Illuminating the Battlefield – Two Decades of Night Vision and Thermal Imaging Leadership

In the intricate tapestry of modern defence, where battles are fought not just in daylight but under the cloak of darkness, the ability to see, understand, and act upon the unseen becomes a decisive advantage. For over two decades, THEON has stood at the forefront of this critical domain, transforming the nocturnal battlefield through its advanced night vision and thermal imaging systems. From its origins in Greece, THEON has evolved into a global powerhouse, equipping armed forces and security agencies in over 71 countries, including 26 NATO members, with cutting-edge electro-optical solutions that enhance situational awareness, improve targeting, and ultimately save lives.

THEON is more than just a manufacturer; it is an innovator driven by a singular mission: to provide unparalleled visibility in the most challenging conditions. Its story is one of relentless research and development, strategic international expansion, and an unwavering commitment to the soldiers and security personnel who rely on their technology every day.

The Genesis and Early Vision (1997-2013)

The journey of THEON began in 1997 in Greece, when the company, then known as THEON Sensors, was founded by Christian Hadjiminas, who remains its CEO. In an era when defence optronics were largely dominated by established players, THEON carved out its niche by focusing on innovation and agile development. The initial vision was clear: to develop high-quality optical devices that would enhance surveillance and reconnaissance operations, particularly for military and security applications.

The early years were dedicated to intense research and development, building foundational expertise in optical, mechanical, and electronic engineering, alongside burgeoning capabilities in software and computer vision. THEON’s commitment to owning its technologies from design to manufacturing allowed for full control over quality and customization, a crucial differentiator in a market demanding precision and reliability.

A pivotal early success came in 2004 with the company’s first major international contract: the supply of night driver viewers to the Australian Armed Forces. This marked THEON’s expansion beyond its domestic market and signaled its ambition for global reach. This was followed by successive contracts in European countries like Sweden, the Netherlands, and Denmark, demonstrating the quality and effectiveness of their early product lines. These initial successes, often involving co-production partnerships in various Asian countries, laid the groundwork for THEON’s future international footprint.

By 2013, recognizing a global trend among end-users to transition from monocular or bi-ocular systems to binocular night vision devices, THEON launched its now flagship NYX night vision binocular. This product, designed with enhanced stereoscopic vision and user comfort in mind, would become a cornerstone of their portfolio and achieve significant international acclaim.

Global Expansion and Strategic Breakthroughs (2014-2023)

The period between 2014 and 2023 saw THEON accelerate its global expansion and achieve major strategic breakthroughs, solidifying its position as a market leader. Continuous international success led to contracts in Poland, Latvia, Portugal, Austria, and with the German Armed Forces. Notably, in Switzerland, THEON’s partner SAFRAN-Vectronix secured contracts for the supply of THEON’s night vision binoculars, further extending their European reach.

A landmark achievement came in mid-2019, when THEON, through its U.S. local partner, celebrated a major breakthrough by securing an export contract for the Squad Binocular Night Vision Goggle (SBNVG) program of the U.S. Marine Corps (USMC). This was a monumental win, a $249 million, five-year IDIQ (Indefinite Delivery/Indefinite Quantity) contract to supply over 14,000 systems. THEON provided its NYX binocular in a Semi Knock Down Kit format, with final manufacturing and dissemination performed at its American partner’s facility. This contract, a testament to the battle-proven performance, high technical features, and quality of THEON’s products, cemented their status as a trusted supplier to some of the world’s most demanding armed forces, including those of the “5 Eyes” countries (USA, Canada, UK, Australia, New Zealand). Christian Hadjiminas highlighted this as “the biggest success of a Greek defense industry in the U.S. market,” underscoring the years of persistent effort behind it.

This period also saw THEON diversify its offerings. While night vision remained central, the company began to significantly invest in thermal imaging technology, recognizing its complementary value for detection in conditions where light intensification is less effective (e.g., fog, smoke, total darkness, or camouflage). This led to the development of standalone and clip-on uncooled thermal sights, thermal driver viewers, and customized thermal targeting equipment.

The company’s global footprint expanded rapidly, establishing subsidiaries and production facilities in Greece, Cyprus, Germany (under a joint venture with Hensoldt), the Baltics, the United States (owned by EOTECH), the Gulf States, Switzerland, Denmark, Belgium, Singapore, and South Korea. By 2023, THEON GROUP had over 200,000 systems in service, a clear indicator of its significant market penetration.

A New Chapter: Public Listing and Vertical Integration (2024-Present)

2024 marked a pivotal year for THEON, ushering in a new era of growth and strategic independence. In February 2024, THEON International PLC was successfully listed on Euronext Amsterdam (AMS: THEON). This significant public offering raised approximately €94 million (net proceeds), providing substantial capital to fuel both organic growth initiatives and strategic acquisitions. This listing not only bolstered the company’s financial strength but also increased its visibility and access to international capital markets.

A crucial strategic move in October 2024 was the acquisition of a 60% controlling stake in Harder Digital, a specialist manufacturer of Image Intensifier Tubes (IITs). This acquisition represented a significant step towards vertical integration, allowing THEON to insource a critical component of the night vision value chain. By securing its supply chain for IITs, THEON reduced dependency on third-party suppliers, gained access to niche technologies, and enhanced its in-house R&D capabilities for developing new, cutting-edge products. This move was particularly impactful given global supply chain uncertainties.

Simultaneously, THEON signed a long-term commercial agreement with Exosens (formerly Photonis), another leading high-tech company focused on amplification, detection, and imaging devices. This partnership further fortified THEON’s supply chain and enabled faster delivery times for new orders, showcasing a proactive approach to managing the demands of the defence market.

