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VIGO Photonics Financial Results Summary for 2024
PRESS RELEASE
Ożarów Mazowiecki, April 30, 2025
VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced mid-infrared photonic detectors and detection modules and semiconductor materials, has published its financial results for 2024.
In 2024, VIGO Photonics' consolidated revenues amounted to PLN 78.3 million (+4% y/y), adjusted EBITDA to PLN 6.8 million (-54% y/y), and adjusted net profit to PLN -3.7 million (compared to a profit of PLN 8.9 million a year earlier).
In 2024, VIGO recorded the largest sales growth in the military segment (+78% y/y, to PLN 23.2 million), and in the semiconductor materials segment (+42% y/y to PLN 8.8 million). The industrial segment recorded a decrease in sales by 11% y/y to PLN 34 million. Sales in the industrial segment account for approx. 43%, and sales in the military segment for approx. 30% of all VIGO sales.
The total value of orders and contracts at the end of March 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 the years 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 past year was a year of intensive work related to the implementation of our strategic initiatives. In May, we signed an agreement with the National Center for Research and Development to co-finance the HyperPIC project. We developed a sales team in the United States and obtained certificates necessary for cooperation with the military industry in the USA. We also worked intensively on developing matrix detector technology. Last year, we also obtained a concession to perform activities related to the production of equipment dedicated to the needs of the military. Thanks to it, we are carrying out R&D and production activities in response to the growing demand of the military sector in Poland, including the development of the infrared matrix project - says Adam Piotrowski, CEO of VIGO Photonics.
In the USA, we have significantly strengthened our sales team. Currently, there are 6 people employed there with knowledge in the field of industry and military and meeting the requirements for access to classified information and cybersecurity. In addition, we have met the formal requirements related to cooperation with clients from the military industry in the USA (ITAR Registered status, CMMC certification). Currently, the sales team in the USA is intensifying direct activities aimed at acquiring customers – adds Adam Piotrowski.
In the military area, at the beginning of April 2025, we signed a strategic framework agreement with PCO S.A. - a leading Polish manufacturer of optoelectronic solutions for the army, regarding the development and implementation of the production and sale of matrix detectors for the needs of the Polish army. The agreement was concluded by the end of December 2031, and its estimated value is PLN 192 million. Our detectors will be a key element of the equipment of modern thermal imaging cameras. In 2024, we focused on research and development work in the matrix project - we tested the first batch of detectors, we are now working on optimizing product parameters and preparing the production line. The transition to the production and sales phase will take place in 2026. We are very proud of the fact that we are in the elite group of global manufacturers of matrix detectors who will provide these modern solutions for military needs - emphasizes Adam Piotrowski.
In the area of the HyperPIC project, in 2024 we signed an agreement with NCBiR for co-financing the project under the European Funds for Modern Economy program. The project will be implemented under the integrated European IPCEI ME/CT program, and its aim is to develop and implement photonic integrated circuit (PIC) technologies designed to work in the mid-infrared range and to build the world's first production line providing a complete value chain for MIRPIC systems (Mid Infra Red Photonic Integrated Circuits). The total value of eligible costs in the project is PLN 853.1 million, and the maximum value of public aid is PLN 440.5 million. Potential recipients of HyperPIC systems will be customers from all over the world, using solutions from the area of broadly understood sensor techniques in their products, including consumer electronics and military applications - says Adam Piotrowski.
In our "traditional" business - MCT, InGaAs and InAsSb detectors and detection modules, we are developing cooperation with both existing partners and acquiring new customers, which is a confirmation of the reliability and quality of the products we offer, as well as a confirmation of our ability to scale production and adapt the product to specific customer needs. Among other things, we have introduced a new family of products cooled by liquid nitrogen (LN2), used in spectrophotometers. The new product family is precisely a response to customer needs, especially those related to availability - the supply chain of this type of detector has been disrupted in recent years due to the geopolitical situation. In addition, in Q4 2024, we received the first serial order for cheap detection modules for a customer from China (detectors used to detect carbon monoxide in the mining industry). The first order is for over 10,000 detectors with the prospect of increasing the number several times in the following years - adds Adam Piotrowski.
Based on the existing order portfolio and taking into account the prospects of individual industries, we expect a significant increase in revenues in 2025, and consequently an improvement in financial results, primarily in the most important industrial and military segments for us. In the industrial segment, we see, among other things, great potential related to the introduction of a new family of LN2-cooled products and strong demand for gas analysis detectors, especially on the American and Asian markets. In the military segment, in turn, there is a visible increase in orders from key customers from the European market, and in the near future we have potential projects for customers from this segment in the USA - sums up Adam Piotrowski.
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)
