THEON International Plc, alongside Andres Industries AG, has secured a significant agreement through OCCAR to supply its new thermal clip-on system, IRIS-C, for Germany and Belgium. According to the company, Andres Industries will also provide maintenance for the systems.
The initial order is worth about €50 million, with options that could raise the total value to €150 million, mostly tied to deliveries in 2026 and 2027. THEON mentioned that IRIS-C has quickly drawn interest worldwide and is compatible with both its own and third-party night vision goggles. The firm expects its thermal and digital products to account for around 20% of revenues in 2026, up from under 10% in 2025.
As part of the deal, THEON is expanding production capacity in Belgium to support thermal and digital product assembly. CEO Christian Hadjiminas stated the contract shows the company’s ability to surpass established competitors, while Deputy CEO Philippe Mennicken pointed to the strong trust of customers in THEON’s systems.
The signing took place in Bonn, with the company noting it will share further updates during its Q3 results in November. THEON emphasized that the order strengthens its European presence and supports its push to diversify beyond night vision technologies
