THEON is expanding its market with its new, advanced thermal/digital products.
According to the company, the new products are expected to account for approximately 20% of the company’s total revenue in 2026 and to increase further from 2027 onwards. In particular, Theon International Plc (THEON) and Andres Industries AG (ANDRES) have signed a significant new contract through OCCAR, for the delivery of THEON’s new generation IRIS-C thermal clip-on in Germany and Belgium, with ANDRES undertaking the technical support of the products.
THEON participated in the tender with ANDRES and prevailed over the competition in technical and other requirements for their products.
IRIS-C is gaining strong momentum among existing and new customers worldwide, and is expected to become the new benchmark for upgrading night vision capabilities.
The initial order is worth approximately 50 million euros, with additional purchase options for an additional 150 million euros. The initial order is mainly for deliveries in 2026-2027, significantly strengthening the company’s backlog and growth trajectory. THEON expects that all additional purchase options will be fully exercised. This contract is directly linked to THEON’s recent expansion in Belgium and the investment in ANDRES.
As part of its commitments to OCCAR, THEON has already started the expansion of its production activity in Belgium (in the Brussels area), which includes an assembly line, as well as further related investments and activities in the Thermal/Digital systems sector.
THEON aims to leverage the technical and research training of Belgian industry in this sector, as well as the country’s strategic location as the headquarters of the European Union and NATO.
