Panoramic imagers are becoming more commonplace in the visible part of the spectrum. These imagers are often used in the real estate market, extreme sports, teleconferencing, and security applications. Infrared panoramic imagers, on the other hand, are not as common and only a few have been demonstrated. A panoramic image can be formed in several ways, using pan and stitch, distributed aperture, or omnidirectional optics. When omnidirectional optics are used, the detected image is a warped view of the world that is mapped on the focal plane array in a donut shape. The final image on the display is the mapping of the omnidirectional donut shape image back to the panoramic world view. In this paper we analyze the performance of uncooled thermal panoramic imagers that use omnidirectional optics, focusing on range performance.