Vigo Photonics Spolka Akcyjna · GPW:VGO
Vigo Photonics Spolka Akcyjna — VIGO Photonics — FY2023 Earnings Presentation
34 slides from Vigo Photonics Spolka Akcyjna's earnings presentation, Apr 25, 2024
Slide 1: Financial Results for Q4 & FY 2023
FINANCIAL RESULTS FOR Q4 & FY 2023 April 25, 2024
Slide 2: VIGO in a Nutshell
VIGO IN A NUTSHELL VIGO IS A WORLD LEADER IN HIGH-TECH SOLUTIONS – 37 years of experience THE MOST ADVANCED MID-INFRARED PHOTONIC DETECTORS, DETECTION MODULES AND SEMICONDUCTOR MATERIALS and operations Headquarter in Poland and branch office in USA Activity in the global infrared market: An establis
Slide 3: Agenda
1. EXECUTIVE SUMMARY 2. SUMMARY OF Q4 & FY 2023 AGENDA 3. FINANCIAL RESULTS FOR Q4 & FY 2023 4. PERSPECTIVES
Slide 4: Executive Summary
EXECUTIVE SUMMARY PODSUMOWANIE FY i Q4 2023 Infrared detetctors OUTLOOK Sale Commencement of activities aimed at significantly • PLN 75.4 million of consolidated revenues increasing the activity in the USA in 2023 (+11% y/y) - growth in industrial, rail, Accelerating Core Business Growth and New mil
Slide 5: Summary of Activities in Q4 & FY 2023
SUMMARY OF ACTIVITIES IN Q4 & FY 2023
Slide 6: Implementation of the VIGO 2026 Strategy
objective IMPLEMENTATION OF THE VIGO 2026 STRATEGY KEY OBJECTIVES OF VIGO 2026 Objecti Development of technology and activities in the Advancing Photonic Integrated Circuits (PIC) Strategic hedging of sales growth -ve field of infrared arrays Technology Initiative • Development of VIGO's core busine
Slide 7: Intensive Development in the American Market
INTENSIVE DEVELOPMENT IN THE AMERICAN MARKET GOAL: TO BECOME THE MARKET LEADER IN THE MID-INFRARED MARKET IN THE US MARKET PRESENCE IN THE U.S. SHORT-TERM GOALS • Since 1987 - presence in the USA, currently own company VIGO Photonics Corp • Increase brand visibility in the U.S. market • team of 4 pe
Slide 8: Sales Opportunities in the U.S. Defense Sector
SALES OPPORTUNITIES IN THE U.S. DEFENSE SECTOR TOP 10 LARGEST U.S. COMPANIES IN THE MILITARY SECTOR POTENTIAL FOR COOPERATION • The potential of the U.S. arms market is greater than that of Europe • Increasing expenditure on optoelectronics with the introduction of new technologies and modernization
Slide 9: Sales Opportunities in the Civilian Sector
SALES OPPORTUNITIES IN THE CIVILIAN SECTOR AGRICULTURAL APPLICATIONS POTENTIAL FOR COOPERATION • Continuous development of cooperation with existing • Crop quality monitoring customers (mainly from the gas sensing industry) • Irrigation Efficiency Monitoring • New products in 2024 for the instrument
Slide 10: Activities on the U.S. Market
ACTIVITIES ON THE U.S. MARKET MARKETING ACTIVITIES: • USA – SPIE Photonics West – participation in the largest photonics industry fair and wide promotion of the VIGO Photonics brand at the event and accompanying events. • USA – Global Force Symposium & Expo – Presentation of VIGO Photonics products
Slide 11: Implementation of Development Projects
IMPLEMENTATION OF DEVELOPMENT PROJECTS 2023 2024 • 1 successfully commercialized project (detectors for • 3 new projects in Q1 2024 (Europe & China Rail Market, China Gas automatic fire detection systems in military vehicles, Analyzer Market) contract with PGZ) • 20 active projects in progress worth
Slide 12: New Opportunities for Low-Cost Modules
