Electro Optic Systems Holdings announced financial results for the half-year ended June 30, 2022.

The Company reported an operating loss after tax of $98,945,653 for H1 2022 (30 June 2021: $11,727,207).

A significant component of the loss, $54,436,435, is attributable to the impairment of assets and onerous contracts held in SpaceLink Corporation.

Included in the loss after tax is an income tax benefit of $6,580,001 (30 June 2021: $2,913,825 income tax expense).

Notwithstanding the impairment recognised in the period, the Company continues to explore opportunities to realise value from the SpaceLink assets and, as at the date of this announcement, remains in active negotiations with potential partners and purchasers.

Revenues from ordinary activities were $53,776,311, representing a 45% reduction on the prior comparative period (30 June 2021: $97,820,154).

EBITDA (excluding impairment) was a loss of $34,698,825 compared to an EBITDA loss of $288,772 in the prior comparative period.

Following the announcement the company?s share price fell 27.777%.