Electro Optic Systems was 10.15% shorted on 30 September in ASIC's daily aggregate report: 22,506,069 of 221,702,162 shares on issue. R1 On 1 July it was 4.73%, or 10,247,977 shares. R2 The share count rose by 5,000,000 in early July; positions more than doubled.
About half of it came in September: 7.46% on 31 August, R16 8.80% on 17 September R3 and 10.42% on 18 September, R4 a one-day step of 1.62 percentage points, or about 3.6 million shares. That was the month's heaviest session: 6.77 million shares traded, a $10.34 close, up 3.4%. The position peaked at 10.59% on 24 September R5 and eased to 10.15% by month-end.
The price rose too: $9.52 at the 4 September close, $11.94 on 5 October, up 25.4%, and $11.60 on 6 October. Days to cover sit at 9.6.
EOS's own news in the second half of September was two website items. On 24 September it said the R400 remote weapon system is listed on the US Joint Interagency Task Force 401 Counter-UAS Marketplace, where eligible US government buyers can order "through an established US Army contracting mechanism"; no order is announced. 7 On 25 September it published a letter of intent with the Netherlands Ministry of Defence on its Apollo laser weapon: "subject to further work", the ministry intends to buy a number of systems, with no value or date. 8 Motley Fool had the shares up 7.21% at $11.45 just after midday that day and noted the listing "doesn't represent a new contract". 9 The close was $11.32.
Neither was an ASX lodgement; EOS's lodgements from 22 to 28 September, as listed on 7 October, were one unquoted-securities notification and three substantial-holder notices. 10 Vanguard became a substantial holder on 18 September with 5.672%, the day of the step. R11 Citigroup became one on 23 September with 5.1524% and ceased on 24 September. R12R13 All four Citigroup entities in its notice hold the shares "subject to an obligation to return" under securities lending agreements, one also acting as agent lender; the notice does not say what the borrowed shares were used for, or whether any were sold short. R12
The half-year to 30 June, published on 25 August, had revenue from continuing operations of $168.8m, up 283%, underlying EBITDA of $21.6m, a $33.7m loss after tax from continuing operations (including a $34.0m non-cash remeasurement tied to the MARSS acquisition), a contracted order book of about $846m ($170m a year earlier) and a 2026 full-year revenue outlook of $360m to $400m. R6
DroneShield, top of the W40 report and 15.07% short on 30 September R1 with 15.1 days to cover, announced that day a three-year Domestic Shield IDIQ contract vehicle under the same task force: "a maximum contract value of up to $500 million" in its press release, 14 "a ceiling value of US$500 million" in its ASX announcement, which adds that the contract "does not guarantee any orders". R17
On Shorted's squeeze screen EOS ranks first at 84.4, one of 43 securities where the price is rising while reported positions build. Both are Shorted-derived metrics, not official figures; a crowded position is not a squeeze.
ASIC publishes the aggregate T+4; the reports "will not contain short seller details". R15R1 The position more than doubled and the price rose by a quarter; the report records both and explains neither.
The chart is live; the figures above are pinned to their dates, and later EOS position dates will show whether the peak holds.
Disclosure analysis, not a recommendation to buy or sell.