VIGO Photonics S.A.
VIGO Photonics makes infrared detectors, detection modules and semiconductor materials. Its components help instruments identify gases, monitor heat and form thermal images for industry, science and defence.
Overview
Latest results
Reported in PLN
Latest financial publication
Preliminary third-quarter 2026 revenue
Investment Thesis
Infrared demand meets a larger production challenge
European Tech Equities analysis ·
The investment case
The case centres on selling specialised infrared components to instrument makers, industrial customers and defence suppliers. Growth in cooled arrays could broaden the business, while InfraRed Associates adds a US base. Success depends on repeatable manufacturing and deliveries, not simply on demand for thermal cameras.
Evidence of adoption
PCO’s framework agreement for 2027–2032 is estimated at PLN191.8 million and supports the planned array line. It is a future programme, not revenue already earned. The company also serves industrial and transport customers; its Q3 update names Caterpillar. These uses give the investment case more substance than laboratory demonstrations alone.
What drives demand
Q3 preliminary sales grew 48.4% to PLN34.5 million, including PLN8.5 million from the acquired US operation. The reported backlog reached PLN86.5 million, excluding acquired US contracts and recent US orders. China’s restrictions on supplying VIGO with dual-use goods constrain access to InP substrates for semiconductor materials. Management says alternative suppliers cover the detector and array businesses.
Profit and cash generation
H1 2026 revenue was PLN54.0 million and operating profit PLN2.7 million, but statutory net profit was only PLN0.229 million. Operating cash flow was PLN8.9 million. June cash of PLN9.9 million and debt including leases of PLN54.0 million predate July’s equity funding. The PLN35.8 million investment outflow includes acquired US assets, so it cannot be read as ordinary capital spending.
What the valuation assumes
On 27 October 2026, the market value was PLN557.3 million, about EUR126.6 million and six times 2025 sales. A 2025 price-to-earnings ratio is not meaningful because the group lost money. This valuation relies on profitable growth, successful array production and disciplined spending after the HyperPIC decision; a larger backlog alone cannot establish those outcomes.
What would weaken the case
- Array qualification and production ramp-up may take longer or cost more than planned.
- China’s supply restrictions can reduce semiconductor-material sales even if core detector production continues.
- Acquisition growth and adjusted profits can obscure the cash needed to build a larger business.
Sources
- VIGO company profile
- VIGO Photonics Consolidated Semi-Annual Report 2026
- VIGO share issue for cooled infrared arrays, July 2026
- VIGO third-quarter revenue estimates, 13 October 2026
- VIGO assessment of Chinese export restrictions, 24 July 2026
- Dated VIGO market capitalisation
- VIGO Photonics Consolidated Annual Report 2025
- VIGO terminates HyperPIC grant agreement, 23 October 2026
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Revenue
- PLN 88.5m
The October update contains preliminary revenue only. The June balance sheet predates the July issue of 131,219 shares at PLN480, announced to raise about PLN63 million gross for infrared arrays. H1 investment includes the InfraRed Associates acquisition. Statutory net profit of PLN0.229 million differs from the adjusted figure highlighted by management.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in PLN millions; EPS in PLN. Debt includes borrowings and leases. Annual figures use the latest restated comparator. H1 2025 EPS is withheld because issuer tables conflict. Cash investment includes development spending; H1 2026 also includes the acquired US assets, so it is not a measure of organic investment.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
The October update contains preliminary revenue only. The June balance sheet predates the July issue of 131,219 shares at PLN480, announced to raise about PLN63 million gross for infrared arrays. H1 investment includes the InfraRed Associates acquisition. Statutory net profit of PLN0.229 million differs from the adjusted figure highlighted by management.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in PLN millions; EPS in PLN. Debt includes borrowings and leases. Annual figures use the latest restated comparator. H1 2025 EPS is withheld because issuer tables conflict. Cash investment includes development spending; H1 2026 also includes the acquired US assets, so it is not a measure of organic investment.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
The October update contains preliminary revenue only. The June balance sheet predates the July issue of 131,219 shares at PLN480, announced to raise about PLN63 million gross for infrared arrays. H1 investment includes the InfraRed Associates acquisition. Statutory net profit of PLN0.229 million differs from the adjusted figure highlighted by management.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in PLN millions; EPS in PLN. Debt includes borrowings and leases. Annual figures use the latest restated comparator. H1 2025 EPS is withheld because issuer tables conflict. Cash investment includes development spending; H1 2026 also includes the acquired US assets, so it is not a measure of organic investment.
Quarterly
Income statement
Sources and details
The October update contains preliminary revenue only. The June balance sheet predates the July issue of 131,219 shares at PLN480, announced to raise about PLN63 million gross for infrared arrays. H1 investment includes the InfraRed Associates acquisition. Statutory net profit of PLN0.229 million differs from the adjusted figure highlighted by management.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in PLN millions; EPS in PLN. Debt includes borrowings and leases. Annual figures use the latest restated comparator. H1 2025 EPS is withheld because issuer tables conflict. Cash investment includes development spending; H1 2026 also includes the acquired US assets, so it is not a measure of organic investment.
Year to date
Revenue
Income statement
| For the periodPLN million | 9M 2026 |
|---|---|
| Revenue | 88.50 |
Sources and details
The October update contains preliminary revenue only. The June balance sheet predates the July issue of 131,219 shares at PLN480, announced to raise about PLN63 million gross for infrared arrays. H1 investment includes the InfraRed Associates acquisition. Statutory net profit of PLN0.229 million differs from the adjusted figure highlighted by management.
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
Consolidated IFRS figures in PLN millions; EPS in PLN. Debt includes borrowings and leases. Annual figures use the latest restated comparator. H1 2025 EPS is withheld because issuer tables conflict. Cash investment includes development spending; H1 2026 also includes the acquired US assets, so it is not a measure of organic investment.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
WYKAZ AKCJONARIUSZY POSIADAJĄCYCH CO NAJMNIEJ 5% GŁOSÓW NA NADZWYCZAJNYM WALNYM ZGROMADZENIU W DNIU 29 PAŹDZIERNIKA 2026 ROKU
UCHWAŁY NADZWYCZAJNEGO WALNEGO ZGROMADZENIA PODJĘTE W DNIU 29 PAŹDZIERNIKA 2026 ROKU
REZYGNACJA CZŁONKA RADY NADZORCZEJ, ODWOŁANIE CZŁONKA RADY NADZORCZEJ I POWOŁANIE DWÓCH CZŁONKÓW RADY NADZORCZEJ
ZGŁOSZENIE KANDYDATA NA CZŁONKA RADY NADZORCZEJ
Polubowne rozwiązanie umowy o dofinansowanie projektu HyperPIC w ramach mechanizmu IPCEI
Interviews
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Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
Q3 2025 · Published Oct 13, 2026 · Checked Oct 28, 2026
Q3 2026 · Published Oct 13, 2026 · Checked Oct 28, 2026
9M 2026 · Published Oct 13, 2026 · Checked Oct 28, 2026
H1 2025 · Published Sep 25, 2026 · Checked Oct 28, 2026
H1 2026 · Published Sep 25, 2026 · Checked Oct 28, 2026
FY 2024 · Published Apr 28, 2026 · Checked Oct 28, 2026
FY 2025 · Published Apr 28, 2026 · Checked Oct 28, 2026
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