THEON INTERNATIONAL PLC (THEON) has announced its interim results for the financial year 2024, demonstrating exceptional performance, with forecasts for 2025 confirming sustained dynamic growth. 

Approximately 80% of the lower end of the forecast range is already covered by the backlog.

According to the announcement, THEON achieved revenues of €352.4 million, reflecting an annual increase of 61.1%, with an adjusted profit margin before taxes and interest (Adjusted EBIT) of €88.2 million, representing the industry’s highest profit margin at 25.0%.

At the end of 2024, working capital had increased, primarily due to heightened demand from one-off orders requiring rapid deliveries. This validates the strategic decision to stockpile key components for long-term agreements. The normalisation of working capital began in early January 2025.

Also read: THEON International | New orders amounting to €74 million having already exceeded €150 million in the 4th trimester

The company secured additional orders amounting to €466 million in the fiscal year 2024, further strengthening its strong backlog and international presence.

Due to significant organic growth and the acquisition of Harder Digital, THEON’s workforce increased from 297 to 618 employees. This includes the addition of 19 highly skilled engineers to the Research and Development team. The company continued its commitment to developing the skills of its employees, providing approximately 2,100 hours of training in 2024. 

In addition, 37% of THEON’s workforce is now female (up from 23% at the end of 2023), enhancing the diversity of its workforce. THEON’s first year as a listed company was also marked by the achievement of notable strategic milestones, highlighting THEON’s commercial and business potential and supporting its future growth prospects:

1. In December, THEON announced the exercise of the 3rd consecutive option from the OCCAR contract for the Production and Support of Binocular Night Vision Goggles (BNVG), through which THEON’s Joint Venture with HENSOLDT Optronics GmbH will continue to supply several thousand additional THEON Mikron Night Vision Systems to the German and Belgian Armed Forces.
2. In October, THEON completed its first major acquisition, securing a 60% controlling stake in Harder Digital, a specialist manufacturer of Image Intensifier Tubes. The acquisition of Harder Digital allowed THEON to vertically integrate the most critical component of Night Vision Systems, securing its supply chain and gaining access to technologies that enhance R&D capabilities and support new product development.  This acquisition had a limited financial impact in fiscal year 2024, contributing approximately €1 million in sales, while having a marginal impact on earnings before interest and taxes (EBIT), as the acquisition was completed in November.
3. The long-term commercial agreement signed in September with Exosens, THEON’s largest supplier and leading manufacturer of Image Intensifier Tubes, allowed it not only to secure its supply chain, but also to further reduce the delivery times of the new orders it received.
4. Driven by its dedication to innovation and with the vision of providing fully integrated, interconnected electro-optical system solutions for the soldier to its customers worldwide, THEON introduced the innovative system ecosystem A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices), during Eurosatory in June. These systems are designed to meet the modern soldier’s needs for enhanced situational awareness, integrated electro-optical imaging solutions and seamless connectivity. The initial success of these products occurred in early 2025 when THEON’s new Heads-Up Display system was included in the German “Future Soldier” (IdZ) Program and delivered to the German Armed Forces.
5. In line with its strategic vision for growth and expansion, THEON invested €10 million in the development of platform-based products. 

Also read: THEON International | Receipt of New Orders in January 2025–Participation in the German Future Soldier Programme

THEON’s performance and investment in corporate culture is recognized and from the awards it received:

• In 2024, THEON was awarded the Great Place to Work® Certification for the second year in a row, following an evaluation carried out by the organization Great Place to Work® Hellas.
• In March, THEON was also the only defense company to be included in the 1000 fastest growing companies in Europe for 2024 by the Financial Times & Statista. 
• The company was honored at the Kouros Awards 2024 for its outstanding performance in International Financial Athletics, recognizing its presence at an international level. 
• Finally, THEON was recently named “Growth Winner” at the Growth Awards, organized by Grant Thornton and Eurobank, to reward business excellence and strategic development.

Provisional results 2024 – Key facts

* Excluding the obligation from the repurchase program amounting to €6.7 million/€13.6 million in 2024/2023 respectively

** Including the net proceeds from the Initial Public Offering amounting to €93.9 million.

Fiscal Year 2025 Forecasts

THEON will publish its Annual Financial Report for 2024 on 14 April 2025, after market close. On April 15, 2025, a live conference call to answer questions about the report is scheduled.

Also read: THEON INTERNATIONAL | German parliament approves the exercise of the 3rd option of the OCCAR Night Vision contract