VIGO Photonics (VGO) Q4 2025 earnings summary

Executive summary

• Revenue reached 93.0 mln PLN in 2025, up 19% year-over-year, with a record backlog of 43.1 mln PLN (+60% vs. 2024).

• Strategic expansion in the defense sector, including a 192 mln PLN framework agreement and new product launches.

• Acquisition of InfraRed Associates, Inc. for $8.4 mln USD to strengthen US market presence.

• EBITDA (adjusted) rose to 12.0 mln PLN (from 6.9 mln PLN in 2024); net loss narrowed to -15.1 mln PLN, with adjusted net loss at -1.4 mln PLN.

• Strong order intake and new contracts position the group for further growth in 2026.

Financial highlights

• Sales revenue: 93.0 mln PLN (2025) vs. 78.3 mln PLN (2024), +18.8% year-over-year.

• Adjusted EBITDA: 12.0 mln PLN (2025) vs. 6.9 mln PLN (2024), +73%.

• EBIT: -4.1 mln PLN (2025) vs. -4.6 mln PLN (2024).

• Net loss: -15.1 mln PLN (2025) vs. -3.9 mln PLN (2024); adjusted net loss: -1.4 mln PLN (2025) vs. -2.4 mln PLN (2024).

• Gross margin: 50.7% (2025) vs. 49.5% (2024).

• Operating cash flow: -7.6 mln PLN (2025) vs. -7.6 mln PLN (2024).

Outlook and guidance

• Expectation of continued revenue growth in 2026, especially in infrared detectors and modules.

• Positive contribution anticipated from the US subsidiary following the InfraRed Associates acquisition.

• Significant revenue from matrix segment expected from 2027 as serial production ramps up.