VIGO Photonics (VGO) Q2 2026 earnings summary

Executive summary

• Revenue for H1 2026 reached PLN 45.35m, up 7.14% year-over-year, with strong growth in semiconductor materials and transport segments.

• Operating profit (EBIT) was PLN 3.69m, reversing a loss from H1 2025; net profit was PLN 2.9m, up by PLN 6.02m year-over-year.

• Adjusted EBITDA rose to PLN 11.47m, a 101.4% increase year-over-year, with adjusted net profit at PLN 5.57m.

• Major events included the acquisition of InfraRed Associates in the US and a post-period share issue raising PLN 63m for infrared array production expansion.

Financial highlights

• Revenue: PLN 45.35m (H1 2026) vs PLN 42.32m (H1 2025), +7.14% year-over-year.

• Operating profit: PLN 3.69m (H1 2026) vs loss of PLN 0.44m (H1 2025).

• Net profit: PLN 2.9m (H1 2026) vs net loss of PLN 3.11m (H1 2025).

• Adjusted EBITDA: PLN 11.47m (H1 2026) vs PLN 5.69m (H1 2025).

• Cash flow from operations: PLN 6.71m (H1 2026) vs outflow of PLN 0.92m (H1 2025).

Outlook and guidance

• Management expects continued revenue growth in H2 2026, especially in infrared detectors and modules.

• Significant revenue from infrared arrays expected from 2027 as serial production ramps up.

• Strategic focus remains on global photonics market expansion and new product development.