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Summary of VIGO Photonics Financial Results for the First Three Quarters of 2025
PRESS RELEASE
Ożarów Mazowiecki, November 27, 2025
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PLN 65.6 million in revenues – a record value achieved in the first 9 months of the year
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Order intake as of the end of October this year: PLN 90.2 million (+24% y/y)
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Backlog as of the end of October this year: PLN 50.3 million (+46% y/y)
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Final phase of negotiations related to the acquisition of assets from an infrared detector manufacturing company
VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced photonic mid-infrared detectors and detection modules, and semiconductor materials, published its financial results for the first three quarters of 2025.
In the first three quarters of 2025, VIGO Photonics’ consolidated revenues amounted to PLN 65.6 million (+21% y/y), adjusted EBITDA was PLN 5.8 million (+21% y/y), and adjusted net result was PLN -1.8 million (compared to PLN -5.1 million a year earlier). The adjusted net result is the sum of the net result, deferred tax, and one-off events (including operating costs related to the acquisition). Sales of detectors and detection modules after 9 months of 2025 amounted to PLN 60 million (+24% y/y), and sales of semiconductor materials reached PLN 5.6 million (-5% y/y).
Segment-wise, revenues for the first three quarters of 2025 in the industrial segment reached PLN 27.5 million (+22% y/y). In the military segment, sales reached PLN 17.5 million (+7% r/r), and in the science and medicine segment, they amounted to PLN 6 million (+71% y/y).
Sales in the semiconductor materials segment amounted to PLN 5.6 million in the first three quarters of 2025 (-4% y/y). In Q3 2025, the company recorded a quarter-on-quarter increase in segment sales of approximately PLN 0.6 million. In previous quarters, sales in this segment were limited due to a standstill in the supply of InP (Indium Phosphide) substrates, caused by China's introduction of export controls and the wait for export licenses. The company currently has alternative substrate suppliers and does not anticipate further supply delays, although due to China's current policy, the availability of InP substrates on the global market is limited.
The share of applications in the revenue structure for the 9 months of 2025 was: industrial application 42%, military 27%, science and medicine 9%, transport 13.5%, and semiconductor materials 8.5%.
In the third quarter of this year, the positive trends already visible in previous quarters and signaled by us at the beginning of the year continued, when we announced that revenues in 2025 would be significantly better than in the previous year. The revenue level achieved in the 9 months of 2025 is a record in VIGO's history for this period. Revenues in the industrial segment increased by 22% y/y after nine months of the current year, and the military segment by 7% y/y. The clear rebound in orders from semiconductor industry customers continues. We also noted strong sales growth to Asian customers, primarily from China, supported by the execution of a volume contract and growing demand in the science and medicine segment. We are currently working on further agreements of this type. The entire pipeline shows an influx of significant new orders from customers in Poland, Europe, and the United States for the coming quarters. The backlog at the end of October was about half higher year-on-year, says Adam Piotrowski, President of the Management Board of VIGO Photonics S.A.
The value of the order intake as of the end of October this year was PLN 90.2 million, an increase of 24% compared to the corresponding period last year. The total backlog (including contracts and the new order backlog) amounted to PLN 50.3 million at the end of October this year and was 46% higher y/y. The backlog does not include framework contracts with PGZ from August 2023 and PCO from April 2025. The value of orders acquired this year was influenced by, among others, large orders from a European military customer, a gas analysis customer from the USA, and increased orders from semiconductor industry customers.
Since the beginning of the year, we have acquired over PLN 90 million in new orders, and our backlog also includes a new framework contract signed in August this year, worth EUR 3.7 million with a long-time partner - Caterpillar - for the supply of detectors for railway applications (hotbox detection systems), adds Adam Piotrowski.
From an operational perspective, in 2025, we recorded an increase in expenditure related to employment, higher production volume, and depreciation, as well as the emergence of one-off costs resulting from the implementation of strategic projects, including the acquisition process — these burdens exceeded PLN 2.5 million. We plan a gradual rebuilding of margins in the coming quarters, adds Łukasz Piekarski, Member of the Management Board and CFO of VIGO Photonics.
In the industrial segment, we see significant potential resulting from the introduction of a new family of liquid nitrogen (LN2) cooled products and sustained strong demand for gas analysis detectors, especially in the American market — confirmed by a large order already secured from a US customer. In the military segment, we observe a growing volume of orders from key partners in Europe, and in the short term, we also see opportunities to implement projects for customers from this market in the United States. Concurrently, we have started executing another volume contract for a new customer in China. We also have letters of intent with Telesystem Mesko and PCO regarding the use of our solutions — matrices and the developing PIC technology, respectively — in military applications. We are also finalizing the acquisition of assets from a company specializing in infrared detector production. In summary, based on the dynamic growth in secured orders, the current backlog, and promising prospects in key industries, we expect to finish 2025 with a record level of revenues in the company's history, and to maintain the growth trend in 2026, supported by the planned acquisition, concludes Adam Piotrowski.
MSPO 2025
During the XXXIII International Defence Industry Exhibition in Kielce, the company signed two letters of intent: with the Research and Development Center TELESYSTEM-MESKO S.A. and with PCO S.A.
The letter of intent signed with CRW TELESYSTEM-MESKO aims to develop modern optoelectronic solutions in rocket and ammunition technology. The signed agreement covers the development of innovative solutions adapted to the needs of the modern battlefield, particularly matrices, which will be used in modern missile guidance systems, as well as laser homing detection systems.
VIGO Photonics also strengthened its long-standing cooperation with PCO, one of the pillars of the Polish Armaments Group, by signing a letter of intent aimed at creating new solutions for the Polish army that will use the photonic integrated circuits (PIC) currently being developed by the company.
Furthermore, during the fair, the company, together with PCO S.A., received the DEFENDER award for the KMW-3V thermal imaging camera with the cooled infrared matrix Eagle 4. These matrices are a key element of most military systems, especially those requiring high precision. They can be used in thermal imaging cameras in combat vehicles or in the guidance systems of missiles.
Signing of the 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 from an infrared detector manufacturing company, operating globally, with a particular focus on the American, Asian, and European markets. The project is currently in the phase of agreeing on the details of the transaction, and advanced talks regarding the financing of the transaction are simultaneously underway.
INDUSTRY EVENTS (completed)
- 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)
- 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
