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Business Upturn
12 hours ago
- Business
- Business Upturn
THEON presents its H1 2025 Trading Update
PRESS RELEASE Bloomberg (THEON:NA) / Reuters ( 28 July 2025 – Theon International Plc (THEON) (AMS: THEON) is today providing its H1 2025 Trading Update ahead of publishing its H1 2025 Report on 2 September 2025. H1 2025 performance was characterised by robust order intake, achievement of financial targets and solid progress in THEON's growth strategy. Financial Summary (Amounts in €) H1 2025 H1 2024 Change Order intake 167.9 m 77.0 m +118.1% Revenue 183.7 m 152.4 m +20.6% Adjusted EBIT1 47.4 m (45.9 m) 38.1 m (36.9 m) +24.4% Adjusted EBIT margin1 25.8% (25.0%) 25.0% (24.2%) +0.8 p.p. Earnings per share 0.48 0.41 +17.1% Capex 6.7 m 5.1 m +31.4% (Amounts in €) Jun 2025 Mar 2025 Change Soft backlog 622.2 m 668.6 m -6.9% Net working capital 165.4 m 160.0 m +3.4% Net cash 38.1 m 61.2 m -37.7% 1 Reflects a change in accounting policy to include the Group's share of profits from core equity-accounted investees within operating profit. The Group reassessed its presentation approach and reclassified its equity-accounted investments into core and non-core categories. Core investments, those aligned with the Group's strategic operations, are now included within operating profit. This change provides a more relevant reflection of the Group's performance and aligns with industry practice among listed defense peers. The share of profits from non-core investees continues to be reported below operating profit. Numbers in brackets are before the accounting policy change. Financial Highlights Strong order intake continued with new orders reaching €167.9 million in H1 2025, 118% higher than in H1 2024, and coming from multiple countries worldwide. Order intake represents a book-to-bill ratio of 0.9x. On top of that, more than €100 million of options have been added, which come with a very high probability of conversion to backlog. Soft backlog of €622.2 million at the end of H1 2025, 45% higher than in H1 2024, provides solid visibility for the year ahead with an additional €378.2 million of contractual options providing further headroom for growth. Already experiencing strong traction in Q3 with additional orders expected to be announced shortly and more than replace orders invoiced in H1 as well as those expected to be invoiced in H2 2025. Revenue reached €183.7 million in H1 2025, representing the strongest H1 top-line performance in THEON's 28-year history, and continued strong confidence in reaching the current guidance of €430 million, which was revised upwards in June 2025. Adjusted EBIT of €47.4 million, 24.4% higher vs H1 2024, with an Adjusted EBIT margin of 25.8% (25.0% in H1 2024) demonstrating industry leading margins and in line with the mid-twenties guidance. Earnings per share reached €0.48 in H1 2025, increasing by 17% vs H1 2024, with focus on operating leverage and efficiency as volumes continue to build, including contribution from the product diversification strategy. Capex rising to €6.7 million, in line with the guided Capex of €20 million for FY 2025, to support the acceleration of the growth strategy (detailed below). This amount includes investment in capacity expansion of Harder Digital and development of new men-portable and platform-based products, leveraging THEON'S c.80 in-house engineers working on Design and Development. Net working capital of €165.4 million (c.43% LTM Revenues), stable on Q1 2025, with unwinding towards the mid-term target of 35% expected over the coming quarters. Net cash position decreased to €38.1 million, primarily as a result of dividend payment of €23.8 million in June (35% of the Net Income of FY 2024, in line with the IPO prospectus and guidance). Operational and Strategic Highlights Several recent contract wins for THEON's market-leading Night Vision products as well as its new digital products to an increasingly diversified customer base in many countries around the globe. Currently active in several tender processes, with demand for digital products expected to accelerate in H2 2025, as advanced armed forces seek to enhance their situational awareness capabilities and maintain a competitive edge. The first new production line of Harder Digital has been fully deployed and is in the process of scaling up production output, increasing the yield. THEON Korea also commenced product assembly following the revamp of the production line, enabling faster delivery of APAC region orders and improving logistics efficiency. Plans announced to expand THEON's global footprint through a strategic investment in Latvia, via the local subsidiary of Harder Digital, to establish a state-of-the-art manufacturing facility focused on the production of critical Image Intensifier Tube (IIT) components. The facility will also provide essential assembly and maintenance services for THEON's end-products destined for the broader Baltic region. THEON's majority shareholder completed a second placement in June 2025 and increased free float to 30% solely to address further demand by the investor community, broadening THEON's investor base and improving stock liquidity. Discussions and visible progress made with several identified acquisition