Polish photonics company Vigo Photonics, known for its collaboration with NASA and military contracts, has announced major changes in its shareholder structure and a targeted share issue worth approximately PLN 122.9 million. The largest shareholder, Warsaw Equity ASI, sold its entire stake of 124,800 shares, representing 14.27% of the company, at PLN 480 per share in a transaction valued at PLN 59.9 million.
At the same time, Vigo Photonics conducted a new share issue of 131,219 shares, also priced at PLN 480 each, raising PLN 62.9 million gross. The combined public offering reached around PLN 122.9 million. The company stated that the proceeds from the share issue will be used to continue its key development projects as outlined in its 2021-2026 strategy, with the goal of strengthening its position as a leading supplier of modern optoelectronic dual-use components for both military and civilian applications.
Share sale and new issue
The departure of Warsaw Equity ASI marks a significant shift in the ownership structure of Vigo Photonics. The fund’s entire package was sold in a single block, while the new shares were issued to institutional and qualified investors. The company emphasized that both transactions were conducted at the same price, reflecting strong investor confidence in the company’s growth prospects.
The primary aim of the share issue is to launch the production of cooled infrared arrays, a critical component in military thermal imaging cameras. These arrays are essential for modern defense systems and are currently in high demand across Europe. Vigo Photonics has already secured a key contract with PCO (a Polish optics company) for the supply of these components, valued at approximately PLN 191.8 million for the period 2027–2032.
– The funds will first be used to purchase specialized equipment for the production line of cooled infrared arrays and finalize technology transfer from our partners – said Adam Piotrowski, CEO of Vigo Photonics. – This investment will allow us to significantly increase production capacity. According to our schedule, we have already started purchasing machinery and equipment. By the end of this year, we will conduct key qualification tests of the arrays at PCO and begin trial production. The completion of the production line and reaching full operational capacity is planned for 2027.
Funding advanced infrared detector production
The proceeds will also support the completion of technology transfer from strategic partners, procurement of specialized equipment, and the launch of serial production. Additionally, Vigo Photonics plans to further optimize its products, adapt them to new customer requirements, and explore the European market for infrared arrays, aiming to acquire more defense industry clients.
The company’s financial performance underpins its ambitious plans. In the first half of 2026, Vigo Photonics Group reported consolidated revenues of PLN 54 million (up 27% year-on-year). Sales of detectors and detection modules reached PLN 48.7 million (up 24%), while semiconductor materials sales hit PLN 5.3 million (up 75%). The total backlog, which includes contracts and new orders, stood at PLN 92.9 million at the end of June, more than triple the figure from the previous year.
Vigo Photonics, listed on the Warsaw Stock Exchange, is a leading manufacturer of advanced photonic detectors and detection modules for the mid-infrared range, as well as semiconductor materials. The company has a long history of cooperation with NASA and supplies components for defense and space applications. The new capital injection is expected to accelerate its growth and reinforce its role as a key player in the global optoelectronics market.
Źródło: WNP.PL, Fot. Elzbieta Krzysztof / Shutterstock
