Theon International has secured a contract worth more than 100 million euros ($115 million) from a European NATO member state to supply several thousand night vision goggles, monoculars, and binoculars.
This is part of the 300-million-euro ($344-million) multi-year framework agreement, encompassing the supply of Theon’s new IRIS-C thermal clip-on systems.
Deliveries for the first tranche of the agreement are evenly scheduled across 2026, 2027, and 2028.
Further orders are anticipated in the short- to mid-term under the same framework, encompassing both night vision goggles and IRIS-C thermal clip-on systems.
The order follows an earlier contract worth approximately 50 million euros ($58.7 million) for the supply of next-generation IRIS-C thermal clip-on systems to Germany and Belgium.
Rising Demand
With the latest contract, the Cyprus-based company’s cumulative orders for the financial year have exceeded 370 million euros ($425 million), while new options under negotiation amount to 441 million euros ($507 million).
As of November 4, the firm’s backlog, excluding orders invoiced in October, totals roughly 700 million euros ($804 million), with options worth around 720 million euros ($827 million).
“We have already been experiencing an acceleration of demand in Q4, in line with annual seasonality,” Deputy CEO & Business Development Director of THEON Philippe Mennicken said.
“We expect more orders to come in the coming quarters as Europeans look to equip their soldiers with additional capabilities.
At the same time, many countries are seeking to expand both their regular soldiers and reserve military forces, which presents additional opportunities for our business.
These anticipated orders are expected to increase our backlog and thus our visibility in the years to come.”
