Ann: Annual Report to shareholders, page-2

The Company currently has 16,728,000 options on issue with a A$0.20 strike price, expiring 2 June 2022. Throughout the2021 financial year and at the time of releasing this report, these options have been ‘in-the-money’. Should these options be fully exercised in accordance with the option terms, this would potentially raise A$ 3,345,600 for the Company via the issue of 16,728,000 Fully Paid Ordinary Shares, further adding to the Group’s current cash position.


Not that they have said this, but are they suggesting a cap raise may not be necessary?


DroneUp has placed the first commercial order of Elsight’s “Halo” to support their initial fleet of drones (this order isequivalent to ~80% of 1H 2021 revenues for Elsight). The order of “Halo” units combined with monthly recurring Elsight cloud and SIM card services has been received by DroneUp for deployment.

Recurring revenue from what looks to be a long term customer is promising!

Cheers