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  "documentTitle": "Electro Optic Systems Holdings Limited (EOS.AX)",
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  "notes": "The slide uses two bar charts to show how the company's reported backlog figures have shifted over time, suggesting a discrepancy between earlier claims and later updates.",
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      "text": "When comparing this to EOS' latest updated backlog from their fourth quarter update, we can see that EOS has now barely exceeded their 2023 stated backlog.",
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      "text": "THE REPORT AND ALL STATEMENTS CONTAINED HEREIN ARE THE OPINIONS OF GRIZZLY RESEARCH...",
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      "text": "When comparing this to EOS' latest updated backlog from their fourth quarter update, we can see that EOS has now barely exceeded their 2023 stated backlog.",
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      "text": "EMS was also a large portion of the company's total backlog, in their full year 2024 results presentation they state that EMS contracted order book was A$171 million, counting for more than half of the A$307 million total contract backlog at the end of 2024.",
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      "text": "Source: 2024 Full Year Results.",
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      "text": "Source: Quarterly Activity Report and Appendix 4C - December 2025.",
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      "text": "EOS Behind the Hype: Unmasking the Dark Reality of the Mysterious Korean Contract",
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