THEON and Andres Industries win significant new order via OCCAR for the new IRIS-C thermal imaging clip-on.
- Initial order via OCCAR of approximately €50 million with an embedded option of €150 million.
- IRIS-C is experiencing strong demand worldwide from existing and new customers and is expected to become the new reference product for upgrading night vision devices.
- THEON is successfully expanding its total addressable market with new, state-of-the-art thermal imaging/digital products, which are expected to account for approximately 20% of total revenue in 2026 and will continue to increase from 2027 onwards.
September 17, 2025
Theon International Plc (THEON) and Andres Industries AG (ANDRES) announce the award of a significant new contract through OCCAR for the supply of THEON's new generation IRIS-C thermal imaging clip-on in Germany and Belgium. ANDRES will also be responsible for product maintenance. THEON partnered with ANDRES in the tender process and prevailed against competitors with established systems on the market for over 10 years.
The initial order is worth approximately €50 million, with an embedded option of approximately €150 million. Deliveries are primarily scheduled for 2026–2027, which significantly increases medium-term planning certainty and growth prospects. THEON expects all options to be exercised. The contract and initial budget have already been approved by the respective countries.
Since its launch, IRIS-C has seen strong global demand and is expected to become an essential thermal imaging add-on for thousands of deployed night vision devices. THEON has already sold more than 200,000 night vision devices (monoculars and binoculars), and IRIS-C represents a significant upgrade by offering fusion imaging, digital capabilities, and interconnectivity for the armed forces that adopt it. Importantly, the IRIS-C thermal imaging clip-on can be added to any NVG—not just THEON's market-leading products.
Europe and the Middle East will remain THEON's most important markets in the coming years, as the anticipated demand for portable equipment continues to rise. This new order follows THEON's earlier announcement of its participation in the IdZ program (Infantryman of the Future – System Soldier of the German Armed Forces) and demonstrates the company's ability to successfully diversify its product portfolio through leading in-house developments. These head-up displays and thermal imaging clip-ons are expected to become the new benchmark products for modern armed forces – initially in Europe, and later worldwide.
The contribution of ARMED and thermal imaging products to THEON's total revenue is expected to double in 2026, reaching approximately 20% (2024: <10%). Further growth is anticipated thereafter. In addition, THEON expects significant sales of new platform-related products starting in 2027, with the goal of generating 50% of its revenue outside the night vision business in the medium term, thereby considerably expanding its overall market. Demand for night vision devices will remain high, as the adoption rate of such systems continues to be low.
This new contract is directly related to THEON's recent expansion in Belgium and its investment in ANDRES. As part of its industrial commitment to OCCAR, THEON has already begun expanding production in Belgium (Greater Brussels area), including assembly capacity and further investments and activities in the field of thermal imaging/digital products. THEON intends to leverage Belgium's technical and scientific expertise in this sector, as well as its role as home to EU and NATO headquarters.
THEON has been invited to the contract signing for the new IRIS-C, which is scheduled to take place at OCCAR in Bonn on September 24, 2025.
IRIS-C Thermal Imaging Clip-On
Christian Hadjiminas , founder and CEO of THEON, commented on the contract award:
“THEON has succeeded in winning the largest tender for portable systems in Europe this year. Most importantly, we achieved this with one of our new products, which competed against similar systems from other companies that have been established for many years. This is significant proof of our proven quality and the rapid development and design work of our engineering team. Germany and Belgium will become even more important for our future growth, as our steadily expanding local and thus global production footprint paves the way for commercial success. We expect further positive news in the coming months as we participate in additional tenders and are in active discussions with existing customers – primarily in Europe and the Middle East – who intend to place additional orders based on existing framework agreements.”
Philippe Mennicken , Deputy CEO & Business Development Director of THEON, explained:
“These new orders are a testament to the long-standing relationships we have built with our customers. THEON remains the preferred supplier for portable systems, as our products are robust and have been tested under the most extreme conditions in all operating environments.”
THEON will present its Q3 trading update on November 3rd and host a Capital Markets Day in Athens on November 6th to further explain the THEON NEXT Vision & Strategy .
In the picture from left to right
Christian Hadjiminas CEO Theon Sensors
Joachim Sucker, Director of the OCCAR Executive Administration
Dr. Björn Andres, CEO Andres Industries AG
