THEON Announces a New Order for Night Vision Goggles Worth Over EUR100M

Theon International Plc (THEON) secured a new order worth over €100 million from a European NATO member state as part of the €300 million framework agreement announced on 17 October. This first tranche of this agreement requires the delivery of several thousands Night Vision Goggles (NVGs), monoculars and binoculars. The deliveries are evenly scheduled for 2026, 2027 and 2028. Additional orders are expected in the short and mid-term under the same agreement, not only for NVGs but also for Thermal clip-ons IRIS-C.

In light of recent announcements, year-to-date order intake has exceeded €370 million, with additional new options amounting to €441 million. Consequently, as of 4 November, the soft backlog – excluding orders invoiced in October – stands at approximately €700 million with total options of c.€720 million.

Philippe Mennicken, Deputy CEO & Business Development Director of THEON, commented: “We have already been experiencing an acceleration of demand in Q4, in line with annual seasonality. 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.”