English
Polski
VIGO Revenue Estimates for Q4 and Full-Year 2025
PRESS RELEASE
Ożarów Mazowiecki, January 15, 2026
- Record revenue level – PLN 93.1 million, a 19% increase y/y
- Record new order intake – exceeding PLN 100 million
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 27.4 million in consolidated revenue in Q4 2025 (+14% y/y). On an annual basis, VIGO Photonics' consolidated revenue for 2025 totaled PLN 93.1 million, representing a 19% year-on-year increase.
Sales of detectors and detection modules in Q4 2025 amounted to PLN 24.8 million (+17% y/y), while semiconductor materials accounted for PLN 2.6 million (-9% y/y). For the full year 2025, detector and detection module sales reached PLN 84.8 million (+22% y/y), and semiconductor materials reached PLN 8.3 million (-6% y/y).
In 2025, the Company achieved a record influx of new orders (order intake), which crossed the PLN 100 million threshold. The order intake value at the end of December 2025 stood at PLN 101.4 million, a 20% increase y/y. The total backlog (comprising long-term contracts and the new order backlog) amounted to PLN 43.1 million at year-end, up by over 63% y/y.
In 2025, as previously announced, VIGO achieved record revenues in its history, exceeding PLN 93 million and growing 19% year-on-year. We recorded revenue growth in nearly every application, including our key segments: industrial (+13%) and military (+7%). The science and medicine segment also saw a 56% revenue increase, thanks in part to the execution of the first 'volume' contract for a client from China. Geographically, the strongest growth was recorded in Europe and Asia. However, we anticipate that sales in the US market will also increase significantly in 2026, partly due to the finalization of the announced acquisition of assets from an infrared detector manufacturer, says Adam Piotrowski, President of the Management Board of VIGO Photonics S.A.
It is also worth emphasizing that in 2025, we recorded a record influx of new orders, exceeding the PLN 100 million threshold. This is nearly 20% higher year-on-year. We expect to maintain the upward revenue trend in 2026, further supported by the planned acquisition. In our overall pipeline, we see further significant orders from Polish, European, and American customers, and the current backlog is over 60% higher y/y, adds Adam Piotrowski.
Segment Results
Industrial Segment: Q4 2025 revenue was PLN 10.8 million (-6% y/y), totaling PLN 38.3 million for the full year (+13% y/y).
Military Segment: Q4 2025 sales were PLN 11.4 million (+66% y/y), reaching PLN 17.5 million for the full year (+7% y/y). The significant Q4 jump was driven by the execution of a contract with a Safran Group company.
Semiconductor Materials: Q4 2025 sales were approx. PLN 2.6 million (-9% y/y), and PLN 8.3 million for the full year (-6% y/y). Sales in this segment are conditioned by the availability of InP (indium phosphide) substrates and are affected by China's export control policies and the need to obtain export licenses.
2025 Revenue Structure by Application:
Geographical Performance
Europe: VIGO’s largest market, accounting for approx. 54% of total revenue. Sales reached PLN 50.6 million (+16% y/y), primarily driven by industrial and military detectors.
USA: Sales amounted to PLN 11.3 million (+3% y/y), making up approx. 12% of total sales. The largest share comes from gas analysis detectors and laboratory equipment.
Asia: Sales grew 40% y/y to PLN 14.8 million, driven by the industrial segment (including a volume contract from China) and the science segment.
Poland: Sales reached PLN 16.1 million (+26% y/y), largely stemming from contracts with the military sector (PGZ Group).
2025 Summary
In 2025, VIGO conducted intensive R&D as part of the HyperPIC project—the development of unique Photonic Integrated Circuit (PIC) technology. The company showcased its first technology demonstrator—the FSOC multichannel transmitter circuit—and developed product lines for the project, including superlattice detectors, QCL lasers, passive waveguide circuits, and integrated dual-use laser drivers. In 2026, the company plans to develop a new PIC demonstrator dedicated to greenhouse gas analysis.
VIGO also advanced its infrared focal plane array (FPA) project for the Polish military. In April last year, VIGO signed a strategic framework agreement with PCO S.A. for the development, production, and sale of matrix detectors. The agreement runs until 2031 with an estimated value of PLN 191.9 million. Test production is slated to begin in 2026.
New Product Launches:
High-end solutions: LN2 infrared detectors for FTIR spectroscopy (signed a 3-year contract with a major US client).
Volume solutions: AMS series InAsSb detection modules, ASIC-integrated modules, InGaAs-1.7 detectors, SMD-packaged photovoltaic detectors for fire/CO sensing, and the AM034 digital gas detection module.
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)
- 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
