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VIGO Revenue Estimates for Q3 and 9M 2025
PRESS RELEASE
Ożarów Mazowiecki, October 15, 2025
- Revenue growth in 1–3Q 2025: +21% YoY
- Backlog as of the end of September 2025: PLN 50.5 million (a twofold increase YoY)
VIGO Photonics S.A. (WSE: VGO), a global technology manufacturer of the most advanced photonic detectors and mid-infrared detection modules as well as semiconductor materials, achieved consolidated revenues of PLN 23.3 million in Q3 2025 (+49% YoY). Cumulatively, consolidated revenues for the first nine months of 2025 reached PLN 65.7 million (+21% YoY).
Sales of detectors and detection modules in Q3 2025 amounted to PLN 20.7 million (+50% YoY), while sales of semiconductor materials reached PLN 2.6 million (+40% YoY). After the first nine months of 2025, sales of detectors and modules totaled PLN 60 million (+24% YoY), and sales of semiconductor materials PLN 5.6 million (-5% YoY).
The order intake as of the end of September 2025 amounted to PLN 85.4 million (+55% YoY). The total backlog (including contracts and new order backlog) stood at PLN 50.5 million, double the level recorded a year earlier.
The positive trends seen in previous quarters continued in Q3 2025, confirming our earlier projections that 2025 revenues will be significantly higher than last year. Industrial segment revenues increased by 22% YoY after the first nine months, while the military segment grew by 7% YoY. The rebound in orders from the semiconductor industry continues. We also recorded a strong increase in sales to Asian customers, mainly in China, supported by a ‘volume contract’ and rising demand in the science and medical segments. We are now working on additional volume contracts. Our overall pipeline includes significant new orders from Polish, European, and U.S. clients for the coming quarters, and our current backlog at the end of September is twice as high as a year ago, said Adam Piotrowski, CEO of VIGO Photonics S.A.
In the industrial segment, revenues in Q3 2025 amounted to PLN 8.9 million (+18% YoY), reaching PLN 27.5 million after nine months (+22% YoY).
In the military segment, sales reached PLN 6.1 million in Q3 (+52% YoY) and PLN 17.5 million after nine months (+7% YoY).
Semiconductor materials sales in Q3 2025 totaled approximately PLN 2.6 million (+40% YoY), and PLN 5.6 million (-4% YoY) after nine months. Quarter-on-quarter, this segment’s sales increased by approximately PLN 0.6 million. In previous quarters, sales were limited by supply interruptions of InP (indium phosphide) substrates, caused by China’s export control regulations and licensing delays. The company now has alternative suppliers and does not expect further delivery delays; however, the global availability of InP substrates remains constrained due to Chinese policy.
The company will not be affected by China’s new export restrictions on rare earth metals, introduced in early October, as the regulated metals are not used in VIGO Photonics’ products.
Revenue breakdown by application in 9M 2025: Industrial applications: 42%, Military: 27%, Science and medicine: 9%, Transportation: 13.5%, Semiconductor materials: 8.5%
VIGO Photonics Sales by Application, 9M 2025 (in PLN thousand)
In geographical terms, Europe remains VIGO’s largest market, accounting for approximately 51% of total revenues in Q1–Q3 2025. Sales in this region mainly include detectors used in industrial and defense applications.
Revenues from the European market reached PLN 33.8 million after nine months (+15% YoY).
Sales in the American market totaled PLN 7.8 million (+14% YoY), representing about 12% of total company revenues. The main sales drivers were gas analysis detectors and laboratory detectors.
Sales in the Asian market grew by 74% YoY to PLN 12 million after nine months, driven by industrial sales (including a “volume contract” in China) and scientific applications (for laboratories and universities).
Sales in Poland in Q1–Q3 2025 amounted to PLN 11.9 million (+8% YoY), primarily from defense contracts (PGZ Group).
MSPO 2025
At the beginning of September 2025, during the 33rd International Defence Industry Exhibition (MSPO) in Kielce, the company signed two letters of intent — with TELESYSTEM-MESKO S.A. and PCO S.A. These agreements align with VIGO’s strategy to strengthen its position in the defense sector and to contribute to building a secure domestic supply chain for the Polish Armed Forces.
Additionally, during the exhibition, VIGO Photonics and PCO S.A. jointly received the DEFENDER Award for the KMW-3V thermal imaging camera, featuring the cooled Eagle 4 infrared detector array. These detector arrays are key components in most military systems, particularly those requiring high precision, and can be used in thermal cameras for combat vehicles or missile guidance systems.
INDUSTRY EVENTS (completed and planned for H2 2025)
- 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
