Author: Scanway
Publication date:
Scanway published its results for the first quarter of 2025, during which it generated total revenue of 3.18 mln zł, up 97% year-over-year. The main factors contributing to this result were the delivery of two optical instruments to customers and ongoing contract awards in the Space and Industry sectors. An event with a significant impact on the Company’s future results is Scanway’s inclusion among the eight recommended subcontractors for the Camila project, which was awarded by the European Space Agency (ESA) to Creotech Instruments as the project leader. The value of the contract signed on April 10, 2025, is EUR 51.9 million, with EUR 26.3 million allocated to the eight subcontractors, including Scanway. Scanway is currently in talks to conclude an implementation agreement setting forth the detailed terms of cooperation and payment. The Company’s backlog as of March 31, 2025, amounted to PLN 16.9 million and did not include the expected funds from its participation in the Camila project. The schedule of upcoming milestones for the projects currently underway, combined with cash on hand as of March 31, 2025, the high level of the backlog, and the prospects for the Camila project, ensure Scanway’s continued growth.
– We have completed another quarter with significant year-over-year growth in total revenue. We are securing new orders and strengthening our cooperation with existing customers, as exemplified by the extension of our contract with Nara Space to include flight tests of the methane emission telescope we are developing. Our partner plans to deploy a constellation of 12 satellites, and our optical instruments are part of the first two units, with the possibility of further contract extensions. About a year after the tender began, the situation regarding the Camila project has become clearer; we have been selected as a recommended subcontractor and are currently working on an implementation agreement that will positively impact the size of our backlog. The opportunity to supply key payloads in the form of telescopes for at least two satellites in the Camila constellation is a great source of pride for us and an important contribution to building a strong space sector in Poland – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
The goal of the Camila project is to create a Polish constellation of observation satellites that will provide optical and radar data primarily for civilian applications in public administration, science, and the private sector. The Earth observation constellation is scheduled to be launched into orbit by the end of 2027 and will consist of at least three satellites: one high-resolution optical satellite, one lower-resolution optical satellite, and one radar satellite. The Camila project provides for the possibility of further expansion with several additional options, including the delivery of a fourth satellite and the provision of in-orbit support for the constellation. ESA has signed a contract with Creotech Instruments as the project leader, which plans to assign part of the required scope of work to eight subcontractors, including Cloud Ferro, Eycore, GMV, KP Labs, and Scanway.
– The Camila project joins a series of planned space missions involving Scanway in the coming years. The next one is related to the PIAST constellation for the Ministry of National Defense, where we will soon deliver telescopes to our partner for integration with the satellite. In about two years, Poland will have a diverse range of Earth observation systems at its disposal, significantly increasing its reconnaissance capabilities—and Scanway is playing a part in this. Another key mission for us will be mapping the Moon’s surface, thanks to the first satellite from the Lunar Data Network project led by our American partner, Intuitive Machines. The telescope is scheduled to begin its journey to the Moon next year, which means that, for the first time in history, a Polish company will supply a telescope for a commercial mission to the Moon. Last week, we visited Intuitive Machines in the United States, and we are very pleased with how the meetings and discussions went. We see potential for continuing joint projects, both in space and in the field of satellite data processing. “—says Mikołaj Podgórski, COO and co-founder of Scanway S.A.”
In the first quarter of 2025, total revenue—calculated as the sum of net revenue from sales of products, goods, and materials, plus subsidies received—amounted to 3.18 mln zł, representing a nearly twofold increase of 97% year-over-year. Solutions for the aerospace industry accounted for 89% of revenue, while modular vision systems in the industrial segment accounted for 11%. EBITDA for the period under review was -PLN 0.2 million, and the net loss was PLN 1.1 million. The backlog—that is, signed and ongoing contracts to be settled in future periods—stood at PLN 16.9 million as of March 31, 2025, compared to PLN 17.1 million as of December 31, 2024. Cash on hand as of the end of March 2025 amounted to PLN 0.3 million. The schedule for the Company’s key projects anticipates significant cash inflows in subsequent periods, which may have a positive impact on total revenue earned and recognized.
In the Industry business line, during the first quarter of 2025, the Company focused on commercializing the Hydra system, which features a significantly increased level of automation, including the use of image processing algorithms, artificial intelligence (machine learning) and hyperspectral scanners. The solution’s flexibility allows it to be applied in various sectors of the economy for customers in the Polish market and, ultimately, the European market as well. On March 14, 2025, Scanway announced the launch of the Hydra system’s commercialization and the start of its first implementation at a client in the food industry on two production lines at a protein casing manufacturing plant.
