(news.com.au) - An Australian counter-drone technology company saw share prices plummet after announcing its boss would sell $26 million in shares to, in part, pay for a divorce.
Electro Optic Systems (EOS) has secured contracts with NATO countries to delivery anti-drone defence and laser weaponry systems, and recently announced an order book of $459 million.
On Tuesday EOS announced its chief executive Andreas Schwer had exercised share options to secure more than 1.99 million shares, taking his holdings to 2.907 million shares.
The company said he had been granted approval to sell 2.5 million shares in the near term, which was worth $26.8 million at the end of trade on Monday.
“The disposal is intended to allow Dr Schwer to construct a family home and pay family expenses (including a divorce settlement),” it said in a statement to the ASX.
Other members of the management team, including chief operating officer Clive Cuthell, also intended to dispose of some or all of their shareholdings, the company said.
EOS opened at $11.35 on Tuesday morning before falling to $8.90 by close, representing a drop of 16 per cent.
Shares had closed at $10.73 on Monday afternoon after starting the month below $9.
The company’s share price has ballooned from just $1.21 on March 18, 2025, experiencing a 635 per cent growth over the past 12 months.
It said both Dr Schwer and Mr Cuthell would retain shareholdings significantly in excess of the minimum requirements under company policy, according to the statement.
EOS last week announced two new orders from the Middle East and US worth $64 million for its remote slinger weapon system and counter-drone systems.
It came after a $125 million deal with an unnamed NATO country for the “world’s first export order for a 100-kilowatt class laser defence system” was revealed in August.
“EOS is already an established global leader in counter-drone capability using kinetic weapons and missiles to bring down drones,” the company said.
“The high-power laser builds on these core competencies and substantially extends them.”
At the time Dr Schwer told news.com.au the system operated “at the speed of light” and could shoot down 20 drones in a minute.
“The laser can hit a target almost instantly … unlike a bullet which takes a second to get there,” he said.
“Missile systems cost $0.5m – $2.0m per shot fired. The laser system costs less than 10 cents per shot.”
It announced another $120 million deal with little-known South Korean company Goldrone, a move that raised the eyebrows of short sellers on Wall St.
EOS was forced to clarify the deal was a conditional contract that would become effective if and when Goldrone paid a US$18 million deposit.
In a statement it said it was common for contract to mature in stages over time, adding it had assessed Goldrone “as potentially having strong capability to secure market access and sales contracts with government customers in Korea”.
By Heath Parkes-Hupton
March 18,2026
