PRESS RELEASE
Bloomberg (THEON:NA) / Reuters (THEON.AS)
- Initial order through OCCAR of c.€50 million, with embedded option of €150 million
- IRIS-C gaining strong traction among existing and new customers globally, expected to become the new reference product for upgrading NVGs
- THEON successfully expanding its overall addressable market with its new cutting-edge Thermal/ Digital products, which are expected to represent c.20% of total revenues in 2026 and increase further from 2027 onwards
24 September 2025 – Theon International Plc (THEON) and Andres Industries AG (ANDRES) announce the signing of a notable new contract through OCCAR for deliveries of THEON’s new generation thermal clip-on IRIS-C in Germany and Belgium, with ANDRES undertaking maintenance of products. THEON participated in the tender with ANDRES, and managed to prevail over competition in technical and other aspects versus established systems.
The initial order is for c.€50 million with an embedded option of c.€150 million, and mainly requires deliveries in 2026-2027, significantly increasing THEON’s mid-term revenue visibility and growth trajectory. THEON expects all options to be duly exercised.
Since its launch, IRIS-C has quickly experienced strong demand globally and is expected to become an essential thermal add-on to tens of thousands of NVGs already deployed worldwide. THEON has sold more than 200,000 NVGs (monoculars and binoculars), and IRIS-C provides a major upgrade by offering fused imagery, digital capabilities and interconnectivity to the armies that adopt it. Importantly, the IRIS-C thermal clip-on can be added to any NVGs in addition to THEON’s market-leading products.
Europe and Middle East will remain the key markets for THEON in the years to come with the anticipated demand for man-portable equipment expected to increase further. This new award follows THEON’s announcement of IdZ (German Future Soldier) earlier in the year and demonstrates THEON’s ability to successfully diversify its product portfolio through leading in-house innovation. …