Author: Scanway
Publication date:
After the first four quarters of 2025, Scanway generated total revenue of 24.3 mln zł, compared to 12.5 mln zł in the same period of the previous year. In the fourth quarter of 2025 alone, the Company generated total revenue of PLN 8.3 million, representing a year-over-year growth rate of 105%. Another year of rapid growth is the result of, among other factors, the successful conversion of a high-value backlog into revenue. Last year, the order backlog was repeatedly bolstered by new contracts in the constellation sector with international partners, which have the potential for future expansion. As of February 16, 2026, the backlog stood at 54.0 mln zł, up 215% year-over-year. Further growth could be driven by additional contracts, including the signing of an implementation agreement as part of a project with a new U.S. client, which the Company announced in January of this year, as well as with the ESA, which is securing funding for another optical instrument for the lunar mission with Intuitive Machines.
- In the fourth quarter of 2025, Scanway generated 8.3 mln zł in total revenue (+105% y/y), PLN -0.9 million in EBITDA (PLN -0.9 million year-over-year) and a net loss of PLN -2.0 million (PLN -1.1 million year-over-year)
- On a cumulative basis through the first four quarters of 2025, Scanway reported total revenue of 24.3 mln zł (+94% y/y), PLN 2.2 million in EBITDA (up PLN 1.9 million year-over-year) and a net loss of PLN 1.8 million (down PLN 0.4 million year-over-year)
- As of February 16, 2026, the backlog increased by 215% year-over-year to 54.0 mln zł and does not include, pending the signing of the execution agreement, expected revenue from a new U.S. client
- Cash on hand as of the end of December 2025 rose to a record high of 25.5 mln zł, a development significantly influenced by the receipt of PLN 15.3 million gross from TFI PZU SA, which acquired 100,000 shares of the Company in November 2025, currently representing 5.98% of the shares
– In 2025 Scanway’s total revenue nearly doubled, exceeding 24 mln zł, while we maintained a high backlog of 54 mln zł. These are key indicators for us that reflect the pace of our business growth. I am very pleased that we can report year-over-year growth rates of nearly 100% and over 200%, respectively. Our historically highest cash balance allows us to effectively implement our objectives and investments under the adopted Strategy for 2026 –2028. During this short period, we intend to transform the Company from a provider of individual solutions into a mass producer of optical instruments for the global New Space market – comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
– We have a high success rate in securing new contracts, especially in the constellation sector—which is key for us—and we are able to effectively convert them into revenue through consistent achievement of milestones. We are entering 2026 with a substantial number of ongoing projects, and at the same time, our sales departments are working intensively to increase the backlog for future periods, especially looking toward 2028 and beyond. A good example is the recent framework agreement signed in January of this year with a U.S. client, which we will include in the backlog upon the signing of the implementation agreement. – explains Mikołaj Podgórski, COO of Scanway S.A.
Cumulative total revenue—calculated as the sum of net revenue from sales of products, goods, and materials, plus subsidies received—amounted to 24.3 mln zł after the first four quarters of 2025, representing a 94% increase year-over-year. Space operations accounted for 92% of the revenue generated, while industrial projects accounted for 8%. EBITDA amounted to PLN 2.2 million, compared to PLN 0.3 million last year, with a net loss of -1.8 million PLN, driven by the creation of provisions for an incentive program in the amount of 1.3 million PLN and investments in organizational and infrastructure development. The backlog—that is, signed and ongoing contracts to be settled in future periods—amounted to PLN 54.0 million as of February 16, 2026, representing a 215% year-over-year increase. As of the date of publication, the backlog does not include expected revenue from projects announced by the Company during December–January: an additional payload for Intuitive Machines, further phases of the Mani mission, and a contract with an American company whose value could reach approximately $4.3 million.
Cash balances rose in the fourth quarter to a record high of 25.5 mln zł at the end of December. A significant contribution came from the recognition of PLN 15.3 million gross received from TFI PZU SA, which acquired 100,000 shares of Scanway in November 2025, currently representing a 5.98% stake.
Implementation of the Strategy and Expansion of Production Capacity
Scanway S.A.’s strategic, long-term goal is to become one of the world’s leading commercial optical payload integrators. The key objective by the end of 2028 is to become one of the largest optical payload integrators in Europe. Achieving this goal requires transforming the organization from a provider of individual solutions into a mass producer of optical instruments for the global New Space market.
– In recent months, we have launched several investment projects. First and foremost, we have expanded our office space by 160 m2, where we are creating a dozen or so new workstations for our engineers, as well as a dedicated meeting room for our business partners, who are visiting us with increasing frequency. At the same time, we are preparing to expand our clean room; to this end, we are currently converting one of our office rooms to meet laboratory requirements. In terms of working with optical instruments of increasing diameter, we are building workstations for the integration and collimation of VHR-class telescopes. This will allow us to implement small-batch production— adds Mikołaj Podgórski.
– We are conducting a series of recruitment drives aimed at strengthening our expertise and production capacity, and our workforce had grown to 91 employees by the end of December, up from just under 70 a year ago. Among other initiatives, we are forming independent teams dedicated exclusively to production to enable us to offer repeatable, mass-produced products. At the same time, we are investing in the development of R&D teams, including engineers and specialists in mechanics, optics, and electronics. Our approach is comprehensive, which is why we do not overlook the Project Management and Quality departments, as well as Delivery Manager roles. Along with the purchase and installation of new equipment, we also conduct specialized training. Thanks to this, I feel that we are scaling up in a smart way, without losing any of the unique advantages that characterize Scanway— concludes Jędrzej Kowalewski.
The strategy for2026–2028also calls for a debut on the main market of the Warsaw Stock Exchange. In January of this year, the company submitted all required documents to the Polish Financial Supervision Authority and remains in constant contact with the regulator. Due to the raising of funds from a new investor in November 2025, the transition to the main market of the Warsaw Stock Exchange will not be accompanied by a share offering.
About Scanway:
Scanway S.A. is a Polish company that has been in business for over 10 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 nearly 50 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.
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/
Media Contact
Scanway S.A. Corporate Communications Office
Katarzyna Żądło
+48 661 140 260
k.zadlo@scanway.pl
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Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl