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VIGO Photonics revenue estimates for Q2 2026
PRESS RELEASE
Ożarów Mazowiecki, July 8, 2026
- Record scale of business – nearly PLN 35 million in quarterly revenue, the highest quarterly result in the Company's history
- Significant growth of backlog – almost PLN 93 million, a 3x increase year-on-year
- Global expansion – a surge, six-fold increase in revenue from the USA thanks to the acquisition, growth of revenue from Asia by over 80% year-on-year
VIGO Photonics S.A. (WSE: VGO), a global technological manufacturer of the most advanced photonic mid-infrared detectors and detection modules, as well as semiconductor materials, achieved PLN 34.7 million in consolidated revenue in Q2 2026, representing an increase of over 70% year-on-year. Revenue resulting from contracts of InfraRed Associates KPI amounted to approx. PLN 8.4 million in Q2.
For the first time in history – thanks to both organic growth and the acquisition of the American company – we have reached a level of nearly PLN 35 million in quarterly revenue. The value of revenue from InfraRed Associates contracts in Q2 amounted to PLN 8.4 million. Without taking it into account, we generated PLN 26.3 million in revenue, which would still be the second highest quarterly result in the company's history and definitely the best second quarter to date – says Adam Piotrowski, President of the Management Board of VIGO Photonics.
The value of sales of detectors and detection modules in Q2 2026 amounted to PLN 30.9 million (+67% y/y), and semiconductor materials to PLN 3.8 million (+110% y/y).
Total consolidated revenue of VIGO Photonics in H1 2026 amounted to PLN 54 million (+27% y/y), and the value of sales of detectors and detection modules in this period amounted to PLN 48.7 million (+24% y/y), and semiconductor materials to PLN 5.3 million (+75% y/y).
The value of new orders (order intake) at the end of June 2026 was PLN 87 million (+67% y/y), and the total backlog (including contracts and the backlog of new orders) amounted to PLN 92.9 million at the end of June and was more than 3 times higher year-on-year. Furthermore, the value of the reported backlog does not include contracts taken over by Vigo Photonics Corp. from InfraRed Associates, nor orders acquired by VIGO Photonics Corp in the last quarter.
"We look to the future with great optimism, which is justified by the record value of our backlog, which at the end of June reached nearly PLN 93 million and was more than three times higher than a year ago. Such a strong order portfolio, with a consistently high influx of new orders (order intake at PLN 87 million), provides us with an excellent foundation for further revenue growth in the coming quarters. Moreover, the acquisition of InfraRed Associates assets is already directly visible in our results. We recorded large increases in sales in all key geographical regions, and a more than six-fold increase in revenue on the US market is the best proof of the strengthening of our global market position in the area of the most advanced photonics – emphasizes Adam Piotrowski.
In the industrial segment, consolidated revenue for Q2 2026 amounted to PLN 19.3 million (+137% y/y), in the military segment sales in this period amounted to PLN 3.8 million (-20% y/y). In turn, sales in the transport segment amounted to PLN 6.2 million and increased by over 70% compared to the corresponding period of the previous year.
Sales in the semiconductor materials segment in Q2 2026 amounted to PLN 3.7 million and doubled compared to Q2 2025.
The share of applications in VIGO's revenue structure in Q2 2026 was as follows: industrial application 55%, military 11%, transport 18%, science and medicine 5%, and semiconductor materials 11%. Revenue value by application 2Q2026/2Q2025 (in PLN thousand).
When analyzing sales in individual segments, it is worth emphasizing that we clearly increased revenues in the industrial segment thanks to new products. Organically, the industrial segment (excluding InfraRed Associates) generated revenue higher by over 40% in Q2, and by approx. 8% in the entire half-year - emphasizes Adam Piotrowski. - Sales in the transport segment also grew dynamically organically – in Q2 by approx. 58%, and in the half-year by over 80% y/y, mainly due to the growth of orders from our key customer – adds Adam Piotrowski. It is also worth noting the very good performance of the semiconductor materials segment, where sales in Q2 doubled, which was the result of increased orders from customers and higher service prices – ads Adam Piotrowski.
In the military segment, we recorded a slight decrease in revenue y/y related to the shift of part of the orders from a foreign customer to the second half of the year, while we see growing orders from our key Polish customer, i.e., PCO S.A. – explains Adam Piotrowski.
Due to the acquisition in the US, the geographical structure of revenues generated by VIGO has changed. Revenue from Europe in Q2 amounted to PLN 12.2 million (an increase of 20% y/y) and accounted for approx. 35% of VIGO's revenue, while revenue from the US, including InfraRed Associates contracts, amounted to PLN 10.6 million (a 6.5 x increase, primarily thanks to the acquisition) and already accounted for nearly 31% of VIGO's revenue. Revenue from Asia increased in this period by 82% y/y to PLN 8.3 million, accounting for 24% of the company's revenue. Revenue from Poland in Q2 2026 amounted to PLN 3.6 million (-10% y/y) and accounted for approx. 10% of revenue.
The geographical structure of our sales is product-diversified. In Europe, we primarily deliver detectors for industry and the military, while in the US solutions for gas analysis and control and measurement equipment used in laboratories dominate. The Asian market, on the other hand, is the domain of the industrial and scientific segment (for universities and institutes). In Poland, however, VIGO generates revenues mainly from contracts with the defense sector (PGZ) – concludes Adam Piotrowski.
Signing of a framework agreement for the supply of detectors for military vehicles
On July 3 this year, the company announced the signing of a strategic framework agreement with a domestic manufacturer of optoelectronic products for the army. The contract concerns the delivery of InGaAs detectors intended for self-protection systems of combat vehicles. These key sensors will go to vehicles in service with the Polish Armed Forces, where they will be integrated with the laser beam warning system.
Planned series G share issue to finance the military FPA project
Furthermore, an Extraordinary General Meeting (EGM) of Vigo Photonics has been convened for July 13 this year, which is to decide on the issuance of up to 131,219 series G shares. The company plans to spend the funds raised from the issuance on launching the production of infrared focal plane arrays, which are a critical component in military thermal imaging cameras.
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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