targets, with the aim to provide THEON with access to leading technologies and adjacent products as well as support global expansion. THEON is also on track to complete additional investments in new technologies. Growth Strategy and Capital Markets Day THEON's success to-date has been delivered by its market-leading Night Vision products. From FY 2026 THEON expects to start realising increasingly material contributions from its product diversification strategy outside Night Vision and new product launches. The revenue contribution from its A.R.M.E.D. and Thermal Imaging products is expected to more than double to approximately 20% in FY 2026, continuing to increase thereafter, as evidenced by expressed interest following product demonstrations. In addition, THEON expects to also start achieving material sales of its new Platform-based products from FY 2027, supporting a mid-term target of achieving 50% of revenues from products outside of Night Vision. The new products, with A.R.M.E.D series already beginning to gain strong commercial traction amongst existing and new customers globally as evidenced by recent tender wins and direct purchase orders, significantly increases THEON's overall addressable market. The addressable market for THEON's market-leading Goggles products is currently estimated at above €1 billion in FY 2025 (Source: RSA, July 2025). Demand is expected to remain high, driven by still-low penetration rates for Night Vision equipment in THEON's core markets. After equipping soldiers with NVGs, armies will accelerate purchases of digital products with additional capabilities including fused vision, interconnectivity and smart targeting capabilities. The introduction of these new products more than doubles THEON's overall addressable market, projected to reach €2.8 billion by 2030 (Source: RSA, July 2025), not including platform-based products. This supports a material growth trajectory for THEON over the coming years as it delivers on its ambition of becoming the trusted market leader in next generation optronics. THEON intends to host a Capital Markets Day (CMD) in Q4 2025 where it will announce and provide details on the THEON NEXT Vision & Strategy. The Strategy is a continuum and enhancement of the current strategy, involving: i) organic growth and investment; ii) M&A, strategic and commercial agreements; iii) ongoing product innovation and traction for its new products including its A.R.M.E.D. ecosystem of products; all combining to establish THEON's status in the modern warfare era. Details of the CMD event will be provided during August 2025. Guidance and Current Activity The current performance to-date in FY 2025 provides THEON with strong confidence that it will deliver FY 2025 results in line with guidance, with revenue as previously announced at the top-end of the originally provided guidance of €410-430 m. The Company is actively participating in several larger tenders, the outcomes of which should be known over the coming weeks and months. Following that, THEON will provide specific guidance for FY 2026. The relatively low capital requirements of the business model, even accounting for the increased investment to support the growth strategy, also allows for shareholder returns in the form of dividends as included in THEON's guidance communications. FY 2025 Medium – Term Revenue €430 m Organic growth >15%2 Adjusted EBIT margin Mid-twenties Capex €20 m 3.5% of revenue Dividend (% of Net Income) 30 – 40% 2 Expected annual growth in defence spending of the major NATO states ( Source: Renaissance Strategic Advisors , July 2025 ) Dimitris Parthenis, CFO of THEON, commented: 'Our half-year performance demonstrates strong financial discipline and our commitment to delivering a best-in-class mid-twenties EBIT margin, along with resilient order intake from a diversified customer base. We expect an acceleration in the second half of 2025, in line with normal order activity, with backlog expansion providing even greater visibility into future performance. We also expect to continue growing faster than the increase in defence spending of the NATO states in our addressable market. Specific guidance for FY 2026 will be provided by the end of November 2025.' H1 2025 Report Publication Theon will publish its H1 2025 Report on Tuesday, 2 September 2025 after market close, and hold a webcast for analysts and investors shortly after. Webcast details will be provided closer to the date, and on the Company's website. For further information, please contact: About THEON GROUP THEON GROUP of companies develops and manufactures cutting-edge night vision and thermal imaging systems for Defense and Security applications with a global footprint. THEON GROUP started its operations in 1997 from Greece and today occupies a leading role in the sector thanks to its international presence through subsidiaries and production facilities in Greece, Cyprus, Germany, the Baltics, the United States, the Gulf States, Switzerland, Denmark, Belgium, Singapore and South Korea. THEON GROUP has more than 220,000 systems in service with Armed and Special Forces in 71 countries around the world, 26 of which are NATO countries. ΤΗΕΟΝ ΙΝΤΕRNATIONAL PLC has been listed on Euronext Amsterdam (AMS: THEON) since February 2024.