NEW OPPORTUNITIES FOR LOW-COST MODULES COMMERCIALIZATION OF HIGH-VOLUME SOLUTIONS New sales opportunities for volume solutions • A series of low-cost detection modules • CO Detection Detectors for Mining Industry, project after Customer's positive qualification • detectors for medical applications,
Slide 13: Infrared Arrays for the Security and Defense Industry
INFRARED ARRAYS FOR THE SECURITY AND DEFENSE INDUSTRY INFRARED ARRAY INITIATIVE OVERVIEW • Arrays of infrared detectors containing hundreds of thousands or millions of active pixels, used to build thermal imaging cameras for space and military applications, in which the semiconductor layer is made o
Slide 14: Application of VIGO Infrared Detector Arrays
APPLICATION OF VIGO INFRARED DETECTOR ARRAYS PMT PROJECTS AND PROGRAMS WITH INFRARED MATRIX TECHNOLOGY PMT has the potential to sell several hundred arrays per year • BWP Borsuk • Leopard 2PL • KTO Rosomak ZSSW 30 • KTO Rosomak HITFIST-30 (Repairs and modernization) • PT-91 (repairs, maintenance of
Slide 15: Infrared Arrays - Achievements
INFRARED ARRAYS - ACHIEVEMENTS ACHIEVEMENTS IN 2023 • signing a letter of intent with PCO for the supply of focal plane arrays • presentation of PCO prototypes for the Armament Agency - meeting the parameters required for use in optoelectronic systems in the Polish Army by the prototype MWIR VIGO ar
Slide 16: Project Roadmap
PROJECT ROADMAP KEY MILESTONES Q2: Preparing a series of detectors for military Technological testing Q3: Start of low-scale Q3: Encapsulation series production establishing building a team and Successful testing of technology optimization technology transfer Q3: HD prototype start of full-scale coo
Slide 17: HyperPIC – Hyperdrive for VIGO Photonics
HYPERPIC – HYPERDRIVE FOR VIGO PHOTONICS PHOTONIC INTEGRATED CIRCUIT TECHNOLOGY WILL ALLOW FOR MASSIVE MID-INFRARED APPLICATIONS Gas sensors PROJECT OVERVIEW HyperPIC 2020 2026 • Becoming the world's first manufacturer of integrated circuits for mid-infrared Today Tomorrow • Construction of a comple
Slide 18: Market Potential of Photonic Integrated Circuits (PICs)
MARKET POTENTIAL OF PHOTONIC INTEGRATED CIRCUITS (PICS) PHOTONIC INTEGRATED CIRCUITS (PIC) MARKET (USD BILLION) MAIN AREAS OF APPLICATION OF PIC – MARKET NICHES 27,4 Environmental protection Gas emission monitoring Automotive Modern agriculture Space 5,1 2021 2030 18 Digital Health Monitoring Safety
Slide 19: Foundations of PIC Technology
FOUNDATIONS OF PIC TECHNOLOGY TECHNOLOGICAL ADVANCES IN PHOTONIC INTEGRATED CIRCUITS (PICS) TO DATE • accelerated MIRPIC project (2021-) – the technological foundation for HyperPIC • Developed core component library • manufactured and tested individual components • Developed integration concepts • F
Slide 20: HyperPIC Technology Partnerships
HYPERPIC TECHNOLOGY PARTNERSHIPS TECHNOLOGY PARTNERS • VIGO Photonics S.A. • Politechnika Warszawska • Instytut Mikroelektroniki i Fotoniki SBŁ • Universitat Politecnica de Valencia • Eindhoven University of Technology • Politecnico di Milano • Tyndall National Institute Photon IP • Silicon Austria
Slide 21: Roadmap of the PIC Project
ROADMAP OF THE PIC PROJECT KEY MILESTONES Scalable Technology & Product waveguide, light source and Launch of the Technology Tests First Scalable PIC- integration MIRPIC project First integrated First version of the demonstration of FSOC compatible technologies Validated process Defining key wavegui
Slide 22: Financial Results for Q4 & FY 2023
FINANCIAL RESULTS FOR Q4 & FY 2023
