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Last updated : 20/10/2026 - 15h59
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Exosens Banking on Quantum Dots to Reduce the Cost of Infrared Sensors

In a technical article published on October 20, 2026, Exosens presented colloidal quantum dots (CQD) as a pathway to reduce the cost of shortwave infrared (SWIR) sensors. According to the group, this cost is the main obstacle to the widespread adoption of this imaging technology.

This is a reminder of technological positioning, centered on the contribution of its subsidiary Exosens Imaging UK, formerly Emberion, and not the announcement of a new decision.


Exosens Banking on Quantum Dots to Reduce the Cost of Infrared Sensors

Sensor Cost, Main Barrier to SWIR Imaging According to Exosens

According to Exosens, SWIR imaging, capable of penetrating haze, smoke, plastics or certain paint layers, remains a niche technology. The reason put forward is not a performance deficit: its cost has long exceeded its benefits for many applications. The group attributes this cost to dominant detection technologies (InGaAs, MCT and T2SL), which rely on complex epitaxial growth processes and specialized substrates, difficult to industrialize in large volumes.

Quantum dots constitute another pathway: these nanocrystals are synthesized in solution, then deposited directly onto silicon readout circuits. By leveraging existing silicon manufacturing infrastructure, this approach has, according to the company, the potential to reduce production complexity and sensor costs, and to enable larger-scale manufacturing.

Exosens also highlights the spectral flexibility of the material. By adjusting the size and composition of the nanocrystals, the detector response can be adapted to specific wavelength ranges, including beyond the reach of standard InGaAs sensors. This property enables multiband imaging on a single sensor, intended in particular for material identification, gas detection, camouflage detection or imaging in adverse weather conditions.

Pioneer Technology Commercialized by Exosens Imaging UK

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The first commercially available SWIR cameras based on quantum dots reached the market approximately five years ago, with Exosens Imaging UK (formerly Emberion) being a pioneer in this technology, according to the group. Since then, SWIR camera prices have declined steadily, while their adoption has expanded, Exosens indicates. The group qualifies the acquisition of Emberion as an important step in commercializing this technology, now backed by its expertise in imaging, from ultraviolet to longwave infrared (LWIR).

Exosens presents its VS20 SWIR camera, based on CQD technology, and cites several applications: public safety (firefighting, border surveillance), industrial control (plastic parts inspection, plastic recycling, ore sorting) and healthcare (ophthalmology, melanoma detection, tissue evaluation).

Beyond SWIR, the company indicates that at operating temperatures of approximately -60 °C, CQD detectors have demonstrated performance comparable to MCT technologies, with the possibility of significantly lower system costs. However, it qualifies this avenue in the midwave infrared (MWIR) as an still emerging opportunity. This publication comes as Photonis, Xenics, Emberion and El-Mul are now united under the single Exosens brand.



Sector Aéronautique et Défense › Défense


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Context

Period
  • Period: S1 2026
Key reported figures
  • Revenue: 253,1 millions d'euros
  • Quarterly revenue: 253,1 millions d'euros
  • EBITDA: 50,9 millions d'euros
  • EBITDA margin: 31,2 %
  • Net income: 15,3 millions d'euros
  • Free cash flow: 31,4 millions d'euros
  • 199,8 millions d'euros
Guidance from the release
  • Porté par une dynamique commerciale soutenue, en particulier sur les marchés de la Défense et de la Surveillance, ainsi que par une solide exécution opérationnelle
Risks mentioned
  • Charge de dépréciation de la marque de 28,2 M€ pesant sur le résultat net publié, en baisse de 45,0 %
  • Incertitudes persistantes sur la recherche scientifique pesant sur la demande en Sciences de la Vie
  • Contraction de 60 points de base de la marge brute du segment Détection & Imagerie (mix produits)
Opportunities identified
  • Attribution par l'US Army du contrat IDIQ BiNOD ouvrant le marché américain de la défense
  • Plan d'expansion de +40 % des capacités de production d'ici 2027, premiers bénéfices au S2 2026
  • Acquisition d'Emberion, capteurs infrarouges SWIR à points quantiques
Outlook / guidance
  • Expected revenue: 530 millions d'euros
  • Expected EBITDA: 173 millions d'euros
  • Management commentary: chiffre d'affaires compris entre 520 millions d'euros et 540 millions d'euros ; • EBITDA ajusté compris entre 168 millions d'euros et 178 millions d'euros

The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.

Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.

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