English
Polski
2025 and Q1 2026 Summary VIGO Photonics. Record revenues and strategic acquisition in the USA
PRESS RELEASE
Ożarów Mazowiecki, April 24, 2026
VIGO Photonics S.A. (WSE: VGO), a global technology manufacturer of advanced mid-infrared photonic detectors, detection modules, and semiconductor materials, has summarized its performance for the year 2025 and the first quarter of 2026. In 2025, the company generated record revenues of PLN 93 million and, for the first time, surpassed the PLN 100 million threshold in new order intake. VIGO began 2026 by completing a strategic asset acquisition of the American company, InfraRed Associates.
In 2025, VIGO Photonics' sales revenues reached a record level of PLN 93.1 million, which represents a 19% increase compared to 2024. The company also recorded high dynamics in contracting – the value of newly acquired orders (order intake) at the end of 2025 amounted to 101.4 million (+20% y/y), which allowed for closing the year with a backlog valued at 43.1 million PLN, over 60% higher year-on-year.
The year 2025 was key for strengthening VIGO's position in the defense sector. The company signed a strategic framework agreement with PCO S.A. with an estimated value of approximately PLN 192 million, regarding the production of cooled infrared matrices for modern thermal imaging cameras. VIGO's achievements in this area were honored with the prestigious DEFENDER award during the MSPO fair in Kielce for the KMW-3V camera with the Eagle 4 matrix. At the same time, VIGO tightened cooperation with the Polish defense industry through letters of intent with CRW TELESYSTEM-MESKO and PCO, aimed at the use of photonic integrated circuits (PIC) in missile techniques.
In the area of detectors and detection modules, a new product family cooled with liquid nitrogen (LN2) achieved market success, resulting in the signing of a 3-year agreement with a key client from the US market. The company also successfully developed volume sales, fulfilling the first serial orders for low-cost detection modules for customers from China, which are used in security systems in mining.
Implementing its strategic goals, VIGO Photonics in March 2026 finalized the acquisition of assets of the American company InfraRed Associates, Inc. for the amount of 8.4 million USD. This acquisition provides the company with its own production facilities in Florida, unique competencies in MCT technology, and a broad customer base in the USA.
The year 2025 was record-breaking for us in terms of sales growth and the level of revenues obtained, but it was also significant from the perspective of our global development. This is because last year we began work on the acquisition of assets, strategic for us, of the American company InfraRed Associates, which was successfully finalized in March of this year. The transaction strengthens our presence on the US market, providing access to production facilities, new competencies, and will expand the base of US but also global customers. Thanks to production on US soil, we are opening the way to full participation in American defense and technological programs – says Adam Piotrowski, President of the Management Board of VIGO Photonics.
Financial results of VIGO Photonics for the year 2025:
-
EBITDA profit adjusted for the impact of subsidies amounted to PLN 12 million (compared to PLN 6.9 million a year earlier)
-
EBIT loss amounted to PLN 4.1 million (compared to a loss of PLN 4.6 million a year earlier)
-
Adjusted net loss amounted to PLN 1.4 million (compared to a loss of PLN 2.4 million in 2024)
On April 15 of this year, the company also provided estimated revenues for the first quarter of 2026 and the value of newly acquired orders (order intake) and backlog at the end of March 2026:
-
Sales revenues PLN 19.3 million (-12.5% y/y)
-
Order intake PLN 23.8 million (+5% y/y)
-
Backlog PLN 43.9 million (+77% y/y)
Based on the existing order book and the perspectives of individual markets, we expect further revenue growth, especially in the area of infrared detectors and modules, supported by the development of new product families, including LN₂-cooled detectors and low-cost detection modules. We expect a positive contribution from our American company, resulting from the acquisition of InfraRed Associates assets and the execution of existing as well as new contracts on the US market. Overall, we expect that in the entire year 2026 sales will be higher than in the record-breaking year 2025 – summarizes Adam Piotrowski.
Acquisition of InfraRed Associates assets
On March 25 of this year, VIGO announced the finalization of the acquisition of assets of the American company InfraRed Associates, a leading American manufacturer of infrared detectors. The transaction, valued at USD 8.4 million, constitutes a key element of the geographic expansion strategy and the strengthening of VIGO's position in the high-tech sector. The company's assets were acquired by VIGO Photonics Corp. – the American subsidiary of VIGO Photonics.
InfraRed Associates, Inc., present on the market since the 1970s, is a recognized manufacturer of liquid nitrogen (LN₂) cooled detectors and operates on a global scale - with a particular focus on the American, Asian, and European markets. Its products reach customers from the industrial, scientific, and military sectors. The company's headquarters are located in Stuart, Florida – in one of the key centers of the American defense and technology industry. It possesses its own production facilities, know-how, as well as a broad customer base in the USA and on international markets.
The acquisition of the American entity's assets will increase and diversify VIGO's revenues and strengthen its position in the industrial and military sectors, which are most important for the company, and will allow for the full utilization of VIGO's production capacities. The transaction is also significant from the perspective of the company's business operations in the USA - owning a production plant in the USA is key to meeting the requirements regarding supplies for the American defense sector.
InfraRed Associates' revenues amounted to USD 8.9 million in 2024 and USD 8.7 million in 2025. In turn, operating profit, adjusted for transaction expenses, amounted to USD 1.44 million in 2024 and approximately USD 1.5 million in 2025 (estimated data). The execution of the transaction was possible, among others, thanks to the support of the Foreign Expansion Fund managed by PFR TFI S.A. from the Polish Development Fund Group and financing from the PKO BP bank.
Industry events 2026 (completed)
- Arizona Photonics Days 2026 (USA)
- PIC Summit USA 2026 (USA)
- SPIE Photonics West 2026 (USA)
- OPTRO2026 ( Francja)
- Loitering Munition Systems Summit (USA)
- EPIC Technology Meeting on Integrated Photonics and Packaging at PHIX (Holandia)
- SpaceShield Summit 2026 (Polska)
- EPIC Technology Meeting on Photonics for Defense (Francja)
- Belgian‑Polish Space4Defence Event (Polska)
Contact for media and investors:
Piotr Piotrowski, cc group
piotr.piotrowski@ccgroup.pl, +48 697 613 010
Karolina Sałajczyk-Stefańska, VIGO Photonics
+48 538 565 256
VIGO Photonics S.A. (WSE: VGO) is a global manufacturer of high-tech solutions, specializing in the most advanced mid-infrared photonic detectors, dedicated modules, and semiconductor materials. Its innovative devices have gained recognition and are widely used by numerous international clients in the industrial and transportation sectors, as well as in environmental protection, medicine, defense, and security. The quality of VIGO Photonics detectors has also been confirmed during NASA missions to Mars (including the Curiosity rover), where they were used to detect traces of methane on the planet.
VIGO Photonics is successfully expanding its operations in the production of semiconductor materials. To this end, the company has refined and utilizes epitaxy technology (the deposition of selected crystal layers onto a crystalline substrate) using elements from groups III–V of the periodic table. As part of its development strategy, VIGO Photonics aims to supply the global market with photonic integrated circuits (PICs) based on these semiconductors. These systems will have numerous applications in the consumer electronics industry. The company also aims to achieve a leading position in the emerging European silicon chip market.
VIGO Photonics (formerly VIGO Photonics) began operations in 1987 and has been listed on the main market of the Warsaw Stock Exchange since 2014. The company is headquartered in Ożarów Mazowiecki and has a subsidiary in the United States. It employs approximately 200 highly qualified specialists and scientists. In August 2022, the company changed its name to VIGO Photonics, having previously operated under the name VIGO Photonics.
More information:
