Agree the historical charges as laid out in your post are...

Agree the historical charges as laid out in your post are warranted.

The T2000 development program another wasted pie in the sky project by former management that seems to have gone nowhere. Stand to be corrected as management say we should conclude Hanwha negotiations by the end of this half. If Hanwha have contracted already with Elbit then an EOS contract cant be that far away. Lets see if our Government has had the foresight to mandate local industry content and to have EOS have a share of the turret manufacture. Assume that at a scaled down 120 unit production run its even profitable for EOS to participate.

However, disagree with the need for a cap raise- $71m in cash at hand and cash flow positive from operational activities. If they cap raise they will lose all credibility.

Didn't see much in the way of cost control come through the results- yes salary costs were down but not by as much as the $20m pa cost saving programe touted by new management. Perhaps this is just a by product of a strong growth in sales with corresponding increase in opex. The underlying EBITDA result for defence was disappointing but we had a strong close to the year with an overall 2H fy23 EBITDA of $20.5m. If we get full year result at that profit rate over the fully year then that becomes a good result.

Ultimately FY23 a good first step but management need to start converting the opportunities to revenue. Ukraine delays are I guess somewhat understandable with the focus on ammunition procurement and munitions but with EU aid now flowing through hopefully finalization of the Ukraine contract could be a first catalyst to some meaningful SP appreciation.

Otherwise I guess there comes a time for us to all move onto companies with real growth prospects.