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VIGO revenue estimates for Q1 2025
PRESS RELEASE
Ożarów Mazowiecki, April 15, 2025
VIGO Photonics S.A. (WSE: VGO), a global technological manufacturer of the most advanced mid-infrared photonic detectors and detection modules and semiconductor materials, achieved PLN 22 million in consolidated revenues in Q1 2025 (+39% y/y).
Sales of detectors and detection modules in Q1 2025 amounted to PLN 20.9 million (+47% y/y), and sales of semiconductor materials amounted to PLN 1.2 million (-26% y/y).
In terms of segments, both of VIGO's most important sales segments - industrial and military - recorded significant year-on-year growth. Military segment revenues amounted to PLN 6.6 million in Q1 2025, up almost 50% year-on-year. In turn, industrial segment revenues increased year-on-year by 55% to PLN 10.5 million. In Q1 2025, the industrial segment accounted for approx. 48% of VIGO's total revenues, and the military segment accounted for approx. 30% of revenues.
Sales in the semiconductor materials segment amounted to approx. PLN 1.2 million in Q1 2025
(-26% y/y). The decline in sales in this segment was related to the downtime in the supply of InP substrates (indium phosphide), caused by the introduction of export controls by China and the waiting for export licenses.
The total value of orders and contracts at the end of Q1 2025 amounted to PLN 26.8 million (including PLN 22.6 million in confirmed delivery orders, compared to PLN 21.5 million at the end of the same period last year and an additional PLN 4.2 million in contracts remaining to be implemented for 2023-2025). This amount does not include the contract with an entity from the PGZ group signed in August 2023 and does not include revenues from the framework agreement with PCO signed in April 2025. In addition, the company signed most of this year's new contracts in April this year.
The share of applications in the revenue structure in Q1 2025 was as follows: industrial applications 48%, military 30%, science and medicine 12%, transport 5% and semiconductor materials 5%.
Sales in 1Q2025 by application (in PLN thousand)
We consider the revenues achieved in the first quarter of this year to be satisfactory. We are particularly pleased with the visible rebound in sales in our largest industrial segment. We have already signaled a visible improvement in the economic situation in this segment in the previous report. The increase in sales in this segment was due not only to sales to traditional customers, but also to a "volume" contract for cheap detection modules for a customer from China. The current contract with this customer will contribute to revenues for several more quarters and of course we also have the option to increase it. In the military segment, revenues consist of orders from regular customers from Poland and Europe. In this area, the upward trend in our sales is not threatened - says Adam Piotrowski, CEO of VIGO Photonics.
In relation to the tariff war – nobody knows what the situation will look like in a few months, but if the tariffs were to come into effect in the form presented by the White House on April 2, after conducting an analysis, we assess that the tariff changes should not have a significant impact on our revenues from the American market, nor will they affect the development of our business in that market. Most of the semiconductor products and components we sell in the US are currently exempt from tariffs, in accordance with the relevant annex presented by the American administration. – adds Adam Piotrowski.
In Q1 2025, sales on the American market amounted to PLN 3.5 million and increased year-on-year by almost 80%, constituting approx. 15% of all VIGO sales. The largest share in sales on the American market is currently held by gas analysis detectors, as well as detectors for laboratory needs.
The largest geographic market for VIGO remains the European market, with a share of approximately 50% in revenues in Q1. Sales in this market primarily include detectors used in industry and the military. Revenues from the European market amounted to PLN 10.8 million in Q1 2025, up approximately 23% year-on-year.
Sales in the Asian market increased year-on-year by 88% to PLN 4 million. This amount was made up of revenues from the industrial segment (including a "volume" contract from China) and sales in the scientific segment (for the needs of laboratories and universities).
Sales on the Polish market in Q1 2025 also increased to PLN 3.8 million (+30% y/y). On the domestic market, VIGO generates revenues primarily from contracts with the military sector (PGZ Group).
In addition, after the end of the balance sheet date, the company announced the signing of a strategic framework agreement with PCO S.A. - a leading Polish manufacturer of optoelectronic solutions for the military - on April 7, 2031, concerning the development of matrix detectors and their subsequent production and sale. The agreement was concluded for the period until December 31, 2031, and its estimated value is PLN 191.9 million. The product created by VIGO Photonics may be a key element of the equipment of modern military thermal imaging cameras. By the end of this year, VIGO will deliver matrices to PCO for testing purposes, while the transition to the production and sales phase will take place at the beginning of 2026.
- INDUSTRY EVENTS
- Most important selected events 2025:
- SPIE Photonics West (USA, January)
- Infrared Colloquium (Germany, March)
- SPIE Defense + Commercial Sensing (USA, April)
- Events scheduled for the rest of the year:AUVSI Xponential (USA, May)
- Laser World of Photonics (Germany, June)
- China International Optoelectronic Exposition (China, September)
- International Defense Industry Exhibition (Poland, September)
- Photonics SHOW Japan (Japan, November)
Contact for media and investors:
Piotr Piotrowski, cc group
piotr.piotrowski@ccgroup.pl, +48 697 613 010
VIGO Photonics S.A. (WSE: VGO) is a global manufacturer of high-tech solutions - the most advanced mid-infrared photonic detectors, dedicated modules and semiconductor materials. Innovative devices have been recognized and used by numerous international customers from the industrial and transport sectors, environmental protection, medicine, defense and security. The quality of VIGO Photonics detectors has also been confirmed during NASA's mission to Mars (including in the Curiosity rover) and their detection of traces of methane on this planet.
VIGO Photonics is successfully developing its activities in the field of semiconductor materials production. For this purpose, the Company has improved and uses the epitaxy technique (deposition of layers of selected crystals on a crystal substrate) using elements from groups III-V of the periodic table. In its development strategy, VIGO Photonics intends to supply the global market with photonic integrated circuits PIC (Photonic Integrated Circuits) based on semiconductors produced in this way. These systems will find numerous applications in the consumer electronics industry. The Company's goal is also to achieve a leading position in the emerging European market of silicon chips.
VIGO Photonics (formerly VIGO Photonics) began operations in 1987 and has been listed on the main market of the Warsaw Stock Exchange since 2014. VIGO Photonics is headquartered in Ożarów Mazowiecki and has a subsidiary in the United States. The company employs approximately 200 high-class specialists and scientists. In August 2022, the company changed its name to VIGO Photonics, previously known as VIGO Photonics.
More information:
linkedin.com/company/vigo-photonics
twitter.com/systemvigo (@SystemVigo)
