Greek company Theon reports major revenue increase as demand for night vision and thermal devices expands.

On April 14, 2025, the Greek company Theon International Plc released its Annual Report for the fiscal year ending December 31, 2024. The report details financial and operational results, including a revenue increase of 61.1% compared to FY 2023, reaching €352.4 million. This growth is attributed to the scaling of ongoing contracts and the addition of new contracts across multiple regions. The order intake for the year totaled €466 million, resulting in a book-to-bill ratio of 1.3. Although this represents a 7.9% decrease compared to FY 2023, the company recorded a 21.1% year-on-year increase in its soft backlog, which reached €654 million by year-end. This backlog is equivalent to 1.9 times the annual revenue, indicating revenue visibility extending into future periods.
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Several new contracts were secured globally in 2024, including a continuation of the contract with OCCAR (Organisation for Joint Armament Co-operation) and a new contract with the Estonian Defense Forces. (Picture source: Theon)

The company reported an adjusted EBIT of €88.4 million, up from €56.5 million in FY 2023, reflecting a year-on-year increase of 56.5%. The adjusted EBIT margin was 25.1%, compared to 25.8% in the previous year, a reduction of 0.7 percentage points. Working capital stood at €165.5 million, compared to €67.9 million in FY 2023, representing a 143.7% increase. Capital expenditures amounted to €10.7 million, up from €7.7 million the previous year, an increase of 40.1%. Net cash at the end of the period totaled €41.7 million, more than triple the previous year’s €13.8 million, representing a 202.2% increase. The company announced a proposed dividend of €0.34 per share for 2025, which corresponds to a 35% payout ratio of FY 2024 net income. The dividend is subject to shareholder approval at the upcoming Annual General Meeting.

Theon International completed its listing on Euronext Amsterdam in February 2024, raising approximately €94 million in net proceeds. These funds were allocated to support both organic and inorganic growth activities. During the year, the company acquired Harder Digital, an entity providing components essential to Theon's value chain. This acquisition was undertaken to internalize a critical part of its production process and improve operational security. In addition, a long-term commercial agreement was signed with Exosens, aimed at increasing supply chain stability.

Several new contracts were secured globally in 2024, including a continuation of the contract with OCCAR (Organisation for Joint Armament Co-operation) and a new contract with the Estonian Defense Forces. The company also introduced the A.R.M.E.D. ecosystem—Augmented Reality Modular Ecosystem of Devices—which is intended to expand Theon’s product portfolio into modular and digitally augmented optical solutions for defense applications. These developments are presented as part of the company’s broader strategy to grow its presence in international markets.

In the initial months of FY 2025, Theon reported new contracts and participation in additional programs. Notably, the company confirmed its involvement in the German Future Soldier Program (IdZ). By March 2025, Theon had announced committed orders and options totaling over €200 million, covering approximately 90% of the company’s full-year revenue guidance. For FY 2025, Theon has issued revenue guidance in the range of €410 to €430 million. The adjusted EBIT margin is projected to remain in the mid-twenties. Capital expenditures for 2025 are expected to rise to €20 million. The dividend payout ratio is forecast between 30% and 40% of FY 2025 net income.

In March 2025, Theon placed approximately 3.2 million shares, representing 4.5% of its issued share capital. This transaction was conducted to increase share liquidity and diversify the company’s investor base. Theon was also included for the second year in a row in the Financial Times Europe’s list of 1,000 fastest-growing companies. The company began the process of becoming a participant in the United Nations Global Compact in 2025. This initiative is focused on aligning Theon’s operations with sustainability and ethical standards based on the UN's ten principles in areas including labor, human rights, anti-corruption, and the environment.

Founded in 1997 in Greece, Theon GROUP of companies designs and manufactures night vision and thermal imaging systems for defense and security applications. It operates globally through facilities and subsidiaries in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore, and South Korea. Over 200,000 systems produced by Theon are in operational use in 71 countries, including 26 NATO members. Theon International Plc has been listed on Euronext Amsterdam under the ticker Theon since February 2024.