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VIGO revenue estimates – the second highest revenue quarter in the company’s history

(increase by 9% y/y in Q4 and 11% y/y in 2023)


  • Revenues in the fourth quarter of 2023 amounted to PLN 22.1 million (an increase of 9% y/y) – the second record quarter in terms of revenues in the company’s history
  • Maintaining the trends from previous quarters – growth thanks to key segments: industrial and military
  • Sales in the most important industrial segment: +12% y/y in the fourth quarter and +12% y/y throughout 2023
  • Sales on the American market +26% y/y in the fourth quarter and +75% throughout 2023. In the next 1-2 years, sales on the US market may reach the level of sales on the European market.
  • Growing defense spending contributes to growing sales in the military segment (x2 y/y in the fourth quarter and +47% throughout the year).


VIGO Photonics S.A. (WSE: VGO), a global manufacturer of the most advanced mid-infrared photonic detectors and detection modules and semiconductor materials, achieved PLN 22.1 million (+9% y/y) in consolidated revenues in the fourth quarter of 2023. Throughout 2023, VIGO’s revenues amounted to PLN 75.7 million (+11% y/y).


The level of revenues in the fourth quarter of 2023 was at a similar level to the record level in the company’s history in the fourth quarter of 2021 (PLN 22.2 million).


Sales of detectors and detection modules in the fourth quarter of 2023 amounted to a total of PLN 20.3 million (+8% y/y), and sales of semiconductor materials amounted to PLN 1.8 million (+18% y/y).


In the last quarter of 2023, the trends visible in previous periods continued. During this period, the largest year-on-year increase in sales was recorded by the military segment (PLN 3.4 million, a two-fold increase y/y). Sales in this segment increased thanks to growing orders from regular customers, as well as the commencement of the implementation of the contract signed with PGZ in August this year.


Throughout 2023, the military segment recorded PLN 11.9 million in sales, which means an increase of 47% year-on-year. The upward trend is related to the growing defense spending.


The industrial segment, the largest in terms of revenue, recorded an increase of 12% y/y to PLN 13.9 million in the fourth quarter of 2023, thanks to further positive trends in the USA (year-on-year sales increase to PLN 4 million, gas analysis detectors, including methane sensors) and stable sales in Europe (mainly for the semiconductor industry). Throughout 2023, sales in the industrial segment amounted to PLN 44.7 million (+12% y/y).


The semiconductor materials segment is growing as planned, primarily thanks to orders for QCL structures – Quantum Cascade Lasers and for semiconductor energy storage facilities. Sales in the segment amounted in the fourth quarter of this year. PLN 1.8 million (+18% y/y), and in the entire past year PLN 6.1 million (+48% y/y).

Geographically, in the fourth year of 2023, the highest sales were recorded in the American markets (PLN 2.7 million, +26% y/y) and European markets (PLN 15.6 million +37% y/y). Throughout 2023, these markets also grew (American by 75% y/y to PLN 11.7 million, European by 9% to PLN 48.1 million).


In the fourth quarter of 2023, we practically equalized the record level of sales that we achieved two years ago – in the last quarter of 2021. This is primarily due to the strong demand for our products in the traditionally largest industrial segment, where in the fourth quarter we sold our detectors to a large group, mainly European , but also American customers. Moreover, sales in the military segment are growing for another quarter in a row, where we supply detectors for military applications to customers from Poland and Europe, but importantly, last year we also started implementing projects for customers from the USA. – says Adam Piotrowski, President of the Management Board of VIGO Photonics.


The increase in sales in the fourth quarter is therefore the result of the good work of our sales team and the customers’ appreciation of the effectiveness of our detectors. We are particularly strong in market segments requiring the highest quality and parameters – which is particularly valuable in the semiconductor and arms industries. We are also constantly working on new products in these areas – in 2024 we expect to launch a new product for one of the largest American companies producing semiconductor equipment. We also count on further sales increases in the area of gas analysis, both in Europe and the USA. In 2024, we want to focus on the development of the American market. We already have a significant position there, and last year we acquired several new, large clients with whom we are working on new solutions. I am convinced that within 1-2 years, sales on the American market may catch up with the revenues obtained by VIGO from the European market – adds Adam Piotrowski.

In November 2023, we successfully conducted an issue of series F shares, from which we raised almost PLN 63 million gross. First of all, we intend to spend the acquired funds on the development of array detector technologies. The project is currently in the R&D phase – we have optimized the semiconductor structures to the requirements of array detectors. We also prepare pre-production series of products for customer testing and confirmation of compliance with all military standards. We are also preparing an investment program that will allow us to launch serial production of matrices in 2025, says Łukasz Piekarski, member of the management board of VIGO Photonics.


