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VIGO Photonics with a record H1 2026: historic results and the highest order book in history
PRESS RELEASE
Ożarów Mazowiecki, September 25, 2026
VIGO Photonics S.A. (WSE: VGO), a global technological manufacturer of advanced mid-infrared photonic detectors and detection modules as well as semiconductor materials, published its financial results for Q2 and H1 2026.
In H1 2026, VIGO Photonics’ consolidated revenues amounted to PLN 54 million (+27.4% y/y), adjusted EBITDA reached PLN 11.2 million (+174% y/y), and adjusted net profit was PLN 3.3 million (compared to -PLN 1.5 million a year earlier). Adjusted net profit is the sum of the net result, deferred tax, and one-off events (including operating costs related to the acquisition). In March 2026, VIGO finalized the acquisition of the assets of the US company InfraRed Associates.
In Q2 2026 alone, VIGO Photonics’ consolidated revenues reached PLN 34.6 million (+71% y/y), adjusted EBITDA reached PLN 8 million (an 11x increase), and adjusted net profit was PLN 3.7 million (a 15x increase).
The financial results for H1 2026 were mainly impacted by increased general administrative expenses relative to revenue in Q1 2026, primarily due to one-off costs associated with the acquisition of InfraRed Associates’ assets, whereas in Q2 2026, general administrative expenses relative to revenue decreased significantly.
By segment, the sales value of detectors and detection modules in H1 2026 reached PLN 48.7 million (+24% y/y), while semiconductor materials reached PLN 5.3 million (+75% y/y).
The value of new orders (order intake) at the end of August 2026 stood at PLN 102 million (+25% y/y), exceeding the order intake for the entire year 2025 (PLN 101.4 million). Total backlog (including contracts and the new order backlog) reached PLN 87.5 million at the end of August, representing a 43% y/y increase. The reported backlog value does not include contracts acquired by Vigo Photonics Corp. from InfraRed Associates.
By segment – in H1 2026, the industrial segment generated PLN 20 million (+8% y/y) in revenues, while the military segment generated PLN 8.4 million (-27% y/y). Meanwhile, sales in the transportation segment amounted to PLN 8.5 million (+80% y/y). Revenues in the semiconductor materials segment reached PLN 5.3 million (+79% y/y) in H1 2026.
“For several quarters, we have signaled that a strong order intake and backlog, combined with the consolidation of our US company's results, would drive dynamic growth in revenue and profits in 2026. The H1 results confirm this – we recorded a historic high in H1 revenues in the company’s history. What is more, the order intake – PLN 102 million – at the end of August is already higher than in all of 2025. Excluding one-off acquisition-related costs, we recorded over PLN 11 million in EBITDA profit (over 8 million of which was in Q2 alone) and PLN 3.3 million in net profit. It is also worth noting that general administrative expenses, which were higher in Q1 due to acquisition costs, dropped significantly in Q2. We anticipate that for the remainder of the year, G&A and selling expenses will remain stable, relative to revenue close to Q2 levels,” says Adam Piotrowski, CEO of VIGO Photonics.
“Geographically, in H1 sales in European markets and Poland remained stable y/y. We recorded dynamic growth in the US, where revenues tripled, raising the US market share to 27% of total sales. Asian markets grew by nearly 36% during this period and now account for 21% of our sales. Currently, the European market accounts for 37%, and Poland for 15%. This confirms that our global position in advanced photonics continues to strengthen,” emphasizes Adam Piotrowski.
In July this year, VIGO Photonics was included on the list of entities subject to China’s export ban on dual-use goods. According to the Management Board’s assessment, at present, this decision is not critical for the company, including the revenue and profits of its core business - the production and sale of infrared detectors and modules - as well as planned revenues and profits from the production and sale of infrared focal plane arrays. The decision of the Ministry of Commerce of the PRC may affect only the semiconductor materials segment (8.8% of VIGO’s revenue in 2025) - the company has limited access to InP substrates necessary for high-volume production of semiconductor layers. The company has an alternative supplier of these substrates located in Europe; however, the supplier has limited production capacity.
Acquisition of InfraRed Associates assets
On March 25 this year, VIGO finalized the acquisition of assets of the US company InfraRed Associates, a leading American manufacturer of infrared detectors. The USD 8.4 million transaction represents a key element of VIGO’s geographical expansion strategy and position-strengthening in the high-tech sector. The company's assets were acquired by VIGO Photonics Corp. – a US subsidiary of VIGO Photonics.
InfraRed Associates, Inc., operating in the market since the 1970s, is a recognized manufacturer of liquid-nitrogen-cooled (LN₂) detectors and operates globally - with a particular focus on the American, Asian, and European markets. Its products reach clients in the industrial, scientific, and military sectors. The company is headquartered in Stuart, Florida - one of the key hubs of the US defense and technology industry. It possesses its own manufacturing facilities, know-how, and a broad customer base in the US and international markets.
The acquisition of the US entity's assets will increase and diversify VIGO’s revenue, strengthen its position in the company's key industrial and military sectors, and allow full utilization of VIGO’s production capacity. The transaction is also significant for conducting the company's business in the US-owning a manufacturing facility in the US is crucial to meeting delivery requirements for the US defense sector.
MSPO 2026 Fair
In early September, VIGO Photonics presented its offering in Kielce during the International Defence Industry Exhibition (MSPO). At the company’s booth, visitors had the opportunity to see an operational cooled infrared focal plane array integrated with a thermal imaging camera. Great interest was also generated by the FIREMAN demonstrator, which used a 32-element module to detect a lighter flame and then extinguish it with a blast of air. During the trade fair, the company signed a letter of intent with the Polish Ammunition Ring regarding cooperation in the field of precision and smart artillery ammunition as well as the development of optoelectronic systems designed for drones. Representatives of VIGO Photonics also acted as experts during accompanying events: the Photonics4Defense meeting organized by the Polish Technological Platform on Photonics, and the seminar "Implementation and Investment Potential of Polish Civilian Universities in the Field of Defense" organized by the Łódź University of Technology and the "Jastrząb" Agreement of Civilian Universities.
Industry Events 2026 (Completed)
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Arizona Photonics Days 2026 (USA)
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PIC Summit USA 2026 (USA)
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SPIE Photonics West 2026 (USA)
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OPTRO2026 (France)
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Loitering Munition Systems Summit (USA)
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EPIC Technology Meeting on Integrated Photonics and Packaging at PHIX (Netherlands)
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SpaceShield Summit 2026 (Poland)
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EPIC Technology Meeting on Photonics for Defense (France)
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Belgian‑Polish Space4Defence Event (Poland)
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SPIE Photonics Europe (France)
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SAHA Expo (Turkey)
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Hardware Forum (Łódź)
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5th Polish Economic & Technology Forum in Switzerland (Switzerland)
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Science and Business Forum: innovations, grants, dual use (Rzeszów)
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QSIP 2026 (France)
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Eurosatory 2026 (France)
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SMD Symposium (USA)
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SEMICON Taiwan (Taiwan)
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MSPO (Poland)
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CIOE (China)
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FLAIR (France)
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Laser Technology Symposium (Poland)
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Polish Photonics and Optics in Thuringia (Germany)
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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