbox event in Canada. The 
Laser Dazzler can be integrated into EOS’ existing 
RWS, giving operators the flexibility to use either 
kinetic or non-kinetic electronic warfare measures 
against aerial threats. 
• EOS and the Australian Defence Force (ADF) 
Robotic and Autonomous Systems Implementation 
& Coordination Office (RICO) demonstrated the 
advanced long-range firing capabilities and precision 
of EOS’ R400 RWS, remotely controlling an RWS from 
over 500km away to destroy ground targets. 
• Capabilities of an R600 RWS were demonstrated on 
a US Army Small Multipurpose Equipment Transport 
(S-MET) robotic infantry support vehicle. Using this 
platform, EOS successfully shot down pairs of Class 
1 drones at ranges of more than 300m and engaged 
multiple ground targets with 30mm cannon from this 
robotic platform. 
• EOS received a request from a large potential customer 
in the United States to develop an autonomous 
capability for the Slinger counter-drone system. 
Typically, new product launches in the defence industry 
can take one to three years to achieve significant sales 
and develop commercial maturity. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
25 
Review of Operations 
High Energy Laser Weapon 
EOS believes that High Energy Laser Weapons represent 
a significant strategic growth opportunity. 
During the year, the Group continued discussions with 
international customers for the potential sale of its 
new 50kW and/or 100kW High Energy Laser Weapon 
(HELW). EOS views that the signing of one or more of 
these commercial agreements would mark an important 
milestone as it works towards commercialisation of this 
product line. It is expected to take some time for HELW 
products to achieve significant commercial scale. There 
is no certainty that any commercial agreements will occur 
or that HELW products will achieve commercial scale. 
In 2024 EOS established a Laser Innovation Centre in 
Singapore to carry out new product development work 
on High Energy Laser Weapon systems. In order to 
facilitate this, the Group established a new 100% owned 
company, ‘EOS Innovation Singapore Pte Ltd’. 
Supply Chain, Operations and Facilities 
In 2024 EOS reinvigorated its supply chain team and 
during the course of the year we have focussed on a 
number of critical initiatives including: 
• Material Requirements Planning (MRP): upgraded 
the MRP systems to improve demand forecasting 
accuracy, align production with lead times, and 
optimise planning and delivery. 
• Supply Chain Efficiency: enhanced on-time delivery 
performance, streamlined component sourcing, and 
refined production timelines for greater efficiency and 
reliability. 
Further, in order to improve overall supply chain resilience, 
safety stock levels for some critical components have 
been reviewed and, in some areas, increased. 
4.2 EOS Space Systems 
For the year to 31 December 2024, continuing 
operations revenue in the EOS Space Systems segment 
(excluding EMS) increased to $10.8m from the prior year 
(2023: $6.7m). 
The Space Systems business delivers space domain 
services as well as designs, manufactures and deploys 
telescope and observatory equipment. 
During 2024, Space Systems continued to grow 
and commercialise its technology. Space Systems 
announced in April and July respectively that it had 
secured a $5m and a subsequent $9m contract with 
the ADF Joint Capabilities Division in Australia to further 
develop space capabilities. These projects represent a 
significant strategic opportunity for EOS and this work 
was developed consistent with EOS stated strategy 
of securing third party funding for new capability 
development work. 
During the year, Space Systems continued to develop 
the market for space control solutions. EOS believes 
that the future market for space control solutions is 
potentially very large. During the year, EOS identified 
several emerging space control opportunities in 
overseas markets and discussions were held with 
various potential partners to start to develop these 
opportunities. Discussions to date have focussed on the 
Group’s unique capabilities and potential opportunities 
for the Group to secure product development funding. 
These discussions are expected to continue in 2025 and 
will be supported by demonstrations where appropriate. 
This market development work is being conducted to 
support significant long term strategic growth. Typically, 
in this area it can take several years for opportunities to 
be developed and converted to signed sales agreements 
and there is no guarantee that this will be successful. 
KiwiStar Optics continues to work on programs for a 
range of international customers and to seek further 
opportunities in international markets. 
Laser system for tracking objects in space 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
26 
Review of Operations 
5. Discontinued Operations and Repayment 
of Debt 
In November 2024, the Group announced its intention to 
divest 100% of EMS to Cohort plc for an enterprise value 
of $144.0m. 
EMS designs, builds, deploys and maintains on-the-
move satellite communication equipment systems for 
defence forces. EMSs’ main products include satellite 
communication terminals and antennae for naval 
vessels and other applications. 
During 2024, EMS continued to focus on building its order 
book and delivering its satellite communication systems 
to customers in Australia and other regions. In 2024, EMS 
worked on the deliverables required under the SEA 1442 
Phase 5 contract for the Royal Australian Navy. 
Subsequent to year end: 
• On 31 January 2025, the transaction to sell 100% 
of the equity in EMS completed. Accounting for 
customary adjustments for working capital and net 
debt, a consideration of $158.6m was received. 
• On 31 January 2025, EOS repaid all remaining debt 
owing to WHSP. This amounted to $61.1m which 
included a “make whole” as required under the facility 
agreement. Following this repayment, EOS no longer 
has any outstanding borrowings. 
6. Subsequent Events 
Apart from items outlined above in this Review of 
Operations, there have been no transactions or events 
of a material and unusual nature between the end of the 
reporting period and the date of the report likely, in the 
opinion of the Directors of the Company, to significantly 
affect the operations of the Group, the results of those 
operations, or state of affairs of the Group in future years. 
7. Material Business Risks 
The following is a summary of the material business 
risks of the Group. These are not listed in any order of 
importance and do not constitute an exhaustive list. Any 
of these risks may adversely impact on the financial and 
operating performance and prospects of the Group and 
on the ability of the Group to continue operating as a 
going concern. 
7.1 Customer Concentration and Future Sales 
Revenue risks 
Currently, the Group’s activities are concentrated with a 
relatively small number of customers and the Group has 
a secured contract backlog of approximately $135.6m 
(excluding EM Solutions and excluding conditional 
contracts). The Group’s ability to continue operating 
depends on its ability to secure profitable future sales 
contracts from existing and new customers. 
The Group is working to mitigate risk to the best of its 
ability by implementing plans to diversify the business 
with a wide range of new customers in different 
markets. The Group has a detailed pipeline of potential 
future opportunities which are being developed. There 
is a risk that opportunities are cancelled, delayed or 
take longer than expected to be secured in the form of 
binding customer contracts. EOS works to mitigate this 
risk by pursuing a wide range of different opportunities. 
The group has set management performance targets 
for new business won in the year (which may span 
over multiple years) and revenue delivered in the year. 
Management incentive schemes have been established 
and are updated regularly. 
Future sales revenue and cash receipts are likely to 
continue to be dependent on the performance of 
customers and others. For example, EOS sometimes 
relies on the availability of customer vehicles, or critical 
components (such as cannons) from suppliers. The 
Group assesses this risk and takes steps to mitigate this 
risk, for example by securing appropriate contract terms 
where possible. 
There is no guarantee that the Group will be successful 
in securing new sales orders, diversifying the business 
or mitigating potential future non-performance of 
customers and others. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
27 
Review of Operations 
7.2 Cash Receipts, Liquidity and Funding 
The Group incurred a Loss Before Tax from Continuing 
Operations of $41.0m for the year ended 31 December 
2024 and had a net cash outflow from Operating 
Activities of $30.4m. 
On 31 January 2025, EOS divested the EM Solutions 
business, receiving proceeds of $158.6m. Also on 
31 January 2025, EOS repaid all borrowings from its 
longstanding lender, WHSP. Following these transactions, 
EOS had approximately $128.0m unrestricted and 
available cash on hand at 31 January 2025. 
The Group is reliant on cash collections from customers. 
The receipt of adequate cash from customers depends 
on customers making timely payments for the goods 
supplied in accordance with contractual terms, and on 
the Group securing new additional cash positive sales 
orders from customers. 
The Group is a party to large contracts which can create 
relatively large receipts and payments in short periods of 
time. The Group is exposed to risk if receipts are delayed 
and this can create additional liquidity requirements at 
short notice. 
The Group manages these risks by monitoring near-term 
cash forecasts and proactively pursuing cash collections 
and other cash management strategies. In addition, the 
group maintains cash reserves to provide capacity to 
withstand short term movements in cash receipts and 
payments. 
If adequate cash is not received, the Group may not have 
sufficient liquidity and funds to continue operations. In 
addition, it may be required to negotiate with lenders and/ 
or other finance providers and to complete further debt or 
equity raisings. There is no assurance that the Group will 
be successful in any potential future recapitalisation and/ 
or refinancing should this be required. 
The Group is regularly asked to issue bank guarantees 
under new customer contracts. The issuance of such 
guarantees is subject to the availability of facilities from 
financiers. There is no guarantee that such facilities will 
be obtained and this can impact the Group’s ability to 
secure customer contracts on attractive terms. 
The Group works to mitigate the risk to the best of its 
ability by holding regular and constructive discussions with 
customers and with finance providers, by main-taining 
proactive cash management processes and by exploring 
profitable new business opportunities that, if converted, 
will be cash flow positive. The Group has set management 
performance targets for cash collected in the year. 
7.3 Foreign Exchange Risks 
The Group typically incurs costs in Australian dollars 
and United States dollars, and sells products priced 
in Australian dollars, United States dollars and other 
currencies. This can create a foreign exchange exposure, 
particularly as costs are often incurred prior to sales 
proceeds being received, and the Group holds assets 
(including contract assets) denominated in foreign 
currency. The Group works to monitor foreign exchange 
exposures and mitigates these by factoring reasonably 
possible foreign exchange movements into pricing. 
In addition, receipts and payments with foreign 
exchange risks are often incurred over extended periods 
of time, protecting the Group from the impact of short-
term movements in foreign exchange rates. Except for 
the natural hedge afforded by having operating assets 
in different countries, the Group does not hedge foreign 
exchange transactions. The Group may incur exchange 
gains and losses as a result of this approach. 
7.4 Human Resources Risks 
The Group’s ability to continue operating depends on its 
ability to retain and attract (where required) high quality 
managers and staff with skills aligned to the future needs 
of the Group, particularly as our order book expands. 
The market for hiring new staff remains challenging 
in several key areas. The Group employs a range of 
initiatives to attract and retain appropriate resources, 
including implementing remuneration strategies and 
other employee benefits. 
The introduction of new regulatory requirements (see 
section xi below) can also limit the size of talent pools 
that the Group can hire from, particularly when we are 
required to hire Australian or other approved citizens. 
EOS continues to develop opportunities widen our hiring 
pools to address this. 
The Group evaluates concentration risks (including our 
reliance on talent pools in small geographic markets 
such as Canberra, Australia), and ways to reduce this. 
This includes regularly considering the expansion of 
our production capability in the United States and other 
places in order to have wider pools of talent to draw upon. 
There is no guarantee that the Group will be able to 
retain or attract key managers and staff. This may 
have an adverse impact on the Group’s financial and 
operating performance. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
28 
Review of Operations 
7. Material Business Risks (continued) 
7.5 Cyber / Information Technology Risks 
The Group is dependent on the performance, reliability 
and availability of technology platforms, data centres 
and technology systems, including services provided 
by third parties. The Group operates in the defence 
industry and has a higher inherent Cyber / Information 
Technology risk profile than other organisations. 
There is a risk that technology systems may be 
adversely affected by disruption, including by factors 
outside the Group’s control. This could lead to a 
prolonged disruption to the Group’s activities, with 
adverse effects on the Group’s products and services, 
operations, interactions with suppliers, employees and 
others, delivery to customers, cash receipts and net cash 
flows, and on the Group’s reputation. 
The Group employs expert personnel and third-party 
service providers to help mitigate these risks. These 
mitigations include monitoring threats and other 
processes and insurance. The technical nature of this risk 
is subject to ongoing rapid evolution. If this risk arose, 
there is no guarantee that the mitigation activities would 
be effective and in this situation, it could have an adverse 
effect on the ability of the Group to continue operating. 
During 2023 a Board subcommittee, the Data Security 
and Data Governance Committee, was established to 
oversee this risk. The work of this committee continued 
during 2024. 
7.6 Geo-Political Change Risks 
The Group is exposed to changes in geopolitical risks, 
including changes in the operating environment that 
arise from wars, terrorist acts and tensions between 
states that impact global security. In addition, political 
and governmental changes can ultimately lead to 
changes in market demand and other factors that 
impact the Group. 
The Group operates in international markets in the 
defence industry and has a higher inherent geo-political 
risk profile than other organisations. The Group is also 
exposed to the risk of political and economic instability 
in international markets, inconsistent product regulation 
by national governments or their agencies, imposition 
of product tariffs and burdens, difficulty in enforcing 
intellectual property rights, national taxes, and language 
and other cultural barriers. 
During 2024 and early 2025, the risk of the imposition of 
product tariffs increased as some countries (including 
the United States) indicated a willingness to consider 
imposing tariffs. The Group expects this risk to continue 
evolving. This could result in changes that adversely 
affect the cost of materials purchased by the Group or the 
prices ultimately charged by the Group to customers. EOS 
monitors developments and works to ensure customer 
opportunities and contracts are not exposed to this risk. 
There is no guarantee that this work will be successful. 
Changes in geopolitical situations or legal requirements 
could have an adverse impact on market development, 
sales opportunities, revenues, operations, costs, profits, 
and cash receipts and net cash flows, including the 
ability of customers to pay for products and services 
supplied. The Group addresses this by monitoring global 
developments, including meeting with senior defence 
and political leaders in different countries. The Group 
also considers potential future situations, particularly 
when developing and adapting market strategies and 
plans, as well as working to influence critical decisions 
through appropriate channels. 
7.7 Operational Continuity and Supply Chain Risks 
In future, the Group’s continuing operations may be 
affected by a range of factors, including the interruption 
of availability of materials and components caused by 
supply chain issues, access to operational premises and 
access to high-level engineering skills and personnel and 
to customer and supplier facilities and equipment. The 
Group’s products are also subject to obsolescence risks, 
including the ongoing availability of critical components 
that may no longer be being manufactured by suppliers. 
The Group continues to monitor these risks and develop 
plans to mitigate them, including working to source and 
hold inventories of critical parts. In addition, the Group 
continues to work with customers and others to address 
the risk of adverse financial impacts of delays in access 
to firing ranges, vehicles, weapons and other critical 
items. There is no guarantee that the Group’s plans will 
cover all scenarios or be successful in fully mitigating 
these risks, should they arise in future. 
7.8 Stakeholder Dissatisfaction Risks 
The Group interacts with a wide range of stakeholders. 
These include customers (including various government, 
defence force and other buyers) suppliers, industrial 
partners, regulators, lenders and funding providers, 
employees, equity investors and others. The ongoing 
operation of the Group depends on the level of trust and 
confidence of stakeholders in the Group. 
Following the divestment of EM Solutions, on 31 
January 2025 the Group repaid all outstanding 
borrowings. Thereafter, the Group had cash reserves 
of approximately $128.0m. The Group believes this 
represents an improvement in overall financial health 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
29 
Review of Operations 
and that this provides the opportunity to improve 
stakeholder confidence in the Group and reduce the risk 
of stakeholder dissatisfaction. 
Stakeholder requirements typically encompass a wide 
range of demands and there is no guarantee that the 
Group will be able to satisfy stakeholder requirements. 
Ultimately this could lead to stakeholders withholding 
co-operation and could disrupt the Group’s ability to 
continue operating. 
7.9 Product Development Risks 
Ongoing sales of existing products to customers require 
the maintenance and development of these existing 
products and services to ensure that they remain 
effective and saleable. In order to continue operating, 
existing products require the maintenance of legacy 
software, and the implementation of new software. The 
Group employs software engineers to do this. 
The Group sells high technology products and services 
and there is the risk that fundamental technology 
changes occur over time rendering the group’s existing 
products obsolete. For example, global security 
endeavours could become more focussed on missiles 
than land-based RWS technologies, presenting a risk and 
an opportunity. The Group addresses this by monitoring 
market trends and developing new technology 
products. Product development work is subject to risk, 
including that if the Group does not have access to the 
necessary investment funding and the necessary skills 
and capabilities, this could disrupt or delay product 
development programs and ultimately the ongoing 
operation of the Group. 
The technical and commercial development of new 
products depends on the assessment of evolving 
market needs and a range of complex factors. Product 
development can consume significant amounts of 
investment and may not result in the development of 
commercially viable products for extended periods of 
time or ever. The Group’s access to appropriate sources 
of development funding and technical, commercial 
and strategic capability is a key determinant of future 
product viability and the Group may not be able to 
access these. 
The Group regularly reviews it product portfolio and 
evolving market trends and continues to develop product 
plans to mitigate these risks. There is no guarantee 
that the Group will be able to maintain or develop 
commercially viable products. 
7.10 ESG: Environmental, Social and Governance 
Risks 
The Group is exposed to a wide range of Environmental, 
Social and Governance risks. The Group’s products 
(including Remote Weapons Systems) and other 
services may be used in ways that impact human rights. 
The Group is required to comply with export controls in 
Australia, the United States and other countries and has 
implemented controls designed to ensure compliance. 
The Group is exposed to other social risks, including 
evolving community expectations and obligations 
relating to supply chain ethics, modern slavery, diversity 
rights and behaviour of Directors and employees. The 
Group works to monitor social risks and take steps to 
monitoring evolving social expectations and ensure 
compliance with obligations in good time. 
The Group is subject to the impacts of changes in 
environmental requirements and compliance obligations 
(including reporting) and to the impacts of changes in 
the environment on supply chain availability. The Group’s 
activities, products and services may have an adverse 
impact on the environment. The Group’s exposure to 
environmental and climate change risks is set out in 
more detail below. 
The Group is exposed to governance risks, including 
those relating to Board governance and diversity and 
the ability to retain and attract Board Directors with the 
requisite skills and experience. In addition, there is the 
risk that Board review and decision-making processes 
may not be effective in ensuring compliance with 
relevant obligations and the ongoing viability of the 
Group at all times. The Board monitors its composition, 
skills and processes to assess this risk and take steps to 
mitigate risks where possible. 
ESG risks continue to evolve rapidly and there is no 
guarantee that the Group will be able to continue to 
anticipate or fully mitigate these risks. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
30 
Review of Operations 
7. Material Business Risks (continued) 
7.11 Regulatory and Legal risks 
The Group is subject to a wide range of regulatory and 
legal obligations in different countries. These include 
regulations relating to Export Licenses for its products, 
security obligations (including relating to sites, people, 
data and classified activities) and compliance with the 
requirements of the Australian Securities Exchange and 
the Corporations Act 2001 (Cth) in Australia (and similar 
legislation in other countries). 
The Group’s regulatory and legal environment is 
subject to change and the Group can face new 
regulatory requirements. In Australia, new legislation 
on Safeguarding Australia’s Military Secrets imposed 
new restrictions and requirements on the Group during 
2024. The new Defence Trade Controls Amendment Act 
2024 also created new restrictions and requirements. 
The Group has taken steps to manage compliance with 
these new requirements. There are also evolving risks, 
such as the risk of tariffs outlined at section 7.6 above. 
Changes in regulatory and legal requirements can impact 
the Group’s ability to sell, manufacture or export key 
products or components. The Group monitors changes 
in the regulatory and legal environment and seeks to 
take mitigating actions where appropriate. There is 
no certainty that any mitigating actions taken may be 
effective in a way that allows the Group to continue 
operating without short-term or long-term impacts. 
The Group’s relationships with counterparties (including 
customers, suppliers, and others) are governed by 
contracts and relevant legislation in Australia, the United 
States of America and other countries. In addition, the 
Group’s ongoing operations depend on continuing to 
meet regulatory and licencing requirements in different 
parts of the business and different jurisdictions. 
In particular, the Group requires specific government 
permits (including Export Licences) under the applicable 
export laws of the country of manufacture for each 
export of defence equipment. Such permits are issued 
and occasionally withdrawn for political and strategic 
reasons by the issuing government. Delivery contracts 
must be declined or terminated without fault if an export 
licence is not granted and the Group works to manage 
this risk. 
There is the risk that the Group could be subject to 
disputes, legal claims, litigation, investigations, class 
actions and sanctions from customers, suppliers, 
investors, lenders and other funding providers, 
regulators, governments and others. These may relate 
to past, current or future events or activities of the 
Group, including actions or omissions by Directors and 
employees. For example, as previously disclosed, EOS 
is subject to an ongoing investigation by ASIC in in 
Australia in connection with compliance with disclosure 
obligations and related duties regarding the Company’s 
2022 revenue guidance. EOS has fully co-operated with 
this investigation and has not received any indication 
from ASIC that any action will be taken in relation to the 
matters being investigated. As with any investigation 
of this nature it is not possible to predict whether any 
action may be taken by ASIC or third parties. There is no 
guarantee that any past, current or future such matters 
arising will be resolved in a way that allows the Group 
to continue operating without short-term or long-term 
impacts. 
7.12 Additional Information on Climate Change 
and Climate-related Risks 
The Group is exposed to climate change and climate-
related risks. Directors are responsible for providing over­
sight of the Group’s risks and opportunities in this area. 
The main climate risks that the Group face in the short 
term include compliance with evolving legislation, 
including reporting obligations in different jurisdictions. 
Reporting obligations are evolving and jurisdiction-
specific and the Group works to ensure compliance with 
these requirements. 
During 2024, the Group conducted an initial assessment 
of climate reporting obligations. As part of this, it was 
determined that the Group expects to be required 
to comply with climate-related financial disclosure 
obligations for the 2027 reporting year. 
Over the medium and long term, the Group has identified 
the risk that additional obligations will arise relating to 
potential mitigation of adverse environmental activity 
within the Group’s supply chains. The Group has an 
extensive and fragmented supply chain base which 
is involved in the manufacture of electronic and other 
equipment. 
The Group’s strategy for managing climate-related 
risks is under review which will include modelling of 
different climate-related scenarios, such as a ‘2 degrees 
centigrade or lower’ scenario. 
The Group has identified ESG (including climate risks) as 
a risk to the Group through its risk management process 
which is overseen by the Directors. Assessing this risk 
and developing mitigations and other actions (current 
and planned) is the responsibility of management. The 
Directors are responsible for monitoring compliance 
with the various evolving requirements (including 
reporting obligations), progress being made and the 
development of future plans. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
31 
Review of Operations 
The Group plans to renew its climate risk goals, strategy 
and detailed plans, including setting metrics and targets 
and preparing for climate-related reporting requirements 
during 2025 and 2026. 
8. Long-Term Incentive Plan 
During the year, 2,100,000 share options and 1,260,000 
share rights were issued to the Managing Director and 
CEO, Dr Andreas Schwer, following approval at the AGM 
in May 2024. 
In addition, during the year a further issue of 866,489 
share options and 195,445 share rights were issued 
to executives and senior management as part of the 
Omnibus Employee Incentive Plan. 
There is no change in share capital as a result of these 
allocations and it is anticipated that upon vesting, these 
allocations will be funded, to the fullest extent possible, 
by shares already issued and held in trust as lapsed 
shares under the existing Loan-Funded Share Plan. 
No other share rights or share options were issued to 
directors during or after the period. 
9. Offset Credit Obligation 
The Group is obligated as part of its contract to supply a 
customer in the Middle East, to contribute to economic 
development in the country in order to offset against 
purchases of its products and services (“Offset Program”). 
This commitment is secured by an offset bond of 
US$16.9m (A$27.3m) which is guaranteed by Export 
Finance Australia. In respect of the bond, a cash security 
amount of US$13.7m (A$22.1m) has been placed on 
deposit. 
As part of the offset program, EOS is required to develop, 
agree and submit an approved business plan, which will 
generate offset credits, to the offset credit authority. 
A proposed business plan was submitted to the offset 
authority in September 2023. During the year the Group 
continued to have advanced discussions regarding the 
business plan with the offset credit authority and, as at 
balance date, the business plan remained under review 
by the offset credit authority. 
In addition during the year, consistent with the 
proposed business plan, EOS entered into a non-
binding memorandum of understanding (“MOU”) with 
Shielders Advanced Industries (“Shielders”), a specialist 
manufacturer in the Middle East. The MOU envisages 
the formation of a Joint Venture (“JV”) between 
Shielders and EOS that focusses on local manufacturing 
and assembly of RWS, assisting EOS in meeting its 
offset obligations. 
Subsequent to balance date, on 20 February 2025, the 
Group received approval from the offset credit authority 
for the business plan. The business plan envisages that 
EOS will enter into a 49% EOS owned JV with Shielders 
Advanced Industries to set up local manufacturing 
and assembly of EOS’ R150 Remote Weapon System 
product in the Middle East. Under the approved business 
plan, EOS has from 1 July 2026 until 1 July 2033 to 
set up the JV and earn the relevant offset credits. This 
includes in kind contributions including the licensing of 
EOS owned IP, and providing technical data packages 
and manufacturing knowhow to the JV. 
Under the approval from the offset credit authority 
the final form of the JV agreement, along with other 
agreements necessary for the JV to manufacture and 
assemble EOS product in the Middle East, require the 
approval of the offset credit authority and approval of 
the JV agreement must be obtained from the offset 
credit authority within a maximum of 6 months from 20 
February 2025. Under the approved business plan in order 
to earn offset credits EOS must contribute not less than 
AED 18.365m (approximately A$7.8m) in cash to the JV. 
As a result of the above, EOS considers that both at 
balance date and as at the date of this report it was in 
compliance with its obligations. In the event that EOS 
does not comply with its obligations in future, the offset 
credit authority is entitled to demand payment under the 
guarantee outlined above. 
10. Capital Management 
The Group’s continued its focus on capital management, 
and the monetising of contracts on hand during 2024. 
On 10 April 2024, EOS announced the $20.5m full 
repayment of the Additional Working Capital facility. This 
follows the repayment of $26.9m in September 2023 of 
the initial Working Capital facility. 
As at 31 December 2024, the Group had one secured 
borrowing facility with WHSP (“WHSP facility”) for a 
Term Loan principal facility of $35.0m. The total debt 
repayment obligation of $52.1m was due to mature on 
11 October 2025 and included principal, establishment 
fees and interest accrued, not paid in cash, to that date. 
The facility carried interest of 22 per cent per annum 
and line fees of 4 per cent. This loan was secured by a 
general security deed which ranked pari passu with the 
Export Finance Australia facility. The borrowing facility 
agreement included a 100 per cent ‘make whole’ clause 
which applied in the case of any early repayment. 
As noted in section 6 above, on 31 January 2025, 
following the divestment of EMS, EOS was required to 
repay the WHSP facility noted above. The total 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
32 
Review of Operations 
10. Capital Management (continued) 
repayment (including principal, interest and make whole 
amounts) was $61.1m. 
Following this debt repayment and the divestment of 
EMS, EOS had no borrowings on 31 January 2025, 
and held approximately $128.0m in available cash 
balances. Furthermore, EOS had approximately $48.0m 
of restricted cash (security deposits) held as security for 
bank guarantees. 
The Group is a party to large contracts which can create 
relatively large receipts and payments in short periods of 
time. The Group is exposed to risk if receipts are delayed 
and this can create additional liquidity requirements at 
short notice. The Group manages this risk by monitoring 
near-term cash forecasts and proactively pursuing cash 
collections and other cash management strategies. 
11. Business Outlook 
During 2024, work continued on EOS’ transformation 
strategy to focus on commercialising its substantial 
intellectual property and growing its core product 
offerings in the areas of Remote Weapon Systems, 
High Energy Laser Weapons and Space Control. This 
work included divesting EM Solutions, and initiatives to 
diversify the Group’s range of products and the markets 
we serve, and ultimately our customer and revenue 
base. This is intended to improve profitability and returns 
over time. 
11.1 Outlook for Markets, Customers and 
Order Book 
The market outlook for the Group’s products remains 
positive. This is due to the conflict in Ukraine, conflicts 
in the Middle East and continued tensions in other 
locations. Customer interest in NATO countries and 
other markets remains strong and overall customer 
enquiry levels and discussions continued to advance 
during the year. We continue to see particularly strong 
interest in counter-drone solutions. 
Typically, EOS operates in an industry where it can 
take an extended period of time (up to a year or more) 
for new opportunities to be converted into signed 
sales contracts. During 2024 and in early 2025, some 
opportunities have taken longer to develop than 
originally anticipated. EOS continues to pursue a number 
of material opportunities in different markets, including 
Europe, North America the Middle East and other 
international markets. 
At 31 December 2024, the unconditional backlog order 
book was $135.6m (excluding EMS). EOS aims to both 
grow the backlog order book and convert the existing 
conditional orders to binding orders during 2025. 
Achieving this depends on a range of factors, some of 
which are outside of EOS control. 
11.2 Outlook for Revenue 
Typically, the recognition of revenue is governed by the 
achievement of project milestones specified in customer 
contracts. Changes in project timing, and the timing 
of the Group’s revenue, can arise due to unplanned 
changes in circumstances. 
The level of future revenue in 2025 and beyond will 
depends on the delivery against contracts on hand and 
on the level of new contracts secured and delivered 
during the year. Factors including the achievement 
of product manufacturing and delivery milestones, 
compliance with detailed contractual requirements, 
ongoing customer relationships and the outcome of 
commercial discussions and negotiations as well as the 
quantum of new contracts secured all impact revenue 
recognised. Due to the nature of the industry in which 
EOS operates historically, the timing and quantum of 
revenue has been difficult to predict with certainty. 
During 2024, EOS revenue from continuing operations 
was $176.6m. Achieving a similar revenue in 2025 will 
depend on the company converting some of its pipeline 
or other new opportunities to confirmed orders and 
delivering on the requisite manufacturing, delivery and 
other milestones. In addition, based upon the delivery 
profile of existing contracts, and the work to secure new 
contracts, EOS expects that 2025 revenue will be heavily 
biased to the second half of the year. 
The Group will continue to provide updates during the 
year in line with its continuous disclosure obligations. 

EOS COMES
INTO PLAY
WHEN THE
FIRST SHOT
MATTERS

Electro Optic Systems Holdings Limited  | Annual Report 2024 
34 
Directors’ Report 
Directors’ Report 
The Directors of Electro Optic Systems Holdings Limited submit herewith the 
annual financial report of the Company for the year ended 31 December 2024. 
In order to comply with the provisions of the Corporations Act 2001 (Cth), the Directors report as follows: 
1. Directors 
The names and particulars of the Directors of the Company during or since the end of the financial year are: 
Name 
Particulars 
Mr Garry Hounsell 
B Bus (Acc), FCA, FAICD 
Independent 
Non-executive 
Chair 
Appointed: 
24 November 2022 
Board Committees: 
Nomination Committee (Chair) 
Experience and Expertise 
Garry is currently Chair of Helloworld Travel Limited (since 2016) and a Non-executive Director at 
Treasury Wine Estates Limited (since 2012). 
Garry was previously the Chair of the Commonwealth Superannuation Corporation, Chair of Myer 
Holdings Limited (2017-2020; Executive Chair Feb-Jun 2018), Chair and a Non-executive Director 
of Spotless Group Holdings Limited (2014-2017), and Chair of Emitch Limited (2006-2008) and 
PanAust Limited (2008-2015). He was also previously an Advisory Board Member of PanAust 
Limited (2015-2017), Rothschild Australia Limited (2012-2017), and Investec Global Aircraft 
Fund (2007-2019). He was a Director at Orica Limited (2004-2013), Nufarm Limited (2004-2012), 
Qantas Airways Limited (2005-2015), Mitchell Communication Group Limited (2008-2010), Integral 
Diagnostics Limited (2015-2017), Dulux Group Limited (2010-2017) and Investec Aircraft Syndicate 
Limited (2012-2018). Garry was a member of Commencer Capital’s (formally Investec Emerging 
Companies) Investment Committee (2019-2024). 
Garry was a Senior Partner at Ernst & Young (2002-2004), CEO and Managing Partner of Arthur 
Andersen (2001-2002) and a Partner at Arthur Andersen (1989-2002). 
Garry has a Bachelor of Business (Accounting) from the Swinburne Institute of Technology (1975) 
and is a Fellow of Chartered Accountants Australia and New Zealand and a Fellow of the Australian 
Institute of Company Directors. 
Directorships of other listed entities in the last three years: 
Treasury Wine Estates Limited (2012 to present) and Helloworld Travel Limited (2016 to present). 
Dr Andreas Schwer 
PhD, MSc, MSE 
Managing Director and 
Chief Executive Officer 
Appointed: 
11 December 2023 
Experience and Expertise 
Dr Schwer was appointed as Chief Executive Officer in August 2022 and appointed as Managing 
Director on 11 December 2023. 
An executive leader with deep international experience – including in Asia, the Middle East, Europe, 
and North America – Dr Schwer has had a varied career in the defence and space domains. His 
previous experience includes senior positions in the global defence industry, including fourteen 
years at Airbus Group and five years at the German defence company Rheinmetall AG. Dr Schwer 
has a thorough understanding of the Company’s global operations, having acted, most recently, 
as President of EOS EMEA (Europe, Middle East, and Africa) for two years, during which time he 
oversaw the expansion of the company’s operations in NATO and Middle Eastern markets. Among 
his qualifications, he holds a PhD in the field of system modelling and satellite engineering. 
Directorships of other listed entities in the last three years 
Independent Director at Titomic Ltd (1 January 2020 to present). 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
35 
Directors’ Report 
Name 
Particulars 
Air Marshal 
Geoffrey Brown AO 
BEng (Mech), MA 
(Strategic Studies) 
Independent 
Non-executive 
Director 
Appointed: 
21 April 2016 
Board Committees: 
• People and Culture Committee (Chair) 
• Nomination Committee 
Experience and Expertise 
Geoff retired from the Royal Australian Air Force in July 2015 as Air Marshal in the position of Chief 
of Air Force. Among his qualifications he holds a BEng (Mech), a Master of Arts (Strategic Studies), 
Fellow of the Institution of Engineers Australia and is a Fellow of the Royal Aeronautical Society. 
He is Chair of the Advisory Board of CAE Asia Pacific and Deputy Chair of the Sir Richard Williams 
Foundation. Geoff is a member of the Strategic Advisory Board of Lockheed Martin (Australia) Pty 
Ltd and a member of the Governing Council of the Temora Air Museum. 
Directorships of other listed entities in the last three years: 
Nil 
The Hon Kate Lundy 
HonLittD, GAICD 
Independent 
Non-executive 
Director 
Appointed: 
23 March 2018 
Board Committees: 
• Data Security and Data Governance 
Committee (Chair) 
• Audit and Risk Committee 
• People and Culture Committee 
• Nomination Committee 
Experience and Expertise 
Kate served as a Senator representing the Australian Capital Territory from 1996 to 2015. During 
this time, she held various front bench positions in both Government and Opposition, including the 
Minister for Sport, Multicultural Affairs and Assisting on Industry and Innovation and the Digital 
Economy. 
Kate continues to be passionate about technology and innovation. Her focus is the positive impact 
of technology on society, culture and the economy. In 2017, the Australian National University 
awarded her a Doctor of Letters (honorary doctorate) for her exceptional contributions to advocacy 
and policy for information communications and technology, for the ACT and nationally. 
In 2017, she was inducted into the Pearcey Hall of Fame for distinguished achievement and 
contribution to the development and growth of the Information and Communication Technology 
Industry. The Pearcey Foundation is named in honour of Dr Trevor Pearcey, an outstanding 
Australian ICT Pioneer, notable for his leadership of the project team that built one of the world’s 
earliest digital computers, the CSIR Mark 1, later known as CSIRAC. 
Kate is the Chair of the Cyber Security Cooperative Research Centre, the Geospatial Council of 
Australia and the Chair of the Canberra Institute of Technology. She is also a Non-executive Director 
of the National Roads and Motoring Association, the National Youth Science Forum and Frontier SI. 
Directorships of other listed entities in the last three years: 
Nil 
Mr David Black 
BA(Hons) (Economics), 
FCA, MBA, GAICD 
Independent 
Non-executive 
Director 
Appointed: 
1 January 2021 
Board Committees: 
• Audit and Risk Committee (Chair) 
• People and Culture Committee 
• Data Security and Data Governance 
Committee 
• Nomination Committee 
Experience and Expertise 
Before retiring from the Deloitte Touche Tohmatsu Australia partnership, David spent 25 years 
with Deloitte in the UK and Australia. During that time David provided services to a range of clients 
including in the Defence, Manufacturing and Government sectors. David’s experience includes 
working with growing start-up businesses, multinational corporations and the boards of ASX-
listed entities on complex accounting, internal and external auditing, risk management, corporate 
governance and due diligence engagements. During his time at Deloitte David previously served as 
the audit partner for the Company. 
Since his retirement from Deloitte, David has established a growing family business, The Coastal 
Brewing Company, and serves on five Government sector audit committees as an independent 
member, chairing one of those committees. 
Directorships of other listed entities in the last three years: 
Nil 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
36 
Directors’ Report 
Name 
Particulars 
Mr Robert Nicholson 
BSc, LLB, LLM, MBA, GAICD 
Independent 
Non-executive 
Director 
Appointed: 
24 May 2023 
Board Committees: 
• Audit and Risk Committee 
• Data Security and Data Governance 
Committee 
• Nomination Committee 
Experience and Expertise 
Robert was a Partner at Herbert Smith Freehills (and predecessor firms) for 28 years. He served on 
the Freehills Board of Partners for 10 years and was the Chairman for 3 years in the lead-up to the 
firm’s merger with Herbert Smith to create a global firm with 500 partners and 28 offices. 
Robert is a Director of Port of Melbourne, Alinta Energy, Baker Heart and Diabetes Institute and 
European Australian Business Council. He is a Senior Advisor to Herbert Smith Freehills. 
Directorships of other listed entities in the last three years: 
Nil 
2. Company Secretary 
Name 
Particulars 
Ms Leanne Ralph 
BBus (Acc & Fin majors), 
FGIA, GAICD 
Appointed: 
23 August 2022 
Resigned: 
31 May 2024 
Leanne was appointed as Company Secretary on 23 August 2022. She is an experienced Company 
Secretary with over 15 years in this field and is a fellow of the Governance Institute of Australia and 
a Graduate Member of the Australian Institute of Directors. Leanne resigned as Company Secretary 
on 31 May 2024. 
Ms Melanie Andrews 
BComm, FCPA, MBA, GAICD 
Appointed: 
26 March 2024 
Melanie was appointed as Company Secretary on 26 March 2024 in line with the Board’s strategy to 
transition this role in-house. She is an experienced Company Secretary and is a Graduate Member of 
the Australian Institute of Directors. 
3. Principal Activities 
The principal activities of the Group are in the Space Systems and Defence Systems business. 
The Company is listed on the Australian Securities Exchange. 
4. Review of Operations 
A detailed review of operations is included on pages 20 to 32 of this financial report. 
5. Going Concern 
The financial report has been prepared on the going concern basis which assumes continuity of normal business 
activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. 
1. Directors (continued) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
37 
Directors’ Report 
6. Rounding of Amounts 
The Company is a company of the kind referred to in ASIC Corporations (Rounding in Financials/Directors’ Reports) 
Instrument 2016/191, dated 24 March 2016, and in accordance with that Corporations Instrument amounts in the 
financial report are rounded to the nearest thousand dollars, unless otherwise indicated. 
7. Changes to the State of Affairs 
During the year, the following events occurred: 
• Successful completion of Equity Institutional Placement and share purchase plan (SPP); 
• Full repayment of the Additional Working Capital debt facility; and 
• Announcement of the divestment of EM Solutions Pty Ltd (“EMS”), which was completed after the end of the 
financial year on 31 January 2025. 
Apart from those mentioned above, there were no significant changes in the state of affairs of the Group during the 
financial year. 
8. Share Issues 
During the year, the Company undertook an equity raise through a fully underwritten placement and a share purchase 
plan to accelerate business growth. On 2 April 2024, the Company issued 20,588,235 new shares at $1.70 as a result of 
the placement and issued a further 1,127,858 shares at $1.70 resulting from the purchase plan on 22 April 2024. 
9. Share Options / Rights 
In 2023, the Board introduced a new Omnibus Employee Incentive Plan (“OEIP”). No further issues under the legacy 
Loan Funded Share Plan (“LFSP”) and legacy Employee Share Option Plan (“ESOP”) are anticipated. 
9.1 Share Options 
Share options granted to Directors and Executives 
2,100,000 share options were issued to the Managing Director and CEO, Dr Andreas Schwer, following approval at the 
AGM in May 2024. No other share options were issued to directors during or after the period. 
Share options on issue at year end or exercised during or since the financial year 
There were 5,812,076 unlisted options outstanding as at the date of this report as per the table below. 
Options 
Issue Date 
Expiry Date 
Exercise Price 
Plan 
60,000 
19 May 2020 
18 May 2025 
$4.75 
Legacy ESOP 
20,000 
15 March 2021 
16 March 2026 
$5.27 
Legacy ESOP 
2,765,587 
22 December 2023 
31 December 2028 
$0.50 
OEIP 
2,100,000 
30 May 2024 
31 December 2028 
$0.50 
OEIP 
71,500 
30 August 2024 
31 December 2028 
$0.50 
OEIP 
794,989 
30 August 2024 
31 December 2029 
$1.70 
OEIP 
5,812,076 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
38 
Directors’ Report 
9. Share Options / Rights (continued) 
No share options were exercised during or since the financial year. There were no shares or interests issued during or 
since the financial year as a result of exercise of an option. 
During the year ended 31 December 2024, 60,000 legacy ESOP share options lapsed due to the expiry of the exercise 
period and 417,500 share options (consisting of 230,000 ESOP options and 187,500 OEIP options) were forfeited due to 
cessation of employment. 
5,732,076 share options have been issued under the OEIP and remain outstanding as at the date of this report. 
At 31 December 2024, vesting conditions relating to 3,332,534 share options were satisfied and the options vested. 
To the extent that share options vest and are exercised in the future, the Company expects they will be settled from 
existing ordinary share capital from unallocated shares within the employee share trust. 
9.2 Share Rights (OEIP) 
Share rights granted to Directors and executives 
1,260,000 share rights were issued to the Managing Director and CEO, Dr Andreas Schwer, following approval at the AGM 
in May 2024. 
No other share rights or share options were issued to directors during or after the period. 
Share rights on issue 
2,759,062 share rights have been issued and remain outstanding as at the date of this report. No shares were issued 
during or since the financial year as a result of exercise of a share right. During the year ended 31 December 2024, 
37,500 share rights were forfeited due to cessation of employment. 
At 31 December 2024, the vesting conditions relating to 868,839 share rights were satisfied and these share rights vested. 
To the extent that share rights vest and are exercised in the future, the Company expects they will be settled from 
existing ordinary share capital from unallocated shares within the employee share trust. 
9.3 Legacy Incentive Plans – Loan Funded Share Plan and Employee Share Option Plan 
Legacy Loan Funded Share Plan 
No new loan funded shares were issued during or since the financial year, and the Company has provided no new interest 
free loans to the Directors or employees to acquire the shares under the legacy LFSP during or since the financial year. 
As a result of a number of performance conditions and shares price hurdles not being met, as well as the resignation 
of certain employees, 320,000 legacy LFSP shares lapsed during the year. This resulted in the total amount of the loans 
outstanding under the legacy LFSP at year-end being $2,275,925 (2023: $3,902,150). 
Loan funds under the legacy LFSP are limited recourse in nature, meaning that the Company’s recourse is limited to 
the shares. If at the date that the loan becomes repayable the Directors or employees shares are worth less than the 
outstanding balance of the loan, the Company cannot recover the difference from the Director or employee. Interest will 
not be payable on the outstanding balance of the loan. 
All shares issued under the legacy LFSP are held in an employee share trust, on behalf of all participants. The name of the 
Trust is EOS Loan Plan Pty Ltd as trustee for the Share Plan Trust. All shares under the legacy LFSP are also subject to a 
holding lock until all conditions are satisfied and the loan is repaid. 
The shares issued to Directors and employees are subject to both ‘vesting conditions’ and ‘forfeiture conditions’. 
Directors and employees are required to satisfy the vesting conditions in order for their shares to vest. While Directors 
and employees hold their shares, they will be subject to forfeiture conditions and the shares will be forfeited if either the 
vesting conditions are failed to be satisfied or the Director or employee cease to be employed or continue to provide 
services to a Group company in certain circumstances. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
39 
Directors’ Report 
Balance of shares 
outstanding at 
31 December 2023 
Lapses and other 
movements * 
Balance of shares 
outstanding at 
31 December 2024 
Directors 
Mr David Black 
       75,000 
-
       75,000 
Directors Total 
75,000 
     -
      75,000 
Employees 
Senior employees 
      715,000 
(320,000) 
395,000 
Employees Total 
      715,000 
(320,000) 
      395,000 
Total, Directors and Employees 
790,000 
(320,000) 
470,000 
Reconciliation of Loan Funded Shares balances: 
*The following conditions were not met in 2024: 
• 
The share price hurdle of $9.50 was not exceeded by 31 December 2024, resulting in 247,500 shares issued to senior employees lapsing. 
• 
Certain employees resigned from subsidiaries of the Group, resulting in 72,500 shares issued to them lapsing. 
Legacy Employee Share Option Plan (ESOP) 
As a result of a number of performance conditions and share price hurdles not being met, as well as the resignation of 
certain employees, 290,000 legacy share options lapsed during the year under this plan. The options issued are subject 
to both ‘vesting conditions’ and ‘forfeiture conditions’. 
Once the vesting conditions have been satisfied, removed or lifted, the options vest and employees may deal with them 
in accordance with the plan rules subject to sale restrictions and other legal restrictions (such as under the Company’s 
trading policy). 
Further Details 
More comprehensive information on share options and share rights are included in the Remuneration Report. 
2023 
Number 
2024 
Number 
Balance at beginning of the financial year 
720,000 
370,000 
Lapsed during the year 
(350,000) 
(290,000) 
Balance at end of the financial year 
370,000 
80,000 
Exercisable at the end of the year 
-
-
Reconciliation of unlisted options balances issued under the legacy Employee Share Option Plan: 
Once the vesting conditions have been satisfied, removed or lifted, the shares become vested and Directors and 
employees may deal with them in accordance with the rules of the legacy LFSP subject to sale restrictions and other legal 
restrictions (such as under the Company’s trading policy). 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
40 
Directors’ Report 
10. Subsequent Events 
On 31 January 2025, EOS announced that the EMS divestment had been completed, with net proceeds (after 
customary adjustments) of $158.6m received on that date. 
Contemporaneous with the completion of the transaction, EOS has repaid Washington H. Soul Pattinson (“WHSP”) 
$61.1m. This represents the final repayment of WHSP of all outstanding amounts, including ‘make whole’ payments 
required under the borrowing agreements. Following this debt repayment and the divestment of EMS, the Group had no 
borrowings and held approximately $128.0m of available cash balances at 31 January 2025. 
Subsequent to year-end, on 20 February 2025, the Group received approval from the offset credit authority for the 
business plan. Refer to Note 30 to the financial statements for further details. 
Apart from those mentioned above, there have been no transactions or events of a material and unusual nature 
between the end of the reporting period and the date of the report likely, in the opinion of the Directors of the Company, 
to significantly affect the operations of the Group, the results of those operations, or state of affairs of the Group in 
future years. 
11. Deed of Cross Guarantee 
On 6 April 2018, the parent entity, Electro Optic Systems Holdings Limited, entered into a deed of cross guarantee 
with two of its Australian wholly-owned subsidiaries, Electro Optic Systems Pty Limited and EOS Defence Systems 
Pty Limited. On 28 November 2019, EM Solutions Pty Ltd entered into an Assumption Deed and became a party to the 
Deed of Cross Guarantee. 
On 21 November 2024, the Group announced the decision to sell EMS, a wholly-owned subsidiary. EMS is disclosed as 
a discontinued operation at 31 December 2024. 
Subsequent to year end, the Group completed the sale of EMS, and as a result, EMS was removed from the Deed of 
Cross Guarantee. 
12. Likely Developments 
The Group will continue to operate in the Space Systems and Defence Systems businesses. Please see the Review of 
Operations for further details. 
13. Environmental Regulations 
During the year, the Group engaged an external sustainability and climate expert to support the Group as part of its 
proactive approach to prepare for Australian Sustainability Reporting Standards (ASRS) compliance. In this initial 
phase, the Group conducted introductory workshops with key management across the group, performed an ASRS gap 
assessment, and developed an initial roadmap to address key gaps identified. 
The Group plans to conduct a climate risk and opportunities assessment during 2025 and 2026 as part of the phased 
approach. Involving key management and operational employees, this assessment will help evaluate the Group’s 
climate risk profile, including climate change, and identify areas for development to meet emerging climate-related 
disclosure requirements. 
In the opinion of the Directors the Group is in compliance with all applicable environmental legislation and regulations. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
41 
Directors’ Report 
EOS Directors 2024 
Number of 
personnel 
Female 
Female % 
Male 
Male % 
Board* 
5 
1 
20% 
4 
80% 
EOS Staff 2024 
Number of 
personnel 
Female 
Female % 
Male 
Male % 
Australia 
364 
73 
20% 
291 
80% 
New Zealand 
12 
1 
8% 
11 
92% 
Singapore 
21 
7 
33% 
14 
67% 
United States 
51 
16 
31% 
35 
69% 
United Arab Emirates 
46 
6 
13% 
40 
87% 
Germany 
2 
1 
50% 
1 
50% 
Total Staff 
496 
104 
21% 
392 
79% 
* Board” excludes the Managing Director who is included under Staff as CEO. 
The proportion of female employees to total workforce has increased slightly from 20 per cent in 2023 to 21 per cent at 
the end of 2024. 
14. Ethical Labour 
The Group has established measures regarding fair labour practices and guidelines that create a respectful and safe 
work environment for our employees globally. The Group is committed to treating all of its employees with respect 
and strictly prohibits the use of slavery, forced labour and human trafficking. To prevent the occurrence of forced, 
compulsory or child labour, the Group has implemented local labour policies and practices to comply with the Modern 
Slavery Act. Any person who applies for employment with the Group does so on a voluntary basis and all employees are 
legally entitled to leave upon reasonable notice without penalty. In accordance with the Group’s recruiting guidelines, 
offers of employment must be conditional upon successful completion of required background checks. Background 
checks are required to protect the safety of employees and to ensure that employees meet the Group’s standards. 
15. Diversity 
The Group values diversity and recognises the benefits it can bring to the organisation’s ability to achieve its goals. 
Accordingly, the Group’s diversity policy (“Diversity Policy”) outlines its diversity objectives in relation to gender, age, 
cultural background, ethnicity, employment of veterans and other factors to leverage the widest pool of available talent. 
A copy of the Group’s Diversity Policy is available on the Company’s website. 
Section 6 of the Diversity Policy states that the Group will establish appropriate and meaningful objectives for achieving 
gender and other forms of diversity. 
The Group’s current objectives are to: 
• improve the participation of women in the workforce; and 
• improve retention of staff. 
As at 31 December 2024, the Group’s gender diversity mix was as follows: 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
42 
Directors’ Report 
16. Dividends 
The Directors recommend that no dividend be paid and no amount has been paid or declared by way of dividend since 
the end of the previous financial year and up to the date of this report. 
17. Director Shareholdings 
The following table sets out each Director’s relevant interest in shares, restricted ordinary shares under the legacy LFSP 
of the Company or a related body corporate as at the date of this report. 
Directors 
Fully paid 
ordinary shares 
Fully paid ordinary shares 
restricted – LTI plans 
Share options 
under OEIP 
Share rights 
under OEIP 
Mr Garry Hounsell 
517,647 
-
-
-
Dr Andreas Schwer 
-
-
2,100,000 
1,260,000 
Air Marshal Geoffrey Brown AO 
32,197 
-
-
-
The Hon Kate Lundy 
26,431 
-
-
-
Mr David Black 
30,610 
75,000 
-
-
Mr Robert Nicholson 
137,647 
-
-
-
18. Indemnification and Insurance of Officers and Auditors 
During the financial year, the Company paid a premium in respect of a contract insuring the Directors and Officers of the 
Company and any related body corporate against a liability incurred as such a Director or Officer to the extent permitted 
by the Corporations Act 2001. The contract of insurance prohibits disclosure of the nature of the coverage provided 
and the amount of the premium. The Company has agreed to indemnify the current Directors, Company Secretary and 
Executive Officers against all liabilities to other persons that may arise from their position as Directors or Officers of the 
Company and its controlled entities, except where to do so would be prohibited by law. The agreement stipulates that 
the Company will meet the full amount of any such liabilities, including costs and expenses. 
To the extent permitted by law and professional regulations, the Company has agreed to indemnify its auditors, Ernst & 
Young Australia, as part of the terms of its audit engagement agreement against claims by third parties arising from the 
audit. The indemnity does not apply to any Loss resulting from Ernst & Young Australia’s negligent, wrongful or wilful 
acts or omissions. No payment has been made to indemnify Ernst & Young Australia during or since the financial year. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
43 
Directors’ Report 
Board of Directors 
Audit and Risk 
Committee 
People and Culture 
Committee 
Data Security and 
Data Governance
 Committee 
Nomination 
Committee 
Directors 
Eligible 
to attend 
Attended 
Eligible 
to attend 
Attended 
Eligible 
to attend 
Attended 
Eligible 
to attend 
Attended 
Eligible 
to attend 
Attended 
Mr Garry Hounsell 
17 
17 
- 
 -
 -
 -
 -
- 
2 
2 
Dr Andreas Schwer 
17 
16 
 -
 -
 -
 -
 -
 -
 -
 -
Air Marshal Geoff Brown AO 
17 
16 
 -
 -
6 
6 
 -
 -
2 
2 
The Hon Kate Lundy 
17 
17 
6 
6 
6 
6 
2 
2 
2 
1 
Mr David Black 
17 
17 
6 
6 
6 
6 
2 
2 
2 
2 
Mr Robert Nicholson 
17 
17 
6 
6 
 -
 -
2 
2 
2 
1 
19.1 Audit and Risk Committee 
The members of the Committee during the year were Mr David Black (Chair), the Hon Kate Lundy and Mr Robert 
Nicholson. 
The Audit and Risk Committee have reviewed the Group’s risk management profile during the year to satisfy itself that 
it continues to be sound and that the Group is operating with due regard to the risk appetite set by the Board. The Chief 
Legal Officer prepares a risk profile for regular review by the Committee and the Board of Directors. 
19.2 People and Culture Committee 
The current members of the Committee are Air Marshal Geoffrey Brown AO (Chair), Mr David Black and the Hon Kate 
Lundy. 
19.3 Data Security & Data Governance Committee 
The current members of the Committee are the Hon Kate Lundy (Chair), Mr David Black and Mr Robert Nicholson. 
19.4 Nomination Committee 
All Non-executive Board members are members of the Nomination Committee. 
19. Directors’ Meetings 
The following table sets out the number of Directors’ meetings (including meetings of committees of Directors) 
held during the financial year and the number of meetings attended by each Director (while they were a Director or 
committee member). 
During the financial year, the following meetings were held: 
• 17 Board meetings 
• 6 Audit and Risk Committee meetings 
• 6 People and Culture Committee meetings 
• 2 Data Security and Data Governance Committee meetings 
• 2 Nomination Committee meetings. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
44 
Directors’ Report 
20. Remuneration 
Dear Shareholders, 
Your Board is pleased to present the Remuneration Report for the year ending 31 December 2024. 
This year has been marked by significant progress against our strategy. EOS has focused on growing the three core 
product ranges of Remote Weapons Systems, High Energy Laser Weapons and Space Control. In line with this focus 
we recently sold EM Solutions, our non-core satellite communications subsidiary, for $158.6m. 
Company Performance 
The Group’s financial results for FY24 were solid: 
• Revenue from continuing operations increased by 9 per cent to $176.6m; 
• Net Loss After Tax for the Group (including discontinued operations) reported continued to reduce on our path to 
sustainable profitable operation to $19.7m in FY24; 
• Our share price increased 25 per cent through the year to $1.30 as at 31 December 2024; and 
• After the balance date, following the completion of the EM Solutions divestment on 31 January 2025, EOS has no 
borrowings and holds approximately $128.0m in cash. In addition to cash balances, EOS had a further, $48m of 
restricted cash held as security for bank guarantees. 
FY24 Remuneration Outcomes – STI and OEIP 
Our remuneration framework is designed to attract and retain executives with appropriate skills and experience. The 
Group operates internationally and must compete globally in the defence sector. Our framework strikes a balance 
between fixed pay and at-risk pay, ensuring our KMP are compensated in a manner that is both competitive and aligned 
with global standards. Our global perspective is reflected in the service-based component of the OEIP, a common 
practice outside of Australia. 
In addition to market-based adjustments to fixed remuneration for our executive KMP, the performance outlined above 
resulted in FY24 STI outcomes of 35 per cent of maximum for the MD/CEO and 54 per cent of maximum for the CFO/ 
COO. Details are set out in section 21.1 (iv) of this report. 
The higher value in 2024 share-based payments for the MD/CEO relates to the deferral of the 2023 grant requiring 
shareholder approval at the 2024 AGM. 
The first tranche of the FY23 LTI grant was available for vesting following the end of the financial year, and will be 
reported upon in the FY25 remuneration report. 
The Board believes that our incentive outcomes are a fair reflection of the achievements of management throughout 
the year. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
45 
Directors’ Report 
FY24 Remuneration changes 
Several changes were made to our remuneration framework in FY24. 
i. STI Deferred Equity Adjustment: To further align executive remuneration with shareholder outcomes, a 25 per cent 
deferred equity component has been incorporated into the STI structure for KMP, with a 12-month deferral period. 
This directly ties a portion of the STI to the company’s medium-term performance. 
ii. NED Fee Increase: As disclosed in the 2023 Remuneration Report, after assessing the market competitiveness of 
our director fees we increased those fees from 1 January 2024 to better reflect the demands and responsibilities of 
our directors and to continue to be competitive in attracting directors of appropriate experience and skill. The Chair’s 
fee was increased $175,000 per annum, while the fees for our directors were increased to $100,000 per annum. 
Changes to Remuneration for FY25 
i. LTI Modifications: 
a. The FY25 LTI grant to KMP will be allocated 25 per cent in Rights which vest for continued service and 75 per 
cent in performance-based Options (previously 50/50). This shift places greater emphasis on performance 
driven incentives. 
b. The FY25 LTI issue of options will be based on a relative TSR performance measure, replacing the share price 
hurdle that was used for previous issuances. 
The Board will continue to review our remuneration framework in line with practices in the markets in which we operate 
and with reference to feedback from our shareholders. 
Yours sincerely 
Air Marshal Geoffrey Brown AO 
Chair – People and Culture Committee 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
46 
Directors’ Report 
21. Remuneration Report (Audited) 
Contents 
21.1 
Remuneration Overview 
21.2 
Details of Remuneration 
21.3 
Share-based compensation 
21.4 
KMP equity holdings and other transactions 
21.5 
Company performance and shareholder returns 
This report outlines the remuneration arrangements in place for Directors and Executives of the Group. A review of 
roles that met the definition of KMP was undertaken during the year. 
The Directors are responsible for remuneration policies and packages applicable to the Board members and Executives 
of the Group. The Group has a separate People and Culture Committee. The remuneration policy is to ensure the 
remuneration package properly reflects the persons duties and responsibilities. The Group’s executive team is based 
in both Australia and internationally and the nature and structure of remuneration has been designed to be globally 
competitive. 
Name 
Role 
Term as KMP 
Non-executive Directors 
Mr Garry Hounsell 
Chair, Non-executive Director 
Full financial year 
Air Marshal Geoffrey Brown AO 
Non-executive Director 
Full financial year 
The Hon Kate Lundy 
Non-executive Director 
Full financial year 
Mr David Black 
Non-executive Director 
Full financial year 
Mr Robert Nicholson 
Non-executive Director 
Full financial year 
Executive Director 
Dr Andreas Schwer 
Managing Director (MD) and 
Chief Executive Officer (CEO) 
Full financial year 
Executive KMP 
Mr Clive Cuthell 
Chief Financial Officer (CFO) and 
Chief Operating Officer (COO) 
Full financial year 
21.1 Remuneration Overview 
The Key Management Personnel (KMP) of the Group, who had the authority and responsibility for planning, directing 
and controlling the activities of the Group during the year were: 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
47 
Directors’ Report 
Non-executive Directors 
In accordance with best practice corporate governance, the structure of Non-executive Director and senior manager 
remuneration is separate and distinct. 
Non-executive Director remuneration reflects the Group’s desire to attract, motivate and retain experienced directors 
and to ensure their active participation in advocating for the interests of shareholders, in areas such as corporate 
governance, remuneration, compliance, risk and Group strategy. The size of the remuneration pool that can be paid to 
Non-executive Directors is governed by resolutions passed at a General Meeting of shareholders. 
Each Non-executive Director receives a fee for serving as a Director of the Company. The level of Director remuneration 
is as follows: 
All fees presented above include statutory superannuation, where applicable. Directors may be reimbursed for 
expenses reasonably incurred in attending to the Group’s affairs. 
Non-executive Director fees are determined within an aggregate Directors’ fee pool limit, which is periodically 
recommended for approval by shareholders. Shareholders approved a resolution at the 2020 AGM to set the aggregate 
pool limit of Non-executive Director fees at $1,000,000 per annum (excluding options). This limit has not increased 
since 2020. The manner in which this limit is apportioned amongst Directors, and the policy of granting options to 
Directors, is determined by Directors within this limit set by shareholders. 
As identified in the 2023 annual report, the Board increased the level of Director fees paid within this limit, to $175,000 
for the Chair and $100,000 for each Non-executive Director, effective from 1 January 2024. The change was approved 
following a review and benchmarking to ensure that the fees paid to the Chair and Directors remains competitive to 
attract appropriately qualified Directors. 
No options were granted to or exercised by any Non-executive Director during 2024. 
Role 
Fee 
2024 
$ 
Fee 
2023 
$ 
Board Chair 
175,000 
140,000 
Non-executive director 
100,000 
70,000 
Committee Chair 
-
-
Committee Member 
-
-

Electro Optic Systems Holdings Limited  | Annual Report 2024 
48 
Directors’ Report 
21. Remuneration Report (Audited) (continued) 
Executive Pay 
The Group aims to reward executives with a level and mix of remuneration commensurate with their position, 
responsibilities and performance, in a way that aligns with business strategy so as to: 
• reward executives for Group and individual performance against targets set by reference to suitable benchmarks; 
• align executive’s interests with those of shareholders; and 
• ensure that the total remuneration paid is competitive by market standards. 
i. Structure 
The remuneration paid to executives is set with reference to prevailing market levels and typically comprises a fixed 
salary, short-term incentive and a long-term incentive, comprising share options and share rights. Incentives are 
granted to executives in line with their respective levels of experience and responsibility. Details of the amounts paid, 
and the number of options granted to executives are disclosed elsewhere in the Directors’ Report. 
ii. Employment contracts 
Executives and senior management are employed under standard employment contracts which contain no unusual 
terms. Beyond accrued leave benefits, there are no other termination payments or golden parachutes for any Directors 
or executives. The MD/CEO and the other senior management have 90-day notice periods under their employment 
contracts. 
iii. Fixed remuneration 
The level of fixed remuneration for executives is set at market competitive levels to attract and retain executives of 
appropriate international experience and is reviewed and benchmarked periodically. 
iv. Short-term performance incentives (STI) 
Executives and senior management have a target STI opportunity based on the accountabilities of their specific role 
and impact on the Group’s performance. Each year appropriate targets and key performance indicators (KPI’s) are 
determined for each individual to reflect the core drivers of short-term performance and to provide a framework for 
delivering sustainable value to the Group, its shareholders and customers. 
Five to six KPI’s are determined for each participant which cover both Group and business unit financial performance 
measures and individual non-financial measures of performance. For each KPI, a base, target and a stretch objective is 
set. Each KPI is weighted evenly. 
Performance measures for the MD/CEO and CFO/COO are set by reference to the following criteria: 
MD / CEO 
CFO / COO 
Weighting 
% 
Achieved 
% 
Weighting 
% 
Achieved 
% 
Business Financial Goals 
60% 
46% 
60% 
62% 
Strategic Order Pipeline Goals 
40% 
64% 
Stakeholder 
13% 
100% 
Processes 
27% 
115% 
STI Outcome (% of target) 
53% 
110% 
STI Outcome (% of maximum) 
35% 
54% 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
49 
Directors’ Report 
The STI is determined after the end of the financial year following a review of performance over the year against the STI 
performance measures by the MD/CEO (and in the case of the MD/CEO and CFO/COO, by the Board). The STI is paid 
following the release of this Financial Report. 
Group earnings, revenue, cash flow, order book and business unit profits are measures against which the Group’s short-
term financial performance is assessed. Non-financial hurdles relate primarily to the delivery of team or business unit 
objectives and projects. 
During 2024, the structure of the STI was amended for the MD/CEO and the CFO/COO with the introduction of an STI 
deferral element where 25 per cent of STI payable is in the form of deferred equity in EOS shares. 
v. Long-term incentives – Omnibus Employee Incentive Plan (“OEIP”) 
During 2023, the OEIP, was established to replace the legacy LFSP. It is anticipated that annual grants will be made to 
senior managers under the OEIP to align remuneration with the creation of shareholder value over the long term. 
The grant under the OEIP comprises: 
a. share options with share price vesting targets intended to drive performance that will generate significant 
shareholder value; and 
b. share rights, with service-based vesting that are intended to retain the management team. 
In both cases, the value of the reward is linked to the future share price, providing strong alignment with shareholders. 
The initial LTI grant to the MD/CEO and CFO/COO was structured as 50 per cent options and 50 per cent rights, 
however in future issues the composition will be 25 per cent rights and 75 per cent options. 
There is not expected to be any change in share capital as a result of the existing OEIP allocations as it is anticipated 
the existing allocations will be funded by shares already issued and held in trust as lapsed shares from the legacy LFSP. 
The structure of the OEIP is detailed below with full details of offers included in Note 22 to the financial statements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
50 
Directors’ Report 
2024 
Short term 
Post 
employment 
Share-based2 
Total 
Salary & 
Fees 
$ 
Cash STI 
Bonus1 
$ 
Other 
benefits 
$ 
Super-
annuation 
$ 
Loan 
Funded 
Share Plan 
$ 
OEIP 
Options/ 
Rights 
$ 
Deferred 
Equity 
Bonus 
$ 
Other 
long term 
benefits 
$ 
Termi­
nation 
benefits 
$ 
$ 
Directors 
Mr Garry Hounsell 
157,304 
-
-
17,696 
-
-
-
-
-
175,000 
Air Marshal Geoffrey 
Brown AO 
89,888 
-
-
10,112 
-
-
-
-
-
100,000 
The Hon Kate Lundy 
89,888 
-
-
10,112 
-
-
-
-
-
100,000 
Mr David Black 
89,888 
-
-
10,112 
17,460 
-
-
-
-
117,460 
Mr Robert Nicholson 
97,268 
-
-
2,732 
-
-
-
-
-
100,000 
Dr Andreas Schwer 
752,499 
238,500 
14,450 
-
-
1,637,6883 
79,500 
-
-
2,722,637 
Total 
1,276,735 
238,500 
14,450 
50,764 
17,460 
1,637,688 
79,500 
-
-
3,315,097 
Other key 
management 
personnel 
Mr Clive Cuthell 
679,636 
223,864 
34,264 
28,665 
-
540,440 
74,621 
5,564 
-
1,587,054 
Total 
679,636 
223,864 
34,264 
28,665 
-
540,440 
74,621 
5,564 
-
1,587,054 
1) All bonuses are earned in the financial year to which they relate and are paid during the following year as either cash or deferred equity. 
2) The share-based payments above are based on the valuation at the grant date using a valuation model, pro-rated over the period from grant date to vesting date. 
3) The higher value in 2024 share-based payments for Dr Schwer relates to the deferral of the 2023 grant requiring shareholder approval at the 2024 AGM. 
21. Remuneration Report (Audited) (continued) 
21.2 Details of Remuneration 
Details of the remuneration of each member of KMP of the Group are set out in the tables following. 
No executives are employed by the holding company. The following table discloses the remuneration of the executives 
of the Group for the period during which they were considered key management personnel: 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
51
Directors’ Report 
2023 
Short term 
Post 
employment 
Share-based2 
Total 
Salary & 
Fees 
$ 
Bonus 
$ 
Other 
benefits 
$ 
Super-
annuation 
$ 
Loan Funded 
Share Plan 
$ 
OEIP 
Options/ 
Rights1 
$ 
Other 
long term 
benefits 
$ 
Termination 
benefits 
$ 
$ 
Directors 
Mr Garry Hounsell 
126,411 
-
-
13,589 
-
-
-
-
140,000 
Air Marshal Geoffrey 
Brown AO 
63,206 
-
-
6,794 
(78,571) 
-
-
-
(8,571) 
The Hon Kate Lundy 
63,206 
-
-
6,794 
(78,571) 
-
-
-
(8,571) 
Mr David Black 
63,206 
-
-
6,794 
(32,940) 
-
-
-
37,060 
Mr Robert Nicholson 
42,339 
-
-
-
-
-
-
-
42,339 
Ms Deena Shiff 
15,837 
-
-
1,663 
-
-
-
-
17,500 
Mr Robert Kaye 
15,837 
-
-
1,663 
-
-
-
-
17,500 
Total 
390,042 
-
-
37,297 
(190,082) 
-
-
-
237,257 
Other key 
management 
personnel 
Dr Andreas Schwer 
711,471 
518,000 
34,509 
-
-
383,600 
-
-
1,647,580 
Mr Clive Cuthell 
657,207 
275,280 
42,787 
13,699 
-
226,507 
4,183 
-
1,219,663 
Dr James Bennett 
329,435 
42,250 
-
30,762 
2,228 
44,723 
13,431 
-
462,829 
Mr Matthew Jones 
304,231 
50,750 
-
32,074 
(31,450) 
-
-
145,821 
501,426 
Mr Ian Cook 
47,792 
20,583 
6,789 
4,813 
-
-
323 
-
80,300 
Total 
2,050,136 
906,863 
84,085 
81,348 
(29,222) 
654,830 
17,937 
145,821 
3,911,798 
1) OEIP options and rights expense in 2023 is a part-year allocation. 
2) The share-based payments above are based on the valuation at the grant date using a valuation model, pro-rated over the period from grant date to vesting date. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
52 
Directors’ Report 
21. Remuneration Report (Audited) (continued) 
21.3 Share-based Compensation 
Share Options (OEIP) 
Vesting Principles 
The options will vest if the vesting conditions have been met on a Testing Date in the manner set out in the tables 
below, provided that the employee continues to provide services to the Group on the date of vesting. 
% vest if share price 
hurdle met 
Share price hurdle 
required to be met for 
period of 20 trading 
days prior to Testing 
Date – can be 
non-consecutive 
Testing Dates 
Exercise Period 
2023 Grant 
50% 
$1.20 
31/12/24 
31/12/25 
31/12/26 
From 
Vesting Date until 
31 December 2028 
100% 
$3.00 
2024 Grant 
50% 
$3.00 
31/12/25 
31/12/26 
31/12/27 
From 
Vesting Date until 
31 December 2029 
100% 
$5.00 
Options will vest on a linear pro-rata basis for share price performance between the lower and upper share price 
hurdle as tested on each testing date. Future issues of options will be based on a relative TSR performance measure, 
replacing the existing share price hurdle. 
2,100,000 share options were issued to the Managing Director in May 2024. 1,375,417 share options were issued to 
executives assessed as Key Management Personnel during 2023. No options were exercised by any executive during 
2024. 
Share Rights (OEIP) 
Vesting Principles 
The rights will vest in the below proportions based purely on a service condition if the employee remains employed by 
the Group on the below hurdle dates. 
Amount to vest 
Continued employment on 
Testing Date 
2023 Grant 
One third 
One third 
One third 
31/12/24 
31/12/25 
31/12/26 
2024 Grant 
One third 
One third 
One third 
31/12/25 
31/12/26 
31/12/27 
Share rights are subject to a service condition and if an employee is not employed on a testing date, those rights will 
lapse.  
1,260,000 share rights were issued to the Managing Director in May 2024. 825,250 share rights were issued to 
executives assessed as Key Management Personnel during 2023. No share rights were exercised by any executive 
during 2024. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
53 
Directors’ Report 
Long Term Incentive – Legacy Plans 
During 2023 the Board determined to replace the legacy Loan Funded Share Plan (“LFSP”) and the legacy Employee 
Share Option Plan (“ESOP”) with the OEIP as the long-term incentive for management. 
Of the 790,000 shares allocated at the beginning of the year to the legacy LFSP, 320,000 shares were forfeited during 
the year, either as a result of not meeting performance conditions, expiry or cessation of employment. 470,000 legacy 
LFSP shares remain at the end of the financial year. 
Of the 370,000 remaining unlisted options at the beginning of the year issued under the legacy ESOP, 290,000 options 
were forfeited during the year, either as a result of not meeting performance conditions, expiry or cessation of 
employment. 80,000 legacy ESOP options remain at the end of the financial year. 
It is not intended that any future grants will be made under the legacy LFSP or legacy ESOP. These employee options 
have similar vesting and forfeiture conditions as those issued under the legacy LFSP. 
Legacy LFSP 
Details of the historical grants under the legacy LFSP are outlined below. 
Vesting Principles 
The shares will vest at the end of each ‘Vesting Period’ in the manner set out in the tables below, provided that the 
following conditions are met: 
a. Directors and employees continue to provide services to the Group on each of the vesting dates (or such other 
date on which the Board makes a determination as to whether the vesting condition has been met); and 
b. the performance hurdles are satisfied, which relate to the Company’s earnings before income tax (EBIT) and the 
Company’s share price. Notably, EBIT and share price hurdles must both be achieved in order for Shares to vest 
under each tranche. 
Elements of remuneration related to performance 
There are service conditions and performance conditions both market and/or non-market conditions attached to the 
restricted fully paid ordinary shares issued under the share plan. 
The overall performance of the Company as measured by the share price will determine whether the shares vest and 
whether the Director or executive receives any benefit from these shares. The time service condition was chosen by the 
Board as an appropriate condition as it helps in the retention and motivation of staff. 
The ordinary restricted shares were issued to Directors, senior executives and senior staff under the legacy LFSP. These 
ordinary restricted shares are subject to performance and vesting conditions. 
Further measures, hurdles and sale restrictions 
Employees and Directors may be subject to individualised measures and hurdles associated with any shares issued 
to them under to the legacy LFSP. To the extent shares vest, they will be subject to sale restrictions as outlined in the 
tables below for each separate issue of loan funded shares. 
Grant Date 
Issue/loan 
price 
Share price 
hurdle to 
achieve 
Share Price 
Hurdle expiry 
date 
Vesting 
period ends 
Remaining Balance 
31 December 2024 
LFSP shares 
Held by 
2021 
$4.06 
$11.50 
30/6/25 
30/6/25 
75,000 
Director 
Total 
75,000 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
54 
Directors’ Report 
21. Remuneration Report (Audited) (continued) 
In order for vesting to occur, the share price hurdle must be reached on at least 30 trading days, not necessarily 
consecutive, by the share price hurdle expiry date. If the vesting conditions are not satisfied, or if the Board determines 
that they cannot be satisfied, the unvested Shares will be forfeited. 
Additional vesting conditions exist for some senior employees under the terms of the legacy LFSP which specifically 
relate to the performance of their business sectors within the Group. These conditions are outlined in Note 22 of the 
financial statements. 
As at 31 December 2024, there remains 470,000 LFSP shares on issue. 
21.4 KMP Equity Holdings and Other Transactions 
The following table sets out each key management personnel’s equity holdings (represented by holdings of fully paid 
ordinary unrestricted shares in Electro Optic Systems Holdings Limited). 
Number of shares 
1 Jan 2024 
Purchased 
during the year 
Sold during 
the year 
Ceased to be 
KMP 
31 Dec 2024 
Mr Garry Hounsell 
500,000 
17,647 
-
-
517,647 
Air Marshal Geoffrey Brown AO 
26,315 
5,882 
-
-
32,197 
The Hon Kate Lundy 
23,490 
2,941 
-
-
26,431 
Mr David Black 
12,963 
17,647 
-
-
30,610 
Mr Robert Nicholson 
120,000 
17,647 
-
-
137,647 
Dr Andreas Schwer 
-
-
-
-
-
Mr Clive Cuthell 
-
-
-
-
-
Total 
682,768 
61,764 
-
-
744,532 
The following table sets out each key management personnel’s equity holdings (represented by holdings of restricted 
fully paid ordinary shares in Electro Optic Systems Holdings Limited issued under the legacy LFSP). 
Number of Legacy LFSP shares 
1 Jan 2024 
Purchased 
during the 
year 
Sold 
during the 
year 
Lapsed 
during the 
year 
Ceased 
to be KMP 
31 Dec 2024 
Mr Garry Hounsell 
-
-
-
-
-
-
Air Marshal Geoffrey Brown AO 
-
-
-
-
-
-
The Hon Kate Lundy 
-
-
-
-
-
-
Mr David Black 
75,000 
-
-
-
-
75,000 
Mr Robert Nicholson 
-
-
-
-
-
-
Dr Andreas Schwer 
-
-
-
-
-
-
Mr Clive Cuthell 
-
-
-
-
-
-
Dr James Bennett 
67,500 
-
-
-
(67,500) 
-
Total 
142,500 
-
-
-
(67,500) 
75,000 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
55 
Directors’ Report 
The following table sets out key management personnel’s equity holdings represented by holdings of unvested share 
options and share rights under the new Omnibus Employee Incentive Plan. 
Subject to the rules of the OEIP, no options or rights will vest if the conditions are not satisfied, subject to the discretion 
of the Board (and ASX Listing Rules, as applicable) hence the minimum value of the option and rights yet to vest is nil. 
The maximum value of the options and rights yet to vest has been determined as the amount of the grant date fair 
value of the options and rights that is yet to be expensed at the end of the reporting period. 
Number of OEIP Share Rights 
1 January 
2024 
Share rights 
issued 
during the 
year 
Other 
movement 
during the 
year 
31 
December 
2024 
Grant date 
Fair value 
of Grant 
per Right 
$ 
Financial 
years in 
which 
options may 
vest 
Maximum 
total value 
of grant yet 
to expense 
Mr Clive Cuthell 
744,000 
-
-
744,000 
21/4/23 
$0.94 
2024 
2025 
2026 
157,348
Dr Andreas Schwer 
-
1,260,000 
-
1,260,000 
30/5/24 
$1.45 
2024 
2025 
2026 
411,054
Total 
744,000 
1,260,000 
-
2,004,000 
568,402 
Number of OEIP Share Options 
1 January 
2024 
Share 
options 
issued 
during the 
year 
Other 
movement 
during the 
year 
31 
December 
2024 
Grant date 
Fair value 
of Grant 
per option 
Financial 
years in 
which 
options may 
vest 
Maximum 
total value 
of grant yet 
to expense 
Mr Clive Cuthell 
1,240,000 
-
-
1,240,000 
21/4/23 
$0.46 
2024 
2025 
2026 
-
Dr Andreas Schwer 
-
2,100,000 
-
2,100,000 
30/5/24 
$0.91 
2024 
2025 
2026 
-
Total 
1,240,000 
2,100,000 
-
3,340,000 
-
At the testing date of 31 December 2024: 
• 
420,000 share rights and 1,417,500 share options vested to Dr Schwer; and 
• 
248,000 share rights and 837,000 share options vested to Mr Cuthell. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
56 
Directors’ Report 
21. Remuneration Report (Audited) (continued) 
21.5 Company Performance and Shareholder Returns 
The table below sets out summary information about the Company’s earnings and movements in shareholder wealth 
for the last five financial years. 
31 December 
2024 
$’000 
31 December 
2023 
$’000 
31 December 
2022 
$’000 
31 December 
2021 
$’000 
31 December 
2020 
$’000 
Revenue (including discontinued 
operations) 
258,696 
219,253 
137,912 
212,331 
180,182 
Net (loss) before tax 
(15,113) 
(40,193) 
(124,839) 
(4,612) 
(29,901) 
Net (loss) after tax 
(19,685) 
(34,107) 
(115,561) 
(13,843) 
(25,208) 
31 December 
2024 
$ 
31 December 
2023 
$ 
31 December 
2022 
$ 
31 December 
2021 
$ 
31 December 
2020 
$ 
Share price at start of year 
1.04 
0.49 
2.34 
5.91 
7.42 
Share price at end of year 
1.30 
1.04 
0.49 
2.34 
5.91 
Dividends paid 
-
-
-
-
-
People and Culture Committee 
The current members of the People and Culture Committee are Air Marshal Geoffrey Brown AO (Chair), Mr David Black 
and the Hon Kate Lundy. 
The People and Culture Committee provide advice, recommendations and assistance to the Board with respect to 
people and culture matters. The Committee advises the Board on remuneration policies and practices for the Board, the 
CEO, the CFO/COO, senior executives and other persons whose activities, individually or collectively, affect the financial 
soundness of the Company. The Committee may seek independent advice from external advisors on related matters. 
The policies and practices are designed to: 
a. enable the Company to attract, retain and motivate Directors, executives and employees who will create value 
for shareholders within the Company’s values and risk appetite, by providing remuneration packages that are 
equitable and externally competitive in international markets; 
b. be fair and appropriate having regard to the performance of the Company and the relevant Director, executive or 
employee; and 
c. comply with relevant legal requirements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
57 
Directors’ Report 
22. Non-audit services 
The Directors are satisfied that the provision of non-audit services, during the year, by the auditor (or by another person 
or firm on the auditor’s behalf) is compatible with the general standard of independence for auditors imposed by the 
Corporations Act 2001. The Directors have formed this view based on the fact that the nature and scope of each type of 
non-audit service provided means that the audit independence was not compromised. 
Details of amounts paid or payable to the auditor for non-audit services provided during the year by the auditor are 
contained in Note 31 to the financial statements. 
23. Auditor’s Independence Declaration 
The auditor’s independence declaration is included on page 58 of this Annual Report. 
Signed in accordance with a resolution of Directors made pursuant to s.298(2) of the Corporations Act 2001. 
On behalf of the Directors 
Garry Hounsell 
Director and Chair of the Board of Directors 
Dated at Canberra this 25th day of February 2025 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
58 
Auditor’s Independence Declaration 

AT EOS
WE SEE
FURTHER

Electro Optic Systems Holdings Limited  | Annual Report 2024 
60 
Financial Statements and Notes 
Consolidated Statement of Profit or Loss and Other Comprehensive Income 
For the year ended 31 December 2024 
Continuing operations 
Note 
2024 
$ ‘000 
2023 
$ ‘000 
Revenue 
2(a) 
176,565 
162,021 
Other income 
2(a) 
 2,055 
2,302 
Foreign exchange gain 
2(b) 
 11,570 
892 
Raw materials and consumables used 
 (91,920) 
(89,683) 
Employee benefits expense 
2(b) 
 (62,507) 
 (54,113) 
Occupancy costs 
 (2,042) 
 (1,833) 
Administration expenses 
 (32,171) 
 (29,207) 
Other expenses 
 (2,911) 
 (1,334) 
Finance cost 
2(b) 
 (24,550) 
 (35,244) 
Depreciation of property, plant and equipment 
2(b) 
 (3,715) 
 (5,573) 
Depreciation of right of use assets 
2(b) 
 (3,956) 
 (3,836) 
Amortisation of intangible assets 
2(b) 
 (4,871) 
-
(Loss) before tax from continuing operations 
(38,453) 
(55,608) 
Income tax benefit 
4(a) 
3,337 
11,237 
(Loss) for the year from continuing operations 
(35,116) 
(44,371) 
Discontinued Operations 
Profit after tax for the year from discontinued operations 
5 
15,431 
10,264 
(Loss) for the year 
(19,685) 
(34,107) 
Attributable to: 
Owners of the Company 
23 
(18,731) 
(33,275) 
Non-controlling interests 
(954) 
(832) 
(19,685) 
(34,107) 
Other Comprehensive Income 
Items that may be reclassified in future to profit or loss 
Exchange differences on translation of foreign operations 
1,826 
(501) 
Total comprehensive (loss) for the year 
(17,859) 
(34,608) 
Attributable to: 
Owners of the Company 
(16,905) 
(33,776) 
Non-controlling interests 
(954) 
(832) 
(17,859) 
(34,608) 
Note 
Cents per share 
Cents per share 
Basic and diluted (loss)/earnings per share 
3 
From continuing operations 
(19.5) 
(27.4) 
From discontinued operations 
8.8 
6.5 
Total 
(10.7) 
(20.9) 
Notes to the financial statements are included on pages 65 to 121. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
61 
Financial Statements and Notes 
Consolidated Balance Sheet 
As at 31 December 2024 
Note 
2024 
$ ‘000 
2023 
$ ‘000 
CURRENT ASSETS 
  Cash and short-term deposits 
24 
41,078 
70,997 
Trade and other receivables 
6 
17,730 
8,466 
  Security deposits 
30 
12,747 
21,086 
  Contract asset 
7 
57,381 
29,090 
  Inventories 
8 
62,685 
73,397 
  Prepayments 
9 
18,127 
16,384 
  Assets classified as held for sale 
5 
95,160 
-
TOTAL CURRENT ASSETS 
304,908 
219,420 
NON‑CURRENT ASSETS 
  Contract asset 
7 
-
38,946 
  Deferred tax asset 
4 
7,927 
8,950 
  Security deposits 
30 
 36,729 
45,970 
  Prepayments 
9 
2,175 
-
  Right of use assets 
10 
15,023 
19,783 
  Goodwill 
11 
2,505 
12,373 
  Intangible assets 
13 
18,702 
18,283 
  Property, plant and equipment 
14 
13,045 
29,508 
TOTAL NON-CURRENT ASSETS 
96,106 
173,813 
TOTAL ASSETS 
401,014 
393,233 
CURRENT LIABILITIES 
Trade and other payables 
15 
 28,210 
40,804 
  Contract liabilities 
16 
 24,130 
20,587 
  Borrowings 
17 
47,939 
19,875 
  Lease liabilities 
18 
4,683 
4,876 
Tax payable 
4,543 
3,584 
  Provisions 
19 
19,036 
25,769 
  Liabilities directly associated with assets held for sale 
5 
26,170 
-
TOTAL CURRENT LIABILITIES 
154,711 
115,495 
NON‑CURRENT LIABILITIES 
  Borrowings 
17 
-
44,947 
  Lease liabilities 
18 
13,308 
19,043 
  Provisions 
19 
13,486 
14,675 
TOTAL NON-CURRENT LIABILITIES 
26,794 
78,665 
TOTAL LIABILITIES 
181,505 
194,160 
NET ASSETS 
219,509 
199,073 
EQUITY 
  Issued capital 
20 
467,192 
432,248 
  Reserves 
21 
17,810 
12,633 
  Accumulated losses 
23 
(260,505) 
(241,774) 
  Equity attributable to owners of the Company 
224,497 
203,107 
  Non-controlling interests 
(4,988) 
(4,034) 
TOTAL EQUITY 
219,509 
199,073 
Notes to the financial statements are included on pages 65 to 121. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
62 
Financial Statements and Notes 
Consolidated Statement of Changes in Equity 
For the year ended 31 December 2024 
2024 
Accumulated 
losses 
$’000 
Issued 
capital 
$’000 
Foreign 
currency 
translation 
reserve 
$’000 
Employee 
equity settled 
benefits 
reserve 
$’000 
Attributable 
to owners of 
the parent 
$’000 
Non‑
controlling 
interests 
$’000 
Total 
Equity 
$’000 
At 1 January 2024 
(241,774) 
432,248 
(224) 
12,857 
203,107 
(4,034) 
199,073 
Loss for the year 
(18,731) 
-
-
-
 (18,731) 
(954) 
 (19,685) 
Exchange differences 
arising on translation of 
foreign operations 
-
-
1,826 
-
1,826 
-
 1,826 
Total comprehensive 
loss for the year 
 (18,731) 
- 
 1,826 
- 
 (16,905) 
 (954) 
 (17,859) 
Issue of 20,588,235 
equity shares at $1.70 per 
share on 2 April 2024 – 
Share Placement 
-
35,000 
-
35,000 
-
35,000 
Issue of 1,127,858 equity 
shares at $1.70 per 
share on 22 April 2024 - 
Share purchase plan 
-
1,917 
-
1,917 
-
1,917 
Equity raising 
transaction costs 
-
(1,973) 
-
(1,973) 
-
(1,973) 
Recognition of 
share-based payments 
expense 
-
-
-
3,351 
3,351 
-
3,351 
At 31 December 2024 
 (260,505) 
 467,192 
 1,602 
 16,208 
 224,497 
 (4,988) 
219,509 
2023 
Accumulated 
losses 
$’000 
Issued 
capital 
$’000 
Foreign 
currency 
translation 
reserve 
(FCTR) 
$’000 
Employee 
equity settled 
benefits 
reserve 
$’000 
Attributable 
to owners of 
the parent 
$’000 
Non‑
controlling 
interests 
$’000 
Total 
Equity 
$’000 
At 1 January 2023 
 (208,499) 
432,248 
 277 
 12,268 
 236,294 
 (3,202) 
 233,092 
Loss for the year 
(33,275) 
-
-
-
(33,275) 
(832) 
(34,107) 
Exchange differences 
arising on translation of 
foreign operations 
-
-
(501) 
-
(501) 
-
(501) 
Total comprehensive 
loss for the year 
(33,275) 
-
(501) 
-
(33,776) 
(832) 
(34,608) 
Recognition of 
share-based payments 
expense 
-
-
-
589 
589 
-
589 
At 31 December 2023 
(241,774) 
432,248 
(224) 
12,857 
203,107 
(4,034) 
199,073 
Notes to the financial statements are included on pages 65 to 121. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
63
Financial Statements and Notes 
Note 
2024 
$ ‘000 
2023 
$ ‘000 
Cash flows from operating activities 
Receipts from customers 
261,126 
325,472 
Payments to suppliers and employees 
(268,360) 
(215,914) 
Income tax (paid)/received 
(549) 
16,747 
Interest and bill discounts received 
2,236 
1,010 
Interest and other costs of finance paid 
(24,818) 
(14,191) 
Net cash (outflows)/inflows from operating activities 
24 
(30,365) 
113,124 
Cash flows from investing activities 
Payments for property, plant and equipment 
(6,173) 
(2,933) 
Payments for Intangibles and other assets 
(5,383) 
-
Payments for security deposits 
(5,851) 
(31,793) 
Proceeds from security deposits 
21,086 
-
Net cash inflows/(outflows) from investing activities 
3,679 
(34,726) 
Cash flows from financing activities 
Proceeds from issue of new shares 
36,917 
-
Transaction costs related to issue of new shares 
(1,973) 
-
Repayment of lease liabilities 
(5,229) 
(4,648) 
Repayment of borrowings 
(20,505) 
(24,404) 
Net cash inflows/(outflows) from financing activities 
9,210 
(29,052) 
Net (decrease)/increase in cash and cash equivalents 
(17,476) 
49,346 
Cash and cash equivalents at the beginning of the financial year 
70,997 
21,681 
Effects of exchange rate fluctuations on the balances of cash held in foreign currencies 
(1,217) 
(30) 
Cash and cash equivalents at the end of the financial year 
24 
52,304 
70,997 
Notes to the financial statements are included on pages 65 to 121. 
Consolidated Statement of Cash Flows 
For the year ended 31 December 2024 

