Let's assume that I haven't convinced you to take the space...

Let's assume that I haven't convinced you to take the space decision with a grain of salt. For the sake of discussion, let's leave Space aside for a moment and focus on core business which is the auto-aiming guns on the back of land cruisers: we know about the deal with Orbital for $170million - I'm guessing that's baked into the current price - so where are these other 4 contracts? Let's remember the 4 deal figure was a suggestion on this thread that"all EOS needs is 4 more deals of the same size as Orbital to be interesting"

The annual report (pg 2) says "Over recent years, EOS has been working closely with customers and industry partners to establish new markets for a new generation of RWS. This period of research, product development, product quali cation and production preparation is nearing completion. EOS is presently negotiating multiple delivery contracts for a substantial number of next‐generation RWS.
EOS expects multi‐year defence contracts for advanced weapon systems to be in place within the next 60 days, with each providing strong revenue and pro t growth for several years. The near‐term outlook for EOS’ Defence Systems sector is strong."

We know that the company has to announce deals that are material to the share price. At that point, any deal beyond a few hundred thousand would count. And, we also know the only near-term contracts the company has announced are the Orbital deal - which we already know about and have baked in. All of the announcements around the Orbital deal all talk about multiple contracts for the orbital deal - which would make sense - all tech projects involve lots of paperwork so it's likely that multiple contracts need to be negotiated for a single deal - a contract for each tranches for instance.

So where is the revenue that underpins the $20 pipe-dream coming from?