THEON INTERNATIONAL Plc (THEON)  has recently published its Annual Financial Report for 2024, with the results reflecting a very strong performance and the achievement of key milestones throughout the year.

Financial Highlights

• New orders totaling €466 million, representing 1.3x annual revenue
• Order backlog of €654 million, up 21.1% compared to the previous year and equivalent to 1.9x annual revenue, providing strong revenue visibility
• Revenue increased by 61.1%, driven by additional orders under existing contracts and the successful securing of multiple new contracts with customers globally
• Operating profit margin (adjusted EBIT) maintained at 25.1%, in line with the target range of 24–26%
• Increased capital expenditure of €10.7 million, aimed at supporting future growth—primarily through expanding Harder Digital’s capabilities and designing innovative new products
• Net cash position of €41.7 million, strengthening the company’s ability to execute its growth strategy both organically and through acquisitions
• Proposed dividend of €0.34 per share, corresponding to a 35% payout ratio of the 2024 net profit

Also read: THEON | Announcement of Interim Financial Results for 2024

Operational and Strategic Highlights

In 2024, THEON made significant progress across all pillars of its growth strategy. A defining milestone was the company’s successful listing on the Euronext Amsterdam Stock Exchange in February 2024, raising approximately €94 million in net proceeds to support both organic growth and the diversification of its product portfolio through acquisitions.

Key achievements included the securing of numerous new contracts globally, such as the extension of the OCCAR contract, a new agreement with the Estonian Armed Forces, and the launch of the innovative A.R.M.E.D. ecosystem (Augmented Reality Modular Ecosystem of Devices).

THEON also acquired Harder Digital, a specialised manufacturer of Image Intensifier Tubes, enabling the vertical integration of a critical component within its supply chain and enhancing operational security. In addition, a long-term commercial agreement was signed with Exosens to further strengthen the supply chain.

Recent Developments – Future Outlook

Looking ahead, THEON has already made a strong start to 2025, with new contracts and participation in major programmes, such as Germany’s “Soldier of the Future” (IdZ) initiative. The company has secured additional orders,  bringing the 2025 sales target coverage to approximately 90% and improving revenue visibility for the years ahead.

With growing global demand for the A.R.M.E.D. interconnected augmented reality device ecosystem—combined with continued development potential due to the relatively low global penetration of Night Vision Systems—THEON anticipates further order intake. The company is also in advanced stages of several major tenders and confidently forecasts strong growth over the coming years.

In March 2025, THEON completed a private placement of approximately 3.2 million shares (representing 4.5% of the issued share capital), expanding its investor base and enhancing liquidity.

THEON was also included—for the second consecutive year—among Europe’s 1,000 fastest-growing companies, according to the Financial Times FT 1000 list, compiled in collaboration with Statista.

Finally, THEON has initiated the process of adopting the United Nations Global Compact (UNGC) Guiding Principles, demonstrating its commitment to integrating sustainable and ethical practices into its operations.

Summary of Financial Results

* To be proposed at the Annual General Meeting

Fiscal Year 2025 Forecasts

THEON’s management held the 2024 Full-Year Earnings Conference Call, offering an opportunity for Q&A on Tuesday, 15 April  2025, at 15:00 (Greek time).

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