1. 
Basis of Preparation 
65 
2. 
(Loss)/Profit Before Tax– Continuing Operations 
69 
3. 
Earnings per Share 
72 
4. 
Income Tax 
73 
5. 
Discontinued Operations 
78 
6. 
Trade and Other Receivables 
80 
7. 
Contract Asset 
81 
8. 
Inventories 
82 
9. 
Prepayments 
82 
10. 
Right of Use Assets 
83 
11. 
Goodwill 
84 
12. 
Impairment of Assets 
85 
13. 
Intangible Assets 
87 
14. 
Property, Plant and Equipment 
89 
15. 
Trade and Other Payables 
90 
16. 
Contract Liabilities 
90 
17. 
Borrowings 
91 
18. 
Lease Liabilities 
93 
19. 
Provisions 
94 
20. 
Issued Capital 
96 
21. 
Reserves 
96 
22. 
Share-Based Payments 
97 
23. 
Accumulated Losses 
102 
24. 
Notes to the Cash Flow Statement 
103 
25. 
Related Party Disclosures 
104 
26. 
Controlled Entities 
105 
27. 
Financial Risk Management Objectives and Policies 
108 
28. 
Segment Information – Continuing Operations 
115 
29. 
Parent Entity Disclosure 
118 
30. 
Contingent Liabilities and Commitments 
119 
31. 
Remuneration of Auditors 
120 
32. 
Subsequent Events 
121 
33. 
Additional Company Information 
121 
Notes to the Consolidated Financial Statements 
64 
Electro Optic Systems Holdings Limited  | Annual Report 2024 
Financial Statements and Notes 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
65 
Financial Statements and Notes 
1. Basis of Preparation 
a. Corporate Information 
The consolidated financial statements of Electro Optic 
Systems Holdings Limited and its subsidiaries (collectively, 
the Group) for the year ended 31 December 2024 
were authorised for issue by the Directors on 
25th February 2025. 
Electro Optic Systems Holdings Limited (the Company, or 
parent) is a limited company incorporated and domiciled 
in Australia and whose shares are publicly traded. 
The registered office is in Symonston, Canberra, Australia. 
For the purposes of preparing the consolidated financial 
statements, the Company is a for-profit entity.  
b. Basis of Preparation 
The consolidated financial statements are general 
purpose financial statements which have been prepared in 
accordance with the Corporations Act 2001 and Australian 
Accounting Standards issued by the Australian Accounting 
Standards Board (AASB) and International Financial 
Reporting Standards as issued by the International 
Accounting Standards Board (IASB) (collectively referred to 
as IFRS) and complies with other requirements of the law. 
The financial report has been prepared on the basis of 
historical cost unless otherwise stated. Cost is based on 
the fair values of the consideration given in exchange for 
assets. All amounts are presented in Australian dollars, 
unless otherwise stated. The presentation and functional 
currency of the Group is Australian dollars. Certain 
comparative amounts have been restated to apply with the 
method of computation in the current year. 
The Company is a company of the kind referred to in ASIC 
Corporations (Rounding in Financials/Directors’ Reports) 
Instrument 2016/191, dated 24 March 2016, and in 
accordance with that Corporations Instrument amounts 
in the financial report are rounded to the nearest thousand 
dollars ($’000), unless otherwise indicated. 
The Group includes material accounting policies in the 
notes to the financial statements, specifically where 
accounting policies have been made in relation to the 
recognition and measurement basis used and are relevant 
to an understanding of the financial statements. 
On 21 November 2024, the Group announced the decision 
to sell EM Solutions Pty Ltd (EMS), a wholly owned 
subsidiary. EMS is disclosed as a discontinued operation 
at 31 December 2024. The prior year comparatives 
in the financial statements and accompanying note 
disclosures have been restated as required to reflect the 
change accordingly. 
c. Going Concern 
The financial report has been prepared on the going 
concern basis which assumes continuity of normal 
business activities and the realisation of assets and the 
settlement of liabilities in the ordinary course of business 
and at amounts stated in the financial report. 
For the year ended 31 December 2024, the Group incurred 
a loss before tax from continuing operations of $38.5m 
(December 2023: loss of $55.6m) had a net cash outflow 
from operating activities of $30.4m (December 2023: net 
inflows of $113.1m) and had a net decrease in cash and 
cash equivalents held of $17.5m (December 2023: net 
increase of $49.3m). At 31 December 2024 the Group had 
a cash balance of $52.3m (December 2023: $71.0m) and 
net current assets of $150.2m (December 2023: $103.9m). 
In 2022, the Group entered into binding agreements with 
a financier for three borrowing facilities. Two of these 
facilities were repaid in full prior to year end with $26.9m 
repaid in September 2023 and $20.5m repaid in April 2024. 
The remaining term loan facility of $52.1m which was 
scheduled to be due for repayment in October 2025 was 
required to be repaid in full upon the divestment of EMS. 
On 31 January 2025, following the divestment of EMS, 
the Group had no external borrowings and approximately 
$128.0m cash at bank. 
As described in Note 30, under an existing contract EOS 
has offset credit obligations in the Middle East. As EOS 
expects to generate offset credits via economic activity 
and does not expect to settle the offset obligation in cash, 
either through the credit purchase program or the bank 
guarantee, the cash flow forecast to 31 August 2026 does 
not include cash outflows relating to this obligation. 
The Group continues to closely monitor its cash flow 
outlook and compliance with financial covenants as 
described in Note 17. 
Notes to the Consolidated Financial Statements 
For the year ended 31 December 2024 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
66 
Financial Statements and Notes 
1. Basis of Preparation (continued) 
The Directors, in their consideration of the appropriateness 
of the going concern basis for the preparation of this 
annual financial report, have caused to be prepared a cash 
flow forecast through to 31 August 2026 which supports 
the ability of the Group to continue as a going concern. 
The underlying assumptions of the forecast include 
acknowledgement of the intrinsic operational risks of 
the business, the existing cash position of the Group, the 
need to secure sufficient new cash flow positive contracts 
and to deliver against contracts on time, to the required 
specifications and within budgeted costs. 
At the date of signing this report, based on this review, 
the Directors consider they have reasonable grounds to 
believe that the Group will continue as a going concern. 
They note that the continued ability of the Group to pay 
its debts as and when they become due and payable is 
dependent on: 
• the Group securing sufficient new cash flow positive 
contracts, including converting key opportunities within 
the Defence and Space sector pipelines; 
• the Group continuing to deliver against its contracts 
on time, to the required specifications and within 
budgeted costs; 
• the receipt of significant cash collections from 
customers as a result of: 
a) the continued realisation of the contract asset; and 
b) key military and government customers making 
timely payments for the goods and services supplied 
in accordance with contractual terms. 
• the Group operationlising the approved business plan to 
acquit the offset obligations, refer to note 30 for further 
details; and 
• continuing compliance with financial covenants. 
d. Basis of Consolidation 
The consolidated financial statements incorporate the 
financial statements of the Company and entities controlled 
by the Company. Control is achieved when the Company: 
• has power over the investee; 
• is exposed, or has rights, to variable returns from its 
involvement with the investee; and 
• has the ability to use its power to affect its returns. 
The Company reassesses whether or not it controls an 
investee if facts and circumstances indicate that there are 
changes to one or more of the three elements of control 
listed above. 
Consolidation of a subsidiary begins when the Company 
obtains control over the subsidiary and ceases when the 
Company loses control of the subsidiary. Specifically, 
income and expenses of a subsidiary acquired or disposed 
of during the year are included in the consolidated 
statement of profit or loss and other comprehensive 
income from the date the Company gains control until the 
date when the Company ceases to control the subsidiary. 
All intra-Group assets and liabilities, equity, income, 
expenses, and cash flows relating to transactions 
between members of the Group are eliminated in full 
on consolidation. 
Non-controlling interests in subsidiaries are identified 
separately from the Group’s equity therein. The interests 
of non-controlling shareholders with present ownership 
interests entitling them to a proportionate share of net 
assets upon liquidation may initially be measured at fair 
value or at the non-controlling interests’ proportionate 
share of the fair value of the acquiree’s identifiable net 
assets. The choice of measurement is made on an 
acquisition-by-acquisition basis. Other non-controlling 
interests are initially measured at fair value. Subsequent to 
acquisition, the carrying amount of non-controlling interests 
is the amount of those interests at initial recognition 
plus the non-controlling interests’ share of subsequent 
changes in equity. Total comprehensive income is 
attributed to non-controlling interests even if this results in 
non-controlling interests having a deficit balance. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
67 
Financial Statements and Notes 
e. Adoption of New and Revised Standards 
New and amended standards that are effective for the current year 
The Group has adopted all of the new and revised Standards and Interpretations issued by the Australian Accounting 
Standards Board (AASB) that are relevant to its operations and effective for the current year. These standards did not 
materially affect the Group’s accounting policies or any of the amounts recognised in the financial statements. 
New and revised AASB Standards in issue but not yet effective 
At the date of authorisation of the financial statements, the Group has not applied the following new and revised Australian 
accounting standards, interpretations and amendments that have been issued but are not yet effective. 
Standard/amendment   
Effective for annual 
reporting periods 
beginning on or after 
Expected to be initially 
applied in the financial 
year ending 
• 
AASB 2023-5 Amendments to Australian accounting standards – lack of exchangeability 
1 January 2025 
31 December 2025 
• 
AASB 2024-2 Amendments to Australian accounting standards – classification and 
measurement of financial instruments 
1 January 2026 
31 December 2026 
• 
AASB 2024-3 Amendments to Australian accounting standards – annual improvements 
Volume II 
1 January 2026 
31 December 2026 
• 
AASB 18 Presentation and Disclosure in Financial Statement 
1 January 2027 
31 December 2027 
• 
AASB 2014-10 Amendments to Australian Accounting Standards – Sale or contribution of 
assets between an investor and its associate or joint venture 
1 January 2028 
31 December 2028 
Management is assessing the impact of AASB 18 on presentation and disclosures in the Group’s financial statements. 
The other new accounting amendments are not expected to have a material impact on the Group’s accounting policies or 
any of the amounts recognised in the financial statements. 
f. Foreign Currency 
(i) Foreign currency transactions 
Transactions in foreign currencies are recorded at the exchange rate prevailing on the date of transaction. 
Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency closing rates of 
exchange at the reporting date. 
Exchange differences arising on settlement or translation of monetary items are recognised in profit or loss. 
Non-monetary items that are measured in terms of historical cost in a foreign currency are recorded using the exchange 
rates at the date of the transaction. 
Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when 
the fair value was measured. The gain or loss arising on translation of non-monetary items measured at fair value is treated 
in line with the recognition of the gain or loss on the change in fair value of the item (i.e. translation differences on items 
whose fair value gain or loss is recognised in other comprehensive income or profit or loss are also recognised in other 
comprehensive income or profit or loss, respectively). 
(ii)Foreign operations 
For the purpose of presenting consolidated financial statements, the assets and liabilities of the Group’s foreign operations 
(having non-AUD functional currency) are translated into Australian dollars at the exchange rate prevailing at the reporting 
date, income and expense items are translated at the average rate of exchange for the respective months. Exchange 
differences arising on such translation are recognised as currency translation reserve under equity. 
Exchange differences arising from the translation of a foreign operation previously recognised in currency translation 
reserve in equity are not reclassified from equity to the consolidated profit or loss until the disposal of the operation. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
68 
Financial Statements and Notes 
1. Basis of Preparation (continued) 
g. Accounting Judgements and Estimates 
The key assumptions concerning the future and other 
key sources of estimation uncertainty at the reporting 
date, that have a significant risk of causing a material 
adjustment to the carrying amounts of assets and 
liabilities within the next financial year, are described in the 
applicable notes to financial statements. 
The Group based its assumptions and estimates on 
parameters available when the consolidated financial 
statements were prepared. Existing circumstances and 
assumptions about future developments, however, may 
change due to market changes or circumstances arising 
that are beyond the control of the Group. Estimates and 
underlying assumptions are reviewed on an ongoing 
basis and changes are reflected in the assumptions when 
they occur. 
Refer to the relevant note to financial statements for the 
estimates and judgements applied. 
h. Goods and Services Tax 
Revenues, expenses and assets are recognised net of the 
amount of goods and services tax (GST), except: 
• where the amount of GST incurred is not recoverable 
from the taxation authority, it is recognised as part of 
the cost of acquisition of an asset or as part of an item 
of expense; or 
• for receivables and payables which are recognised 
inclusive of GST. 
The net amount of GST recoverable from, or payable to, 
the taxation authority is included as part of receivables 
or payables. Cash flows are included in the statement of 
cash flows on a gross basis. The GST component of cash 
flows arising from investing and financing activities which 
is recoverable from, or payable to, the taxation authority is 
classified as operating cash flows. 
i. Climate-Related Matters 
The Group considers climate-related matters in estimates 
and assumptions, where appropriate. This assessment 
includes a wide range of possible impacts on the Group due 
to both physical and transition risks. Even though the Group 
believes its business model and products will still be viable 
after the transition to a low-carbon economy, climate-related 
matters increase the uncertainty in estimates and 
assumptions underpinning several items in the financial 
statements. Even though climate-related risks might not 
currently have a significant impact on measurement, 
the Group is closely monitoring relevant changes and 
developments. The items and considerations that are most 
directly impacted by climate-related matters are: 
• Useful life of property, plant and equipment. 
i. When reviewing the residual values and expected 
useful lives of assets, the Group considers 
climate-related matters, such as climate-related 
legislation and regulations that may restrict the use 
of assets or require significant capital expenditures. 
• Impairment of non-financial assets. 
i. The value-in-use may be impacted in several 
different ways by transition risk in particular, such 
as climate-related legislation and regulations and 
changes in demand for the Group’s products. Even 
though the Group has concluded that no single 
climate-related assumption is a key assumption for 
the 2024 impairment test, the Group considered 
expectations for increased costs of emissions, 
increased demand for goods sold by the Group and 
cost increases due to stricter recycling requirements 
in the cash-flow forecasts in assessing value-in-use 
amounts. See Note 12 for further information. 
• Decommissioning liability. 
i. The impact of climate-related legislation and 
regulations is considered in estimating the timing 
and future costs of decommissioning the Group’s 
manufacturing facilities. 
In 2024, the Australian government passed the 
Climate-related Financial Disclosures Act - Treasury Laws 
Amendment (Financial Market Infrastructure and Other 
Measures) Act 2024. The new Act mandates listed entities 
to disclose their climate -related plans, financial risks and 
opportunities, in accordance with Australian Sustainability 
Reporting Standards (ASRS). 
The Group has assessed its compliance with the ASRS 
requirements. Based on the Group’s assets and revenue 
thresholds as at 31 December 2024, the Group falls under 
“Group 2 entities”, with mandatory reporting commencing 
on 1 January 2027. 
During the year, the Group engaged an external 
sustainability and climate expert to support the Group 
as part of its proactive approach to prepare for ASRS 
compliance. In this initial phase, the Group conducted 
introductory workshops with key management across 
the group, performed an ASRS gap assessment, 
and developed an initial roadmap to address key 
gaps identified. 
The Group plans to conduct a climate risk and 
opportunities assessment during 2025 and 2026 as part 
of the phased approach. Involving key management and 
operational employees, this assessment will help evaluate 
the Group’s climate risk profile, including climate change, 
and identify areas for development to meet emerging 
climate-related disclosure requirements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
69 
Financial Statements and Notes 
2. (Loss)/Profit Before Tax– Continuing Operations 
a. Revenue 
Revenue from continuing operations 
2024 
$ ‘000 
2023 
$ ‘000 
Revenue from operations consisted of the following items: 
   Revenue from the sale of goods 
157,745 
147,303 
   Revenue from the rendering of services 
18,820 
14,718 
Total revenue 
176,565 
162,021 
(i) Disaggregation of revenue – continuing operations 
The Group derives its revenue from the transfer of goods and services both over time and at a point in time, as shown below. 
Revenue recognition over time 
2024 
$ ‘000 
2023 
$ ‘000 
Defence segment 
Sale of goods 
105,487 
81,765 
Providing services 
4,353 
6,620 
Space segment 
Sale of goods 
-
-
Providing services 
5,306 
2,797 
Total revenue recognised over time 
115,146 
91,182 
All other revenue is recognised at a point in time: 
Revenue recognition at a point in time 
2024 
$ ‘000 
2023 
$ ‘000 
Defence segment 
Sale of goods 
52,258 
65,092 
Providing services 
3,638 
1,885 
Space segment 
Sale of goods 
-
446 
Providing services 
5,523 
3,416 
Total revenue recognised at a point in time 
61,419 
70,839 
Total revenue recognised 
176,565 
162,021 
Recognition and measurement 
The Group recognises revenue from the following major sources: 
• engineering design, manufacture and supply of remote weapon systems and related installation, integration and support 
services; and 
• design, manufacture, delivery and operation of sensors and data for space domain awareness and space control. 
Customer contracts across all segments, including both products and services, are highly customised and are configured 
specifically for each client’s operational and commercial requirements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
70 
Financial Statements and Notes 
2. (Loss)/Profit Before Tax– Continuing Operations (continued) 
(i) Transaction price 
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer. 
This transaction price is updated for changes in scope or price (or both) that are approved by all parties to the contract, 
either in writing or by oral agreement. 
Revenue recognition is constrained for negative variable consideration in relation to delays in formal customer acceptance 
or potential late delivery penalties/liquidated damages. Once the constraint is removed, a cumulative catch-up adjustment 
is made to recognise the related revenue. 
There is no significant financing component in the Group’s contracts with customers as the period between provision of 
goods and services and the receipt of cash from customers is less than a year. Payment terms which extend beyond a year 
are for reasons other than the provision of a significant financing component. 
(ii) Timing of revenue recognition 
The timing of revenue recognition (i.e., over time or at a point in time) is determined by the nature and specifications of the 
contracts that the Group enters into with its customers. 
A. Revenue recognition over time 
Goods manufactured and services delivered under the Group’s major contracts do not have an alternative use for the Group 
and the Group has an enforceable right to payment for performance completed to date, therefore, the Group recognises 
revenue for its major contracts over time. 
• The transaction price is allocated to performance obligations based on standalone selling prices. The output method, 
based on the delivery of goods or services to customers or the achievement of contract milestones, best depicts 
progress under these contracts as it represents the best measurement of value to the customer of goods or services to 
date relative to the remaining goods or services promised under the contract. 
• For other contracts the input method offers the best depiction of progress under the contract. For such contracts, the 
Group recognises revenue by reference to costs or labour hours incurred to date relative to total expected contract costs. 
B. Revenue recognition at a point time 
For contracts where revenue at a point in time offers the best depiction of the Group’s satisfaction of its performance 
obligations, the Group recognises revenue when control transfers to the customer. Control is assessed as transferred 
to the customer when the Group has a present right to payment for the asset, typically upon delivery of goods and 
services to customers. 
Under bill and hold arrangements, revenue is recognised once formal acceptance is received from customers. 
Interest revenue is recognised using the effective interest rate method. 
Significant accounting judgements and estimates 
The Group estimates variable considerations to be included in the transaction price and also makes judgements in terms of 
the nature and timing of revenue recognised under contracts. 
Under a major production contract with a foreign customer, late deliveries against the contracted schedule, due in part to 
customer requested changes and other factors, resulted in the application of late delivery penalties in 2023 and 2024. These 
penalties, and potential penalties where revenue has been recognised but the cash not yet received, have been recognised 
as constrained revenue of $6.9m during the year (2023: $7.0m). The Board is confident that the recovery of penalties will be 
achieved given the status of these contract amendments, the Group’s positive operating performance under the contract, 
good relationships with the client and track record of payments received to date. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
71 
Financial Statements and Notes 
(ii) Other income – continuing operations 
2024 
$ ‘000 
2023 
$ ‘000 
Interest: 
Bank deposits 
 1,553 
667 
Other 
 - 
160 
Grant income 
 13 
64 
Gain on lease modification 
- 
1,129 
Other 
489 
282 
Total other income 
2,055 
2,302 
b. Expenses 
The loss for the year from continuing operations includes the following expenses: 
2024 
$ ‘000 
2023 
$ ‘000 
Employee benefits expense: 
Share based payments (equity settled) expense 
 3,209 
459 
Contributions to defined contribution superannuation plans 
 3,977 
3,647 
Other employee benefits 
 55,321 
50,007 
Total employee benefits expense 
62,507 
54,113 
Finance costs 
Interest expense on lease liabilities 
 1,057 
1,058 
Interest on secured borrowings 
 12,355 
15,857 
Other finance costs 
 11,138 
18,329 
Finance costs 
24,550 
35,244 
Amortisation of intangible assets 
4,871 
-
Depreciation of property, plant and equipment 
3,715 
5,573 
Depreciation on right of use assets 
3,956 
3,836 
Foreign exchange (gain) 
(11,570) 
(892) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
72 
Financial Statements and Notes 
3. Earnings per Share 
2024 
cents per share 
2023 
cents per share 
Basic 
Continuing operations 
(19.5) 
(27.4) 
Discontinued operations 
8.8 
6.5 
Total 
(10.7) 
(20.9) 
Diluted 
Continuing operations 
(19.5) 
(27.4) 
Discontinued operations 
8.8 
6.5 
Total 
(10.7) 
(20.9) 
Calculation of basic and diluted total earnings per share 
The earnings and weighted average number of ordinary shares used in the calculation of basic and diluted earnings per 
share are as follows: 
Earnings 
Note 
2024 
$’000 
2023 
$’000 
Earnings – net loss attributable to equity holders of parent 
(a) 
(18,731) 
(33,275) 
Adjustments to exclude profit for the year from discontinued operations 
5 
(15,431) 
(10,264) 
Earnings from continuing operations for the purpose of basic and diluted earnings per share 
(excluding discontinued operations) 
(34,162) 
(43,539) 
Number of shares 
Note 
2024 
No. of shares 
2023 
No. of shares 
Weighted average number of ordinary shares used in the calculation of basic earnings per share 
(b), (c) 
175,407,278 
159,226,631 
(a) Loss attributable to the owners of the parent entity used in the calculation of basic earnings per share is the same as 
net loss in the statement of profit or loss and other comprehensive income. 
(b) Unlisted share options and share rights issued under employee incentive plans are not considered dilutive as all the 
conditions of exercise have not been met at the reporting date and the Group made an overall loss during the year 
(inclusive of the profits from discontinued operations). 
(c) Shares issued under the LFSP are not included in the weighted average number of ordinary shares as they are treated 
as in-substance options for accounting purposes. The options are not considered dilutive given the Group made a loss 
in the period. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
73 
Financial Statements and Notes 
4. Income Tax 
Income tax 
2024 
$ ‘000 
2023 
$ ‘000 
Current year tax expense/ (benefit) 
4,572 
(6,086) 
a. The prima facie Income Tax Expense on pre-tax Accounting (Loss)/Profit from Operations reconciles to 
the Income Tax Expense in the Financial Statements as follows: 
2024 
$ ‘000 
2023 
$ ‘000 
(Loss) before income tax from continuing operations 
(38,453) 
(55,608) 
Profit before income tax from discontinuing operations 
23,340 
15,415 
(Loss) before income tax 
(15,113) 
(40,193) 
Income tax (benefit) calculated at 30% 
(4,534) 
(12,058)
Effect of different tax rates of subsidiaries operating in other jurisdictions 
934 
1,839 
Non-deductible expenditure 
4,337 
1,088 
Other assessable income 
2,262 
1,051 
Foreign income tax offset 
(979) 
-
Tax losses brought to account 
(24,444) 
-
Gain on disposal of subsidiary 
24,968 
-
Other non-deductible/non-assessable items 
88 
188 
2,632 
(7,892) 
Adjustment in respect of prior years 
(2,028) 
(1,470) 
Unused tax losses and tax offsets not recognised as deferred tax assets 
3,968 
3,276 
Income tax expense/(benefit) attributable to operating (loss) 
4,572 
(6,086) 
‑ Attributable to continuing operations 
(3,337) 
(11,237) 
- Attributable to a discontinued operation 
7,909 
5,151 
The tax rate used in the above reconciliation is the corporate tax rate of 30% payable by Australian corporate entities on 
taxable profits under Australian tax law, 30% in Germany, 17% in Singapore, 9% in United Arab Emirates and 28% in New 
Zealand. Tax rates in the USA apply at a Federal, State and local level and can vary depending upon location. The tax rates 
applicable to the Group’s USA operations haves been assumed to approximate a combined rate of 21%. There has been no 
change in the corporate tax rate when compared with the previous reporting year. 
As disclosed in Note 5, the Group announced and entered in a binding sales agreement for the divestment of EMS on 
21 November 2024 which triggers a capital gain tax (“CGT”) event. The capital loss related to the SpaceLink (“SPL”) entity 
that was a discontinued operation in 2022. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
74 
Financial Statements and Notes 
4. Income Tax (continued) 
b. Deferred Tax Balances 
The following are the major deferred tax assets and liabilities recognised by the Group and movements thereon during the 
current and prior year. 
2023 
$ ‘000 
Charge/ 
(credit) to profit 
and loss 
$ ‘000 
Recognised 
in other 
comprehensive 
income 
$ ‘000 
2024 
$ ‘000 
Deferred tax assets 
Accruals 
153 
107 
-
 260 
Business capital expenditure deductible over five years 
390 
367 
-
 757 
Provisions 
12,434 
558 
-
12,992 
Contract asset 
777 
(1,315) 
-
 (538) 
Income tax losses 
-
-
-
 - 
Foreign exchange gain arising from tax fair value 
adjustment 
(1,556) 
(3,060) 
-
 (4,616) 
Other 
16 
199 
 215 
12,214 
(3,144) 
‑
9,070 
Deferred tax liabilities 
Prepaid insurance 
-
(106) 
-
(106) 
Right of use assets 
1,218 
(198) 
-
1,020 
Property plant and equipment 
(1,860) 
602 
-
(1,258) 
Intangible assets 
-
(613) 
(613) 
Acquired intangible assets 
(2,622) 
383 
-
(2,239) 
(3,264) 
68 
‑
(3,196) 
Net deferred tax assets/(liabilities) 
8,950 
(3,076) 
‑
5,874 
Net deferred tax assets/(liabilities) as: 
Continuing operations 
7,927 
Included in liabilities held for sale 
(2,053) 
5,874 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
75
Financial Statements and Notes 
2022 
$ ‘000 
Charge/ 
(credit) to profit 
and loss 
$ ‘000 
Recognised 
in other 
comprehensive 
income 
$ ‘000 
2023 
$ ‘000 
Deferred tax assets 
Accruals 
175 
(22) 
-
153 
Business capital expenditure deductible over five years 
955 
(565) 
-
390 
Provisions for annual leave 
6,228 
6,206 
-
12,434 
Contract asset 
825 
(48) 
-
777 
Income tax losses 
-
-
-
-
Foreign exchange gain arising from tax fair value 
adjustment 
(2,760) 
1,204 
-
(1,556) 
Other 
-
16 
16 
5,423 
6,791 
‑
12,214 
Deferred tax liabilities 
Prepaid insurance 
38 
(38) 
-
-
Right of use assets 
(958) 
2,176 
-
1,218 
Property plant and equipment 
1,895 
(3,755) 
-
(1,860) 
Other 
(46) 
46 
-
-
Acquired intangible assets 
(3,026) 
404 
-
(2,622) 
(2,097) 
(1,167) 
‑
(3,264) 
Total 
3,326 
5,624 
‑
8,950 
At the reporting date the Group has unused tax losses emanating from its non-Australian entities. No deferred tax asset 
has been recognised in respect of these balances as it is not considered probable that there will be future taxable profits 
available in these jurisdictions. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
76 
Financial Statements and Notes 
4. Income Tax (continued) 
c. Unrecognised Deferred Tax Balances 
2024 
$ ‘000 
2023 
$ ‘000 
The following cumulative deferred tax assets have not been brought to account as assets: 
Tax losses – revenue 
55,208 
63,361 
Temporary differences 
-
-
Total 
55,208 
63,361 
d. Franking Account Balance 
2024 
$ ‘000 
2023 
$ ‘000 
Adjusted franking account balance 
4,616 
4,042 
Recognition and measurement 
(i) Current tax 
Current tax is calculated by reference to the amount of income taxes payable or recoverable in respect of the taxable profit 
or tax loss for the year, using tax rates and tax laws that have been enacted or substantively enacted by the reporting date. 
Current tax for current and prior years is recognised as a liability (or asset) to the extent that it is unpaid (or refundable). 
(ii) Deferred tax 
Deferred tax is recognised on temporary differences arising from differences between the carrying amount of assets and 
liabilities in the financial statements and their corresponding tax base. 
In principle, deferred tax liabilities are recognised for all taxable temporary differences. Deferred tax assets are recognised 
to the extent that it is probable that sufficient taxable amounts will be available against which deductible temporary 
differences or unused tax losses and tax offsets can be utilised. 
However, deferred tax assets and liabilities are not recognised if the temporary differences giving rise to them arise 
from the initial recognition of assets and liabilities (other than as a result of business combination) which affects neither 
taxable income nor accounting profit. Furthermore, a deferred tax liability is not recognised in relation to taxable temporary 
differences arising from goodwill. 
Deferred tax assets arising from deductible temporary differences associated with these investments and interests are only 
recognised to the extent that it is probable that there will be sufficient taxable profits against which to utilise the benefits of 
the temporary differences and they are expected to reverse in the foreseeable future. 
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period(s) when the 
assets and liabilities giving rise to them are realised or settled, based on tax rates (and tax laws) that have been enacted or 
substantively enacted by the reporting date. 
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in 
which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. 
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against 
currents tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to 
settle current tax assets and liabilities on a net basis. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
77 
Financial Statements and Notes 
(iii) Current and deferred tax for the year 
Current and deferred tax is recognised as an expense or income in the statement of profit or loss and other comprehensive 
income, except when it relates to items credited or debited directly to equity, in which case the deferred tax is also 
recognised directly in equity, or where it arises from the initial accounting for a business combination, in which case it is 
taken into account in the determination of goodwill or bargain purchase gain. 
(iv) Tax consolidation 
The Company and all its wholly-owned Australian entities are part of a tax-consolidated Group under Australian taxation law 
with effect from 1 January 2003. Electro Optic Systems Holdings Limited is the head entity in the tax-consolidated Group. 
Tax expense/income, deferred tax liabilities and deferred tax assets arising from temporary differences of the members 
of the tax-consolidated Group are recognised in the separate financial statements of the members of the tax-consolidated 
Group using the ‘separate taxpayer within the Group’ approach. 
Current tax liabilities and assets and deferred tax assets arising from unused tax losses and tax credits of the members of 
the tax-consolidated Group are recognised by the company (as the head entity in the tax-consolidated Group). 
There are formal tax funding and tax sharing arrangements between the companies comprising the Australian 
tax-consolidated Group as at 31 December 2024. Subsequent to year end, the Group completed the sale of EMS on 
31 January 2025. As a result of this transaction, EMS is no longer part of the Group’s tax consolidated group from the 
effective date of disposal. 
Significant accounting judgements and estimates 
Deferred tax assets are recognised for unused tax losses to the extent it is probable that the taxable profit will be available 
against which the losses can be utilised. Significant judgement is required to determine the amount of the deferred tax 
assets that can be recognised, based on the likely timing and the level of future taxable profits, together with future tax 
planning strategies. 
The Directors made a critical judgement in relation to recognising some of the deferred tax balances described in Note 
4(b). The Directors currently consider it probable that sufficient taxable amounts will be available against which deductible 
temporary differences can be utilised in the Australian tax Group. 
The Directors also made a critical judgement in relation to not recognising deferred tax balances on tax losses. In addition, 
no deferred tax assets have been recognised in the foreign subsidiaries. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
78 
Financial Statements and Notes 
5. Discontinued Operations 
On 21 November 2024, EOS entered into a binding share sale agreement to sell EM Solution Pty Limited and its subsidiary 
(“EMS”) to Cohort plc (“Cohort”) for an enterprise value of $144.0m. The transaction was subject to the satisfaction of 
conditions including counterparties under certain material contracts providing consents, waivers or amendments, and the 
non-occurrence of any material advance changes. The disposal is consistent with the Group’s transformation strategy to 
focus on commercialising its substantial intellectual property and growing its core product offerings in the areas of RWS, 
high energy laser weapons and space control. 
EMS was expected to be sold within 12 months from 31 December 2024, and has been classified as a disposal group held 
for sale and presented separately in the statement of financial position. Subsequent to the end of the financial year, the 
transaction was settled on 31 January 2025 as described in Note 32. 
Significant accounting judgement and estimates 
The Directors considered EMS met the criteria to be classified as held for sale and as a discontinued operation on 
21 November 2024 for the following reasons: 
• EMS is available for immediate sale and can be sold to the buyer in its current condition; 
• EMS is a separate line of business in the Space Systems segment, and is a cash-generating unit of the Group; 
• EMS has distinct and separate products from the Group. EMS manufactures and sells satellite and 
frequency terminals; and 
• the Group has a confirmed contract with a buyer for an agreed price that remains only subject to the satisfaction 
of several conditions to enable settlement of this contract. 
The activities relating to EMS have been classified as a discontinued operation in accordance with accounting standards. 
The comparative consolidated statement of profit and loss and other comprehensive income has been re-presented 
to show the discontinued operations separately from continuing operations. The intra-group transactions between 
discontinued operations and continuing operations have been fully eliminated in the consolidated financial result. 
The proceeds of disposal are expected to substantially exceed the carrying amount of the related net assets and 
accordingly no impairment losses have been recognised on the classification of these operations as held for sale. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
79
Financial Statements and Notes 
The results of EMS for the year are presented below: 
2024 
$ ‘000 
2023 
$ ‘000 
Revenue 
82,131 
 57,232 
Other income 
 690 
 214 
Foreign exchange gain / (loss) 
468 
-
Raw materials and consumables used 
 (38,386) 
(26,464) 
Employee benefit expenses 
 (13,801) 
(10,687) 
Occupancy costs 
 (302) 
 (218) 
Administration expenses 
 (3,563) 
 (755) 
Other expenses 
 (860) 
 (595) 
Amortisation of intangible assets 
(1,463) 
(1,597) 
Depreciation of property plant and equipment 
 (799) 
 (783) 
Depreciation of right of use assets 
 (519) 
 (594) 
Finance cost 
(256) 
(338) 
Profit before tax from discontinued operations 
23,340 
15,415 
Income tax (expense) 
(7,909) 
(5,151) 
Profit for the year from discontinued operations 
15,431 
10,264 
The net cash flows incurred by EMS were: 
Cash flow – discontinued operations 
Operating 
1,634 
13,225 
Investing 
(895) 
(863) 
Financing 
(515) 
(112) 
Net cash inflow 
224 
12,250 
The major classes of assets and liabilities comprising the operations classified as held for sale are as follows: 
2024 
$ ‘000 
 Cash and short-term deposits 
 11,226 
Trade and other receivables 
 7,485 
 Contract assets 
 21,682 
 Inventories 
 19,674 
 Prepayments 
 1,587 
 Security deposits 
 6,619 
 Right of use asset 
 3,502 
 Goodwill 
 9,868 
 Property, plant and equipment 
 4,131 
 Intangible assets 
 9,386 
Total assets classified as held for sale 
95,160 
Trade and other payables 
(5,799) 
 Lease liabilities 
(4,177) 
 Contract liabilities 
(12,284) 
 Deferred tax liabilities 
(2,053) 
 Provisions 
(1,857) 
Total liabilities classified as held for sale 
(26,170) 
Net assets of disposal group 
68,990 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
80 
Financial Statements and Notes 
5. Discontinued Operations (continued) 
Recognition and measurement 
A disposal group qualifies as a discontinued operation if it is a component of an entity that either has been disposed of, or it 
is classified as held for sale and: 
a. represents a separate major line of business or geographical area of operations, 
b. is part of a single co-ordinated plan to dispose of a separate major line of business or geographical area of operations, or 
c. is a subsidiary acquired exclusively with a view to resale. 
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair 
value less costs to sell. 
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale 
transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the 
asset (or disposal group) is available for immediate sale in its present condition. Actions required to complete the sale should 
indicate that it is unlikely that significant changes to the sale will be made or that the decision to sell will be withdrawn. 
Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within 
one year from the date of classification. 
When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that 
subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will 
retain a non-controlling interest in its former subsidiary after the sale. 
Property, plant and equipment and intangible assets are not depreciated or amortised once classified as held for sale. 
Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial 
position, and no longer presented in the segment note. 
Discontinued operations are excluded from the results of continuing operations and are presented as a single amount 
as profit or loss after tax from discontinued operations in the consolidated statement of profit or loss and other 
comprehensive income. 
Cash flows from discontinued operations are included in the consolidated statement of cash flows and are disclosed 
separately in this note. The Group includes proceeds from disposal in cash flows from discontinued operations. 
All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise. 
6. Trade and Other Receivables 
2024 
$ ‘000 
2023 
$ ‘000 
Trade receivables from third-party customers 
16,556 
7,431 
GST receivable 
784 
605 
Employee receivables 
390 
219 
Other debtors 
-
211 
Total 
17,730 
8,466 
Trade receivables are non-interest bearing and are generally on terms of 30 days. 
The Group measures the loss allowance for trade receivables at an amount equal to the lifetime expected credit loss (ECL). 
The ECL on trade receivables are estimated by reference to past known default experience of the debtors and an analysis of 
the debtors’ current financial position, adjusted for factors that are specific to the debtors. Based on this analysis, any ECL 
on trade receivable balances at the end of the year are immaterial. 
There has been no change in the estimation techniques or significant assumptions made during the current reporting year. 
There were no receivables written off during the year and no receivables balances, as at the end of the year, are subject to 
enforcement activities. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
81 
Financial Statements and Notes 
7. Contract Asset 
2024 
$ ‘000 
2023 
$ ‘000 
Unbilled revenue – current 
57,381 
29,090 
Unbilled revenue - non-current 
-
38,946 
Total 
57,381 
68,036 
The contract asset reflects amounts recognised in revenue on a milestone or a delivery basis in the Defence Systems and 
Space Systems segments, but not yet billed to the customer. This occurs where contracts typically invoice on a milestone 
basis that may not necessarily reflect progress under the contract. 
The movement in the contract asset during the financial year is set out below. 
2024 
$ ‘000 
2023 
$ ‘000 
Opening balance 
68,036 
164,419 
Invoiced during the year 
 (119,919) 
(185,687) 
Net revenue recognised during the year 
126,650 
88,089 
Impact of foreign exchange and other movements 
 4,296 
1,215 
Reclassified as held for sale 
(21,682) 
-
Closing balance 
57,381 
68,036 
Significant accounting judgements and estimates 
Timing differences between revenue recognition and invoicing are expected to arise due to differences between 
the Group’s revenue recognition policies (see Note 2) and the terms of the underlying contracts. The Directors have 
concluded that any estimated credit losses against the contract asset are immaterial. This judgement is based on the 
nature of the counterparties involved (primarily sovereign entities), the payments received during the year, and continuing 
communications with clients regarding administration of the underlying contracts. 
The Group assesses for any constrained revenue and the recoverability of the contract asset. The contract asset balance 
has been reduced by the $6.9m estimated constrained revenue during the year (2023: $7.0m). The Group believes the 
contract asset balance remains recoverable. This judgement is based on the nature of the counterparties involved, 
contract amendment discussions that are underway with customers, payments received during the year and continuing 
communications with the clients regarding administration of the underlying contracts. 
A critical judgement exists in relation to the recoverability of the contract assets. Of the total contract asset of $57.4m, an 
amount of $53.5m relates to a contract with a customer in a foreign jurisdiction. Significant collection of the contract asset 
was realised during the year with a net reduction in the balance of $10.7m since December 2023. 
The Directors have reviewed the collectability of the $57.4m contract asset as at 31 December 2024 and concluded that 
no provision should be recognised on the basis of cash received to date and the creditworthiness of the counterparty, 
amongst other factors. Furthermore, the Directors are of the view that the estimates used in preparing this financial report 
are reasonable. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
82 
Financial Statements and Notes 
8. Inventories 
2024 
$ ‘000 
2023 
$ ‘000 
Raw materials – at lower of cost and net realisable value 
48,650 
29,351 
Work in progress – at cost 
14,035 
44,046 
Total 
62,685 
73,397 
Recognition and measurement 
Inventories are measured at the lower of cost and net realisable value. 
Costs are assigned on the following basis: 
Raw materials: 
weighted average cost basis for raw material inventory 
Work-in-progress: standard cost 
Net realisable value represents the estimated selling price in the ordinary course of business, less estimated costs of 
completion, estimated costs necessary to make the sale, and provision for obsolescence. 
Significant accounting judgements and estimates 
The Group assesses the risks of inventory obsolescence, particularly for certain stock items experiencing slow market 
demand and potential technological obsolescence. Given the evolving market conditions and rapid technological 
advancements, an additional provision has been recognised this year to reflect the expected net realisable value of affected 
inventory. The provision estimate is based on forecasted demand, expected lifecycle changes and ageing of inventory. 
The Group will continue to monitor these factors and adjust the provision as necessary. 
9. Prepayments 
2024 
$ ‘000 
2023 
$ ‘000 
Prepayments – current 
18,127 
16,384 
Prepayments – non-current 
2,175 
-
Total 
20,302 
16,384 
Prepayments include prepayments made to suppliers for the delivery of component parts in relation to current orders. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
83 
Financial Statements and Notes 
10. Right of Use Assets 
Office 
Premises 
$’000 
Office 
Equipment 
$ ‘000 
Total 
$ ‘000 
Cost 
At 1 January 2023 
29,117 
1,402 
30,519 
Additions 
319 
-
319 
Adjustment due to lease modification 
4,857 
-
4,857 
Disposals 
-
(136) 
(136) 
Net exchange differences 
686 
-
686 
At 31 December 2023 
34,979 
1,266 
36,245 
Additions 
-
-
-
Adjustment due to lease modification 
2,788 
-
2,788 
Disposals 
-
(137) 
(137) 
Reclassified as held for sale 
(6,476) 
-
(6,476) 
Net exchange differences 
1,329 
-
1,329 
At 31 December 2024 
32,620 
1,129 
33,749 
Accumulated depreciation and Impairment 
At 1 January 2023 
11,414 
853 
12,267 
Depreciation charge 
4,169 
261 
4,430 
Disposals 
-
(136) 
(136) 
Net exchange differences 
(99) 
-
(99) 
At 31 December 2023 
15,484 
978 
16,462 
Depreciation charge 
4,226 
249 
4,475 
Disposals 
-
(137) 
(137) 
Reclassified as held for sale 
(2,974) 
-
(2,974) 
Net exchange differences 
900 
-
900 
At 31 December 2024 
17,636 
1,090 
