ELECTRO OPTIC SYSTEMS HOLDINGS LIMITED (EOS)
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22/06/2026

1

Speculative Buy

$11.45

11.60%

Electro Optic Systems has secured a US$124m order for its Slinger counter-drone remote weapon system from UAE-based Generation 5 Holding, significantly strengthening revenue visibility, Ord Minnett notes.

The contract lifts the company's forward order book to around $875m, effectively covering 100% of the broker's forecast defence revenue for the second half of FY26 and all of FY27-FY28.

Management has also signed a conditional joint venture with Generation 5 to develop a next-generation high-energy laser weapon and manufacture existing products in the UAE for the Middle East and North Africa market.

Ord Minnett raised its target price to $11.45 from $11.00 and retained a Speculative Buy rating.

FORECAST
Ord Minnett forecasts a full year FY26 dividend of 0.00 cents and EPS of 0.00 cents.
Ord Minnett forecasts a full year FY27 dividend of 0.00 cents and EPS of 5.90 cents.

17/06/2026

1

Buy

$14.00

36.45%

Canaccord Genuity maintains a Buy rating on Electro Optic Systems with an unchanged $14.00 target price following an upgrade to FY26 revenue guidance and continued momentum across its defence businesses.

The company now expects FY26 revenue of $240-270m for the core business excluding MARSS, implying combined FY26 revenue of approximately $274-304m including the broker's MARSS forecast of $34m, while total group backlog stands at $726m with around 60-80% expected to convert into revenue during 2026 and 2027.

An additional US$5m order from L3Harris for remote weapon systems marks the sixth such order secured during 2026, reflecting strong demand for counter-drone capabilities and supporting the investment thesis for further defence spending growth.

The analyst increased FY26, FY27 and FY28 revenue forecasts by 10%, 1% and 4% respectively, while noting the recent $230m capital raising leaves the company with pro-forma net cash of approximately $270m to pursue expansion opportunities.

Long-term growth opportunities remain centred on MARSS command-and-control systems, remote weapon systems, high-energy laser weapons and the commercialisation of space control technologies.