VIGO Photonics (VGO) Q2 2025 earnings summary

Executive summary

• Revenue for H1 2025 reached PLN 42.3m, up 10.1% year-over-year, with strong growth in science/medicine (+132.8%) and industry (+25.4%) segments, but a 26.3% decline in semiconductor materials sales.

• Operating loss (EBIT) was PLN -0.44m, down from a profit of PLN 1.9m in H1 2024; adjusted EBITDA was PLN 5.7m, down 18.6% year-over-year.

• Net loss for H1 2025 was PLN -3.1m, compared to a net profit of PLN 1.3m in H1 2024; adjusted net loss was PLN -2.8m.

• Cost increases were driven by higher sales, wage growth, and employee benefits, with total operating costs up 12.7% year-over-year.

Financial highlights

• Revenue: PLN 42.3m (+10.1% y/y); cost of goods sold: PLN 21.8m (+22.7% y/y).

• Operating loss: PLN -0.44m (vs. PLN 1.9m profit y/y); net loss: PLN -3.1m (vs. PLN 1.3m profit y/y).

• Adjusted EBITDA: PLN 5.7m (down from PLN 7.0m y/y); adjusted net margin: -6.7% (down 6.0pp y/y).

• Cash at period end: PLN 2.3m (down from PLN 16.5m at YE 2024); net cash outflow from operations: PLN -1.1m.

• Equity: PLN 178.6m; total assets: PLN 224.9m.

Outlook and guidance

• Management expects significant revenue growth in the next four quarters, especially in industrial, military, and semiconductor materials segments.

• No major increase in operating costs is anticipated for H2 2025.

• Long-term strategy focuses on global photonics market expansion, new product development, and scaling up production of photonic integrated circuits and detector arrays.