VIGO Photonics (VGO) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 reached PLN 23.26 million, up 48.5% year-over-year; YTD revenue was PLN 65.59 million, up 21.3% year-over-year.

• Strongest YTD growth was in science & medicine (+73.6%), transport (+47.7%), and industry (+22.8%).

• Operational loss (EBIT) for the first nine months was PLN -1.00 million, a decline of PLN 1.8 million year-over-year.

• Adjusted EBITDA for the period was PLN 9.7 million, up 13.7% year-over-year.

• Adjusted net loss was PLN 0.7 million, slightly higher than the previous year.

Financial highlights

• Cost of goods sold for the first nine months was PLN 33.37 million, up 31% year-over-year.

• General administrative expenses rose 17.7% to PLN 31.91 million; selling expenses increased 16.2% to PLN 6.96 million.

• Total operating costs (including other operating costs) reached PLN 77.12 million, up 18.9% year-over-year.

• Net cash flow from operating activities was PLN -3.86 million; investing activities PLN -8.27 million; financing activities PLN -1.53 million for the nine months.

• Cash and equivalents at period end were PLN 2.85 million.

Outlook and guidance

• Revenue growth expected in the next four quarters, especially in infrared arrays, semiconductor materials, and infrared detectors/modules.

• 2026 expected to see renewed growth in semiconductor materials as supply issues are resolved.

• Long-term strategy focuses on expanding photonics market presence and launching new product lines, including photonic integrated circuits.