18,726 
Carrying amount 
At 31 December 2024 
14,984 
39 
15,023 
At 31 December 2023 
19,495 
288 
19,783 
Recognition and measurement 
The Group assesses at contract inception whether a contract is or contains a lease. That is, if the contract conveys the right 
to control the use of an identified asset for the period of time in exchange for consideration. 
The Group recognises a right of use asset and a corresponding lease liability (Note 18) with respect to all lease agreements 
in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases 
of low value assets. For these leases, the Group recognises the lease payments as an operating expense on a straight-line 
basis over the term of the lease unless another systematic basis is more representative of the time pattern in which 
economic benefits from the leased asset are consumed. 
The Group recognises right of use assets at the commencement date of the lease (i.e. the date the underlying asset is 
available for use). Right of use assets are measured at cost, less any accumulated depreciation and impairment losses, and 
adjusted for any remeasurement of lease liabilities. The cost of right of use assets includes the amount of the lease liability 
recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease 
incentives received. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
84 
Financial Statements and Notes 
10. Right of Use Assets (continued) 
Right of use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives 
of the assets. Right of use assets are also subject to impairment in line with AASB 136 Impairment of Assets. 
Where the Group has an obligation for costs to dismantle and remove a leased asset, restore the site on which it is located 
or restore the underlying asset to the condition required by the terms and conditions of the lease, a provision is recognised 
and measured under AASB 137. The costs are included in the related right of use asset, unless those costs are incurred to 
produce inventories. 
If a lease transfers ownership of the underlying asset or the cost of the right of use asset reflects that the Group expects to 
exercise a purchase option, the related right of use asset is depreciated over the useful life of the underlying asset. 
11. Goodwill 
2024 
$ ‘000 
2023 
$ ‘000 
Opening balance 
12,373 
12,373 
Classified as held for sale 
(9,868) 
-
Closing balance 
2,505 
12,373 
Management has identified the following as the Group’s cash generating units (“CGUs”): 
CGU 
Operations 
EMS 
EMS specialises in innovative optical, microwave and on-the-move radio and satellite products that help deliver 
high speed, resilient and assured telecommunications anywhere in the world. 
Space Technologies 
The Group’s laser-based surveillance systems with space tracking capability; manufactures and sells telescopes 
and dome enclosures for space projects. 
Defence Systems 
Develops, manufactures and markets advanced fire control, surveillance, and weapon systems to approved 
military customers 
The carrying amount of goodwill was allocated to CGUs as follows: 
2024 
$ ‘000 
2023 
$ ‘000 
Defence 
-
-
Space 
2,505 
2,505 
EMS 
9,868 
9,868 
12,373 
12,373 
Recognition and measurement 
Goodwill is initially recognised and measured as the excess of the sum of the consideration transferred, the amount of any 
non-controlling interests in the acquirer, and the fair value of the acquirer’s previously held equity interest (if any) over the net 
of the acquisition-date amount of the identifiable assets acquired and liabilities assumed. 
Goodwill is not amortised but is reviewed for impairment at least annually. For the purpose of impairment testing, goodwill 
is allocated to each of the Group CGU’s expected to benefit from the synergies of the combination. CGUs to which goodwill 
has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be 
impaired. Goodwill is classified as held for sale if it is directly associated with the assets and liabilities of a disposal group. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
85 
Financial Statements and Notes 
Significant accounting judgements and estimates 
The Directors made a critical judgement in relation to the recoverable amount of goodwill and the allocation of goodwill to 
the three CGUs. 
The Group assesses each CGU, where possible, at year end, to determine whether there are any indications of impairment 
or reversal of impairment. Where an indicator of impairment or reversal exists, a formal estimate of the recoverable amount 
is made. Goodwill and indefinite life intangible assets are assessed at least on an annual basis. 
Recoverable amount is the higher of the fair value less cost of disposal and value in use calculated in accordance with 
the Group accounting policy. These assessments require the use of estimates and assumptions such as the pipeline of 
sales opportunities, discount rates applied to estimated free cash flows, and long-term growth rates applied in estimating 
the future value of our CGUs. The recoverable amount is sensitive to these assumptions used for the discounted 
cashflow model. 
The key assumptions used to determine the recoverable amount for the different CGU’s are disclosed and further explained 
in Note 12. 
12. Impairment of Assets 
Impairment Indicators and Testing 
At each year end, the Group assesses whether indicators of impairment or impairment reversal exist at an individual asset 
level, where possible, and a CGU level. 
(i) Market capitalisation deficiency 
At 31 December 2024, the market capitalisation exceeded the carrying amount of the Group’s net assets. Despite this, 
there were periods during the year when the carrying amount of the Group’s net assets exceeded its market capitalisation. 
A market capitalisation deficiency is an indicator of potential impairment of goodwill and assets under AASB 136 
Impairment of Assets. Given that the Group’s market capitalisation did not consistently exceed its net assets throughout 
the year and considering the ongoing economic uncertainty, an assessment of the recoverable amount of each of the three 
CGUs, Defence, EMS and Space was performed at 31 December 2024. This assessment showed the recoverable amount 
for all CGUs being higher than their carrying values and as such the Group did not identify any impairments required at 
31 December 2024. 
(ii) Right of use assets 
In prior periods, an impairment expense of $1.3m and $2.4m was recognised in relation to the right of use asset for Defence 
and Corporate respectively. The Group has re-assessed and determined that no indicators of impairment reversal existed at 
31 December 2024. 
Recognition and measurement 
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether 
there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable 
amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does 
not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the 
cash-generating unit to which the asset belongs. 
Goodwill and intangible assets with indefinite useful lives are tested for impairment annually and whenever there is an 
indication that the asset may be impaired. An impairment of goodwill is not subsequently reversed. The recoverable amount 
is the higher of fair value less cost of disposal and value in use. In assessing value in use, the estimated future cash flows 
are discounted to their present value using a discount rate that reflects current market assessments of the time value of 
money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. 
If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount of the 
asset or CGU is reduced to its recoverable amount. An impairment loss is recognised in profit or loss immediately. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
86 
Financial Statements and Notes 
12. Impairment of Assets (continued) 
Other than goodwill, where an impairment loss subsequently reverses the carrying amount of the asset or CGU is increased 
to the revised estimate of its recoverable amount, but only to the extent that the increased carrying amount does not exceed 
the carrying amount that would have been determined had no impairment loss been recognised for the asset or CGU in 
prior years. A reversal of an impairment loss is recognised in profit or loss immediately. 
Significant accounting judgements and estimates 
At 31 December 2024, an indicator of impairment exist as described in Note 12(i). As a result, an assessment of the 
recoverable amount of each of the three CGUs, was undertaken. No impairments, or reversals of impairments, were 
recognised as a result of the Group’s 31 December 2024 assessment. 
Key assumptions and sensitivities used for impairment assessment performed during the year ended 
31 December 2024 
The recoverable amount of the CGUs of the Group have been assessed by reference to the higher of value in use and 
fair value less cost of disposal arrived by discounting a cash flow forecast with the weighted average cost of capital of 
each CGU. 
For EMS CGU, it was concluded that fair value less costs of disposal exceed the value in use based on the binding sales 
agreement, as described in Note 5. 
Assumption 
Basis of Assumption 
Future sales levels 
Derived from the Company’s multi-year revenue outlook. 
Discount rate 
Takes into account the risk-free rate, equity market risk and the specific risk premium for each CGU. 
Long-term growth rate 
Represents the rate relevant to market conditions and business plans. The long-term growth rate included in the 
terminal value in calculating the value in use for each CGU was 2.5% (2023: 2.5%). 
The Board monitors climate-related risks when measuring the recoverable amount. While the Group believes its operations 
are not significantly exposed to physical risk, the value-in-use may be impacted by climate related legislation and 
regulations and their impact on demand for the Group’s products. The Group has concluded that no single climate-related 
assumption is a key assumption for the 2024 impairment test. 
Management reviewed the discount rates used based on the prevailing market conditions as of 31 December 2024, the risk 
profile related to assumed future cash flows and other relevant considerations. The discount rates used in calculating the 
value in use for each CGU are given below: 
2024 
2023 
Defence 
14.17% 
14.02% 
Space 
20.02% 
20.09% 
The Group conducted a sensitivity analysis to test changes in the key assumptions used to determine the recoverable 
amount for each of the CGUs. Sensitivity testing for CGUs included reducing future sales levels by 10%, reducing the 
long-term growth rate to 0.5% and increasing the discount rate by an additional 3%. It was observed that a reasonable 
change in future sales levels and discount rates could cause impairment in the Space and Defence CGUs. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
87
Financial Statements and Notes 
13. Intangible Assets 
Product 
development 
$’000 
 Core 
technology (not 
patented) 
$ ‘000 
 Patented 
technology 
$ ‘000 
 Software 
$ ‘000 
 Customer 
contracts and 
relation‑ships 
$ ‘000 
Total 
$ ‘000 
Cost 
At 1 January 2023 
-
 10,772 
 3,556 
 486 
 2,776 
 17,590 
Transfer from PP&E 
7,434 
-
-
-
-
7,434 
At 31 December 2023 
7,434 
 10,772 
 3,556 
 486 
 2,776 
25,024 
Additions 
3,207 
-
-
-
-
3,207 
Transfer from PP&E 
12,932 
-
-
-
-
12,932 
Assets held for sale 
-
(10,772) 
(3,556) 
(486) 
(2,776) 
(17,590) 
At 31 December 2024 
23,573 
‑ 
 ‑ 
 ‑ 
 ‑ 
23,573 
Amortisation 
At 1 January 2023 
-
 3,471 
 764 
 313 
 596 
 5,144 
Charge for the year 
-
1,078 
237 
97 
185 
1,597 
At 31 December 2023 
‑
4,549 
 1,001 
 410 
 781 
6,741 
Charge for the year 
 4,871 
 987 
 217 
 89 
 170 
6,334 
Reclassified as held for sale 
 - 
 (5,536) 
 (1,218) 
 (499) 
 (951) 
(8,204) 
At 31 December 2024 
4,871 
‑ 
‑ 
‑ 
‑ 
4,871 
Carrying amount 
At 31 December 2024 
18,702 
‑ 
‑ 
‑ 
‑ 
18,702 
At 31 December 2023 
7,434 
6,223 
2,555 
76 
1,995 
18,283 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
88 
Financial Statements and Notes 
13. Intangible Assets (continued) 
Recognition and measurement 
(i) Research and development costs 
Expenditure on research activities is recognised as an expense in the year in which it is incurred. Where no internally 
generated intangible assets can be recognised, development expenditure is recognised as an expense in the 
year as incurred. 
(ii) Intangible assets acquired in a business combination 
Intangible assets acquired in a business combination are identified and recognised separately from goodwill where they 
satisfy the definition of an intangible asset, and their fair value can be measured reliably. 
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost 
less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets 
acquired separately. 
The following estimated useful lives are used in the calculation of amortisation on a straight-line basis: 
Product development costs 
3-5 years 
Core technology (not patented) 
10 years 
Patented technology 
15 years 
Software 
5 years 
Customer contracts and relationships 
15 years 
Significant accounting judgements and estimates 
A critical judgement exists in the decision to capitalise development work in progress. The Group capitalises costs for 
product development projects. Initial capitalisation of costs is based on judgement that technological and economic 
feasibility is confirmed, usually when a product development project has reached a defined milestone. In determining the 
amounts to be capitalised, the Directors make assumptions regarding the expected future cash generation of the project. 
At 31 December 2024, the carrying amount of capitalised product development costs was $18.7m. The asset is driven 
by capital works undertaken by Defence Systems and Space Systems. During 2024, an assessment was undertaken and 
$12.9m was reclassified from property, plant and equipment to intangible assets as the Group confirmed its intention to 
utilise these assets as a prototype to facilitate future sales opportunities. 
A critical judgement also exists in relation to the recoverability of development work in progress. The Group continues to 
invest in the ongoing engineering development of counter drone defence, predominantly in the areas of directed energy 
(DE) and counter uninhabited aerial strike (CUAS) technologies. The Directors have assessed the recoverable amount of 
these development works in progress asset on 31 December 2024 and concluded that no impairment is required to be 
recognised. This judgement is based on the engagements, negotiations and demonstrations completed during the year and 
the feedback received from industry partners and potential customers. Contract negotiations for its DE launch product are 
underway with at least one potential customer. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
89
Financial Statements and Notes 
14. Property, Plant and Equipment 
Plant & 
equip‑
ment 
$’000 
Office 
equip‑
ment 
$‘000 
Furniture, 
fixtures & 
fittings 
$‘000 
Leasehold 
improve‑
ments 
$‘000 
Motor 
vehicle 
$‘000 
Computer 
software 
$‘000 
Test 
equip‑
ment 
$‘000 
Satellite 
$‘000 
Capital 
WIP* 
$‘000 
Total 
$‘000 
Cost 
At 1 January 2023 
19,003 
5,326 
1,391 
2,459 
678 
1,628 
4,815 
7,000 
20,608 
62,908 
Additions 
2,355 
473 
84 
408 
-
88 
1,278 
-
1,343 
6,029 
Transfers 
62 
-
-
-
-
-
-
-
(7,496) 
(7,434) 
Disposals and 
write offs 
(156) 
(124) 
(18) 
-
-
(7) 
(403) 
-
-
(708) 
Other movements 
(514) 
-
-
-
33 
(49) 
-
-
-
(530) 
Net exchange 
differences 
(24) 
17 
(1) 
(8) 
(9) 
(1) 
-
-
-
(26) 
At 31 December 2023 
20,726 
5,692 
1,456 
2,859 
702 
1,659 
5,690 
7,000 
14,455 
60,239 
Additions 
 1,276 
901 
 85 
 155 
 - 
 - 
 495 
 - 
 2,180 
5,092 
Transfers 
 - 
- 
 - 
 - 
 - 
 - 
 - 
 - 
 (12,932) 
 (12,932) 
Disposals and 
write offs 
 (224) 
 (112) 
 (7) 
 - 
 - 
 (18) 
 (114) 
 - 
 - 
 (475) 
Reclassify as held 
for sale 
 (1,289) 
 (466) 
 (328) 
 - 
 - 
 (45) 
(6,071) 
-
-
(8,199) 
Other movements 
- 
 - 
 - 
- 
 - 
 - 
 - 
 - 
 - 
- 
Net exchange 
differences 
 128 
 99 
 13 
 92 
 34 
 2 
 - 
 - 
 - 
 368 
At 31 December 2024 
 20,617 
 6,114 
 1,219 
 3,106 
 736 
 1,598 
 ‑
 7,000 
 3,703 
 44,093 
Accumulated 
depreciation and 
Impairment 
At 1 January 2023 
(8,141) 
(3,721) 
(531) 
(2,100) 
(394) 
(1,364) 
(2,440) 
(7,000) 
-
(25,691) 
Depreciation charge 
(4,305) 
(777) 
(115) 
(259) 
(128) 
(245) 
(527) 
-
-
(6,356) 
Disposals and 
write offs 
156 
107 
17 
-
-
7 
402 
-
-
689 
Other movements 
527 
-
-
-
-
49 
-
-
-
576 
Net exchange 
differences 
8 
4 
1 
10 
27 
1 
-
-
-
51 
At 31 December 2023 
(11,755) 
(4,387) 
(628) 
(2,349) 
(495) 
(1,552) 
(2,565) 
(7,000) 
‑
(30,731) 
Depreciation charge 
 (2,626) 
 (688) 
 (117) 
 (413) 
 (65) 
 (57) 
 (548) 
-
-
 (4,514) 
Disposals and 
write offs 
 275 
 108 
 7 
 - 
 - 
 18 
 63 
-
-
 471 
Reclassify as held 
for sale 
613 
232 
137 
 - 
 - 
36 
 3,050 
-
-
4,068 
Other movements 
 - 
 - 
 - 
 - 
 - 
 - 
 - 
-
-
 - 
Net exchange 
differences 
 (117) 
 (94) 
 (12) 
 (83) 
 (34) 
 (2) 
 - 
-
-
 (342) 
At 31 December 2024 
 (13,610) 
 (4,829) 
 (613) 
 (2,845) 
 (594) 
 (1,557) 
‑ 
 (7,000) 
‑ 
 (31,048) 
Carrying amount 
At 31 December 2024 
7,007 
1,285 
606 
261 
142 
41 
‑
‑
3,703 
 13,045 
At 31 December 2023 
8,971 
1,305 
828 
510 
207 
107 
3,125 
‑
14,455 
29,508 
*During the year, $12.9m of capitalised works in progress was reclassified from property, plant and equipment to an intangible asset as the 
Group confirmed its intention to utilise these assets as a prototype to facilitate future sales opportunities. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
90 
Financial Statements and Notes 
14. Property, Plant and Equipment (continued) 
Recognition and measurement 
Plant and equipment and leasehold improvements are stated at cost less accumulated depreciation and impairment. Cost 
includes expenditure that is directly attributable to the acquisition of an item. In the event that settlement of all or part of the 
purchase consideration is deferred, cost is determined by discounting the amounts payable in the future to their present 
value as at the date of acquisition. 
Depreciation is provided on property, plant and equipment. Depreciation is calculated so as to write-off the net cost or other 
revalued amount of each asset over its expected useful life to its estimated residual value. Leasehold improvements are 
depreciated over the period of the lease or estimated useful life, whichever is the shorter, using the straight-line method. 
The estimated useful lives, residual values and depreciation method are reviewed at the end of each annual accounting 
period. In particular, the Group considers the impact of health, safety and environmental legislation in its assessment of 
expected useful lives and estimated residual values. Furthermore, the Group considers climate-related matters, including 
physical and transition risks in determining if climate-related legislation and regulations might impact either residual values 
or useful lives. 
The following estimated useful lives are used in the calculation of depreciation: 
Plant and equipment 
2 to 25 years 
Leasehold improvements 
3 to 8 years 
Office equipment 
2 to 20 years 
Furniture, fixture and fittings 
5 to 15 years 
Motor vehicles 
 5 to 15 years 
Computer equipment 
 3 to 5years 
Test equipment 
 3 to 4 years 
15. Trade and Other Payables 
2024 
$ ‘000 
2023 
$ ‘000 
Trade payables 
18,123 
30,093 
Accruals 
10,087 
10,711 
Total 
28,210 
40,804 
The average creditor days on purchases of goods is 30 days and no interest is payable on goods purchased within agreed 
credit terms. The Group has financial risk management policies in place to ensure that all payables are paid within the 
credit timeframe. 
16. Contract Liabilities 
2024 
$ ‘000 
2023 
$ ‘000 
Opening balance 
20,587 
22,168 
Invoiced during the year 
59,769 
87,810 
Net revenue recognised during the year 
(44,143) 
(89,398) 
Impact of foreign exchange and other movements 
201 
7 
Reclassified as held for sale 
(12,284) 
-
Closing balance 
24,130 
20,587 
Contract liability represents amounts received from customers in advance of the satisfaction of relevant performance 
obligations under the applicable contracts. The Group expects to deliver the goods and services in question within the next 
12 months, in accordance with the terms of the underlying contracts. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
91 
Financial Statements and Notes 
17. Borrowings 
2024 
$ ‘000 
2023 
$ ‘000 
Secured borrowings 
 Washington H. Soul Pattinson and Company Ltd (“WHSP”) 
47,939 
64,822 
Total secured borrowings 
47,939 
64,822 
Total borrowings, net 
47,939 
64,822 
Current portion 
47,939 
19,875 
Non - current portion 
-
44,947 
Total borrowings, net 
47,939 
64,822 
Secured Borrowings - WHSP 
(i) In 2022, the Group entered into three secured borrowings with WHSP (“WHSP facilities”): 
a. Working Capital Principal Facility of $20.0m. 
b. Additional Working Capital Facility of $15.0m 
c. Term Loan Principal Facility of $35.0m. 
The key terms of each facility were included in the announcement dated 13 October 2022 “EOS enters into New 
Financing Facilities & continues development of Strategic Growth Options”. 
(ii) On 10 April 2024, EOS announced the $20.5m full repayment of an Additional Working Capital facility. This followed the 
repayment of $26.9m in September 2023 of the initial Working Capital facility. 
(iii) During the year, a $4.5m fee was paid to WHSP following the resolution of a previous commercial dispute (announced 
on 22 December 2023). The agreement was previously conditional on the approval of Export Finance Australia (“EFA”), 
and payment of the $4.5m fee. EFA approval was received in February 2024 and the $4.5m payment was made in full 
and final settlement of the dispute. This fee was recorded as a finance cost expense in the prior year. 
(iv) As at 31 December 2024, the Group had a Term Loan principal facility of $35.0m with a maturity date of 
11 October 2025. The facility carried interest of 22% per annum and line fees of 4%. This loan was secured by a general 
security deed which ranked pari passu with the EFA facility. 
As at 31 December 2024 the Term Loan facility was fully drawn. 
Facility 
Principal 
Term 
Maturity 
Total Rate 
Repayment 
Status 
Working Capital 
$20.0m 
12m 
6 Sep 23 
19% 
$26.9m 
Repaid Sept 23 
Additional Working Capital 
$15.0m 
18m 
11 Apr 24 
19% 
$20.5m 
Repaid April 24 
Term Loan 
$35.0m 
36m 
11 Oct 25 
26% 
$52.1m 
Fully drawn Dec 24 
Repaid Jan 25 
Subsequent to year end, on 31 January 2025, EOS completed the early repayment of this Term Loan. As announced 
on 21 November 2024, this early repayment was required as under the borrowing agreements, the completion of the 
divestment of EMS required the repayment of EOS’ outstanding debt facility with WHSP in full. The total repayment made 
on 31 January 2025 was $61.1m, including the scheduled payment at maturity of $52.1m plus a ‘make whole’ penalty 
which applied in the case of early repayment. 
This results in all amounts borrowed from WHSP in 2022 having been repaid subsequent to year end. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
92 
Financial Statements and Notes 
17. Borrowings (continued) 
Under agreements with WHSP and another funding provider (EFA, which provided financial guarantees as described in Note 
30), the Group had obligations to comply with covenants at 31 December 2024: 
(i) The asset coverage ratio was required to be more than 1.6:1. This covenant applies on and from 31 December 2023 and 
is required to be tested quarterly until the facilities are repaid. 
(ii) Interest coverage ratio was required to be more than 2:1. This ratio is defined as Group’s net cash flow from operations 
(adjusted for interest payments) relative to the interest expense. This covenant applies on and from 31 December 2023 
and is required to be tested quarterly until the facilities are repaid. 
Both funding providers waived the requirement to test covenant compliance at 31 December 2024. 
Following the Term Loan repayment to WHSP outlined above, the Group will still be required to comply with quarterly 
covenants under the bond facility agreements with Export Finance Australia. 
The total reported borrowings amount at 31 December 2024 shown above include the total outstanding borrowings owing 
to lenders, including capitalised fees and interest, less the unamortised transaction costs of establishing borrowings: 
2024 
$ ‘000 
2023 
$ ‘000 
Total borrowings owing to lenders 
52,072 
72,576 
Unamortised cost of establishing borrowings 
(4,133) 
(7,754) 
Total borrowings, net 
47,939 
64,822 
The weighted average interest rates paid during the year were as follows: 
2024 
% 
2023 
% 
Weighted average interest rate 
22 
19 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
93 
Financial Statements and Notes 
18. Lease Liabilities 
2024 
$ ‘000 
2023 
$ ‘000 
As at 1 January 
23,919 
24,446 
Lease modification 
2,788 
4,219 
Interest accrued / paid 
1,288 
1,415 
Lease payments 
(6,379) 
(5,933) 
Reclassified as held for sale 
(4,177) 
-
Net exchange differences 
552 
(228) 
As at 31 December 
17,991 
23,919 
Current 
 4,683 
4,876 
Non-current 
 13,308 
19,043 
Total 
17,991 
23,919 
Maturity analysis 
2024 
$ ‘000 
2023 
$ ‘000 
Year 1 
5,543 
6,018 
Year 2 
4,830 
5,533 
Year 3 
3,869 
4,838 
Year 4 
2,351 
3,910 
Year 5 
1,794 
2,512 
Onwards 
1,887 
4,941 
20,274 
27,752 
Less: interest 
(2,283) 
(3,833) 
Total 
17,991 
23,919 
The Group has several lease contracts that include extension and termination options. These options are negotiated by 
management to provide flexibility in managing the lease portfolio and to align with the Group’s business needs. Judgement 
is exercised in determining whether the extension and termination options are reasonably certain to be exercised. The 
Group does not face a significant liquidity risk with regard to its lease liabilities. All lease obligations in Australia are 
denominated in Australian dollars and leases in overseas entities are based in the currency of the country concerned. 
The Group had a net cash outflow for leases of $5,230,000 (2023: $4,648,000) during the financial year. 
Recognition and measurement 
At the commencement date of the lease, the Group recognised lease liabilities measured at the present value of the lease 
payments to be made over the lease term. In calculating the present value of the lease payment, The Group uses the 
discount rate implicit in the lease, or if this rate cannot be readily determined, the Group’s incremental borrowing rate. 
The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability 
(using the effective interest method) and by reducing the carrying amount to reflect the lease payments made. 
The Group remeasures the carrying amount of the lease liability if there is a modification, a change in the lease term, 
a change in the lease payments (eg, changes to future payments resulting from a change in an index or rate used to 
determine lease payments) or a change in the assessment of an option to purchase the underlying asset. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
94 
Financial Statements and Notes 
19. Provisions 
2024 
$ ‘000 
2023 
$ ‘000 
Current 
Employee benefits 
10,195 
11,440 
Decommissioning costs 
250 
250 
RWS units and parts 
5,460 
7,761 
Finance costs 
-
4,500 
Legal costs 
1,608 
1,462 
Warranty 
1,523 
356 
Total 
19,036 
25,769 
Non‑current 
Employee benefits 
4,456 
4,183 
Make good 
1,823 
2,148 
Warranty 
7,207 
8,344 
Total 
13,486 
14,675 
The movement in each class of provision (excluding employee benefits) during the financial year are set out below: 
Warranty 
$’000 
RWS units 
and parts 
$ ‘000 
Make good 
$ ‘000 
Finance costs 
$ ‘000 
Legal costs 
$ ‘000 
Decommissi­
oning costs 
$ ‘000 
Total 
$ ‘000 
Balance at 
1 January 2024 
8,700 
7,761 
2,148 
4,500 
1,462 
250 
24,820 
Additional provisions 
recognised 
2,799 
13,449 
22 
-
-
-
 16,270 
Reductions resulting 
from expiry 
(2,698) 
-
-
-
-
-
 (2,698) 
Utilised during the year 
-
(15,750) 
-
(4,500) 
-
-
 (20,249) 
Effect of movement in 
foreign exchange 
-
-
12 
-
146 
-
 158 
Reclassified as held 
for sale 
(71) 
-
(359) 
-
-
-
 (430) 
Balance at  
31 December 2024 
8,730 
5,460 
1,823 
‑
1,608 
250 
17,871 
Recognition and measurement 
Provisions are recognised when the Group has a present obligation, the future sacrifice of economic benefits is probable, 
and the amount of the provision can be measured reliably. 
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the 
receivable is recognised as an asset if it is probable that recovery will be received, and the amount of the receivable can be 
measured reliably. 
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation, 
taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash 
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
95 
Financial Statements and Notes 
(i) Employee benefits 
The provision for employee benefits relates to the liability for annual leave, long service leave, wages and salaries and 
expected short-term incentive obligations to employees. 
Provision is made for benefits accruing to employees when it is probable that settlement will be required, and they are 
capable of being measured reliably. 
Provisions made in respect of short-term employee benefits are measured at their nominal values using the remuneration 
rate expected to apply at the time of settlement. 
Provisions made in respect of long-term employee benefits are measured as the present value of the estimated future 
payments to be made in respect of services provided by employees up to the reporting date. 
(ii) Warranty 
Provisions for warranty costs are recognised as agreed in individual sales contracts, at the Directors best estimate of the 
expenditure required to settle the Group’s liability. Sales-related warranties cannot be purchased separately, and they serve 
as an assurance that the products sold comply with agreed-upon specifications. 
A critical judgement is made in relation to the valuation of the provision for warranty costs with the valuation determined 
based on the best estimate of the expenditure required to settle the Group’s liability under its warranty obligations. 
Estimates and outcomes that have been applied in the assessing warranty provisions may change in the future and the 
Group will recognise any revisions deemed necessary as a result. 
(iii) Make good and decommissioning provisions 
The provision for decommissioning costs relates to an obligation to dismantle and refurbish a telescope at a future date, 
and the provision for make good relates to obligation to make good on leased assets. 
Make good provision, including decommissioning costs, is recognised when there is a present obligation which it is 
probable that an outflow of economic benefits will be required to settle and the amount of the provision can be measured 
reliably. The estimated future obligations include the costs of dismantling and removing leasehold improvement, 
decommissioning plant and equipment, or otherwise restoring facilities and premises as required in accordance with the 
underlying agreements. 
(iv) RWS units and parts 
The provision for RWS units relates to the cost to manufacture and resupply RWS systems and parts for an existing 
customer and is recognised when there is a present obligation under an existing contract to settle the Group’s obligation 
under the contract and the amount of the provision can be measured reliably. The estimated future obligations include the 
costs of the manufacture and resupply as required in accordance with the underlying agreements. 
A critical judgement in relation to the provision for the cost to manufacture and resupply RWS units and parts to an existing 
customer is based on the best estimate of the cost required to settle the Group’s obligation under this contract. Estimates 
and outcomes that have been applied in the assessing this provision may change in the future and the Group will recognise 
any revisions deemed necessary as a result. 
(i) Legal costs 
The provision relates to estimated legal costs to resolve a legal dispute and is recognised when there is a present obligation 
which it is probable that an outflow of economic benefits will be required to settle and the amount of the provision can be 
measured reliably. 
Critical judgement has been applied in relation to the provision for legal costs based on the best estimate of the expenditure 
required to settle the Group’s liability to resolve the legal matter. Estimates and outcomes that have been applied in the 
assessing this provision may change in the future and the Group will recognise any revisions deemed necessary as a result. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
96 
Financial Statements and Notes 
20. Issued Capital 
2024 
$ ‘000 
2023 
$ ‘000 
Balance at the beginning of the financial year – ordinary shares 
432,248 
432,248 
Issue of 20,588,235 equity shares at $1.70 per share on 2 April 2024 – Share Placement 
35,000 
-
Issue of 1,127,858 equity shares at $1.70 per share on 22 April 2024 - Share purchase plan 
1,917 
-
Equity Raising transaction costs 
(1,973) 
-
Balance at end of the financial year 
467,192 
432,248 
Fully paid ordinary shares 
2024 
Number 
2023 
Number 
Balance at beginning of financial year 
171,236,006 
171,236,006 
Issue of 20,588,235 equity shares at $1.70 per share on 2 April 2024 – Share Placement 
20,588,235 
-
Issue of 1,127,858 equity shares at $1.70 per share on 22 April 2024 - Share purchase plan 
1,127,858 
-
Balance at end of financial year 
192,952,099 
171,236,006 
Fully paid ordinary shares carry one vote per share and carry the right to dividends. The shares issued under the legacy 
LFSP are restricted shares subject to vesting and performance criteria under the Plan detailed in Note 22 and are treated as 
in-substance options for accounting purposes. 
Shares issued under the legacy LFSP are not included in issued capital as they are treated as in-substance options for 
accounting purposes. 
21. Reserves 
2024 
$ ‘000 
2023 
$ ‘000 
Foreign currency translation reserve 
1,602 
(224) 
Employee equity settled benefits reserve 
16,208 
12,857 
Total 
17,810 
12,633 
Foreign currency translation reserve 
2024 
$ ‘000 
2023 
$ ‘000 
Balance at beginning of financial year 
(224) 
277 
Translation of foreign operations 
1,826 
(501) 
Balance at end of financial year 
1,602 
(224) 
Exchange differences relating to the translation from the functional currencies of the Group’s foreign controlled entities 
into Australian dollars are brought to account by entries made to the foreign currency translation reserve. This includes 
translations from US dollars, Euros, Singaporean dollars, New Zealand dollars and UAE Dirham. Exchange differences 
previously accumulated in the foreign currency translation reserve (in respect to translating the net assets of foreign 
operations) are reclassified to profit or loss on disposal of the foreign operation. 
Employee equity-settled benefits reserve 
2024 
$ ‘000 
2023 
$ ‘000 
Balance at beginning of financial year 
12,857 
12,268 
Share based payment (reversal)/expense 
3,351 
589 
Balance at end of financial year 
16,208 
12,857 
The employee equity-settled benefits reserve arises on the grant of share options and share rights to directors and 
employees under the legacy ESOP, legacy LFSP and Omnibus Employee Incentive Plan. Further information about 
share-based payments to employees is in Note 22 to the financial statements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
97 
Financial Statements and Notes 
22. Share-based Payments 
Equity-settled share-based payments are measured at fair value at the date of the grant. Fair value is measured by use of 
either the Monte Carlo model or the Binomial model. The models have been adjusted, based on best estimates, for the 
effects of non-transferability, exercise restrictions and behavioural considerations. The fair value determined at the grant 
date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, based on the 
Group’s estimate of shares that will eventually vest. 
Ordinary shares issued under the legacy LFSP are accounted for as an in-substance option and initially measured using a 
Monte Carlo simulation model. Directors reassess the non-market inputs and adjust throughout the life for likely eventuality. 
Significant accounting judgements and estimates 
Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, 
which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate 
inputs to the valuation model including the expected life of the share option or appreciation right, volatility and dividend yield 
and making assumptions about them. 
(a) Legacy Employee Share Option Plan (ESOP) 
The Group had a previous ownership-based compensation scheme where employees may be granted options to purchase 
ordinary shares at an exercise price based on market prices at the time the option issue was made. Each unlisted share 
option converts to one ordinary share in Electro Optic Systems Holdings Limited. No amounts are paid or payable by the 
recipient on receipt of the options. Options may be exercised at any time from the date of vesting to the date of expiry. 
The number of options granted takes into account both Company and individual achievements against both qualitative and 
quantitative criteria. Shares are held in an employee share trust until all vesting conditions are satisfied in accordance with 
their terms of issue. No options were granted or exercised during the current or the comparative year. It is not anticipated 
that any further issues will be made under this plan. 
Reconciliation of unlisted options issued under the legacy ESOP: 
2024 
2023 
Number of 
share options 
Number 
Weighted average 
exercise price 
$ 
Number of share 
options 
Number 
Weighted average 
exercise price 
$ 
Balance at beginning of the financial year 
370,000 
4.81 
720,000 
4.26 
Lapsed during the year 
(290,000) 
4.79 
(350,000) 
3.67 
Outstanding at the end of the year 
80,000 
4.88 
370,000 
4.81 
Exercisable at the end of the year 
‑
‑
‑
‑
Summary of legacy ESOP 
Grant date 
Expiry date 
Exercise price 
Balance 
1 Jan 24 
Lapsed/ 
forfeited 
during year 
Balance 
31 Dec 24 
Fair value at 
grant date 
2024 
19/05/2020 
18/05/2025 
$4.75 
325,000 
(265,000) 
60,000 
$38,580 
15/03/2021 
16/03/2026 
$5.27 
45,000 
(25,000) 
20,000 
$31,360 
Total 
370,000 
(290,000) 
80,000 
$69,940 
Grant date 
Expiry date 
Exercise price 
Balance 
1 Jan 23 
Lapsed/ 
forfeited 
during year 
Balance 
31 Dec 23 
Fair value at 
grant date 
2023 
20/06/2018 
31/3/2023 
$2.99 
220,000 
(220,000) 
-
-
19/05/2020 
18/05/2025 
$4.75 
435,000 
(110,000) 
325,000 
$208,975 
15/03/2021 
16/03/2026 
$5.27 
65,000 
(20,000) 
45,000 
$70,560 
Total 
720,000 
(350,000) 
370,000 
$279,535 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
98 
Financial Statements and Notes 
22. Share-based Payments (continued) 
Staff options carry no rights to dividends and no voting rights. The difference between the total market value of the options 
at the date of issue, and the total amount received from the employees is recognised in the financial statements over the 
vesting period. 
The inputs used in the model for these option grants based on the Monte Carlo simulation method model are summarised 
in the table below: 
Issue date 
19/05/2020 
15/03/2021 
Number of staff options 
635,000 
475,000 
Dividend yield 
-
-
Expected volatility 
40.00% 
45.00% 
Risk free interest rate 
0.40% 
0.71% 
Expected life of options (in days) 
1,789 
1,827 
Grant date share price 
$4.98 
$5.37 
Exercise price 
$4.75 
$5.27 
Fair value of options on grant date: 
Tranche A (50% of options issued) 
$0.557 
$1.370 
Tranche B (50% of options issued) 
$0.729 
$1.766 
The employee options under legacy ESOP have similar vesting and forfeiture conditions as those issued under the legacy 
LFSP summarised below. 
(b) Legacy Loan-Funded Share Plan (LFSP) 
Details of the grants made under the legacy LFSP in 2020 and 2021 are detailed below. No new loan funded shares have 
been granted since 2021. 
Under the LFSP, fully paid restricted ordinary shares in the Company are acquired by participants using a loan made to them 
by the Company. Shareholders approved the establishment of the LFSP on 24 April 2018. 
The loans are limited recourse, interest and fee free and are repayable in full on the earlier of the termination date of the loan 
(five years) or the date on which the shares are sold in accordance with the terms of the LFSP. 
The legacy LFSP shares are accounted for as options, which give rise to share based payments. 
The LFSP shares are subject to both ‘vesting conditions’ and ‘forfeiture conditions’. Vesting conditions are split into two 
tranches for each grant which are required to be satisfied for shares to vest. Shares are subject to forfeiture if the vesting 
conditions are not met or participants cease to be employed in the Group. When vesting conditions are met, the shares vest 
and participants may deal with them in accordance with the LFSP rules. 
Vesting conditions require: 
(a) continued provision of services to the Group by the participant on the vesting date; and 
(b) performance hurdles to be satisfied, which relate to the Group’s earnings before income tax (EBIT) and the Company’s 
share price. 
If the vesting conditions are not satisfied, the unvested shares are forfeited. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
99 
Financial Statements and Notes 
Reconciliation of shares issued under the legacy LFSP: 
2024 
Number 
2023 
Number 
Balance at beginning of the year 
790,0000 
7,401,875 
Lapsed during the year 
(320,000) 
(6,611,875) 
Outstanding at end of the year 
470,000 
790,000 
The following table summarise the legacy LFSP issued to date: 
Issue date 
19/05/20 
10/8/20 
14/10/20 
15/3/21 
31/5/21 
LFSP issued 
2,315,000 
860,000 
150,000 
1,250,000 
150,000 
Fair value at issue date 
$1,488,545 
$651,880 
$125,925 
$2,602,880 
$114,750 
Dividend yield 
-
-
-
-
-
Expected volatility (linearly interpolated) 
40% 
40% 
40% 
45% 
45% 
Risk free interest rate 
0.31% 
0.34% 
0.23% 
0.71% 
0.71% 
Expected life of options (in days) 
1,789 
1,679 
1,643 
1,827 
1,491 
Issue price 
$4.75 
$5.62 
$5.47 
$5.27 
$4.06 
Grant date share price 
$4.98 
$5.68 
$6.01 
$5.37 
$4.10 
Price hurdle date 
31/12/24 
31/12/25 
31/12/25 
30/6/28 
30/6/25 
(c) Omnibus Employee Incentive Plan (“OEIP”) 
The Board established a long-term incentive plan OEIP for senior management in 2023 to align remuneration with the 
creation of shareholder value over the long-term, and to replace the legacy LFSP and the legacy ESOP. 
(i) Share options OEIP 
Each share option converts to one ordinary share in Electro Optic Systems Holdings Limited. The options carry neither 
rights to dividends nor voting rights. The options may be exercised by paying the exercise price at any time from the date of 
vesting to the date of expiry. 
The number of options granted takes into account both the seniority of the individual role and their ability to drive Group and 
divisional performance. 
On 30 May 2024, 2,100,000 share options were issued to the Managing Director and CEO, Dr Schwer, following approval at 
the AGM. The terms are consistent with those of options issued in 2023 to employees, with an exercise price of $0.50 which 
was equal to the market value of the shares at the time the plan commenced development. 
On 30 August 2024, 71,500 share options were issued to senior management as a deferred 2023 incentive and 794,898 
share options were granted to senior management as an incentive relating to the 2024 year. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
100 
Financial Statements and Notes 
22. Share-based Payments (continued) 
Vesting Principles 
The options will vest if the vesting conditions have been met on a testing date in the manner set out in the tables below, 
provided that the employee continues to provide services to the Group on the date of vesting. 
% vest if share 
price hurdle met 
Share Price Hurdle 
required to be 
met for period of 
20 trading days 
prior to Testing 
Date – can be non­
consecutive 
Testing Date 
Exercise Period 
2023 Grant 
50% 
$1.20 
31/12/24 
31/12/25 
31/12/26 
From vesting date 
until 31/12/28 
100% 
$3.00 
2024 Grant 
50% 
$3.00 
31/12/25 
31/12/26 
31/12/27 
From vesting date 
until 31/12/29 
100% 
$5.00 
Options will vest on a linear pro-rata basis for share price performance between the lower and upper share price hurdle. 
Reconciliation of unlisted options issued under the OEIP: 
2024 
2023 
Number of share 
options 
Weighted average 
exercise price 
$ 
Number of share 
options 
Weighted average 
exercise price 
$ 
Balance at beginning of the year 
2,953,087 
0.50 
-
-
Granted during the year 
2,171,500 
0.50 
2,953,087 
0.50 
Granted during the year 
794,989 
1.70 
-
-
Exercised during the year 
-
-
-
-
Lapsed during the year 
(187,500) 
-
-
-
Outstanding at end of the year 
5,732,076 
0.67 
2,953,087 
0.50 
Exercisable at the end of the year 
‑
‑
‑
‑
31 December 2024 was a testing date which resulted in 3,332,534 share options vesting at that date. These will 
become exercisable in late February 2025. The options were priced using the Monte Carlo Simulation method model. 
Where relevant, the expected life used in the model has been adjusted based on the best estimate for the effects of 
non-transferability, exercise restrictions and behavioural conditions. Expected volatility is based on the historical share price 
volatility. Staff options carry no rights to dividends and no voting rights. 
The inputs used in the model for these option grants are summarised in the table below: 
Date 
21/04/23 
14/07/23 
21/5/24 
30/8/24 
30/8/24 
Number of staff options 
1,240,000 
1,713,087 
2,100,000 
71,500 
794,989 
Dividend yield 
-
-
-
-
-
Annual volatility 
65.00% 
70.00% 
55% 
55% 
55% 
Risk free interest rate 
3.22% 
3.96% 
3.9% 
3.6% 
3.6% 
Expected life of options 
5.69 years 
5.46 years 
2.6 years 
2.3 years 
3.3 years 
Grant date share price 
$0.58 
$1.09 
$1.45 
$1.52 
$1.52 
Exercise price 
$0.50 
$0.50 
$0.50 
$0.50 
$1.70 
Fair value of options on grant date 
$0.275 
$0.717 
$0.91 
$0.95 
$0.51 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
101 
Financial Statements and Notes 
(ii) Share rights OEIP 
Each share right converts to one ordinary share in Electro Optic Systems Holdings Limited. No amounts are paid or payable 
by the recipient on receipt of the share rights. Rights will be converted into ordinary shares upon the satisfaction of the 
vesting conditions. 
The number of rights granted is determined by the Directors and takes into account both the seniority of the individual role 
and its ability to drive Group and divisional performance. 
On 30 May 2024, 1,260,000 share rights were issued to the Managing Director and CEO, Dr Schwer, following approval at the 
AGM. The terms are consistent with those of 2023 share rights issued to staff with share rights vesting and converting to 
ordinary shares upon the successful completion of service periods by the senior executives. 
On 30 August 2024, 42,900 share rights were issued to senior management as a deferred 2023 incentive and 152,545 share 
rights were issued to senior management as a 2024 incentive. 
Vesting Principles 
The rights will vest in the below proportions based purely on a service condition if the employee remains employed by the 
Group on the below hurdle dates: 
Amount vest 
Continued 
employment on 
Testing Date 
2023 Grant 
One third 
31/12/24 
One third 
31/12/25 
One third 
31/12/26 
2024 Grant 
One third 
31/12/25 
One third 
31/12/26 
One third 
31/12/27 
Movements in share rights issued under the OEIP: 
2024 
2023 
Number of share 
rights 
Weighted average 
exercise price 
$ 
Number of share 
rights 
Weighted average 
exercise price
 $ 
Balance at beginning of the year 
1,341,117 
-
-
-
Granted during the year – 2023 grant 
1,302,900 
-
1,341,117 
-
Granted during the year – 2024 grant 
152,545 
-
-
-
Exercised during the year 
-
-
-
-
Lapsed during the year 
(37,500) 
-
-
-
Outstanding at end of the year 
2,759,062 
‑
1,341,117 
‑
Exercisable at the end of the year 
‑
‑
‑
‑
31 December 2024 was a testing date which resulted in 868,839 share rights vesting at that date. These will be issued and 
become exercisable in late February 2025. 
The rights issued were priced using the Binomial model. Where relevant, the expected life used in the model has 
been adjusted based on management’s best estimate for the effects of non-transferability, exercise restrictions and 
behavioural conditions. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
102 
Financial Statements and Notes 
22. Share-based Payments (continued) 
The inputs used in the model for these rights grants are summarised in the table below: 
Grant date 
21/4/23 
14/7/23 
21/5/24 
30/8/24 
Number of staff rights 
744,000 
597,117 
1,260,000 
195,445 
Grant date share price 
$0.58 
$1.09 
$1.45 
$1.52 
Exercise price 
-
-
-
-
Fair value of rights on grant date 
$0.58 
$1.09 
$1.45 
$1.52 
As there are no market-based vesting conditions, the fair value at grant date is estimated using a Black-Scholes option 
pricing model, taking into account the terms and conditions upon which the rights were granted. Each share right converts 
to one ordinary share upon vesting and there is no exercise price required to be paid upon the conversion of the share right 
into an ordinary share. 
The fair value of the rights granted during the year ended 31 December 2024 was assessed on the date of grant and are 