Time of India
15 hours ago
- Business
- Time of India
Swiggy, Zomato lead public market fundraising; Zepto tops private capital charts
BENGALURU: India's venture-backed startups raised over Rs 44,000 crore ($5.3 billion) from public markets in FY25, more than double the late-stage capital they secured from private investors during the same period, according to The Rainmaker Group's RainGauge Index FY25 Annual Update. The data points to a decisive shift in the startup funding lifecycle with IPOs, FPOs and QIPs emerging as the dominant channels for late-stage growth capital. This marks the first time that public market funding has so clearly outpaced private capital for startups at scale. The report also noted that over Rs 20,000 crore worth of secondary exits were realised by PE/VC firms through block and bulk trades, including investors such as Peak XV and TPG. Mutual fund ownership in RainGauge Index companies rose from 10% in March 2024 to 14% in March 2025, underscoring growing institutional participation and liquidity depth in the listed startup ecosystem. The RainGauge Index, which tracks the performance of 39 listed startups, ended FY25 with a 6.3% annual gain, beating the Nifty 50, BSE Midcap and even matching the two-year trajectory of the Nasdaq 100. This came despite a cyclical economic slowdown, real GDP growth falling to 6.5% and FII outflows touching Rs 78,000 crore in Q1 FY25, the highest since the COVID-era selloff. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Brain tumor has left my son feeling miserable; please help! Donate For Health Donate Now Undo The report characterises FY25 as a year of maturing for India's public startup cohort, after a full cycle of euphoric IPOs (2021–22), sharp corrections (2023) and a reset in valuations (2024). Founders now face tighter public-market discipline. Sector-specific guardrails are in place, with forward valuation multiples settling at 58x EV/EBITDA for internet platforms, 29x for B2B SaaS, 22x for consumer brands and 3x P/B for BFSI players. More than half of RainGauge Index constituents ended the year in the red, with the divergence in performance now clearly attributable to fundamentals. Policybazaar and CarTrade were top performers, delivering profitable growth and stock gains of 93% and 133% respectively. In contrast, several consumer-facing firms and quick commerce players remained in high-burn territory, with mounting scrutiny over margins and growth quality. Among key developments, Zomato became the first venture-backed startup to be inducted into the Nifty 50 and Sensex, while Swiggy joined the Nifty Next 50. Nykaa, PB Fintech, Ola Electric, and others were added to the Nifty MidCap150. A dozen other startups including Meesho, Groww, Urban Company, Wakefit and Pine Labs filed for IPOs in FY25, suggesting that the public markets will remain a core part of India's venture-backed funding stack going forward. At the company level, Zomato reported a 59% rise in adjusted revenue and posted Rs 527 crore in FY25 PAT, but faced compression in quick commerce margins. Swiggy widened losses to Rs 3,117 crore despite 117% revenue growth in the segment. Policybazaar posted Rs 353 crore in PAT and doubled its Ebitda, while CarTrade turned in Rs 145 crore in profit driven by the integration of OLX India's auto classifieds business. FirstCry, which listed in August 2024, saw a 43% rise in Ebitda even as offline demand dipped, which its CEO described as a short-term blip. MakeMyTrip and EaseMyTrip both benefited from a surge in travel demand, with gross bookings hitting record highs and international revenue share rising to 25%. TRMG said public markets are no longer just an exit channel for late-stage startups but a discipline that is reshaping how companies prepare for scale. The firm also launched a companion index, RainGauge Private Pulse, to track India's next $100 billion cohort of late-stage private companies that are gearing up for IPO s. 'We've now seen the full arc, the IPO frenzy, the valuation winter and now a clear re-rating driven by fundamentals,' said Kashyap Chanchani, managing partner at TRMG. 'This is the age of seasoning. The market is no longer listening to stories, it's pricing in substance.' Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
The Hindu
21-07-2025
- Business
- The Hindu
India's listed startups raised over ₹44,000 crore from public markets in FY25: report