Financially, THEON demonstrated exceptional performance in 2024 and early 2025. For the full year 2024, revenue surged to €352.4 million, a remarkable 61.1% increase year-over-year from €218.7 million in 2023. Net income improved by 86.78% to €67.42 million. Order intake was strong at €466 million, resulting in a robust soft backlog of €654 million by the end of 2024, providing significant visibility for future revenues. This strong financial health, coupled with a net cash position of €41.9 million (as of end 2024), empowers THEON to execute aggressive organic and inorganic growth strategies. The company’s workforce also expanded significantly, from 297 to 618 employees in 2024, including the addition of 19 highly skilled engineers to the R&D team.

Product Innovation: The A.R.M.E.D. Ecosystem and Beyond

THEON’s commitment to innovation is continuous, manifested in its latest product developments and forward-looking concepts. At Eurosatory in June 2024, THEON introduced its cutting-edge A.R.M.E.D. (Augmented Reality Modular Ecosystem of Devices) ecosystem. This initiative represents a significant leap towards fully integrated, connected soldier optronic solutions. The A.R.M.E.D. suite is designed to fuse imagery and data for enhanced battlefield performance, moving beyond traditional night vision systems to integrated augmented reality solutions.

Key products within this ecosystem include:

• IRIS-C Thermal Clip-On: Introduced in 2024, this system is designed to be compatible with both THEON’s existing night vision goggles (like NYX, Mikron, or Argus models) and third-party systems. It overlays thermal imagery onto traditional night vision, offering a fused image that combines the strengths of both technologies. The advanced model of IRIS-C integrates with Battle Management Systems (e.g., ATAK), displaying tactical data such as friendly force locations or mission waypoints directly within the soldier’s field of view, thereby enhancing strategic awareness in complex combat environments. Orders for IRIS-C have already been received from three NATO nations and two Middle Eastern countries, highlighting its global demand.
• THEA Heads-Up Display: This transparent head-up display projects mission-relevant and geo-referenced data directly into the user’s line of sight without obscuring their vision. Recently selected for the German Future Soldier Program (IdZ), THEA seamlessly integrates into digitally networked operational environments, supporting improved coordination and faster tactical decision-making. Its incorporation into such a prestigious program early in 2025 validates its advanced capabilities.
• THERMIS Thermal Sight: A field-proven thermal clip-on sight available in Medium Range (MR), Long Range (LR), and Extra Long Range (ELR) variants. THERMIS uses an uncooled infrared sensor and includes a digital compass, inclinometer, and advanced image processing algorithms, offering target detection in obstructed environments. It has been selected by the UK Ministry of Defence for the Sniper In-Line Low Light System (SILLS) and is in service with the Canadian armed forces.

Beyond man-portable systems, THEON also designs and manufactures Multi-Sensor Electro-Optical Systems for ISR (Intelligence, Surveillance, and Reconnaissance) applications. These systems, such as the TALOS (for land-based short- to long-range surveillance) and TRITON (optimized for maritime deployment), integrate Day, LWIR (Long-Wave Infrared), MWIR (Mid-Wave Infrared), SWIR (Short-Wave Infrared) vision with laser range finding, laser pointing, laser designating functionality, and advanced image processing capabilities like image blending, automatic object detection/recognition/identification, and automated target tracking. These are designed for “On the move” ISR applications installed in vehicle/vessel platforms or for “Fixed ground” Border/Coastal Surveillance, providing comprehensive situational awareness for critical security missions.

Commitment to Quality, Compliance, and ESG

Quality and compliance are non-negotiable in the defence sector. THEON’s systems undergo rigorous testing according to military specifications and standards, adhering to the highest quality assurance and control criteria before market entry. The company maintains a Quality Management System in accordance with ISO 9001:2015 and ISO 14001:2015 for the design, production, and trading of electro-optical systems. Furthermore, its manufacturing facilities and personnel hold NATO security clearance for defence-related projects, ensuring the highest levels of operational security and trust.

Beyond product excellence, THEON is increasingly focusing on Environmental, Social, and Governance (ESG) principles. Their integration of sustainable manufacturing processes, such as solar energy utilization and rigorous waste management, alongside fostering an inclusive and safe workplace, demonstrates a commitment to long-term ecological and social responsibility. This dedication was recognized with the “Great Place to Work® Certification” for the second consecutive year in 2024, a testament to their positive corporate culture. Their inclusion in the Financial Times & Statista’s “1000 Fastest Growing Companies in Europe for 2024” for the second consecutive year further highlights their growth trajectory and innovative spirit.

The Vision Ahead: Sustained Growth in a Demanding Market

THEON’s strategic roadmap for the coming years is one of sustained growth, driven by continued product innovation and further market penetration. They anticipate further large orders and are in advanced stages of several significant tenders globally. The company expects strong growth for FY 2025, with revenue guidance between €410 – €430 million, underpinned by their robust backlog and international traction for their new A.R.M.E.D. products.

With over 200,000 systems in service across 71 countries, THEON’s global footprint is extensive, encompassing production facilities and offices across Europe, North America, Asia, and the Middle East. Their strategic priorities include continued investment in R&D, exploring AI-enhanced vision systems, expanding their ISR solutions portfolio, and deepening their presence in high-growth regions like the Indo-Pacific.

THEON is not just adapting to the evolving demands of modern combat; it is actively shaping them. By consistently delivering cutting-edge optoelectronic solutions that enhance situational awareness, provide tactical advantage, and ensure operational superiority in low-light and obscured conditions, THEON continues to empower defence and security forces worldwide. Their journey from a Greek startup to a global leader underscores the critical role of specialized SMEs in driving technological advancement and ensuring the readiness of armed forces in an increasingly complex and unpredictable world. THEON’s story is a shining example of how vision, engineering excellence, and strategic expansion can illuminate the path to a more secure future.