Vigo Photonics – a manufacturer of photon infrared detectors listed on the WSE – confirms that 2025 is on the rebound. According to estimates, the company generated revenue of PLN 23.28 million in Q3, an increase of 48.5% year-on-year. Even more significant is what is happening in the order backlog: the backlog at the end of September amounted to PLN 50.5 million, more than double that of a year earlier.
The detector and module segment remains the biggest driver of growth, with sales of PLN 20.7 million in the quarter (+50% y-o-y) showing that global demand for infrared for industry, military and medicine is back on an upward trajectory. After nine months, the segment exceeded PLN 60 million in revenue (+24% y/y). Semiconductor materials remain the only weak point – although Q3 saw a rebound (+40% y/y), year-to-date sales are lower than a year ago due to the earlier disruption of InP supplies from China.
It is worth noting the structure of customers. Industry now accounts for 42% of revenues, military for 27% and science and medicine for 9%. Growth in the industrial sector (+22% y-o-y after nine months) suggests improving investment sentiment, especially in automation and process control applications. The military segment, which has been a performance stabiliser in recent years, returned to strong growth (+52% y/y in Q3).
The signal coming from Asian markets is also interesting. CEO Adam Piotrowski pointed to a strong rebound in demand from China, supported by so-called volume contracts. This is important in the context of global trade tensions – Vigo is signalling that it has secured alternative supplies of materials and is not concerned about new export restrictions on rare earths.
On a macro level, Vigo is part of a broader trend of a renaissance in photonics – a key technology for security systems, industrial autonomy and medical devices. The result of 85.4 million new orders (+55% y-o-y) indicates that 2026 could be a record year if the company maintains the pace of converting backlog into sales.
Conclusion? Vigo is emerging as one of the few Polish high-tech exporters to benefit from the global transformation towards sensors, optoelectronics and precision measurement. The main risk – component availability – seems to be under control. The biggest question concerns production capacity. If the company is able to scale it, this year may just be the prelude to the next phase of growth.
