Theon presents its Q1 2024 Trading Update and confirms positive results and remarkable resilience. This is the strongest Q1 ever achieved. Solid backlog allows for better programming and lowers the seasonality of business to achieve the 2024 guidance. Q1 2023 contributed 12.4% to full-year revenue, while Q1 2024 contributed 23.0% based on the lower end of the guidance.

Key Financials

-Strong order intake continues, with new orders reaching €39.0 million in Q1 2024, 26% higher than in Q1 2023.

-Revenue reached €75.8 million in Q1 2024, a record Q1, reflecting 180% growth compared to Q1 2023.

-Adjusted EBIT amounted to €17.2 million in Q1 2024, showcasing a rise of 271% compared to Q1 2023 and implying a margin of 22.7% (vs 17.1% in Q1 2023). ]

Net profit amounted to €12.6 million for Q1 2024, in contrast to €2.8 million registered in Q1 2023, implying an increase of 3.6x.

-Net Cash equaled to €52.9 million as of March 31, 2024, compared to €0.1 million of Net Cash as of December 31, 2023, including the net IPO proceeds.

Following the recently signed contracts with the French Ministry of Interior and the Estonian Defense Forces, as well as the signing of the 3rd OCCAR contract tranche, Theon reached a soft backlog of €502.0 million in the end of Q1 2024. Other contracts involve sales in North America, Europe and Middle East, including orders for THEON’s customized thermal clip-on systems, which are used with modern Fire Control systems (FCS).

On top of that, Theon has contractual options of €586.0 million with high probability conversion to backlog. At the same time, the company foresees strong market demand that will translate into new orders in the following quarters. With the new orders, Theon has managed to add two more countries to its already large existing customer base, which now counts 70 countries that use Theon’s state-of-the-art systems, hence increasing interoperability of European and NATO forces. Theon continues to deliver on its business plan, maintaining its high organic growth. At the same time, the Company advances with M&A activities and has made significant progress on some fronts, aiming to make announcements in the coming months.

Christian Hadjiminas, founder and CEO of Theon, commented: “Despite the variable and fluid geopolitical and economic environment, Theon continues its growth, demonstrating excellent business performance and ensuring preservation of its sustainability.”