On 27th March, THEON delivered the first 2.000 ARGUS FS Mk2 night vision monocular systems to the Estonian Defense Forces as part of a newly signed contract that shall eventually equip 10.000 soldiers with night fighting capability.

THEON was the winner of an international tender in which 16 companies participated. The company’s system stood out through the procurement process, which was based on a series of evaluation criteria including technical performance parameters, price, as well as delivery time. THEON, being one of the leading global companies for night vision goggles, was able to obtain the highest score overall and as a result was awarded the supply contract, which includes a fast delivery of more than 8,000 ARGUS FS Mk2 as well as an option to deliver several thousands, of ca. €35 million and more than €20 million, respectively.

High ranking officers of the Estonian Defense Forces, as well as THEON’s representatives, were present during the official handover of the systems, which was attended by official officers, local TV and media.   

According to the Estonian Centre for Defense Investments (ECDI), which managed the procurement process, the nocturnal combat capability of the Defense Forces but also of the Defence League, which is a voluntary military national defense organization, will be increased exponentially with the supply of the ARGUS FS Mk2 night vision monocular system.

"The tender evaluation was very thorough and substantive. During the evaluation, the bids were assessed as complete sets, i.e. the entire set with night vision equipment, helmet fastening and additional equipment had to meet the conditions set in the tender. I am pleased that the competition was fierce and that the winning product fully meets the end-user requirements, the speed of delivery exceeded our expectations and the expected night fighting capability will be achieved on time" said Ramil Lipp, Armaments Category Manager at the National Centre for Defense Investments, who further added that he was surprised that there was a provider on the market today that could really deliver 2.000 devices within a week after the contract was signed.

"All in all, the THEON Argus FS MK2 is a clear improvement in limited-light warfare. Thanks to its lighter weight and improved night vision capabilities, it is an instrument that our national defense forces will certainly be delighted with" said Mario NõlvakStaff Sergeant of the Equipment Battalion of the Defense Support Forces Command.

Vasileios Savvaidis, Managing Director of THEON SENSORS SA, commented: “We are grateful to ECDI for their trust in THEON, giving us the chance to prove our capability in delivering what we have promised within the stipulated time frame".

With this contract, THEON increases its already strong presence in the Baltic states after having already supplied substantial quantities of night vision and thermal equipment to Latvia, but also to Lithuania. In the context of the military cooperation between Baltic and Scandinavian countries, which is expected to be even stronger and closer after Finland and Sweden’s accession to NATO, makes THEON a key supplier of night vision and thermal equipment to the whole region.  

THEON’s ARGUS is a family of innovative, full MIL-SPEC, image intensified multi-purpose and modular night vision systems that can be operated as hand-held, head/helmet-mounted or weapon-mounted. Lightweight, yet of robust construction, with superior optical characteristics and performance, utilizing standard AA batteries for operation. This groundbreaking system allows the individual soldier to perform observation, short range surveillance, military systems aiming, map reading and medical aid operations during all night conditions. More than 75.000 ARGUS systems are under contract worldwide. These world exports of ARGUS are indicative of the trust it has gained in the most demanding markets of the world.

THEON last week announced its record number of orders for FY 2023. The company, which has been listed on Euronext Amsterdam since the beginning of February, received orders worth €506 million last year marking a 51.7% increase compared to FY 2022. THEON achieved €218.7 million in revenue, marking a year-on-year growth of 53.0%, with an adjusted EBIT of €56.8 million, representing a margin of 26.0%. Over the last 5 years the company has been growing at an average rate of 50% per year.

For FY2024, THEON expects another year of minimum 50% growth, fueled by the significant backlog of €540 million. Target revenue is in the range of €330-350 million, achieving an EBIT margin in the mid-twenties. In the medium-term, the company expects to continue growing in line with its addressable market, and to maintain an EBIT margin in the same level and a 30-40% dividend payout ratio.