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Summary of VIGO Photonics’ Financial Results for H1 2025
PRESS RELEASE
Ożarów Mazowiecki, September 26, 2025
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PLN 42.4 million in revenues in H1 2025 – a record-high value for the first half of the year
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Order intake as of the end of August 2025: PLN 81.3 million (+70% y/y)
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Backlog as of the end of August 2025: PLN 61.3 million (+124% y/y)
VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced mid-infrared photonic detectors, detection modules, and semiconductor materials, published its financial results for the first half of 2025.
In H1 2025, VIGO Photonics’ consolidated revenues amounted to PLN 42.4 million (+10% y/y), adjusted EBITDA stood at PLN 3.0 million (-39% y/y), and adjusted net profit came in at -PLN 2.4 million (compared to -PLN 1.4 million a year earlier). Sales of detectors and detection modules reached PLN 39.4 million (+14% y/y), while semiconductor materials contributed PLN 3.0 million (-25% y/y). The revenue level achieved in the first half of this year marks the highest first-half result in the company’s history.
Order intake as of the end of August 2025 reached PLN 81.3 million, up nearly 70% compared to the same period last year (PLN 48 million). The total backlog (including contracts and new order backlog) stood at PLN 61.3 million at the end of August 2025, an increase of 124% y/y (PLN 27.3 million as of the end of August 2024). The backlog does not include framework agreements signed with PGZ in August 2023 and with PCO in April 2025.
The first half of 2025 was the best first half in the company’s history in terms of revenue. At the beginning of the year, we announced that we would significantly improve our revenues in 2025, based among others on expectations of a rebound in the industrial segment after last year’s turbulence, as well as on continued strong contribution from the defense segment. For the second half of 2025, we have significant orders scheduled from Polish, European, and U.S. customers. This is reflected in the order intake as of the end of August – over PLN 81 million – and in the backlog – over PLN 61 million, said Adam Piotrowski, CEO of VIGO Photonics.
In the second quarter, we secured PLN 29.4 million in new orders, and in the recently concluded third quarter, over PLN 30 million – both represent record-high quarterly order levels. This performance was driven by large orders from a European defense industry customer and from a U.S. client in the gas analysis sector. In addition, we recorded increased orders from semiconductor industry clients, which may be a positive signal of recovery in this segment. The backlog also includes a new framework agreement signed in August with our long-term customer, Caterpillar, worth EUR 3.7 million, covering deliveries of detectors for railway applications (hotbox detection systems), added Adam Piotrowski.
In terms of segments – revenues in the industrial segment in H1 2025 reached PLN 18.6 million (+25% y/y). In the defense segment, sales amounted to PLN 11.4 million (-8% y/y), while in the science and medical segment, sales totaled PLN 4.5 million (+127% y/y).
Sales in the semiconductor materials segment reached PLN 3.0 million in H1 (-25% y/y). The decline in this segment was related to a disruption in InP (indium phosphide) substrate deliveries, caused by China’s introduction of export controls and the waiting time for export licenses.
The revenue structure by application in H1 2025 was as follows: industrial 44%, defense 27%, science and medicine 11%, transport 11%, and semiconductor materials 7%.
Several factors contributed to the revenue growth in H1 2025 – the mentioned recovery in the industrial segment and revenues from our first volume contract for a customer in China. It is also worth noting that we have started implementing another, slightly smaller volume contract for a different Chinese customer. In addition, revenues continue to be supported by growing orders in the defense segment from long-standing customers in Poland and Europe. Given the geopolitical situation, revenue streams in this segment are expected to keep growing, also due to new projects. In September, during the MSPO trade fair, we signed letters of intent with Telesystem Mesko and another one with PCO regarding the use of our products (specifically, FPAs and the developing PIC technology) for defense applications, said Adam Piotrowski, CEO of VIGO Photonics.
From the perspective of operating costs, in H1 2025 we observed an increase in employment costs, production volume, depreciation costs, as well as one-off expenses incurred in connection with ongoing strategic projects, including the HyperPIC project. In the coming quarters, we will gradually rebuild profitability, added Łukasz Piekarski, Management Board Member and CFO of VIGO Photonics.
Based on the dynamics of order intake and the existing backlog, and taking into account the outlook in individual industries, we expect a significant increase in revenues in 2025, which will translate into improved financial results, especially in our key industrial and defense segments. In the industrial segment, we see great potential from the introduction of a new family of LN2-cooled products, as well as strong demand for gas analysis detectors, particularly in the U.S. market – already supported by a large order from a customer there – and in the Asian market. In the defense segment, orders from key European customers are growing, and in the near term, we also see potential projects for customers in this segment in the U.S., summarized Adam Piotrowski.
MSPO 2025
During the 33rd International Defence Industry Exhibition (MSPO) in Kielce, the company signed two letters of intent: with the Development and Implementation Centre TELESYSTEM-MESKO S.A. and with PCO S.A. These agreements are in line with the company’s strategy of strengthening its presence in the defense sector and contributing to the development of a secure, domestic supply chain for the Polish Armed Forces.
The letter of intent signed with CRW TELESYSTEM-MESKO, responsible for the creation, development, and production of critical seeker elements (SEEKER) for PPZR PIORUN, PPZR GROM, PPK PIRAT, as well as Precision Guided Munitions APR 155 and APR 120, aims to develop state-of-the-art optoelectronic solutions for missile and ammunition technology. The agreement covers the development of innovative solutions tailored to the needs of the modern battlefield, in particular focal plane arrays (FPAs) to be used in advanced missile guidance systems, as well as systems detecting laser targeting.
VIGO Photonics also strengthened its long-standing cooperation with PCO, one of the pillars of the Polish Armaments Group (PGZ), by signing a letter of intent to create new solutions for the Polish Armed Forces, leveraging the company’s ongoing development of photonic integrated circuits (PIC).
In addition, during the trade fair, the company, together with PCO S.A., received the DEFENDER Award for the KMW-3V thermal imaging camera equipped with the cooled infrared FPA Eagle 4. These FPAs are a key component of most military systems, especially those requiring high precision. They can be used in thermal imaging cameras mounted on combat vehicles or in missile guidance system heads. The development and implementation of the entire production process of infrared FPAs was recognized by the DEFENDER Award Jury, composed of members of the Program Council, including senior logistics officers of the Polish Armed Forces and representatives of various ministries.
Letter of intent regarding the acquisition of detector manufacturer assets
On May 15 this year, VIGO announced the signing of a letter of intent concerning the acquisition of assets of an infrared detector manufacturer operating globally, with a particular focus on the U.S., Asian, and European markets. The project is currently in the phase of negotiating transaction details, while in parallel, advanced discussions are underway regarding financing of the transaction.
INDUSTRY EVENTS (completed and planned for H2 2025)
- American Conference on Crystal Growth and Epitaxy (USA)
- 33rd International Defence Industry Exhibition (MSPO) (Poland)
- CIOE Trade Fair (China)
- SEMICON Trade Fair (Taiwan)
- CEM Conference (Slovenia)
- CH4 Connections Conference (USA)
- Global Photonics Economic Forum (Spain)
- SciX Trade Fair (USA)
- Photonics Days Conference (Germany)
- HyperPIC Webinar on Electro Optic portal
- Webinar during the BIO Photonics Conference
- Optoelectronics Conference (Poland)
- PIC Summit Europe Conference (UK)
- Loitering Munitions Summit (USA)
- Photonix JAPAN Trade Fair (Japan)
- Photonics EXPO POLAND (Poland)
- SEMICON Europe (Germany)
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.
More information:
linkedin.com/company/vigo-photonics
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
