Theon International has announced a significant contract exceeding 100 million euros ($115 million) with a NATO member state in Europe. The agreement centers around the supply of several thousand night vision goggles, monoculars, and binoculars. This contract forms part of a larger multi-year framework agreement worth 300 million euros ($344 million), which was disclosed on October 17. The framework includes the provision of Theon’s latest IRIS-C thermal clip-on systems.
Delivery schedules for the initial tranche of this agreement are organized for the years 2026, 2027, and 2028, with expectations for additional orders in the near to medium term that will also comprise both night vision devices and the IRIS-C systems.
This latest acquisition follows a previous contract valued at approximately 50 million euros ($58.7 million) that involved supplying next-generation IRIS-C thermal clip-on systems to both Germany and Belgium.
The demand for Theon’s products has surged, with the company’s total orders for the current financial year now exceeding 370 million euros ($425 million). Additionally, ongoing negotiations for new orders are estimated at approximately 441 million euros ($506.6 million).
As of early November, the company’s backlog—excluding invoices from October—has reached around 700 million euros ($804 million), with options totaling about 720 million euros ($827 million).
Philippe Mennicken, Deputy CEO & Business Development Director of Theon, noted an acceleration in demand during the fourth quarter, aligning with historical seasonal trends. He expressed confidence that more orders will arrive in upcoming quarters as European nations seek to enhance their military capabilities.
Furthermore, many countries are reportedly looking to bolster both their active military personnel and reserve forces, presenting additional growth opportunities for Theon International. These anticipated future orders are expected to further augment the company’s backlog, thereby enhancing visibility and stability in the years ahead.
