VIGO Photonics (VGO) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 was PLN 19.25 million, down 12.46% year-over-year, with notable growth in semiconductor materials (+31.58%) and transport (+162.7%) segments.

• Operating loss (EBIT) was PLN -0.38 million, a decline of PLN 1.26 million year-over-year; adjusted EBITDA rose 21.9% to PLN 4.22 million.

• Net loss for Q1 2026 was PLN -0.77 million, down by PLN 0.47 million year-over-year; adjusted net profit was PLN 1.24 million, up PLN 1.54 million year-over-year.

• Cost of goods sold decreased 18.7% year-over-year, while general administrative costs rose 21.02% due to one-off acquisition-related expenses.

Financial highlights

• Revenue: PLN 19.25 million (Q1 2026) vs. PLN 21.99 million (Q1 2025).

• Net loss: PLN -0.77 million (Q1 2026) vs. PLN -0.30 million (Q1 2025).

• Adjusted EBITDA: PLN 4.22 million (Q1 2026) vs. PLN 3.46 million (Q1 2025).

• Operating cash flow: PLN 8.36 million (Q1 2026) vs. PLN 3.02 million (Q1 2025).

• Net cash from financing: PLN 6.93 million (Q1 2026) vs. PLN -2.77 million (Q1 2025).

Outlook and guidance

• Management expects revenue growth in subsequent quarters, especially in infrared detectors and modules, with significant matrix segment revenue anticipated in 2027.

• Continued R&D and new product launches are expected to support long-term growth.