Slide 23: Constantly Growing Order Portfolio
CONSTANTLY GROWING ORDER PORTFOLIO VISIBLE CONTINUOUS DEVELOPMENT OF PHOTONICS AND MID INFRARED SOURCES MARKETS AND GROWING DEMAND FOR VIGO PRODUCTS REFLECTED IN CONSTANT INCREASE OF ORDER VALUE DESPITE CHANGABLE MARKET ENVIRONMENT Sales orders 99.5 m PLN* 99,5 value of sales orders received in 2023
Slide 24: 2023 Financial Results
2023 FINANCIAL RESULTS FINANCIAL RESULTS Sales revenues (PLN million) • Revenues: revenue increase (+11.0% y/y) mainly due to increases in industrial, railway, 75,4 military applications and semiconductor materials, in the US and European markets; 67,9 • Total operating costs: increase by 6.3% y/y -
Slide 25: New Projects Co-Funded from the EU
NEW PROJECTS CO-FUNDED FROM THE EU VIGO HAS BEEN QUALIFIED FOR FINANCING UNDER EUROPEAN SUPPORT PROGRAMS RESEARCH AND DEVELOPMENT PROJECTS R&D CO-FUNDED PROJECTS Selected projects Segment Application Schedule Programme Grant amount FOSMO - Development of an PIC Monitoring of water reservoirs, 10.202
Slide 26: Significant New Financing for R&D on Cascade Detectors
SIGNIFICANT NEW FINANCING FOR R&D WORKS REGARDING CASCADE TECHNOLOGY OF INFRARED DETECTORS AND MODULES VIGO ON THE LIST OF PROJECTS TO BE FUNDED IN NEARLY PLN 9.4 MILLION UNDER THE FIRST CALL FOR THE COMPETITION OF THE SMART PATH OF THE EUROPEAN FUNDS FOR A MODERN ECONOMY PROGRAM* • Project name: Lo
Slide 27: Investments in Innovative Projects - VIGO Ventures ASI Fund
INVESTMENTS IN INNOVATIVE PROJECTS - VIGO VENTURES ASI FUND VIGO VENTURES ASI 2023: KEY ACHIEVEMENTS 2023 PORTFOLIO • Investment in 3 new foreign projects with • Portfolio of 9 companies from 5 countries internationally renowned co-investors in Europe and one in Canada • Financial rounds with extern
Slide 28: Outlook & Summary
OUTLOOK & SUMMARY
Slide 29: Further Development on a Wave of Long-Term Megatrends
FURTHER DEVELOPMENT ON A WAVE OF LONG-TERM MEGATRENDS CREATING A STRONG DRIVE FOR VIGO OPERATING DEVELOPMENT TECHNOLOGY TRENDS GEOPOLITICAL TRENDS ECOLOGICAL TRENDS SYSTEM MINIATURISATION SECURITY AND DEFENCE ROHS AND ECOLOGY Miniaturization and integration are Significant investments as a result of
Slide 30: Implementation of an Ambitious Development Strategy
IMPLEMENTATION OF AN AMBITIOUS DEVELOPMENT STRATEGY ADDRESSING LONG-TERM MARKET MEGATRENDS CONTINUE TO EXECUTE THE 2023 AND 2026 STRATEGY WITH A FOCUS ON STRATEGIC INITIATIVES AND PRODUCTION EFFICIENCY BASED ON VIGO'S UNIQUE TECHNOLOGIES AND ACCELERATE COMMERCIALISATION OF NEW SOLUTIONS IN A FAST-GR
Slide 31: NICO
NICO
Slide 32: Legal Disclaimer
LEGAL DISCLAIMER This study has been prepared for information purposes only, contains only summary information and is not exhaustive in nature, nor is it intended to be the sole basis for any analysis or evaluation. VIGO Photonics S.A. makes no representations (express or implied) about the informat
Slide 33: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION Contact for investors: Małgorzata Młynarska Investor Relations Manager, cc group e: malgorzata.mlynarska@ccgroup.pl m: +48 697 613 709
Slide 34: VIGO Photonics Is a Part of IPCEI
VIGO PHOTONICS IS A PART OF IPCEI, ONE OF THE MOST IMPORTANT ISTRUMENT TO SUPPORT A NEW ECONOMIC AND COMPETITION POLICY OF THE EUROPEAN UNION IPCEI ME/CE IS ONE OF THE MOST IMPORTANT EUROPEAN INSTRUMENTS THAT SUPPORTS THE WHOLE EUROPEAN MICROELECTRONICS, PHOTONIC AND SEMICONDUCTOR INDUSTRIES