– The past few months have also been an important period for the Industry division, where we launched our first project using the Hydra vision system we’ve been developing over the past few quarters. One of its key components is our proprietary software based on artificial intelligence (machine learning) for processing images captured by cameras, including hyperspectral systems. The solution consists of 80% off-the-shelf platform components, which significantly reduces implementation time and costs. We expect further orders and opportunities to implement the system in various industries soon – concludes Radosław Charytoniuk, CSO of Scanway S.A.
The Company’s rapid growth, including its growing financial results and leading positions on the NewConnect market in terms of trading volume during trading sessions, were key factors in the decision to begin the process of transferring Scanway’s listing to the regulated market of the Warsaw Stock Exchange. To this end, the Company intends to file a prospectus with the Polish Financial Supervision Authority in mid-2025 and hopes to make its debut on the Main Market before the end of 2025. Joining the ranks of entities listed on the WSE’s regulated market may contribute to further growth in the Company’s recognition among individual and institutional investors.
– We remain committed to transitioning from the NewConnect market to the regulated market of the Warsaw Stock Exchange this year. We are in the advanced stages of preparing the prospectus, and the last major area to address will be the adaptation of the Company’s financial statements to IFRS. We plan to submit the prospectus to the Polish Financial Supervision Authority (KNF) in the middle of the year and hope to make our market debut before the end of 2025. We regularly rank among the top companies in terms of trading volume, and in April we accounted for over 6% of total trading volume on the NewConnect market, ranking third out of 360 companies. The transition to the regulated market of the Warsaw Stock Exchange (GPW) will enable an even broader group of investors, including institutional investors, to gain exposure to the promising and rapidly growing space sector in Poland. – adds Jędrzej Kowalewski.
Scanway has been actively supporting the development of the space economy for years, and the company’s products have been included on board the two most important Polish and European space missions of 2024. Scanway supplied the largest telescope in the history of the Polish space industry to the EagleEye satellite, as well as a camera system for the maiden flight of Europe’s newest launch vehicle, Ariane 6. In addition, the company is carrying out constellation projects with global clients, including Nara Space from South Korea, valued at 2.4 mln EUR, and Marble Imaging from Germany, valued at 3.2 mln EUR. Both projects have the potential for further expansion in the future, as reflected in an additional order from Nara Space for optical instruments for the next satellite in the planned constellation, scheduled for December 2024.
About Scanway:
Scanway S.A. is a Polish company that has been in business for 9 years. It specializes in the optical data chain, which includes data acquisition, processing, analytics, and event prediction based on that data. In the Space segment, the company provides both hardware solutions (optical instruments, such as telescopes and cameras) and imaging analytics. In the Industry segment, it offers solutions (products) based on image data processing, including complete quality control systems. The Company’s expertise and experience in both fields are complementary and create synergies. Scanway strives to provide its customers with full access to key optical data in both segments.
As one of only a dozen or so companies worldwide, Scanway has developed a complete range of optoelectronic products for Earth observation from orbit. The company carries out key contracts for space equipment in Poland and around the world, including for commercial clients. It also operates STAR VIBE, Poland’s longest-operating optical observation satellite. The company’s solutions have been incorporated into the most important European and Polish space missions of 2024. Among other achievements, the company installed its equipment (the Scanway Camera System) on the maiden flight of Europe’s newest launch vehicle, Ariane 6, and delivered Poland’s largest-ever telescope, weighing approximately 10 kg (SOP200) to EagleEye—the largest satellite Poland has ever sent into space.
The company has completed over 40 quality control implementations in the industrial sector. As a technology partner to the sector’s largest manufacturers, it develops proprietary software solutions using AI and advanced applications for Industry 4.0.
The company has completed over 40 quality control implementations in the industrial sector. As a technology partner for the sector’s largest manufacturers, it develops proprietary software solutions using AI and advanced applications for Industry 4.0.
In October 2023, the Company made its debut on the NewConnect market. It has fully achieved the goals announced in its initial public offering and is currently preparing to move to the Main Market of the Warsaw Stock Exchange. For more information:
https://scanway.pl/ and https://scanway.space/
Media Contact
Scanway S.A. Corporate Communications Office
Katarzyna Żądło
+48 661 140 260
k.zadlo@scanway.pl
Contact for investors and analysts
Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl