Belgium and Germany order Theon's IRIS-C thermal system to spot enemies faster in combat.

On September 24, 2025, Theon International Plc signed a new contract with the Organisation for Joint Armament Cooperation for the delivery of its IRIS-C thermal clip-on system to Germany and Belgium. The contract, concluded in cooperation with Andres Industries AG, includes an initial order worth approximately €50 million and an embedded option valued at around €150 million.
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Beyond thermal and night vision fusion, Theon's IRIS-C thermal clip-on system can also display augmented reality data (friend/foe identification, targets, tactical overlays...) in the user’s field of view. (Picture source: Army Recognition)

Deliveries are mainly scheduled for 2026 and 2027, and Andres Industries will be responsible for maintenance. The signing ceremony was held in Bonn and was attended by Christian Hadjiminas, founder and CEO of Theon, Joachim Sucker, Director of OCCAR, and Dr. Björn Andres, CEO of Andres Industries. Theon indicated that the contract was awarded after competing against established systems, with the evaluation process highlighting technical and operational strengths.

The IRIS-C system is part of Theon’s Augmented Reality Modular Ecosystem of Devices and is designed to function as a clip-on thermal device compatible with both Theon products and third-party night vision goggles. It provides fused imagery that combines intensified and thermal views, enhancing the operator’s ability to detect, recognize, and track targets in varying light and environmental conditions. In addition to thermal fusion, IRIS-C can display augmented reality data such as friend-or-foe identification, target recognition, and mission overlays when integrated with Theon’s Smart Battery Pack or Smart Gateway. This integration allows connectivity to battle management systems, including ATAK. The system’s modular approach is designed to upgrade existing inventories without replacing equipment, a factor of importance given that Theon has sold more than 200,000 night vision monoculars and binoculars worldwide.

The company stated that the full value of the contract options is expected to be exercised, which would substantially increase mid-term revenue visibility and strengthen growth projections. Since its introduction, IRIS-C has experienced high demand globally and is projected to become a significant upgrade for existing night vision equipment, particularly in Europe and the Middle East, where procurement of man-portable systems is expected to expand further. Theon highlighted that the new award follows its earlier success with the German Future Soldier program, also known as IdZ, and is part of its broader strategy to diversify its product portfolio through in-house development of advanced digital and thermal solutions. Theon has positioned IRIS-C and related systems as potential reference products for future procurement programs in advanced armed forces.

The contract is linked to Theon’s recent industrial activities in Belgium and Germany. In Belgium, the company has expanded production in the Brussels area to support thermal and digital products, establishing assembly capabilities and related infrastructure. This expansion is intended to take advantage of Belgian technical expertise and the country’s location as host to both the European Union and NATO headquarters. The investment in Andres Industries further strengthens Theon’s industrial base in Germany and enhances maintenance and operational support for delivered systems. These steps form part of the company’s commitments to OCCAR and are presented as means of supporting the timely execution of the new contract while expanding Theon’s long-term role in European defense supply chains.

Within the A.R.M.E.D. ecosystem, IRIS-C is one of several products that integrate fused vision and digital connectivity for the modern soldier. Other devices include Orion, a fused night vision binocular that combines intensified and thermal imagery with augmented reality overlays, and THEA, a head-up display for daytime use that projects tactical data and video feeds from other sensors. These systems can all be powered and linked through Theon’s Smart Battery Pack or Smart Gateway, which serve as power and processing units that connect to battle management systems. This ecosystem is designed to ensure that soldiers have modular, upgradable tools that can provide both enhanced perception and digital connectivity, supporting a variety of mission requirements.

Theon forecasts that revenue from A.R.M.E.D. and thermal imaging products will approximately double to 20 percent of total sales in 2026, up from less than 10 percent in 2025, and continue to grow thereafter. Starting in 2027, the company expects to achieve material sales of new platform-related products, aiming to increase the share of revenues from non-night vision products to 50 percent in the mid-term. Despite this diversification, demand for night vision products is projected to remain strong, given relatively low penetration rates globally. Company executives emphasized that the OCCAR contract represents the largest European man-portable tender of the year. CEO Christian Hadjiminas described the outcome as confirmation of Theon’s competitiveness with new products, while Deputy CEO Philippe Mennicken referred to it as evidence of the company’s established client relationships. Theon will publish its Q3 trading update on November 3 and will hold a Capital Markets Day in Athens on November 6 to present its Theon NEXT Vision and Strategy.

This new award highlights Theon’s ongoing effort to expand its European industrial base while adapting to rising demand for digital and thermal soldier systems. It complements other corporate developments, including the acquisition of Kappa Optronics in Germany and relocation of the German headquarters to Berlin. By consolidating industrial capacity in Belgium and Germany, Theon is strengthening its presence in the European defense landscape and aligning with cooperative procurement frameworks led by OCCAR. Integration of IRIS-C into operational inventories in Germany and Belgium is expected to further demonstrate its utility and may serve as a model for adoption in other European countries and allied markets, where demand for modular, fused, and connected soldier systems is expected to continue growing.

Written by Jérôme Brahy

Jérôme Brahy is a defense analyst and documentalist at Army Recognition. He specializes in naval modernization, aviation, drones, armored vehicles, and artillery, with a focus on strategic developments in the United States, China, Ukraine, Russia, Türkiye, and Belgium. His analyses go beyond the facts, providing context, identifying key actors, and explaining why defense news matters on a global scale.