home-icon/Home / VIGO estimates for the second quarter and the first half of 2023 – revenue growth by 20% y/y in the first half of the year, growing sales in the USA, good prospects for the military segment

VIGO estimates for the second quarter and the first half of 2023 – revenue growth by 20% y/y in the first half of the year, growing sales in the USA, good prospects for the military segment

  • Increase in revenues in the first half of 2023 thanks to increases in key segments: industry, military and transport
  • Sales of semiconductor materials in the first half of the year increased by 47% y/y up to PLN 2.7 million
  • Sales on the North American markets in the first half of the year reached the level PLN 6 million (approx. 3-fold increase)
  • Increase in sales in the military segment in the first half of the year by 27% y/y to PLN 6.3 million – the impact of increasing defense spending


VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced photonic detectors and mid-infrared detection modules as well as semiconductor materials, achieved PLN 37.3 million (+21% y/y) in consolidated revenue in the first half of 2023. In Q2 2023 alone, revenues reached PLN 18.5 million and remained at a similar level to the same period in 2022.


Sales of detectors and detection modules in the first half of 2023 totaled PLN 34.6 million (+20% y/y), and sales of semiconductor materials PLN 2.7 million (increase by almost 50% y/y).

In the first half of 2023, the largest y/y increase in sales was recorded in the industrial segment (PLN 20.9 million, +23% y/y), thanks to good sales in the USA (methane sensors), Europe (semiconductor industry) and Asia (measuring devices) and semiconductor materials (including orders for QCL structures – Quantum Cascade Lasers and for semiconductor energy storage.

In order to better compare revenues year-on-year, it should be taken into account that in the first quarter of 2022, the start-up of a new technological and clean room investment had a large impact on the revenues – then a significant part of the revenues was moved to the second quarter of 2022, hence the first and second quarters of 2022 vs 2023 are not fully comparable. Comparing the half-year results year-on-year, we see a very clear, 20% increase in total sales, resulting from an increase in key segments – industrial by over 20% y/y, military by 27% y/y and transport by 10% y/y – says Adam Piotrowski, President of the Management Board of VIGO Photonics.

In the first half of this year the sale of detectors on the Polish market amounted to PLN 3.2 million (and was twice as high year-on-year – this is due to the increased sales of detectors for military purposes. The total sales of VIGO in the military segment both in Poland and abroad, including amounted to PLN 6.3 million (increase by 27% y/y).

It is also worth noting the growing revenues of the military segment for another quarter in a row. Revenues from this segment generated in Poland in the past six months amounted to over PLN 3 million, and in total over PLN 6 million in the entire segment. This is the effect of the geopolitical situation and significantly increasing spending on security and defense by individual countries, including Poland. We expect that these expenses, and thus our sales, both in Poland and other European countries in this segment, will continue to increase. We also identify new opportunities on the US marketadds Adam Piotrowski.

We are also constantly developing and improving our offer for customers – we are particularly pleased with the increase recorded in the second quarter of this year. great progress in the development of a new family of liquid nitrogen-cooled detectors – the prototypes were tested by the client and achieved very good results, and as a result we agreed with the client to launch the next stage of R&D. We also see completely new applications for our detectors. One of the most interesting solutions is the so-called Smart Farm detectors for monitoring the condition of agricultural crops. We hope to inform the market about an interesting contract in this sector soonsays Adam Piotrowski.

The total value of orders acquired by VIGO Photonics from the beginning of this year to the end of June amounted to PLN 37.9 million (including PLN 20.2 million in Q2 2023). At the end of June 2022, the value of orders received was PLN 44.4 million (PLN 25.2 million in Q2 2022).

When analyzing the value of acquired orders, one should pay attention to the very high base from the first half of 2022, when in the second quarter alone we obtained a record PLN 25.2 million in orders. It is worth noting, however, that the second quarter of 2023 is the second consecutive period with an increase in the value of orders quarter to quarter after the “low” from the last quarter of 2022 – says Łukasz Piekarski, member of the board of VIGO Photonics.

The high level of sales dynamics generated by the American company is also maintained. After 6 months of 2023, it increased almost three times year on year, reaching the level of PLN 6 million. Sensors for industrial applications, mainly for methane detection and gas analysis, have the largest share in sales on this market. In addition, in the second quarter of VIGO identified new sales opportunities on the American market, mainly from the military industry.

The increase in sales is also maintained on the Asian market. In the first half of 2023, sales on those markets amounted to PLN 5.2 million (+11% y/y), thanks to orders in the industrial, transport and science segments.

Export sales on the US and Asian markets are still developing well. The sales team in the USA is dynamic and in the first half of the year it generated PLN 6 million in sales in the prospective segment of gas detectors, mainly methane, used in the mining industry. In addition, in the last quarter we identified new sales opportunities in the US for the defense industry, which may dynamically increase sales on that market. It will also be an important confirmation of the attractiveness and usefulness of our detectors for military purposes, which, given the current trends related to increasing defense spending, will be invaluableemphasizes Adam Piotrowski.

The share of applications in the revenue structure in the first half of 2023 was as follows: industrial application 56% (revenue PLN 20.9 million), military application 17% (revenue PLN 6.3 million), transport application 13% (revenue PLN 5 million) and semiconductor materials 7 % (PLN 2.7 million of revenue).

In the first half of 2023, VIGO signed new contracts, e.g. in the application for gas analysis – FTIR spectroscopy (contract value of EUR 1.62 million), in the industrial application – for measuring the thickness of varnish coatings (value of approx. EUR 0.5 million) and for a supplier of optoelectronic systems (value of approx. EUR 0.2 million EUR). At the beginning of May VIGO also informed about signing a renewed contract for the supply of infrared detectors with a German company. The value of deliveries under this agreement may range from EUR 2.9 million to EUR 3.5 million.

On June 12. VIGO Photonics received information from the European Commission about the approval of state aid in the amount of up to EUR 102.9 million under the European mechanism IPCEI ME / CT for the implementation of the HyperPIC project, the main goal of which is to create a complete, generic technological platform integrating key elements of the integrated photonics value chain (PIC) to the mid-infrared range (Mid-IR Photonic Integrated Circuits, MIRPICs).

Obtaining the EC decision approving the financing for the HyperPIC project shows that VIGO is an innovative company that is able to find its place in the current reality of the global economy. Demand for our products in various industries will grow, supported by global technological, geopolitical and ecological trendssums up Adam Piotrowski.



  • The publication of the VIGO Photonics semi-annual report for the first half of 2023 is scheduled for September 19 this year.
  • In the first half of 2023, VIGO Photonics participated in the following industry events:
    • SPIE Photonics West (USA) – the largest industry photonics conference in the world
    • Smart City Summit (Taiwan)
    • Space Industry Days (Poland)
    • SPIE Optics and Optoelectronic Fair (Czech Republic)
    • Infrared Colloquium (Germany)
    • LASER World of Photonics (Germany) – the largest industry conference in Europe
    • Webinar on III-V detectors organized jointly with Photonics Media
    • OPIE industry conference (Japan)
    • Photonics 21 Partnership Annual Meeting 2023 (Belgium)
    • International Day of Light (Poland)


Contact for the media and individual investors:Piotr Piotrowski, cc group

piotr.piotrowski@ccgroup.pl, +48 697 613 010


Contact for institutional investors:

Małgorzata Młynarska, cc group

malgorzata.mlynarska@ccgroup.pl, +48 697 613 709