Greece's Theon to build new U.S. optics factory with Kopin to improve soldier night vision.

At AUSA 2025, Greek defense optics maker Theon announced plans to open a new U.S. facility in partnership with Massachusetts-based Kopin Corporation to produce advanced night vision and augmented reality systems.

At the 2025 Association of the United States Army exposition in Washington, D.C., Greece’s Theon confirmed plans to establish a U.S. optics manufacturing facility with Kopin Corporation. The site in Reston, Virginia, will focus on producing and integrating thermal and augmented vision systems designed for modern soldier equipment. The initiative forms part of Theon’s broader transatlantic strategy to strengthen defense technology cooperation between European and American industries.
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At the Association of the United States Army 2025 exposition in Washington, D.C., Theon detailed its U.S. expansion strategy, highlighting a new collaboration with Kopin Corporation for optical and thermal systems. (Picture source: Theon)

At AUSA 2025, Theon emphasized new commercial agreements, product developments, and strategic partnerships as part of its ongoing Theon Next strategy focused on expanding augmented and thermal vision technologies. The event marked the introduction of its latest night vision tactical display system, incorporating Kopin Corporation’s DarkWave module, developed jointly for defense-oriented augmented reality applications. Building on collaborations with Elbit Systems of America, Eotech, and Aimpoint, the company formalized a strategic partnership with Kopin Corporation that received Direct Foreign Investment approval on October 16, 2025. This approval enables the creation of an augmented reality research and manufacturing facility in Reston, Virginia. According to Dr. Michalis Kolotos, director of Theon’s U.S. operations, the initiative reflects a plan to strengthen the company’s local industrial base through partnerships, technology transfers, and U.S.-based contracts supporting allied operational needs.

Alongside its activities at AUSA 2025, Theon executives participated in a roundtable focused on U.S.-Greece defense collaboration organized by the Atlantic Council in partnership with the American-Hellenic Chamber of Commerce. The discussion gathered participants from U.S. and Greek defense sectors, including General Andrew Poppas, commanding general of the U.S. Army Forces Command, Greek ambassador Ekaterini Nassika, and senior Theon representatives George Hadjiminas and Dimitrios Kalfas. Discussions centered on transatlantic industrial resilience, supply chain connectivity, and joint initiatives to strengthen defense cooperation between allied industries. Theon’s participation was aligned with its objective to deepen cooperation across both sides of the Atlantic, focusing on industrial integration and technological exchange. The company reports an installed base exceeding 220,000 night vision and thermal systems in 71 countries, 26 of which are NATO members, and it has been listed on Euronext Amsterdam since February 2024 under the ticker THEON.AS.

The group’s U.S. expansion forms part of a broader transatlantic industrial strategy that also includes multiple European investments initiated in 2025. In Belgium, Theon established Theon Belgium, a fully owned subsidiary with a 420 square meter production site in Zaventem and a liaison office in Brussels, created to support export-oriented manufacturing and research linked to NATO and EU programs. The facility, managed by a Belgian national, is expected to employ up to 12 people in its initial phase and will serve as a hub for the A.R.M.E.D. product line. Concurrently, the company invested €1.1 million to acquire a 10 percent stake in Berlin-based Andres Industries AG, with an option to increase the shareholding to 24.99 percent within two years for a total of €4.5 million. The company also relocated its German headquarters to Berlin within the Andres Industries site to align operations and support collaborative development on thermal and digital soldier systems.

These European initiatives were complemented on September 24, 2025, by the signing of a contract between Theon International Plc and the Organisation for Joint Armament Cooperation (OCCAR) for the delivery of the Iris-C thermal clip-on system to the German and Belgian armed forces. The initial order, valued at approximately €50 million, includes an option worth around €150 million, with deliveries planned for 2026 and 2027. Andres Industries will handle maintenance operations. Iris-C functions as a thermal clip-on compatible with both Theon and third-party night vision devices, providing fused imagery that combines intensified and thermal views to improve detection and recognition in varied environmental conditions. When connected to Theon’s Smart Battery Pack or Smart Gateway, it displays augmented reality data, including friend-or-foe identification and mission overlays, and integrates with battle management applications such as ATAK. The system is part of the company’s A.R.M.E.D. ecosystem, which also includes the Orion fused binoculars and the Thea head-up display.

The Iris-C procurement builds on Theon’s previous cooperation with Belgium and Germany through the Mikron binocular night vision goggle program under OCCAR’s Small Programmes Division. The total contract now includes 49,550 goggles, with options for additional quantities for both nations. Belgium is scheduled to complete deliveries by the third quarter of 2025, and Germany by the fourth quarter of 2024. The Mikron is a dual-tube system equipped with 16 mm image intensifier tubes provided by Exosens, featuring independent operational channels, manual gain control, and an integrated infrared illuminator. It operates on a single AA battery for over 24 hours and can be extended with an external pack. Theon has secured long-term supply agreements with Exosens to ensure production continuity through 2027. The company projected a backlog exceeding €650 million by the end of 2024 and confirmed guidance for sustained production over the next two fiscal years.

Theon’s current product portfolio also includes the Thermis thermal sight and the Thea head-up display, both unveiled at DEFEA 2025. Thermis is produced in Medium, Long, and Extra-Long Range variants for use across assault rifles, sniper rifles, and heavy machine guns, while Thea is a transparent head-up display designed for integration with digital battlefield networks. The company has also developed the Talos and Triton electro-optical surveillance systems, which form the core of Theon’s ISR electro-optical solutions category introduced in 2025. Talos provides multi-sensor land surveillance capabilities, while Triton is optimized for maritime applications and can be integrated into patrol boats, corvettes, and offshore vessels. These products reflect the company’s focus on modular and interoperable systems designed for networked defense environments.

On the industrial side, Theon continued its acquisition-driven expansion in Germany with the purchase of Kappa Optronics GmbH on August 4, 2025, for an enterprise value of €75 million. Kappa employs around 200 personnel, including 60 engineers, and is projected to generate over €37 million in revenue for fiscal year 2025 with an EBITDA of about €8 million. The acquisition aims to expand the company’s production capacity for land and aviation electro-optics and to integrate Kappa’s engineering expertise into Theon’s wider portfolio, including driver vision systems and visual components for MRTT aircraft. Financially, the company reported Q1 2025 revenue of €90.8 million, a 19.8 percent increase year-on-year, an adjusted EBIT of €23 million, and a soft backlog of €668.6 million by March 2025. Theon projects full-year 2025 revenue between €410 million and €430 million, with capital expenditures reaching €20 million. It maintains a dividend proposal of €0.34 per share, representing 35 percent of 2024 net income, pending shareholder approval.

Theon’s strategic direction under the Theon Next program aims to increase the proportion of digital, thermal, and augmented optical systems in its overall revenue from below 10 percent in 2025 to about 20 percent in 2026, with a longer-term goal of reaching 50 percent of total sales from products beyond traditional night vision. The company’s transatlantic strategy, reflected in its recent Reston facility approval, European industrial investments, and multiple OCCAR contracts, indicates a consolidation of its role as a supplier of networked and fused electro-optical systems. Its expanding presence across Greece, Germany, Belgium, and the United States highlights a coordinated approach to industrial cooperation across NATO partners. Theon’s continued participation in both U.S. and European defense ecosystems underscores its commitment to supporting modernized soldier systems and sensor networks designed for collaborative operational environments.

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.