consistent with the spot value on grant date. The fair value of each share right granted at 21 May 2024 was $1.45 and 
$1.52 for those issued 30 August 2024. The valuation at this grant date for the options and rights issued to the CEO and 
Managing Director was higher than the estimate determined in the prior financial year. As such, the Group recognised a 
$0.7m adjustment for the revised valuation. 
For the year, the Group recognised a total of $3.4m of share-based expense for all incentive plans, including the $0.7m 
adjustment referred to above. 
23. Accumulated Losses 
2024 
$ ‘000 
2023 
$ ‘000 
Balance at beginning of the year 
(241,774) 
 (208,499) 
Net (loss) attributable to members of the parent entity 
(18,731) 
(33,275) 
Balance at end of the year 
(260,505) 
(241,774) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
103 
Financial Statements and Notes 
24. Notes to the Cash Flow Statement 
a. Reconciliation of Cash and Cash Equivalents 
For the purposes of the statement of cash flows, cash includes cash on hand and at call deposits with banks or financial 
institutions, investments in money market instruments maturing within less than three months and net of bank overdrafts. 
Cash at the end of the financial year as shown in the statement of cash flows is reconciled to the related items in the 
balance sheet as follows: 
2024 
$ ‘000 
2023 
$ ‘000 
Cash and cash short-term deposits 
41,078 
70,997 
Cash and bank balances included in disposal group held for sale (Note 5) 
11,226 
-
b. Reconciliation of (Loss) Before Income Tax to Net Cash Flows from Operating Activities 
2024 
$ ‘000 
2023 
$ ‘000 
(Loss) before income tax expense from continuing operations 
(38,453) 
(55,608) 
Profit before income tax expense from discontinued operations 
23,340 
15,415 
(Loss) before income tax expense 
(15,113) 
(40,193) 
Reconciling items which include operating activities: 
Accrued interest, finance costs and other financing expenses 
 3,622 
16,488 
Amortisation of intangibles 
 6,334 
1,597 
Equity settled share-based payments 
 3,351 
589 
Depreciation of property, plant and equipment 
 4,514 
6,356 
Depreciation of right of use assets 
 4,475 
4,430 
Loss on sale of property, plant and equipment 
 4 
-
Inventory obsolescence provision 
 7,418 
-
Tax (paid)/received 
 (549) 
16,747 
Foreign exchange movements 
 (1,101) 
(5,590) 
(Increase)/decrease in assets 
Receivables and contract assets 
 (27,774) 
95,336 
Inventories 
 (16,380) 
1,444 
Prepayments 
 (2,134) 
1,208 
Increase/(decrease) in liabilities 
Provisions 
 (6,064) 
18,668 
Trade and other payables 
 (6,795) 
(2,375) 
Deferred income 
 15,827 
(1,581) 
Net cash (outflows) / inflows from operating activities 
(30,365) 
113,124 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
104 
Financial Statements and Notes 
25. Related Party Disclosures 
a. Equity Interests in Related Parties 
Details of the percentage of Ordinary Shares held in subsidiaries are disclosed in Note 26. 
b. Key Management Personnel Compensation 
The aggregate compensation of the key management personnel of the Group is set out below: 
2024 
$ ‘000 
2023 
$ ‘000 
Short-term benefits 
2,467 
2,523 
Post-employment benefits 
79 
119 
Share based payments 
2,350 
436 
Termination benefits 
-
146 
Long-term benefits 
6 
18 
Total 
4,902 
3,242 
The amounts disclosed in the table are the amounts recognised during the reporting period for services provided by key 
management personnel as either employees or paid to their director-related entities. A review of roles that met the definition 
of key management personnel (“KMP”) was undertaken during the year, concluding that there were only two KMP for the 
year (2023: five). 
c. Transactions with Other Related Parties 
Other related parties include associates, joint venture partners, and subsidiaries. 
The Group did not enter into any transactions with other related parties outside of the ordinary course of business. 
d. Parent Entity 
The parent entity in the Group is Electro Optic Systems Holdings Limited. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
105 
Financial Statements and Notes 
26. Controlled Entities 
Name of entity 
Country of 
incorporation 
December 
2024 
% 
December 
2023 
% 
Parent Entity 
Electro Optic Systems Holdings Limited (i), (ii) 
Australia 
Controlled Entities 
Electro Optic Systems Pty Limited (ii), (iii) 
Australia 
100 
100 
EOS Defence Systems Pty Limited (ii), (iii) 
Australia 
100 
100 
FCS Technology Holdings Pty Limited (ii) 
Australia 
100 
100 
EOS Space Systems Pty Limited (ii) 
Australia 
100 
100 
EOS UAE Holdings Pty Limited (ii) 
Australia 
100 
100 
EOS Communications Systems Pty Ltd (ii) 
Australia 
100 
100 
EM Solutions Pty Ltd (ii), (iii) 
Australia 
100 
100 
EOS Loan Plan Pty Ltd (iv) 
Australia 
-
-
Australian Missile Alliance Pty Ltd 
Australia 
100 
100 
Sovereign Missile Alliance Pty Ltd 
Australia 
100 
100 
EOS Optical Technologies Ltd 
New Zealand 
100 
100 
EOS USA, Inc. (Inc in Nevada) 
USA 
100 
100 
EOS Space Technologies, Inc. (Inc in Arizona) 
USA 
100 
100 
EOS Defense Systems, Inc (Inc in Arizona) 
USA 
100 
100 
EOS Defense Systems USA Inc (Inc in Alabama) (v) 
USA 
100 
100 
EOS Advanced Technologies LLC (vi) 
UAE 
49 
49 
EOS Optronics GmbH 
Germany 
100 
100 
EM Solutions (Europe) B.V. (viii) 
Netherlands 
100 
-
EOS Defense Systems Pte Limited (vii) 
Singapore 
100 
100 
EOS Innovation Singapore Pte Ltd (viii) 
Singapore 
100 
-
(i) 
Electro Optic Systems Holdings Limited is the head entity within the tax-consolidated Group. 
(ii) These companies form part of the Australian consolidated tax entity. 
(iii) These wholly-owned subsidiaries have entered into a deed of cross guarantee with Electro Optic Systems Holdings 
Limited pursuant to ASIC Corporations (Wholly-owned Companies) Instrument 2016/875 and are relieved from the 
requirement to prepare and lodge an audited financial report. 
On 6 April 2018, the parent entity, Electro Optic Systems Holdings Limited entered into a deed of cross guarantee 
with two of its Australian wholly-owned subsidiaries Electro Optic Systems Pty Limited and EOS Defence Systems 
Pty Limited. On 28 November 2019, the parent entity Electro Optic Systems Holdings Limited entered into a Deed of 
Assumption which joined EM Solutions Pty Limited as part of the Deed of Cross Guarantee from the effective date of 
acquisition which was 11 October 2019. 
Subsequent to year end, the Group completed the sale of EMS, and as a result of this transaction, EMS was removed 
from the Deed of Cross Guarantee. Refer to Note 32 for details of the transaction. 
(iv) EOS Loan Plan Pty Ltd is the trustee of the legacy LFSP. EOS Loan Plan Pty Ltd was incorporated on 5 December 2019. 
Electro Optic Systems Holdings Limited has the ability to direct the relevant activities of the entity. 
(v) Effective from 17 October 2022, EOS Defence Systems USA (EOSDS USA), a United States based subsidiary, is 
managed through a Special Security Agreement (SSA) as required by the US National Industrial Security Program 
(“NISPOM”). The SSA enables EOSDS USA to enter into contracts with the US Department of Defence that contain 
certain classified information. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
106 
Financial Statements and Notes 
26. Controlled Entities (continued) 
The SSA is an instrument designed to mitigate the risk of foreign ownership, control or influence over a US entity that 
has security clearance under the NISPOM. The SSA denies the foreign owner unauthorized access to classified and 
export-controlled information while preserving the foreign owner’s voice in the business management of the company. 
Under the SSA, the Group has the right to appoint a representative (Inside Director) along with three Outside Directors. 
The Outside Directors must be US citizens approved by the US Defense Counterintelligence and Security Agency (DCSA). 
The Group maintains its involvement with EOSDS USA’s activities through normal business activity and liaison with the 
Chair of the SSA and through the Inside Director. The operational and governance activities and results are reviewed 
by the Group’s management. These activities are all performed within the confines of the SSA such that EOSDS USA 
operates its business within the requirements necessary to protect the US national security interest. 
An assessment has been performed in accordance with AASB 10 Consolidated Financial Statements of whether, for 
accounting purposes, the Group controls EOSDS USA. The Group is exposed to variable returns from its investment in 
EOSDS USA and there is assessed to be sufficient power within the confines of the Proxy agreement for the Group to 
use its influence to affect those returns. As such, under AASB 10, it is deemed that the Group controls EOSDS USA and 
therefore the results of EOSDS USA are consolidated into the Group’s consolidated accounts. 
(vi) Whilst the Group owns less than 50% of the shares, pursuant to the shareholder and related agreements, it has 
existing rights that give it the ability to direct the relevant activities of the company and is entitled to 80% of company 
distributions. 
(vii) EOS Defense Systems Pte Limited is audited by Assurance Affiliates, Chartered Accountants in Singapore and EOS 
Advanced Technologies LLC is audited by M A International Consulting LLC in UAE and are the only entities with a 
separately appointed statutory auditor. 
(viii) In April 2024, EMS established a new trading entity in the Netherlands to support its growth agenda in Europe in future 
years. In the same period, a new company, ‘EOS Innovation Singapore Pte Ltd’, was established to carry out new 
product development work on our High Energy Laser Weapon system as a Laser Innovation Centre in Singapore under 
the Defence Segment. 
a. Consolidated Profit or Loss, Balance Sheet and Movements in Consolidated Retained Earnings of 
Entities Party to the Deed of Cross Guarantee 
The consolidated profit or loss of the entities which are parties to the Deed of Cross Guarantee are: 
2024 
$ ‘000 
2023 
$ ‘000 
Revenue and other income 
 146,180 
 149,474 
Foreign exchange gains 
 11,582 
 958 
Raw materials and consumables used 
 (86,539) 
 (95,860) 
Employee benefits expense 
 (36,119) 
 (26,472) 
Administration expenses 
 (26,352) 
 (25,721) 
Amortisation of intangibles 
 (4,871) 
-
Interest expense on lease liabilities 
 (641) 
 (726) 
Finance costs 
 (23,444) 
 (34,093) 
Depreciation of property, plant and equipment 
 (2,184) 
 (3,888) 
Depreciation of right of use assets 
 (1,850) 
 (1,842) 
Occupancy costs 
 (1,261) 
 (1,094) 
Other expenses 
 (1,928) 
 (471) 
Provision for loss on loans to subsidiaries 
-
 (63,521) 
(Loss) before income tax before continuing operations 
(27,427) 
(103,256) 
Income tax (expense)/ benefit 
(920) 
12,148 
Profit/(loss) after tax from discontinued operation 
15,431 
10,264 
(Loss) for the year 
(12,916) 
(80,844) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
107
Financial Statements and Notes 
b. Consolidated Profit or Loss, Balance Sheet and Movements in Consolidated Retained Earnings of 
Entities Party to the Deed of Cross Guarantee 
The consolidated balance sheet of the entities which are parties to the Deed of Cross Guarantee: 
2024 
$ ‘000 
2023 
$ ‘000 
CURRENT ASSETS 
  Cash and short-term deposits 
 32,865 
63,942 
Trade and other receivables 
 8,440 
3,282 
  Contract assets 
 57,232 
29,014 
  Inventories 
 54,074 
68,862 
  Other 
 26,281 
35,501 
  Assets classified as held for sale 
 95,160 
-
TOTAL CURRENT ASSETS 
274,052 
200,601 
NON‑CURRENT ASSETS 
  Contract asset 
-
38,879 
  Loans to subsidiaries 
-
609 
  Deferred tax assets 
7,963 
8,950 
  Security deposit 
 36,275 
45,828 
  Right of use asset 
 7,802 
13,571 
  Goodwill 
 2,505 
12,373 
  Intangible assets 
 15,649 
18,283 
  Property, plant and equipment 
 4,875 
22,680 
  Other 
2,175 
-
TOTAL NON‑CURRENT ASSETS 
77,244 
161,173 
TOTAL ASSETS 
351,296 
361,774 
CURRENT LIABILITIES 
Trade and other payables 
23,124 
37,845 
  Current tax payable 
3,508 
2,970 
  Secured borrowings 
47,938 
19,875 
  Unsecured borrowings 
-
-
  Lease liabilities 
2,661 
3,186 
  Contract liabilities 
1,471 
16,259 
  Provisions 
16,651 
23,791 
  Liabilities directly associated with assets held for sale 
26,170 
-
TOTAL CURRENT LIABILITIES 
121,523 
103,926 
NON‑CURRENT LIABILITIES 
  Secured borrowings 
-
44,947 
  Lease liabilities 
 8,013 
14,715 
  Provisions 
 12,533 
13,801 
TOTAL NON‑CURRENT LIABILITIES 
20,546 
73,463 
TOTAL LIABILITIES 
142,069 
177,389 
NET ASSETS 
209,227 
184,385 
EQUITY 
  Issued capital 
467,192 
432,248 
  Reserves 
15,671 
12,857 
  Accumulated losses 
(273,636) 
(260,720) 
TOTAL EQUITY 
209,227 
184,385 
The consolidated accumulated losses of the entities which are party to the Deed of Cross Guarantee are: 
Balance at the start of the year 
(260,720) 
(179,876) 
Net (loss) for the year 
(12,916) 
(80,844) 
Balance at end of the year 
(273,636) 
(260,720) 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
108 
Financial Statements and Notes 
27. Financial Risk Management Objectives and Policies 
The Group’s principal financial instruments comprise receivables, payables, contract assets, borrowings, finance leases, 
cash and short-term deposits. These instruments expose the Group to a variety of risks that it must manage including, 
market risk (such as currency risk, fair value interest rate risk and price risk), credit risk, liquidity risk and cash flow interest 
rate risk. 
The Group does not use derivative financial instruments to hedge these risk exposures. 
The Directors consider that the carrying amount of financial assets and liabilities recognised in these financial statements 
approximate their fair values. The amounts disclosed in this note exclude contract asset balances as these are not 
financial assets. 
Risk exposures and responses 
a. Interest Rate Risk 
The Group’s exposure to market interest rates relates primarily to the Group’s cash holdings. 
At balance date the Group had the following mix of financial assets exposed to interest rate risk that are not designated in 
cash flow hedges: 
Financial assets 
2024 
$ ‘000 
2023 
$ ‘000 
Cash and short-term deposits 
41,078 
70,997 
Security deposits 
49,476 
67,056 
Total 
90,554 
138,053 
At balance date the Group had financial liabilities with a fixed rate of interest. These liabilities therefore do not introduce an 
exposure to movement in interest rates. 
Financial liabilities 
2024 
$ ‘000 
2023 
$ ‘000 
Borrowings 
47,939 
64,822 
Total 
47,939 
64,822 
The Group constantly analyses its interest rate exposure. Within this analysis consideration is given to potential renewals of 
existing positions, alternative financing and the mix of fixed and variable interest rates. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
109 
Financial Statements and Notes 
At 31 December 2024, if interest rates had moved as illustrated in the table below, with all other variables held constant, 
post-tax profit/(loss) and equity would have been affected as follows: 
Judgements of reasonably possible movements 
Post-tax (loss) 
higher/(lower) 
Equity 
higher/(lower) 
2024 
$ ‘000 
2023 
$ ‘000 
2024 
$ ‘000 
2023 
$ ‘000 
Consolidated 
+1% (100 basis points) 
634 
966 
634 
966 
-0.5% (50 basis points) 
(316) 
(482) 
(316) 
(482) 
The movements in profits are due to lower interest rates on cash balances of 50 basis points (2023: 10). 
b. Foreign Currency Risk 
The Group’s financial results can be significantly affected by movements in the US$/A$ exchange rates. There are also 
exposures to Singapore dollars, UAE Dirham, Euro and the New Zealand dollars from operations in those countries. 
Exchange rates are managed within approved policy parameters using natural hedges and no derivatives are used. 
The Group also has transactional currency exposures. Such exposures arise from sales or purchases by an operating 
entity in currencies other than the functional currency. The Group is mainly exposed to the currency of US dollars, Euro, and 
Singapore dollars. The following tables details the Group’s sensitivity to a percentage increase and decrease in currency 
units against these foreign currencies. 
The policy of the Group is to convert surplus foreign currencies to Australian dollars, excluding foreign currencies relate 
to discontinued operations. The Group also holds cash deposits in US dollars to secure US dollar bank guarantees 
and performance bonds to overseas customers. At 31 December 2024, the Group the following exposure to US$ 
foreign currency: 
2024 
A$ ‘000 
2023 
A$ ‘000 
Financial assets 
Cash and short-term deposits 
7,625 
40,630 
Security deposits 
47,888 
38,545 
Trade and other receivables 
13,324 
5,815 
Total 
68,837 
84,990 
Financial liabilities 
Lease liabilities 
6,508 
4,862 
Trade and other payables 
12,729 
37,056 
Total 
19,237 
41,918 
Net exposure 
49,600 
43,072 
All US$ denominated financial instruments were translated to A$ at 31 December 2024 at the exchange rate of 0.6217 
(2023: 0.6840). 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
110 
Financial Statements and Notes 
27. Financial Risk Management Objectives and Policies (continued) 
At 31 December 2024 and 2023, had the Australian Dollar moved as illustrated in the table below, with all other variables 
held constant, post-tax profit/(loss) and equity would have been affected as follows: 
Judgements of reasonably possible movements 
Post-tax profit 
higher/(lower) 
Equity 
higher/(lower) 
2024 
$ ‘000 
2023 
$ ‘000 
2024 
$ ‘000 
2023 
$ ‘000 
Consolidated 
AUD/USD +10% 
(3,156) 
(2,765) 
(3,156) 
(2,765) 
AUD/USD -5% 
1,827 
1,601 
1,827 
1,601 
At 31 December 2024, the Group had the following exposure to Singapore $ foreign currency: 
2024 
$ ‘000 
2023 
$ ‘000 
Financial assets 
Cash and short-term deposits 
3,393 
5,547 
Security deposits 
139 
-
Trade and other receivables 
8,993 
518 
Total 
12,525 
6,065 
Financial liabilities 
Trade and other payables 
655 
900 
Lease liabilities 
2,431 
982 
Total 
3,086 
1,882 
Net exposure 
9,439 
4,183 
All Singapore $ denominated financial instruments were translated to A$ at 31 December 2024 at the exchange rate of 
0.8456 (2023: 0.9104). 
At 31 December 2024 and 2023, had the Australian Dollar moved as illustrated in the table below, with all other variables 
held constant, post-tax profit/(loss) and equity would have been affected as follows: 
Judgements of reasonably possible movements 
Post-tax profit 
higher/(lower) 
Equity 
higher/(lower) 
2024 
$ ‘000 
2023 
$ ‘000 
2024 
$ ‘000 
2023 
$ ‘000 
Consolidated 
AUD/SING +10% 
(601) 
(266) 
(601) 
(266) 
AUD/SING -5% 
348 
154 
348 
154 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
111 
Financial Statements and Notes 
At 31 December 2024, the Group had the following exposure to Euro € foreign currency: 
2024 
$ ‘000 
2023 
$ ‘000 
Financial assets 
Cash and short-term deposits 
5,744 
5,398 
Trade and other receivables 
-
8 
Total 
5,744 
5,406 
Financial liabilities 
Trade and other payables 
1 
606 
Total 
5,743 
606 
Net exposure 
5,743 
4,800 
All Euro € denominated financial instruments were translated to A$ at 31 December 2024 at the exchange rate of 0.5974 
(2023: 0.6181). 
At 31 December 2024, had the Australian Dollar moved as illustrated in the table below, with all other variables held 
constant, post-tax profit/(loss) and equity would have been affected as follows: 
Judgements of reasonably possible movements 
Post-tax profit 
higher/(lower) 
Equity 
higher/(lower) 
2024 
$ ‘000 
2023 
$ ‘000 
2024 
$ ‘000 
2023 
$ ‘000 
Consolidated 
AUD/EUR +10% 
(365) 
(305) 
(365) 
(305) 
AUD/EUR -5% 
212 
177 
212 
177 
The Group believes the balance date risk exposures are representative of risk exposure inherent in financial instruments. 
As noted, foreign currency transactions entered into during the financial year are managed within approved policy 
parameters using natural hedges. The Directors do not consider that the net exposure to foreign currency transactions is 
material after considering the effect of natural hedges. 
c. Credit Risk Management 
Credit risk refers to the risk that a counterparty will default on its contractual obligations, resulting in a financial loss to the 
Group. The Group has adopted a policy of only dealing with creditworthy counterparties. The Group is exposed to credit 
risk from its operating activities (primarily trade receivables and contract asset) and from its financing activities, including 
deposits with banks and financial institutions, foreign exchange transactions and other financial instruments. 
The credit risk on liquid funds is limited because the counterparties are banks with high credit-ratings from international 
credit agencies. Refer Note 6 and Note 7 for further information on credit assessment for receivables and contract assets. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
112 
Financial Statements and Notes 
27. Financial Risk Management Objectives and Policies (continued) 
d. Liquidity Risk Management 
The Group’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquidity to 
meet its liabilities when due. 
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate 
risk management framework for the management of the Group’s short, medium and long term funding and liquidity 
requirements. The Group manages liquidity by seeking to maintain adequate cash reserves, continuously monitoring 
forecast and actual cash flows and managing the maturity profiles of financial assets. 
Liquidity and interest tables 
The following table detail the Group’s remaining contractual maturity for its non-derivative financial liabilities. The table has 
been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Group 
can be required to pay. The table includes both interest and principal cash flows. 
Consolidated 
Weighted average 
effective interest 
rate 
% 
Less than 1 month 
$ ‘000 
1‑3 months 
$ ‘000 
3 months to 1 year 
$ ‘000 
1‑5 years 
$ ‘000 
2024 
Borrowings 
22% 
52,072 
-
-
-
Trade payables and accruals 
-
28,210 
-
-
-
Lease liabilities 
5% 
478 
920 
4,145 
12,844 
2023 
Borrowings 
19% 
-
-
20,505 
52,072 
Trade payables and accruals 
-
15,909 
13,508 
11,387 
-
Lease liabilities 
5% 
511 
1,022 
4,485 
16,793 
Refer to Note 18 for details on leases including maturity analysis of lease liabilities and interest, which includes the expected 
maturities of $1.9m (2023: $4.9m) beyond the above time frames. 
Refer to Note 17 for details on Borrowings and the repayment made on 31 January 2025 subsequent to year end. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
113 
Financial Statements and Notes 
The following table detail the Group’s remaining contractual maturity for its non-derivative financial assets. The table has 
been drawn up based on the contractual maturities of the financial assets except where the Group anticipates that the cash 
flow will occur in a different period. The financial asset disclosed in the below table represent their current carrying values. 
Consolidated 
Weighted average 
effective interest 
rate 
% 
Less than 1 month 
$ ‘000 
1‑3 months 
$ ‘000 
3 months to 1 year 
$ ‘000 
1‑5 years 
$ ‘000 
2024 
Cash and cash equivalent 
-
21,039 
-
-
-
Receivables 
-
16,593 
1,041 
96 
-
Security deposits 
5% 
-
-
12,747 
36,435 
Variable interest rate – cash and 
term deposits 
4% 
20,039 
-
-
-
Total 
57,671 
1,041 
12,843 
36,729 
2023 
Cash and cash equivalent 
-
70,068 
-
-
-
Receivables 
-
2,634 
4,378 
419 
-
Security deposits 
0.01% 
-
-
21,214 
45,842 
Variable interest rate – cash and 
term deposits 
0.05% 
929 
-
-
-
Total 
73,631 
4,378 
21,633 
45,842 
e. Categories of Financial Assets and Liabilities 
2024 
$ ‘000 
2023 
$ ‘000 
Financial Assets 
Amortised cost 
  Cash and short-term deposits 
41,078 
70,997 
Trade and other receivables 
17,730 
8,466 
  Security deposits 
49,476 
67,056 
Total financial assets at amortised cost 
108,284 
146,519 
  Current 
71,555 
100,549 
  Non-current 
36,729 
45,970 
Financial Liabilities 
Interest bearing loans and borrowings 
  Borrowings 
47,939 
64,822 
  Lease liabilities 
17,991 
23,919 
Total interest-bearing loans and borrowings 
65,930 
88,741 
  Current 
52,622 
24,751 
  Non-current 
13,308 
63,990 
Trade and other payables - current 
28,210 
40,804 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
114 
Financial Statements and Notes 
27. Financial Risk Management Objectives and Policies (continued) 
f. Commodity Price Risk 
The Group’s exposure to commodity price risk is minimal. 
Recognition and measurement 
(i) Financial assets 
A. Classification 
The Group classifies its financial assets in the following measurement categories: 
• those to be measured subsequently at fair value (through profit or loss or other comprehensive income); and 
• those to be measured at amortised cost. 
The classification depends on the Group’s business model for managing financial assets and the contractual cash flow 
characteristics of the financial assets. For assets measured at fair value, gains and losses will either be recorded through 
profit or loss or other comprehensive income. For investments in debt instruments, this will depend on the business model 
in which the investment is held. 
For investments in equity instruments not held for trading, this will depend on whether the Group has made an irrevocable 
election at the time of initial recognition to account for the equity investment at fair value through other comprehensive 
income. The Group reclassifies debt investments when and only when its business model for managing those 
assets changes. 
B. Measurement 
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at 
fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. 
Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Measurement 
of trade and other receivables remains at amortised cost consistent with the prior year. 
C. Debt instruments 
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the 
cash flow characteristics of the asset. The consolidate entity measures its debt instruments using the amortised cost 
basis. Using this method, assets that are held for collection of contractual cash flows where those cash flows represent 
solely payments of principal and interest are measured at amortised cost. A gain or loss on a debt investment that is 
subsequently measured at amortised cost and is not part of a hedging relationship is recognised in profit or loss when 
the asset is derecognised or impaired. Interest income from these financial assets is included in finance income using the 
effective interest rate method. 
D. Impairment 
The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at 
amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. 
For trade receivables, contract assets, loans to associates and lease receivables, the Group applies the simplified approach 
permitted by AASB 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. 
(ii) Financial Liabilities 
A. Interest bearing liabilities 
All loans and borrowings are initially recognised at fair value less transaction costs. After initial recognition, interest bearing 
liabilities are stated at amortised cost with any difference between cost and redemption value being recognised in the 
statement of profit or loss over the period of the borrowings on an effective interest basis. 
B. Trade and other payables 
Liabilities are recognised for amounts to be paid for goods or services received. Trade payables are settled on terms aligned 
with the normal commercial terms in the Group’s countries of operation. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
115 
Financial Statements and Notes 
28. Segment Information - Continuing Operations 
AASB 8 requires operating segments to be identified on the basis of internal reports about components of the Group 
that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segment and to 
assess performance. 
a. Segment Determination 
The Group identifies its operating segments based on internal reports reviewed and used by the Group’s chief operating 
decision maker (the Chief Executive Officer) to determine business performance and resource allocation. Operating 
segments are aggregated after considering the nature of the products and services, nature of production processes, type 
of customer and distribution methods. As a result, EMS and Space Systems segments were merged to form an enlarged 
Space Systems segment until the Group classified EMS as a discontinued operation in 2024. The segment information 
reported in this note does not include any amounts for the discontinued operations (refer Note 5). The comparative 
information has been restated to reflect the change in segment reporting in accordance with the accounting standards. 
As a result, the Group’s reportable segments are Defence Systems and Space Systems. 
(i) Defence Systems 
Defence Systems develops, manufactures and markets advanced fire control, surveillance, and weapon systems to 
approved military customers. These products either replace or reduce the role of a human operator for a wide range of 
existing and future weapon systems in the US, Australasia, Middle East, Europe and South-east Asia markets. 
(ii) Space Systems 
Space Systems has a range of ground products available to support the Australian and international space markets. 
They include: 
• significant investments into passive optical and laser sensing equipment at both its Mt Stromlo and Learmonth sites; 
• manufacturing and supply of various telescopes and dome enclosures for customers around the world. Space Systems 
astrometric products provide reliable and high-quality optical systems under demanding environmental conditions; and 
• specialisation in innovative optical, microwave and on-the-move radio and satellite products that help to deliver high 
speed, resilient and assured telecommunications anywhere in the world. Developments in the Group’s laser technology 
has opened aligned markets in space optical communications and various high power laser applications. 
b. Geographic Activity 
The Group continues to operate in Australia, USA, Singapore, UAE, New Zealand, Netherlands and Germany in the 
development, manufacture and sale of telescopes and dome enclosures, laser satellite tracking systems, and the 
manufacture of remote weapon systems. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
116 
Financial Statements and Notes 
28. Segment Information - Continuing Operations (continued) 
c. Segment Information 
Segment revenues - continuing operations 
2024 
$ ‘000 
2023 
$ ‘000 
Space 
10,829 
6,659 
Defence 
165,736 
155,362 
Total of all segments 
176,565 
162,021 
Segment results - continuing operations 
2024 
$ ‘000 
2023 
$ ‘000 
Space 
(17) 
(2,535) 
Defence 
(14,665) 
(18,082) 
Total of all segments 
(14,682) 
(20,617) 
Unallocated holding company costs 
(23,771) 
(34,991) 
(Loss) before income tax expense 
(38,453) 
(55,608) 
Income tax benefit 
3,337 
11,237 
(Loss) for the year 
(35,116) 
(44,371) 
The revenue reported above represents revenue from external customers. The Group had two customers that each 
provided in excess of 10% of consolidated revenue. The customers are within the Defence segment. One customer 
represented revenue of $72,113,000 and the other represented $28,734,000 during the year. 
Segment results represent the profit or loss earned by each segment without the allocation of central administration 
costs and corporate costs, including director fees, finance costs, investment revenue and income tax. This is the 
measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of 
segment performance. 
The following is an analysis of the Group’s assets and liabilities by reportable operating segment: 
Segment assets and liabilities - continuing operations 
Assets* 
Liabilities* 
31 December 2024 
$ ‘000 
31 December 2023 
$ ‘000 
31 December 2024 
$ ‘000 
31 December 2023 
$ ‘000 
Space 
12,388 
10,726 
28,430 
28,505 
Defence 
252,388 
189,662 
126,905 
145,009 
Total all segments 
264,776 
200,388 
155,335 
173,514 
Unallocated cash and short-term deposits 
41,078 
111,999 
-
-
Consolidated 
305,854 
312,387 
155,335 
173,514 
* Segment assets and liabilities for both years exclude those relating to discontinued operations and non-current assets held for sale (Note 5). 
Assets used jointly by reportable segments are allocated on the basis of the revenue earned by the individual 
reportable segments. 
In April 2024, a new company, ‘EOS Innovation Singapore Pte Ltd’, was established to carry out new product development 
work on our High Energy Laser Weapon system as a Laser Innovation Centre in Singapore under the Defence Segment. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
117 
Financial Statements and Notes 
Other segment information 
Depreciation, impairment and 
amortisation of segment assets 
Acquisition of segment assets 
31 December 2024 
$ ‘000 
31 December 2023 
$ ‘000 
31 December 2024 
$ ‘000 
31 December 2023 
$ ‘000 
Space 
931 
963 
2,046 
1,993 
Defence 
 10,478 
7,157 
 1,711 
2,043 
Total all segments 
11,409 
8,120 
3,757 
4,036 
Unallocated management 
1,133 
1,289 
325 
333 
Consolidated 
12,542 
9,409 
4,082 
4,369 
Information on geographical segments 
31 December 2024 
Geographical segments 
Revenue from 
external customers 
$ ‘000 
Segment assets* 
$ ‘000 
Acquisition of 
segment assets 
$ ‘000 
Australia/Asia 
 44,943 
42,733 
 3,404 
Middle East - United Arab Emirates 
 72,113 
2,512 
 - 
Middle East - other 
 - 
- 
 - 
North America 
 15,963 
6,203 
 676 
Europe 
 43,546 
2 
 2 
Total 
176,565 
51,450 
4,082 
31 December 2023 
Geographical segments 
Revenue from 
external customers 
$ ‘000 
Segment assets* 
$ ‘000 
Acquisition of 
segment assets 
$ ‘000 
Australia/Asia 
 36,174 
84,814 
 4,312 
Middle East - United Arab Emirates 
 67,572 
360 
 5 
Middle East - other 
 710 
 - 
 - 
North America 
 7,880 
5,043 
 52 
Europe 
 49,685 
 - 
 - 
Total 
162,021 
90,217 
4,369 
*Segment assets reflect the requirements of AASB 8.33 (b) and reflect only non-current assets other than financial instruments and 
deferred tax assets. 
The revenue information above is based on the locations of the customers. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
118 
Financial Statements and Notes 
29. Parent Entity Disclosure 
2024 
$ ‘000 
2023 
$ ‘000 
Financial position 
Assets 
  Current assets 
18,492 
1,015 
  Non-current assets 
41,751 
88,123 
Total assets 
60,243 
89,138 
Liabilities 
  Current liabilities 
54,283 
36,281 
  Non-current liabilities 
-
44,947 
Total liabilities 
54,283 
81,228 
Net assets 
5,960 
7,910 
Equity 
  Issued capital 
467,192 
432,248 
  Reserves 
15,671 
12,858 
  Accumulated (losses) 
(476,903) 
(437,196) 
Total equity 
5,960 
7,910 
Financial performance 
(Loss) for the year 
(39,707) 
(131,456) 
Other comprehensive income 
-
-
Total comprehensive income 
(39,707) 
(131,456) 
Guarantees entered into by the parent entity in relation to the debts of its subsidiaries 
Guarantee provided under the Deed of Cross Guarantee 
142,069 
177,389 
Electro Optic Systems Holdings Limited entered into a deed of cross guarantee on 6 April 2018 with two of its wholly-owned 
subsidiaries. Electro Optic Systems Pty Limited and EOS Defence Systems Pty Limited. On 28 November 2019, EMS 
entered into an Assumption Deed and became a party to the Deed of Cross Guarantee. 
Subsequent to year end, the Group completed the sale of EMS, and as a result of this transaction, was removed from the 
Deed of Cross Guarantee. Refer to Note 32 for details of the transaction. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
119 
Financial Statements and Notes 
30. Contingent Liabilities and Commitments 
(a) The Group maintains cash deposits with banks and financial institutions as security for various performance and rental 
bonds. The detail of such cash deposits is as per below: 
Note 
2024 
$ ‘000 
2023 
$ ‘000 
Offset bond for a Defence Systems contract 
(c) 
22,085 
15,356 
Performance bond for a Defence contract – overseas customer 
(d) 
25,494 
23,172 
Performance bonds for Defence contracts – Australian customers 
(e) 
-
21,086 
Performance bonds for Space contracts 
(f) 
-
6,228 
Rental bonds 
1,231 
1,097 
Deposit for credit card facility 
666 
117 
Total 
49,476 
67,056 
(b) Entities within the Group are involved in contractual disputes in the normal course of contracting operations. The Directors 
believe that the entities within the Group can settle any contractual disputes with customers and should any customers 
commence legal proceedings against the Company, the Directors believe that any actions can be successfully defended. 
As at the date of this report no material legal proceedings have been commenced against any entity within the Group. 
(c) The Group had previously executed an offset agreement in relation to an overseas Defence System contract for an 
amount of US$16.9m (A$27.3m) secured by an offset bond for the full amount. The offset bond is guaranteed by Export 
Finance Australia (EFA) and is secured by a cash security deposit of US$13.7m (A$22.1m) and a fixed and floating charge 
over the assets of the Group. 
Under the offset program, offset credits can be earned by: 
(i) investing in the country; 
(ii) engaging in contracts that support local industry; or 
(iii)making other contributions. 
This is a common requirement for suppliers like EOS. Under the offset program guidelines, participants typically have 
several years in which to earn offset credits. As an alternative to generating offset credits through the offset program, 
in certain circumstances, offset credits can be generated through participation in the credit purchase program, which 
involves settling obligations by making cash payments. 
As part of the offset program, EOS is required to develop, agree and submit an approved business plan, which will 
generate offset credits, to the offset credit authority. A proposed business plan was submitted to the offset authority 
in September 2023. During the year the Group continued to have advanced discussions regarding the business plan with 
the offset credit authority and, as at balance date, the business plan remained under review by the offset credit authority 
In addition during the year, consistent with the proposed business plan, EOS entered into a non-binding memorandum of 
understanding (“MOU”) with Shielders Advanced Industries (“Shielders”), a specialist manufacturer in the Middle East. The 
MOU envisages the formation of a Joint Venture (“JV”) between Shielders and EOS that focusses on local manufacturing 
and assembly of RWS, assisting EOS in meeting its offset obligations. 
  Subsequent to balance date, on 20 February 2025, the Group received approval from the offset credit authority for the 
business plan. The business plan envisages that EOS will enter into a 49% EOS owned JV with Shielders Advanced 
Industries to set up local manufacturing and assembly of EOS’ R150 Remote Weapon System product in the Middle East. 
Under the approved business plan, EOS has from 1 July 2026 until 1 July 2033 to set up the JV and earn the relevant 
offset credits. This includes in kind contributions including the licensing of EOS owned IP, and providing technical data 
packages and manufacturing knowhow to the JV. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
120 
Financial Statements and Notes 
30. Contingent Liabilities and Commitments (continued) 
Under the approval from the offset credit authority the final form of the JV agreement, along with other agreements 
necessary for the JV to manufacture and assemble EOS product in the Middle East, require the approval of the offset 
credit authority and approval of the JV agreement must be obtained from the offset credit authority within a maximum of 
6 months from 20 February 2025. Under the approved business plan in order to earn offset credits EOS must contribute 
not less than AED 18.365m (approximately A$7.8m) in cash to the JV. 
As a result of the above, EOS considers that both at balance date and as at the date of this report it was in compliance 
with its obligations. In the event that EOS does not comply with its obligations in future, the offset credit authority is 
entitled to demand payment under the guarantee outlined above. 
(d) The Group maintains a performance bond for US$33.2m (A$53.5m) in relation to an overseas defence sector contract. 
The performance bond is guaranteed by Export Finance Australia under a Bond Facility Agreement and is secured 
by a cash security deposit of US$15.8m (A$25.5m) and a fixed and floating charge over the assets of the Group. 
The covenants attached to the Export Finance Australia facilities are identical to those specified under the WHSP 
loan facilities. 
(e) Performance bonds of $22.2m to a domestic customer in Australia were issued and was partially secured in 2023. This 
bond was fully secured by cash deposits in 2024. These performance obligations were satisfied during 2024 and the cash 
security returned to the Group. 
(f) $6.0m of performance bonds were issued in 2023 to support an EMS contract to deliver and install communication 
systems to the Royal Australian Navy. This guarantee is secured by a cash security deposit of $6.0m. These security 
deposits are disclosed as part of the discontinued operations in Note 5. Subsequent to year end, this arrangement was 
divested as part of the sale of the EMS business. Refer to Note 32 for details. 
(g) The completion of the EMS divestment post year end automatically triggered the full repayment of EOS’ outstanding Term 
Loan facility with WHSP, including a ‘make whole’ fee which applied in the case of early repayment. 
As at 31 December 2024, the total estimated repayment amount was $62.3m, including the scheduled payment at maturity 
of $52.1m plus a potential ‘make whole’ fee. The exact ‘make whole’ fee was contingent upon the timing of the settlement. 
Subsequent to year end, the divestment was completed on 31 January 2025, and the early repayment of the Term Loan 
facility at completion was $61.1m, including the scheduled payment at maturity of $52.1m plus the ‘make whole’ fee. 
(h) Electro Optic Systems Holdings Limited entered into a deed of cross guarantee on 6 April 2018 with two of its 
wholly-owned subsidiaries, Electro Optic Systems Pty Limited and EOS Defence Systems Pty Limited, pursuant to ASIC 
Corporations (Wholly-owned Companies) Instrument 2016/785 and was relieved from the requirement to prepare and 
lodge an audited financial report. On 28 November 2019, EMS entered into an Assumption Deed and became a party 
to the Deed of Cross Guarantee. Subsequent to year end, the Group completed the sale of EMS, and as a result of this 
transaction, EMS was removed from the Deed of Cross Guarantee. Refer to Note 32 for details of the transaction. 
31. Remuneration of Auditors 
2024 
$ ‘000 
2023 
$ ‘000 
ERNST & YOUNG AND RELATED NETWORK FIRMS 
Audit or review of the financial reports: 
In relation to the current year: 
EOS Group (excluding EOS USA Inc) 
572 
530 
EOS USA Inc 
300 
-
872 
530 
Other assurance services: 
Audit of EMS 2023 and 2024 financial reports 
328 
-
Other services 
-
92 
Total 
1,200 
622 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
121 
Financial Statements and Notes 
32. Subsequent Events 
On 31 January 2025, EOS announced that the EMS divestment had been completed. After customary adjustments for 
estimated net debt and estimated working capital, the amount received on completion was of $158.6m on that date. 
Final completion accounts and any adjustments are expected to be agreed between the parties within 60 business days. 
Contemporaneous with the completion of the transaction, EOS repaid WHSP $61.1m. This represents the final repayment 
of WHSP of all outstanding amounts, including ‘make whole’ payments required under the borrowing agreements. Following 
this debt repayment and the divestment of EMS, EOS has no borrowings and held approximately $128.0m of available cash 
balances at 31 January 2025. 
Subsequent to year-end, on 20 February 2025, the Group received approval from the offset credit authority for the business 
plan. Refer to Note 30 for further details. 
Apart from the above, the Directors are not aware of any significant subsequent events since the end of the financial year 
and up to the date of this report. 
33. Additional Company Information 
Electro Optic Systems Holdings Limited is a listed public company in Australia, incorporated in Australia. The Company and 
its subsidiaries operate in Australia, North America, Netherlands, Middle East, Singapore, New Zealand and Germany. 
Registered Office 
Principal Place of Business 
18 Wormald Street 
Symonston 
ACT 2609 
Australia 
Tel: 02 6222 7900 
Fax: 02 6299 7687 
18 Wormald Street 
Symonston 
ACT 2609 
Australia 
Tel: 02 6222 7900 
Fax: 02 6299 7687 
USA Operations Alabama 
German Operations 
2865 
Wall Triana Hwy SW 
Huntsville 
AL 35824 USA 
Ulrichsberger Str. 17 
D-94469 Deggendorf 
Germany 
Tel: +49 991 2892 1964 
Fax: +49 991 3719 1884 
Singapore Operations 
United Arab Emirates Operations 
456 Alexandra Road 
Fragrance Empire Building  
#21002 Singapore 
Tel: +65 6304 3130  
Tawazun Industrial Park (TIP) 
Zone 2, Facility 15, 
Al Ajban Area, 
Abu Dhabi, UAE 
Tel: +971 2 492 7112 
Fax: +971 2 492 7110 
New Zealand Operations 
Netherlands Operations 
69 Gracefield Road, 
Gracefield 
Lower Hutt, 5010 
New Zealand 
Campagneweg 35 4761 RM 
ZEVENBERGEN 
Netherlands 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
122 
Consolidated Entity Disclosure Statement 
Consolidated Entity Disclosure Statement 
As at 31 December 2024 
Body Corporates 
Tax Residency 
Entity name 
Entity type 
Country of in 
‑corporation 
% of share 
capital held 
Australian or 
foreign 
Foreign 
jurisdiction 
Electro Optic Systems Holdings Limited 
Body corporate 
Australia 
N/A 
Australian (i) 
N/A 
Electro Optic Systems Pty Limited 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EOS Defence Systems Pty Limited 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
FCS Technology Holdings Pty Limited 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EOS Space Systems Pty Limited 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EOS UAE Holdings Pty Limited 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EOS Communications Systems Pty Ltd 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EM Solutions Pty Ltd 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
Australian Missile Alliance Pty Ltd 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
Sovereign Missile Alliance Pty Ltd 
Body corporate 
Australia 
100% 
Australian (i) 
N/A 
EOS Optical Technologies Ltd 
Body corporate 
New Zealand 
100% 
Foreign 
New Zealand 
EOS USA, Inc. (Inc in Nevada) 
Body corporate 
USA 
100% 
Foreign 
USA 
EOS Space Technologies, Inc. (Inc in Arizona) 
Body corporate 
USA 
100% 
Foreign 
USA 
EOS Defense Systems, Inc (Inc in Arizona) 
Body corporate 
USA 
100% 
Foreign 
USA 
EOS Defense Systems USA Inc (Inc in Alabama) 
Body corporate 
USA 
100% 
Foreign 
USA 
EOS Advanced Technologies LLC (ii) 
Body corporate 
UAE 
49% 
Foreign 
UAE 
EOS Optronics GmbH 
Body corporate 
Germany 
100% 
Foreign 
Germany 
EM Solutions (Europe) B.V. 
Body corporate 
Netherlands 
100% 
Foreign 
Netherlands 
EOS Defense Systems Pte Limited 
Body corporate 
Singapore 
100% 
Foreign 
Singapore 
EOS Innovation Singapore Pte Ltd 
Body corporate 
Singapore 
100% 
Foreign 
Singapore 
(i) This entity is part of a tax-consolidated group under Australian taxation law, for which Electro Optics Systems Holdings 
Limited is the head entity. 
(ii) EOS Advanced Technologies LLC is a participant in a joint venture which is consolidated in the consolidated 
financial statements. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
123 
Directors’ Declaration 
In accordance with a resolution of the Directors of Electro Optic Systems Holdings Limited (the Company), I state that: 
1. In the Directors’ opinion: 
(a) the financial statements and notes of the Company and its subsidiaries (collectively the Group) are in accordance 
with the Corporations Act 2001, including: 
i. 
complying with Australian Accounting Standards, the Corporations Regulations 2001 and other mandatory 
reporting requirements; and 
ii. giving a true and fair view of the Group’s financial position at 31 December 2024 and of its performance for the 
financial year ended on; and 
(b) the financial statements and notes also comply with International Financial Reporting Standards as disclosed in 
Note 1; and 
(c) there are reasonable grounds to believe that the Company will be able to pay its debts as and when they become 
due and payable; and 
(d) The consolidated entity disclosure statement is true and correct; and 
(e) as at the date of this declaration, there are reasonable grounds to believe that the Company and the subsidiaries 
to which ASIC Corporations (Wholly-owned Companies) Instrument 2016/785 applies, as detailed in Note 26 to the 
financial statements, will be able to meet any liabilities to which they are, or may become, subject to by virtue of the 
Deed of Cross Guarantee between the Company and those subsidiaries. 
2. This declaration has been made after receiving the declarations required to be made by the Chief Executive Officer and 
the Chief Financial Officer in accordance with section 295A of the Corporations Act 2001 for the financial year ended 
31 December 2024. 
Signed in accordance with a resolution of the Directors: 
Garry Hounsell 
Director and Chair of the Board of Directors 
Dated at Canberra this 25th day of February 2025 
Directors’ Declaration 

