VGO VIGO Photonics Giełda Papierów Wartościowych w Warszawie · annual · publ. April 24, 2026

FY 2025 report

Przychody rosną o 18,8% r/r do 93,0 mln zł, a portfel zamówień na koniec roku (43,1 mln zł) jest o ponad 60% wyższy niż rok wcześniej — popyt na detektory podczerwieni jest realny.

Sentiment

Positive No guidance change

Website

VGO FY 2025 report

Revenue

93.01 m PLN

— YoY

Net income

-15.1 m PLN

— YoY

EBITDA

9.44 m PLN

— YoY

Gross margin

49.29%

— YoY

Summary

Investment thesis

Spółka żyje z dotacji i ulg: 14,2 mln zł pozostałych przychodów operacyjnych oraz 13,2 mln zł rozliczeń międzyokresowych przychodów (dotacje) przykrywają ujemny EBIT (−4,1 mln zł) i ujemny OCF (−7,6 mln zł).
Wynik netto −15,1 mln zł jest zdominowany przez niegotówkowe rozwiązanie aktywa z podatku odroczonego (8,2 mln zł) w związku z wygasaniem strefy ekonomicznej w 2026 r.
Umowa ramowa z PCO (ok. 192 mln zł) to potencjalnie przełomowy kontrakt obronny, ale zarząd sam wskazuje, że istotne przychody z matryc pojawią się dopiero w 2027 r.
Przejęcie aktywów InfraRed Associates (8,4 mln USD) po dniu bilansowym zwiększy zadłużenie przy ujemnym cash flow i niskim stanie gotówki (6,0 mln zł).

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Financials

BETA

FY 2025

VGO · FY 2025

Metric	FY 2025	FY 2024	Δ YoY	Value type	Segment	Conf.

Revenue	93,012	—	—	reported	—	1.00
Gross profit	45,844	—	—	reported	—	1.00
EBITDA	9,435	—	—	derived	—	0.70
EBIT	-4,118	—	—	reported	—	1.00
EBT	-6,803	—	—	reported	—	1.00
Net income	-15,095	—	—	reported	—	1.00
EPS (basic) (PLN)	-17.26	—	—	reported	—	1.00
EPS (diluted) (PLN)	-17.26	—	—	reported	—	1.00
D&A	13,553	—	—	reported	—	1.00
Interest expense	3,116	—	—	reported	—	0.80
Income tax	8,292	—	—	reported	—	1.00
Shares (basic) (units)	874,799	—	—	reported	—	1.00

Gross margin	49.29%	—	—	derived	—	0.70
EBITDA margin	10.14%	—	—	derived	—	0.70
EBIT margin	-4.43%	—	—	derived	—	0.70
EBT margin	-7.31%	—	—	derived	—	0.70
Net margin	-16.23%	—	—	derived	—	0.70
D&A margin	14.57%	—	—	derived	—	0.70

Cash	5,956	—	—	reported	—	1.00
Total debt	19,730	—	—	reported	—	0.90
Net debt	13,774	—	—	reported	—	0.90
Equity	157,185	—	—	reported	—	1.00
Total assets	210,919	—	—	reported	—	1.00
Working capital	24,583	—	—	derived	—	0.70
Current assets	51,305	—	—	reported	—	1.00
Current liabilities	26,722	—	—	reported	—	1.00
Non-current liabilities	27,012	—	—	reported	—	1.00
Inventory	16,542	—	—	reported	—	1.00
Trade receivables	21,781	—	—	reported	—	1.00
Trade payables	5,812	—	—	reported	—	0.90
Goodwill	38,147	—	—	reported	—	0.80
Tangible equity	119,038	—	—	derived	—	0.70

CFO	-7,573	—	—	reported	—	1.00
CapEx	11,520	—	—	reported	—	0.90
FCF	-19,093	—	—	derived	—	0.70
FCF conversion	-202.36%	—	—	derived	—	0.70
CFO conversion	-80.26%	—	—	derived	—	0.70
Net acquisitions	750	—	—	reported	—	1.00

ROE	-9.21%	—	—	derived	—	0.70
ROA	-6.96%	—	—	derived	—	0.70
ROCE	-2.24%	—	—	derived	—	0.70

Current ratio	1.92x	—	—	derived	—	0.70
Quick ratio	1.3x	—	—	derived	—	0.70
Cash ratio	0.22x	—	—	derived	—	0.70
Interest coverage	-1.32x	—	—	derived	—	0.70

