EOS’ 1Q26 update and subsequent news flow moved the story from backlog rebuild to delivery execution. Management remains confident in demand and contract conversion, with 1Q26 backlog of A$518M, customer receipts of A$72.6M, positive operating cash flow of A$9.5M, and advance payments up to A$69.7M from A$42.4M. Since quarter-end, EOS closed MARSS, raised capital, and announced additional counter-drone awards, broadening the story from RWS/Slinger hardware toward detection, C2, and effectors.