Electro Optic Systems Holdings Limited  | Annual Report 2024
124 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
125 

Electro Optic Systems Holdings Limited  | Annual Report 2024
126 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
127 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
128 
46 to 56 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
129 
ASX Additional Information 
ASX Additional Information 
Additional information required under ASX Listing Rule 4.10 and not shown elsewhere in this Annual Report is as follows.  
This information is current as at 7 March 2025.  
 
 
Distribution of shareholders 
Size of holding 
Number of 
shareholders 
Ordinary shares 
% of issued capital 
100,001 and over 
162 
126,830,507 
65.73 
10,001 to 100,000 
1,529 
41,904,371 
21.72 
5,001 to 10,000 
1,318 
10,163,956 
5.27 
1,001 to 5,000 
4,504 
11,424,827 
5.92 
1 to 1,000 
4,138 
2,628,870 
1.36 
Total 
11,651 
192,952,099 
100.00 
Distribution of Option holders 
The distribution of unquoted Options on issue are: 
Size of Holding 
Number of 
Option holders 
Unlisted 
Options 
% of Total Options 
100,001 and over 
9 
4,792,357 
83 
10,001 to 100,000 
22 
955,871 
17 
5,001 to 10,000 
-
-
-
1,001 to 5,000 
-
-
-
1 to 1,000 
-
-
-
Total 
31 
5,748,227 
100 
The options on issue are unquoted and have been issued under an employee incentive scheme. 
Distribution of Share Rights 
The distribution of unquoted share rights on issue are: 
Size of Holding 
Number of Share 
Right holders 
Unlisted 
Share Rights 
% of Total 
Share Rights 
100,001 and over 
3 
        2,119,279 
77 
10,001 to 100,000 
17 
           617,614 
22 
5,001 to 10,000 
1 
                8,897 
-
1,001 to 5,000 
4 
             13,272 
-
1 to 1,000 
-
-
-
Total 
25 
2,759,062 
100 
The share rights on issue are unquoted and have been issued under an employee incentive scheme. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
130 
ASX Additional Information 
Less than marketable parcels of Ordinary Shares 
There are 821 shareholders with unmarketable parcels, holding 229,848 shares. 
Twenty largest shareholders 
At 7 March 2025, the 20 largest ordinary shareholders held 47.71% of the total issued fully paid quoted Ordinary Shares of 
192,952,099. 
Number held 
% of issued capital 
1 
WASHINGTON H SOUL PATTINSON AND COMPANY LIMITED 
17,596,807 
9.12 
2 
EOS LOAN PLAN PTY LTD 
11,140,536 
5.77 
3 
CITICORP NOMINEES PTY LIMITED 
10,487,128 
5.44 
4 
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
8,735,478 
4.53 
5 
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED - A/C 2 
8,597,470 
4.46 
6 
BNP PARIBAS NOMINEES PTY LTD 
7,321,702 
3.79 
7 
BNP PARIBAS NOMS PTY LTD 
4,000,257 
2.07 
8 
J P MORGAN NOMINEES AUSTRALIA PTY LIMITED 
3,677,018 
1.91 
9 
ACE PROPERTY HOLDINGS PTY LTD 
3,360,000 
1.74 
10 
CAPITAL PROPERTY CORPORATION PTY LTD 
3,099,738 
1.61 
11 
TECHNOLOGY TRANSFORMATIONS PTY LIMITED 
2,758,662 
1.43 
12 
BRAZIL FARMING PTY LTD 
2,100,393 
1.09 
13 
A AND D WIRE LIMITED 
1,457,276 
0.76 
14 
CAPITAL PROPERTY CORPORATION PTY LTD 
1,250,000 
0.65 
15 
MR OMAR ALI BABTAIN 
1,169,311 
0.61 
16 
HSBC CUSTODY NOMINEES (AUSTRALIA) LIMITED 
1,094,900 
0.57 
17 
N & J PROPERTIES PTY LTD 
1,079,000 
0.56 
18 
N & J PROPERTIES PTY LTD 
1,077,812 
0.56 
19 
CAPITOL ENTERPRISES LIMITED 
1,050,000 
0.54 
20 
BUNDARRA TRADING COMPANY PTY LTD 
1,005,173 
0.52 
92,058,661 
47.71 
Remaining quoted equity securities 
100,893,438 
52.29 
Total number of Ordinary Shares on issue 
192,952,099 
100.00 
Unquoted equity securities 
The Company had the following unquoted securities on issue as at 7 March 2025: 
 
