Author: Scanway
Publication date:
Scanway has published its results for the fourth quarter and the full year 2023, during which it generated total revenue of 7.0 million PLN, representing a 95% increase year-over-year. Total revenue for the fourth quarter alone amounted to PLN 2.1 million, an 81% increase compared to the same period in 2022. Scanway’s sharp revenue growth was driven by the ongoing commercialization of two business lines being developed by the company—Space and Industry. A leading company in the field of space-based observation technology and machine vision in industry continues its dynamic growth, updating its order backlog to PLN 2.9 million as of the end of December 2023. Among contracts awaiting formalization—which have already received a positive business decision and are highly likely to be executed—the Company identifies PLN 26.3 million, with the majority of this amount attributable to products for the space sector. The Company expects to be one of the beneficiaries of Poland’s increased contribution to the European Space Agency for the years 2023–2025, with the first decisions expected as early as 2024.
– Last year was a landmark year for Scanway. We successfully carried out our own space mission with the STAR VIBE satellite, which provides the best images from space ever obtained by Polish satellite instruments. The mission’s success also significantly boosted interest in our product portfolio, which led to several major contracts—not only from the European market. We are building close relationships through several concurrent agreements, notably with the Australian company AICRAFT, the German firm Marble Imaging, and Nara Space Technology from South Korea. This reflects the global nature of the organization that Scanway has become, growing nearly twofold in total revenue to 7.0 million PLN over the course of 2023, expanding our team with over a dozen world-class experts, and significantly increasing our office and laboratory space as a result of our recent relocation. The larger space is important not only for us but also for our partners, who are interested in building entire constellations with us, ranging from a few to as many as two hundred satellites. We are very well positioned to capitalize on the growth opportunities we see in both of our business lines—Space and Industry – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
The Company’s total revenue, calculated as the sum of net sales revenue and grants received—primarily for the PIAST and EagleEye projects as part of its space operations—amounted to 7.0 million PLN in 2023, representing a year-over-year increase of 95%. Projects for the industrial sector accounted for 78% of revenue, while the space sector accounted for 22%. EBITDA for the period under review amounted to -1.5 million PLN, compared to 0.4 million PLN in the previous year. The Company recorded a net loss of -2.2 million PLN, compared to a profit of 0.3 million PLN in the corresponding period of the previous year. Cash flow from operating activities amounted to PLN 0.2 million, and cash on hand as of December 31, 2023, reached PLN 4.4 million. The backlog of signed and ongoing contracts as of the end of December 2023 amounted to 2.9 mln zł. Among contracts awaiting formalization—which have received a positive business decision and are highly likely to be executed— the Company identifies PLN 26.3 million, of which PLN 24.8 million relates to space activities—including potential orders to be executed in 2024 and 2025—and PLN 1.5 million to industrial projects.
– We have decided to disclose the value of contracts pending formalization, which we estimate at a total of 26.3 mln zł. These are potential contracts that have already received a positive business decision and are highly likely to be executed in 2024 and 2025. This reflects the growing scale of our operations and our rapid pace of growth, and it points to another successful year for Scanway. We are also closely monitoring projects that may be funded under Poland’s increased contribution to the European Space Agency for the years 2023–2025. In the optional programs, Scanway is listed as a potential supplier of optical equipment for projects with a total value of 59 million euros, and there is also the Camilla project, which—to the best of our knowledge—we are ready to support with our expertise and technology within our area of specialization, namely the supply of advanced optical systems for Earth observation. Our goal for the coming years remains unchanged: we are striving to become the European market leader in the Space and Industry segments and continue to develop our synergistic business lines – adds Jędrzej Kowalewski.
Thanks to the STAR VIBE mission and the launch in early 2023 of a satellite equipped with a vision system and an optical telescope developed and manufactured in the company’s laboratories, Scanway has established flight heritage and confirmed the reliability and functionality of its solutions in space conditions. Operating the satellite and delivering the best images from space ever obtained by Polish research instruments was the most significant achievement in the development of the Space business line and an important reference in the Company’s business negotiations, which led to the signing of several significant agreements, including with AICRAFT of Australia, Marble Imaging of Germany, and Nara Space Technology of South Korea.
Scanway is also a key consortium member in Poland’s largest space projects, including the EagleEye and PIAST missions. In late January of this year, Scanway’s optical telescope was delivered to the headquarters of Creotech Instruments S.A. for integration with the HyperSat satellite platform. The launch of EagleEye—Poland’s largest satellite to date, weighing over 50 kg—is scheduled for 2024. The advanced Scanway optical telescope, codenamed SOP200, is ultimately intended to provide Earth imagery with a resolution of 1.0–1.5 m from an altitude of approximately 300–350 km.
In 2023, the Industry business line completed a total of 15 projects for the manufacturing industry involving the implementation of Scanway vision systems, along with advanced image processing and data analysis. The Company’s systems are built by selecting the appropriate hardware from leading brands and proprietary software that utilizes advanced artificial intelligence algorithms and neural networks. The recipients of Scanway’s solutions included companies from the packaging and food industries, among others. A new product—the smart camera—was also introduced to the product line, and a department dedicated to machine learning and artificial intelligence was established. The past year was also a period of development for the modular system, which will enable faster implementation of vision solutions in both industry and scientific institutions in the future.
In 2023, the company conducted two public offerings with a total gross value of 11.4 million PLN. It is investing the funds raised in the development of its advanced machine vision division, as well as in production lines for satellite instruments and vision systems, supporting Scanway’s operations in two segments: industrial and space. Scanway made its debut on the NewConnect market on October 11, 2023.