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VIGO Photonics Reports Financial Results for the First Quarter of 2026
PRESS RELEASE
Ożarów Mazowiecki, May 29, 2026
VIGO Photonics S.A. (WSE: VGO), a global technology manufacturer of the most advanced mid-infrared photonic detectors, detection modules, and semiconductor materials, has published its financial results for the first quarter of 2026.
In Q1 2026, VIGO Photonics reported consolidated revenue of PLN 19.3 million (-12.5% YoY), adjusted EBITDA of PLN 3.3 million (+41% YoY), and an adjusted net result of PLN -0.4 million (compared to PLN -1.7 million a year earlier). The adjusted net result represents the sum of net profit/loss, deferred tax, and one-off events (including operating costs related to the acquisition). The financial performance in Q1 2026 was primarily affected by higher general and administrative expenses (+29% YoY), mainly due to one-off costs associated with the acquisition of InfraRed Associates’ assets.
Sales of detectors and detection modules in Q1 2026 amounted to PLN 17.8 million (-15.6% YoY), while semiconductor materials sales reached PLN 1.5 million (+24% YoY).
As of the end of April 2026, order intake totaled PLN 36.6 million (-2% YoY), while the total backlog (including contracts and order backlog) reached PLN 51.5 million, representing a 29% increase year-over-year. The reported backlog does not include contracts acquired by Vigo Photonics Corp. from InfraRed Associates.
By segment, the industrial segment generated PLN 8.8 million in revenue (-17% YoY), while the military segment generated PLN 4.6 million (-30% YoY). Sales in the transportation segment reached PLN 2.8 million and nearly tripled compared to the same period last year. Revenue from semiconductor materials amounted to PLN 1.5 million in Q1 2026 (+24% YoY).
“The first quarter of 2026 was slightly weaker in terms of sales compared to the previous year, as the execution of several contracts in the military segment from international customers and in the industrial segment, particularly those related to gas analysis detectors, was postponed to subsequent periods. On the other hand, the transportation segment performed strongly, with increased demand for detectors used in railway systems from a major European customer,” said Adam Piotrowski, CEO of VIGO Photonics.
“We expect sales to be higher both in the first half of the year and for the full year 2026 compared to the corresponding periods of last year. Our overall pipeline includes significant orders from Polish, European, and U.S. customers. It is also worth noting that in mid-May we received a new order worth EUR 5.4 million from our long-standing French customer, to be executed through mid-2028. In the coming quarters, revenues from existing and new contracts in the U.S. market, including InfraRed Associates contracts, will become increasingly visible,” added Adam Piotrowski.
Acquisition of InfraRed Associates Assets
On March 25, VIGO announced the completion of the acquisition of assets from U.S.-based InfraRed Associates, a leading American manufacturer of infrared detectors. The USD 8.4 million transaction represents a key element of VIGO’s geographic expansion strategy and its efforts to strengthen its position in the high-tech sector. The assets were acquired by Vigo Photonics Corp., VIGO Photonics’ U.S. subsidiary.
InfraRed Associates, Inc., operating since the 1970s, is a recognized manufacturer of liquid nitrogen-cooled (LN₂) detectors and conducts business globally, with a particular focus on the U.S., Asian, and European markets. Its products are supplied to customers in the industrial, scientific, and military sectors. The company is headquartered in Stuart, Florida, one of the key hubs of the U.S. defense and technology industries. It possesses its own manufacturing facilities, know-how, and an extensive customer base in the United States and international markets.
The acquisition of the U.S. company’s assets will increase and diversify VIGO’s revenue streams, strengthen its position in the key industrial and military sectors, and enable full utilization of VIGO’s production capacity. The transaction is also significant from the perspective of VIGO’s U.S. operations, as having a manufacturing facility in the United States is essential for meeting supplier requirements of the U.S. defense sector.
InfraRed Associates generated revenue of USD 8.9 million in 2024 and USD 8.7 million in 2025. Adjusted operating profit, excluding transaction-related expenses, amounted to USD 1.44 million in 2024 and approximately USD 1.5 million in 2025 (estimated figures).
The transaction was made possible, among other factors, thanks to support from the Foreign Expansion Fund managed by PFR TFI S.A., part of the Polish Development Fund Group, and financing provided by PKO Bank Polski.
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)
- SPIE Photonics Europe (France)
- SAHA Expo (Turkey)
- Hardware Forum (Łódź, Poland)
- 5th Polish Economic & Technology Forum in Switzerland (Switzerland)
- Science and Business Forum: Innovation, Grants, Dual Use (Rzeszów, Poland)
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.
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