THEON receives a new order from a Northern European country for the thermal clip-on IRIS -C and swiftly converts soft backlog to hard backlog

Group 1 - Theon International Plc (THEON) has received a significant order for thermal clip-ons IRIS-C from a long-standing customer for their Special Forces, indicating strong demand for its products in Q3 [1][7] - This order follows the earlier announcement of the IdZ (German Future Soldier) and highlights THEON's successful diversification of its product portfolio through in-house innovation [2][3] - Philippe Mennicken, Deputy CEO, emphasized that this order is a testament to the capabilities of THEON's design team and anticipates large tender awards for the IRIS-C product, which will further diversify revenues starting next year [3] Group 2 - The IRIS-C thermal clip-on is gaining traction globally and is expected to become the new reference product for upgrading night vision goggles (NVGs) [7] - In the last 15 days, approximately €66 million of previously announced orders have transitioned to hard backlog, primarily involving THEON's new digital A.R.M.E.D. products [7] - THEON GROUP has a strong international presence with over 200,000 systems in service across 71 countries, including 26 NATO countries, and has been listed on Euronext Amsterdam since February 2024 [5]