Venture-backed Indian startups raised over ₹44,000 crore ($5.3 billion) in FY25 from public markets via IPOs, FPOs, and QIPs, marking a structural shift in startup fundraising lifecycle in India. According to investment bank Rainmaker Group's RainGauge Index FY25 Annual Update, public markets outpaced private capital for late-stage fundraising, solidifying their role as the dominant source of growth capital. The money raised from public markets was two times more than private late-stage capital. The year also saw a record ₹20,000+ Crore in secondary exits as PE/VC firms like Peak XV and TPG harvested early bets through block and bulk deals. 'FY25 didn't just test India's startup listings, it matured them,' said Kashyap Chanchani, Managing Partner, The Rainmaker Group. 'The public market has become the preferred playground for India's breakout companies. We've now seen the full arc - the IPO frenzy, the valuation winter, and now a clear re-rating driven by fundamentals. This is the age of seasoning. The market is no longer listening to stories, it's pricing in substance. India's innovation economy has hit a new gear, one where companies with predictable earnings, durable moats, and institutional-grade governance will dominate,' he added. The report also noted that despite the early-year correction and record FII outflows [around ₹78,000 Crore in Q1], foreign investors returned strongly by Q4, driven by rate-cut expectations and India's steady macro indicators. The year witnessed Zomato joining the NIFTY50 and SENSEX, Swiggy entering the NIFTY Next 50, and Nykaa, PB Fintech, Ola Electric inducted into the NIFTY MidCap150. 'With IPOs no longer delivering inflated valuations or easy exits, startups will have to align with public market expectations much earlier in their lifecycle,' said a statement from the company. 'Sector-specific valuation guardrails are firmly in place with two-year forward EV/EBITDA multiples now providing structured lenses across internet, SaaS, BFSI, and consumer brands. Analyst-grade metrics, unit economics, transparency, and sustainable growth stories will need to be baked in from day one. Startups must now build with capital efficiency, narrative credibility, and governance readiness and not just valuation hype,' it further read.
Time of India
16-07-2025
- Entertainment
- Time of India
BGMI 3.9 Update Download Apk link now live for Android users; check step-by-step guide to install, transformers themed mode and more
The long-awaited wait is finally over for BGMI players, as Krafton India has released its BGMI 3.9 Update Download APK link, which is now live for Android users. The game manufacturing company has started rolling out the Battlegrounds Mobile India 3.9 Update with Transformers Themed Mode. Apart from this, it will also introduce a new A14 Royale Pass and more content in the game. Players who are looking to download the new update of Battlegrounds Mobile India, also called BGMI, get ready to dive in and experience the new features, updates, weapons, and more with the new APK link (Android Package Kit). BGMI 3.9 Update Download APK Link The Battlegrounds Mobile India's 3.9 Update Download APK Link is now available for Android devices. People with Android devices can follow this guide to do so. According to InsideSport, the new BGMI update download APK goes live today on July 16, 2025. Moreover, the update is currently rolling out slowly and will be completely rolled out by 3:30 PM IST on Wednesday. Download the BGMI 3.9 Update Download APK link here: Google Play Store Link Check the step-by-step guide to download BGMI 3.9 APK below Step 1: Click on the above-mentioned link that will lead you to the Google Play Store page of Battlegrounds Mobile India on your Android device. Step 2: Players will see an 'Update Button' if they have an older version installed. Following this, tap it to download and install the latest version. Step 3: If you do not have the game installed, then you will see an 'Install Button.' Tap it to download and install it. Step 4: Now wait for the download and installation to complete. This step may take some time, depending on the internet speed. Step 5: Once it is installed, open the game and follow any on-screen instructions for in-game updates. Note: The BGMI 3.9 Update is rolling out gradually, so if the Update button is not visible right now, you will have to wait a while. By 3:30 PM IST, it will be completely operational. Know about the BGMI x Transformers Themed Mode Transformers gameplay: A Spacebridge Beacon must be picked up from the map. The sky will change for a while, alerting everyone that the "Connection to Cybertron established" has been made. Optimus Prime, Megatron, a Cybertronian Supply Crate, or an Energon Supply Crate can then be summoned at random to your location using the Spacebridge Beacon. Energon supply crate: It contains tonnes of supplies, including Energon for upgrading Transformer bots. Cybertronian supply crate: It also contains supplies. Spacebridge beacon: This is used to summon air drops from Cybertron, and it can only be used within a certain time frame. Optimus Prime Transformer With a special skill improvement, Optimus Prime can change from truck mode into a robot with a thermal axe. Typical Attack: The Ultimate Thermal Axe Attack: A fast dash is a characteristic of Optimus Prime's special Charge Slam that helps him get closer to his target. By slowing him down, hitting Megatron gives you the chance to launch more melee assaults. Transformer—Megatron Megatron can transform from tank mode into a robot that wields a cannon, with an exclusive skill upgrade. Normal attack: Cannon attack. Ultimate: The final round of Megatron's unique triple fusion blast pushes him back, distancing him from his target.
