Run to $20, page-13

$4.20 within the next months is on the high-end of reasonable. But this $20 thing is insanity: those pushing the $20 barrow still haven't made a case beyond "space sharks with lasers on their foreheads"

If you're banking on space, then page 61 of the annual report should keep you up at night:

"EOS’s laser‐based space surveillance systems have been demonstrated in customer trials and EOS is now well‐placed to be a major contributor to the next generation of space tracking capability. Future business is dependent on large government contracts being awarded in the space sector.
In addition, EOS has substantial space resources in its own right, and may enter the market for space data provision in the future.  The space sector also manufactures and sells telescopes and dome enclosures for space projects."

The bold is mine: in other words the only buyers in space are government, who may award hypothetical contracts in the future. Fair enough - except NASA and the US DoD got themselves high-resolution space junk tracking in 1988 - https://www.nasa.gov/mission_pages/station/news/orbital_debris.html

Space data provision - "may enter the market" means that EOS is not yet in the market and does not currently have a firm business plan for entering that market - so where will the space revenue come from?

It will come exclusively selling telescopes and dome enclosures for space projects.  Which is fine, but it isn't the easy path to El Dorado many here are claiming.

Based on the information that the market has, space is not a viable path to $20 - in fact, the information we have argues strongly against $20.