THEON continued its growth and profitability in the 9-month period of 2024. New orders increased by 47.4% compared to 9M 2023 to €121 million, with significant new orders expected to be received in the coming months.

The backlog of €400 million offers good predictability for the current year and already covers part of the revenue in FY 2025, with an expected increase in the backlog. 

THEON is well positioned in terms of current and upcoming tenders and expects significant orders that will increase predictability and ensure its growth.

The company achieved record revenues of €222.6 million in 9M 2024, a 92% increase compared to 9M 2023 (€115.8 million) as a result of new contracts signed and the exercise of options from existing contracts.

THEON recorded strong profitability in the first nine months of the year with an increase of 115.3% in adjusted earnings before interest and taxes (Adj. EBIT) to €50.6 million, leading to an adjusted earnings before interest and taxes (Adj. EBIT margin) of 22.7%, up from 20.3% recorded in the same period in 2023, providing confidence in achieving the profitability target for the 2024 financial year.

In the same period, THEON's capital expenditure amounted to €11.5m, with the company expecting it to increase slightly in FY2024 to €15m as it seeks to accelerate the development of advanced platform-based technology products to capitalise on further revenue opportunities. 

Net cash position totalled €35.9 million as of 30 September 2024. Net working capital increased to €136.5 million, an increase of 15.9% compared to the first half of 2024, but 16 percentage points lower as a percentage of revenue. This is partly explained by the strategic decision to increase inventories, enabling the company to take advantage of ad-hoc opportunities arising in the fourth quarter globally.