Net debt / EBITDA	1.46x	—	—	derived	—	0.70
Debt / equity	0.13x	—	—	derived	—	0.70
Debt / assets	0.09x	—	—	derived	—	0.70
Net debt / equity	0.09x	—	—	derived	—	0.70

Revenue growth (YoY)	18.78%	—	—	derived	—	0.70
EBITDA growth (YoY)	5.68%	—	—	derived	—	0.70
EBIT growth (YoY)	7.44%	—	—	derived	—	0.70
Net income growth (YoY)	-286.16%	—	—	derived	—	0.70
EPS growth (YoY)	-286.13%	—	—	derived	—	0.70
Gross margin Δ (YoY)	-1.23 pp	—	—	derived	—	0.70
EBITDA margin Δ (YoY)	-1.26 pp	—	—	derived	—	0.70
EBIT margin Δ (YoY)	1.25 pp	—	—	derived	—	0.70
Net margin Δ (YoY)	-11.24 pp	—	—	derived	—	0.70

FY 2025 · Δ YoY

Revenue

93,012 —

FY 2024: —

Gross profit

45,844 —

FY 2024: —

EBITDA

9,435 —

FY 2024: —

EBIT

-4,118 —

FY 2024: —

EBT

-6,803 —

FY 2024: —

Net income

-15,095 —

FY 2024: —

EPS (basic) (PLN)

-17.26 —

FY 2024: —

EPS (diluted) (PLN)

-17.26 —

FY 2024: —

D&A

13,553 —

FY 2024: —

Interest expense

3,116 —

FY 2024: —

Income tax

8,292 —

FY 2024: —

Shares (basic) (units)

874,799 —

FY 2024: —

Gross margin

49.29% —

FY 2024: —

EBITDA margin

10.14% —

FY 2024: —

EBIT margin

-4.43% —

FY 2024: —

EBT margin

-7.31% —

FY 2024: —

Net margin

-16.23% —

FY 2024: —

D&A margin

14.57% —

FY 2024: —

Cash

5,956 —

FY 2024: —

Total debt

19,730 —

FY 2024: —

Net debt

13,774 —

FY 2024: —

Equity

157,185 —

FY 2024: —

Total assets

210,919 —

FY 2024: —

Working capital

24,583 —

FY 2024: —

Current assets

51,305 —

FY 2024: —

Current liabilities

26,722 —

FY 2024: —

Non-current liabilities

27,012 —

FY 2024: —

Inventory

16,542 —

FY 2024: —

Trade receivables

21,781 —

FY 2024: —

Trade payables

5,812 —

FY 2024: —

Goodwill

38,147 —

FY 2024: —

Tangible equity

119,038 —

FY 2024: —

CFO

-7,573 —

FY 2024: —

CapEx

11,520 —

FY 2024: —

FCF

-19,093 —

FY 2024: —

FCF conversion

-202.36% —

FY 2024: —

CFO conversion

-80.26% —

FY 2024: —

Net acquisitions

750 —

FY 2024: —

ROE

-9.21% —

FY 2024: —

ROA

-6.96% —

FY 2024: —

ROCE

-2.24% —

FY 2024: —

Current ratio

1.92x —

FY 2024: —

Quick ratio

1.3x —

FY 2024: —

Cash ratio

0.22x —

FY 2024: —

Interest coverage

-1.32x —

FY 2024: —

Net debt / EBITDA

1.46x —

FY 2024: —

Debt / equity

0.13x —

FY 2024: —

Debt / assets

0.09x —

FY 2024: —

Net debt / equity

0.09x —

FY 2024: —

Revenue growth (YoY)

18.78% —

FY 2024: —

EBITDA growth (YoY)

5.68% —

FY 2024: —

EBIT growth (YoY)

7.44% —

FY 2024: —

Net income growth (YoY)

-286.16% —

FY 2024: —

EPS growth (YoY)

-286.13% —

FY 2024: —

Gross margin Δ (YoY)

-1.23 pp —

FY 2024: —

EBITDA margin Δ (YoY)

-1.26 pp —

FY 2024: —

EBIT margin Δ (YoY)

1.25 pp —

FY 2024: —

Net margin Δ (YoY)

-11.24 pp —

FY 2024: —