Number on issue 
Number of holders 
Options over Ordinary Shares 
5,748,227 
31 
Rights over Ordinary Shares 
2,759,062 
25 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
131 
ASX Additional Information 
Substantial shareholders 
The names of the Substantial Shareholders as disclosed in notices submitted to the ASX as at 7 March 2025 are:  
Shareholder 
Ordinary Shares 
Percentage of total 
Ordinary shares 
Washington H. Soul Pattinson and Company Limited 
17,596,807 
9.12% 
EOS Loan Plan Pty Ltd 
11,140,536 
5.77% 
Citicorp Nominees Pty Limited 
10,722,517 
5.56% 
Restricted securities      
The Company had no restricted securities on issue as at 7 March 2025. 
Voting rights  
 
 
 
 
In accordance with the Constitution each member present at a meeting whether in person, or by proxy, or by power of 
attorney, or a duly authorised representative in the case of a corporate member, shall have one vote on a show of hands, 
and one vote for each fully paid ordinary share, on a poll. Holders of performance rights have no voting rights. 
On-market buy-backs      
There is no current on-market buy-back in relation to the Company’s securities. 
Other Information 
In accordance with Listing Rule 4.10.19, the Company has used the cash and assets in a form readily convertible to cash 
that it had at the time of admission in a way consistent with its business objectives. 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
132 
Corporate Directory 
Directors 
Mr Garry Hounsell (Chairman) 
Dr Andreas Schwer (Managing Director and CEO) 
Air Marshal Geoffrey Brown AO 
The Hon Kate Lundy 
Mr David Black 
Mr Robert Nicholson 
Chief Executive Officer 
Dr Andreas Schwer 
Company Secretary 
Ms Melanie Andrews 
Registered Office and Principal 
Place of Business 
18 Wormald Street 
Symonston ACT 2609 
Australia 
Telephone: +61 2 6222 7900 
Email: 
enquiry@eos-aus.com 
Website: 
www.eos-aus.com 
Share Registry 
MUFG Corporate Markets 
A division of MUFG Pension & Market Services 
Level 12, 680 George Street   
 
 
Sydney NSW 2000  
 
 
Australia 
Locked Bag A14 
Sydney South NSW 1235 Australia 
Telephone: +61 1300 554 474 
Facsimile: +61 2 9287 0303 
Website: 
www.au.investorcentre.mpms.mufg.com 
Auditors 
Ernst & Young 
121 Marcus Clarke Street 
Canberra ACT 2600 
Australia 
Corporate Directory 

Electro Optic Systems Holdings Limited  | Annual Report 2024 
133 
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Electro Optic Systems Holdings Limited  | Annual Report 2024 
134 
COPYRIGHT 
Electro Optic Systems Holdings Limited 
(EOS) encourages the dissemination 
and exchange of information provided 
in this publication. Except as otherwise 
specified, all material presented in 
this publication is provided under the 
Creative Commons Attribution 4.0 
International Licence. 
This excludes: 
• the EOS logo; and 
• content supplied by third parties. 
The Creative Commons Attribution 4.0 
International Licence is a standard form 
licence agreement that allows you to 
copy, distribute, transmit and adapt this 
publication provided that you attribute 
the work. The details of the version 
4.0 of the licence are available on the 
Creative Commons website, as is the full 
legal code for that licence. 
ATTRIBUTION 
EOS’ preference is that if you attribute 
this publication and any material 
sourced from it, the following wording 
is used: Source: Electro Optic Systems 
Holdings Limited Annual Report 2024. 
MORE INFORMATION 
For enquiries regarding copyright, 
including requests to use material in 
a way that is beyond the scope of the 
terms of use that apply to it, please 
contact us through our website or email 
us at enquiry@eos-aus.com 
HEAD OFFICE 
Electro Optic Systems Holdings Limited 
ACN 092 708 364 
18 Wormald Street, Symonston 
Canberra ACT 2609 
T: +61 2 6222 7900 
E: enquiry@eos-aus.com 
www.eos-aus.com 

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Electro Optic Systems Holdings Limited 
Annual Report 2024