More than €1 billion will be allocated in 2025 from the European Defence Fund (EDF) to the European defence ecosystem for…

THEON INTERNATIONAL PLC (THEON) presented its Q1 2024 Trading Update and confirms positive results and remarkable resilience.
This is the strongest Q1 ever achieved by THEON. A solid backlog allows for better programming and provides lower seasonality of business to achieve the 2024 guidance.
Q1 2023 contributed 12.4% to full-year revenue compared to Q1 2024 which contributed 23.0% of revenue, in line with the company’s more conservative €330m revenue target for 2024.
Also read: Estonia | Procures ARGUS night vision systems from Greek THEON
Key Financials
- Strong order intake continues with new orders reaching €39.0 million in Q1 2024, 26% higher than in Q1 2023.
- Revenue reached €75.8 million in Q1 2024, a record Q1, reflecting a 180% growth compared to Q1 2023.
- Adjusted EBIT amounted to €17.2 million in Q1 2024, showcasing a rise of 271% compared to Q1 2023 and implying a margin of 22.7% (vs 17.1% in Q1 2023).
- Net Profit amounted to €12.6 million for Q1 2024, in contrast to €2.8 million registered in Q1 2023, implying an increase of 3.6x.
- Net Cash equaled to €52.9 million as of 31 March 2024, compared to €0.1 million of Net Cash as of 31 December 2023, including the net IPO proceeds.
Demonstrating resilience, adaptability and a commitment to innovation, THEON has achieved this unprecedented success due to new contracts that the company has managed to sign during Q1. Following the recently signed contracts with the French Ministry of Interior and the Estonian Defence Forces, as well as the signing of the 3rd OCCAR contract tranche, THEON reached a soft backlog of €502.0 million at the end of Q1 2024.
Other contracts involve sales in North America, Europe and Middle East, including orders for THEON’s customized thermal clip-on systems, which are used with modern Fire Control Systems (FCS).
Also read: THEON – SUNROCK | Supply the French Ministry of Interior with ARGUS night vision systems
On top of that, THEON has contractual options of €586.0 million with a high probability of conversion to backlog. At the same time, the company foresees strong market demand to translate into new orders in the following quarters.
With the new orders, THEON has managed to add two more countries to its already large existing customer base, which now counts 70 countries that use THEON’s state-of-the-art systems, hence increasing interoperability of European and NATO forces.
THEON continues delivering on its business plan maintaining its high organic growth. At the same time, the Company advances with the M&A activities and has made significant progress on some fronts, aiming to make announcements in the coming months.
Christian Hadjiminas, founder and CEO of THEON, commented: “Despite the variable and fluid geopolitical and economic environment, THEON continues its growth, demonstrating excellent business performance and ensuring preservation of its sustainability.”
The Q1 financial results of THEON are now available on the company’s website https://www.theon.com/investors/publications.
Also read: OCCAR | Order to THEON SENSORS for additional Night Vision Goggles
READ MORE
SAS TECHNOLOGY | Partnership with FULCRUM CONCEPTS to Strengthen Defence Solutions and Advanced UCAV Capabilities
Spirit Aeronautical Systems S.A. (SAS) entered into a strategic Representative Agreement with Fulcrum Concepts LLC on January 13, 2025.
IDE | Dynamic new era with Share Capital Increase and Mr. Michalis Tsamaz as Chairman of the Board of Directors of Intracom Defence
With Mr. Michalis Tsamaz, a distinguished executive in the field of high-tech businesses, as Chairman and a 20% increase in its share…
Etemad | Iran’s New Ballistic Missile
Iran recently unveiled its new Etemad ballistic missile with a range of 1,700 km during a ceremony in Tehran attended by…
US Navy | Certification of the Operational Service of the New HELIOS Laser Weapon System
The US Navy has certified the operational service of the new HELIOS (High Energy Laser with Integrated Optical Dazzler and Surveillance)…
Lockheed Martin | Upgrade of the Trident II D5 Missile for the US Navy
Lockheed Martin has secured a $383 million contract modification to develop the next-generation Trident II Strategic…
INTRACOM DEFENCE | Launch of the ACTUS Project with Cypriot Participation
INTRACOM DEFENCE (IDE) has signed a €42 million Grant Agreement (No. 101168046 ACTUS–EDF-2023-DA) with the European Defence Fund…
XDOWN | Development of a Rugby Ball-Like Tactical Unmanned Aerial System
US defence startup XDOWN has developed a tactical Unmanned Aerial System called the PS Killer (PSK). Throwers use this lightweight drone…
European Defence Fund | Announcement of the 2025 EDF Work Programme
More than €1 billion will be allocated in 2025 from the European Defence Fund (EDF) to the European defence ecosystem for…