Obtaining funds from the SPO will accelerate the implementation of our technology in the Polish army and will enable the expansion of cooperation with PCO S.A. in the implementation of Polish semiconductor solutions for military infrared technology devices. Importantly, we already see great demand for this type of products for military applications, also outside the Polish market – adds Łukasz Piekarski.


The total value of orders and contracts obtained by VIGO Photonics in 2023 amounted to nearly PLN 100 million (including PLN 80.9 million in confirmed delivery orders, compared to PLN 75 million at the end of the same period last year and an additional PLN 18.6 million in remaining contracts for 2023-2025). This amount does not include the contract with the PGZ group entity signed in August 2023.


The share of applications in the revenue structure in the fourth quarter of 2023 was respectively: industrial application 63%, military application 15.6%, semiconductor materials 8%, transport application 6.7% and science and medicine 6.7%.


Selected most important contracts signed in 2023


In 2023, VIGO signed several new contracts, including: in an emission monitoring application – FTIR spectroscopy (contract value EUR 1.62 million), in an industrial application – for measuring the thickness of paint coatings (value approximately EUR 0.5 million) and for a supplier of optoelectronic systems (value approximately EUR 0.2 million). EUR). Further contracts were signed in July, including: for devices producing the latest generation of semiconductors (contract value: EUR 2 million) and for spectroscopy (value: EUR 200,000).


In May this year another framework agreement was concluded with a German contractor for the supply of detectors worth from EUR 2.9 to 3.5 million until the end of December 2023 (with the possibility of postponement until the end of March 2024). In July 2023 VIGO signed a renewed framework agreement for the sale of detectors with a company from the Caterpillar Group worth EUR 3.67 million until May 30, 2025 (with the possibility of postponing it until the end of August 2025).


On August 29 this year VIGO signed an agreement with an entity from the PGZ Group to supply detectors worth a total of at least PLN 15.8 million (as at the date of signing the agreement) by the end of 2035. The implementation of the contract has already started. VIGO detectors will be used in fire detection systems in tanks and combat vehicles. The actual revenues from the implementation of this contract may be much higher due to the possibility of using the system in other types of military vehicles.


On September 7 this year During the International Defense Industry Exhibition in Kielce, VIGO signed a letter of intent with PCO regarding cooperation aimed at developing innovative solutions tailored to the needs of the modern battlefield, in particular infrared matrices based on T2SL superlattice technology (Type II Superlattice).


On June 12 this year VIGO Photonics received information from the European Commission about the approval of public aid in the amount of up to EUR 102.9 million under the European IPCEI ME/CT mechanism 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 value chain of integrated photonics systems (PIC) for the mid-infrared range (Mid-IR Photonic Integrated Circuits, MIRPICs).







  • In 2023, VIGO Photonics participated in the following industry events:


  • SPIE Photonics West (USA) – the largest photonics industry 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 dedicated to III-V detectors organized jointly with Photonics Media
  • OPIE industry conference (Japan)
  • Photonics 21 Partnership Annual Meeting 2023 (Belgium)
  • International Day of Light (Poland)
  • SEMICON West (USA)
  • Korea – Poland Business Forum (Poland)
  • Poland – Taiwan Business Round Table (Poland)
  • MSPO International Defense Industry Exhibition (Poland)
  • SEMICON Taiwan (Taiwan)
  • DSEI (England)
  • EPIC Technology Meeting on Photonics in Defense (Poland)
  • RAPID Research and Application of Photonics in Defense (USA)
  • Webinar devoted to infrared detectors for gas analysis organized jointly with the Laser Focus World organization
  • CIOE China International Optoelectronic Expo (China)
  • CEM Emission Monitoring (Spain)
  • TRAKO (Poland)
  • Poland – Switzerland Economic and Technological Forum (Switzerland)
  • EU Regional Conference “New Perspective, New Opportunities 2021-2027” (Poland)
  • Photonics Days Berlin (Germany)
  • EPIC Technology Meeting for Quantum Technology (Germany)
  • Seoul ADEX (Korea)
  • EPIC New Product Release
  • Optoelectronics Conference (Poland)
  • SEMICON Europe (Germany
  • IPC IEEE Photonics Society Conference (USA)
  • Intelligent Rail Summit (Poland)
  • IR Fair (Japan)
  • Combat Aeroterrestre 2035 (France)



Contact for 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