EOS Releases its Q1 2024 Business Activity Statement & Appendix 4C

The consolidated entity consisting of Electro Optic Systems Holdings Limited and the entities it controls (“EOS” or the “Group”) has filed its activity statement (4C) for the quarter end 31 March 2024.

OVERVIEW
During the quarter ended 31 March 2024 (“Q1 2024”), revenue was $77.3m, representing an increase of $43.3m on Q1 2023 revenue of $34.0m.

Cash Receipts from Customers during Q1 2024 were $52.1m, down $10.0m from $62.1m in Q1 2023. This reflects a relatively high level of receipts in Q1 2023 following a successful customer contract amendment in Q1 2023 and the lumpy nature of cash receipts on projects.

During Q1 2024, other cashflows from operating activities (excluding cash receipts from customers) amounted to net payments of $74.6m. This is an increase of $42.0m on Q1 2023. These payments included the cost of manufacturing products that customers paid EOS for during 2H 2023. In addition, cash interest and finance costs increased during Q1 2024 due to amendment fees paid to the lender during the quarter and due to interest being paid in cash rather than capitalised. As a result, the Net Cash Outflow from Operating Activities during Q1 2024 was $22.6m (down $52.1m from the $29.5m inflow in Q1 2023). More detail on these items is shown in section 2 below.

EOS’ cash balance at 31 March 2024 was $72.4m, and broadly in line with EOS’ expectations. This represents an increase of $1.4m from the 31 December 2023 cash balance of $71.0m, and includes $33.6m of net proceeds raised from the institutional component of the equity capital raising during March 2024. More details of the cash movements during Q1 2024 are set out below.

Since the end of the quarter, the following occurred:

• EOS received net proceeds of $1.9m from the Share Purchase Plan (‘SPP’), as announced on 22 April 2024.
• EOS repaid debt of $20.5m on schedule, as announced on 10 April 2024.
  The following is a summary of key recent announcements by the Group:

Continue reading the full Activity Statement here.