Business Upturn
16-07-2025
- Business
- Business Upturn
Biotricity to Host Fiscal 2025 Fourth Quarter Financial Results and Business Update Call on July 18th
By GlobeNewswire Published on July 16, 2025, 02:05 IST Company to announce improvements in Margins, Operational Efficiency, and a shift to positive Adjusted EBITDA REDWOOD CITY, Calif., July 15, 2025 (GLOBE NEWSWIRE) — Biotricity Inc. (OTCQB:BTCY), an innovative Technology-as-a-Service (TaaS) company committed to redefining the landscape of the healthcare industry with state-of-the-art remote monitoring and diagnostic solutions, will host its Fiscal 2025 Fourth Quarter Financial Results and Business Update Call on July 18, 2025. The Company announces the best financial performance thus far and a shift to positive adjusted EBITDA. Biotricity's Founder and CEO, Dr. Waqaas Al-Siddiq, and CFO, John Ayanoglou, will deliver remarks followed by a Q&A section to address questions from investors. Event: Biotricity Fiscal 2025 Fourth Quarter Financial Results and Business Update Call Date: Friday, July 18, 2025 Time: 4:45 PM ET (1:45 PM PT) Toll Free: 1-877-269-7751 International: 1-201-389-0908 Webcast URL: Investors can begin accessing the webcast 15 minutes before the call, where an operator will register your name and organization. The call will be in listen-only mode. A replay of the call will be available approximately 3 hours after the live call via the Investors section of the Biotricity website at Toll Free Replay Number: 1-844-512-2921 International: 1-412-317-6671 Replay Access ID: 13754989 Expiration: Friday, August 01, 2025 at 11:59 PM ET About Biotricity Inc. Biotricity is reforming the healthcare market by bridging the gap in remote monitoring and chronic care management. Doctors and patients trust Biotricity's unparalleled standard for preventive & personal care, including diagnostic and post-diagnostic solutions for chronic conditions. The company develops comprehensive remote health monitoring solutions for the medical and consumer markets. To learn more, visit Important Cautions Regarding Forward-Looking Statements Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words 'may,' 'should,' 'would,' 'will,' 'could,' 'scheduled,' 'expect,' 'anticipate,' 'estimate,' 'believe,' 'intend,' 'seek,' 'project,' or 'goal' or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements may include, without limitation, statements regarding (i) the plans, objectives and goals of management for future operations, including plans, objectives or goals relating to the design, development and commercialization of Bioflux or any of the Company's other proposed products or services, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) the Company's future financial performance, (iv) the regulatory regime in which the Company operates or intends to operate and (v) the assumptions underlying or relating to any statement described in points (i), (ii), (iii) or (iv) above. Such forward-looking statements are not meant to predict or guarantee actual results, performance, events or circumstances and may not be realized because they are based upon the Company's current projections, plans, objectives, beliefs, expectations, estimates and assumptions and are subject to a number of risks and uncertainties and other influences, many of which the Company has no control over. Actual results and the timing of certain events and circumstances may differ materially from those described by the forward-looking statements as a result of these risks and uncertainties. Factors that may influence or contribute to the inaccuracy of the forward-looking statements or cause actual results to differ materially from expected or desired results may include, without limitation, the Company's inability to obtain additional financing, the significant length of time and resources associated with the development of its products and related insufficient cash flows and resulting illiquidity, the Company's inability to expand the Company's business, significant government regulation of medical devices and the healthcare industry, lack of product diversification, existing or increased competition, results of arbitration and litigation, stock volatility and illiquidity, and the Company's failure to implement the Company's business plans or strategies. These and other factors are identified and described in more detail in the Company's filings with the SEC. There cannot be any assurance that the Company will ever become profitable. The Company assumes no obligation to update any forward-looking statements in order to reflect any event or circumstance that may arise after the date of this release. Contacts: Investor relations: Biotricity Investor Relations [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
