The company’s order intake for the year reached €466 million, resulting in a 20% year-on-year increase in its soft backlog, which now stands at €654 million. Additional embedded options worth €301 million provide further business visibility. THEON also closed the year with a net cash position of €41.9 million, ensuring financial flexibility to pursue both organic growth and strategic acquisitions.
For FY 2025, the company has reiterated its revenue guidance in the range of €410-430 million, with a targeted EBIT margin in the mid-twenties. Approximately 80% of the lower end of this range is already covered by the existing backlog, providing a strong foundation for continued expansion.
FY 2024 was a significant year for THEON, marked by key strategic developments. In December, the company secured an extension of its OCCAR contract, continuing the supply of Mikron Binocular Night Vision Goggles (BNVG) to the German and Belgian Armed Forces through its consortium with HENSOLDT Optronics GmbH. In October, THEON completed its first major acquisition, acquiring a 60% controlling stake in Harder Digital, a specialist manufacturer of Image Intensifier Tubes. The acquisition strengthens THEON’s vertical integration, enhances its R&D capabilities, and secures a key component of its supply chain.
In September, THEON signed a long-term commercial agreement with Exosens, a high-tech company specialising in mission-critical amplification and imaging devices. The agreement is expected to streamline supply chains and reduce delivery times, supporting the company’s growing demand. In June, THEON introduced A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) at Eurosatory, a next-generation soldier system designed for enhanced situational awareness and fused imagery. The system has already been adopted by the German Future Soldier Program (IdZ) and supplied to the German Armed Forces in early 2025.
THEON also saw significant expansion in its workforce, growing from 297 to 618 employees, including 19 additional engineers in its R&D division. The company has strengthened its commitment to diversity, increasing female representation to 37% from 23% at the end of 2023. Meanwhile, its ongoing investment in innovation saw €10 million allocated to the development of platform-based products, in line with its broader growth and diversification strategy.
The strong performance of THEON in 2024 has been recognised with several industry accolades. The company received the Great Place to Work® Certification for the second consecutive year and was listed among Europe’s 1000 Fastest Growing Companies by Financial Times & Statista. It was also honoured at the Kouros Awards 2024 for its outstanding international economic performance and named Growth Winner at the Growth Awards, an event organised by Grant Thornton and Eurobank.
THEON’s founder and CEO, Christian Hadjiminas, highlighted the company’s strong momentum and future ambitions. “We are proud to have exceeded our guidance in our first year as a listed company. Moving forward, we will continue to focus on profitable organic growth while exploring strategic acquisitions. This success is a testament to the dedication and expertise of our employees, who drive THEON’s leadership in the global defence and security sector.”
