Scanway increased its revenue by 80% in 2025 to over 21 mln zł

Scanway increased its revenue by 80% in 2025 to over 21 mln zł

Scanway has published its financial results for 2025, in which it achieved its highest-ever sales revenue of 21.4 mln zł, representing an 80% increase year-over-year. The high revenue was accompanied by positive EBITDA—nearly PLN 1.0 million—and positive cash flow from operating activities—over PLN 3.4 million. The backlog (order portfolio) as of the end of April 2026 more than tripled to PLN 53.5 million. Factors that may influence its level in subsequent periods include,the signing of a contract with a new U.S. client, which the Company announced in January of this year, as well as with the European Space Agency (ESA), which has secured funding for another optical instrument for the lunar mission with Intuitive Machines.

• In 2025, Scanway generated 21.4 mln zł in sales revenue (+80% year-over-year), 1.0 mln zł in EBITDA (+1.6 mln zł year-over-year), and a net loss of -0.7 mln zł (+1.9 mln zł year-over-year)
• As of April 30, 2026, the backlog had increased by 213% compared to December 30, 2024, reaching 53.5 mln zł
• Cash on hand at the end of December totaled 25.5 mln zł —the highest to date—which was significantly influenced by the raising of a total of PLN 26.9 million gross in two financing rounds, including PLN 15.3 million from TFI PZU, which acquired over 5% of Scanway’s shares.

– The year 2025 confirmed that Scanway is consistently expanding the scale of its operations and effectively creating value for shareholders. We increased revenue by 80% year-over-year to over 21 mln zł, and our backlog more than tripled to over 53 mln zł. We are currently working to ensure that the framework agreements we have signed and the orders we have received translate into a solid backlog. Our full-year results reflect the growing number and scale of our projects, as well as the trust placed in us by our international clients. We have significantly strengthened our position in the global space market, as well as in the capital market, by completing our transition to the Main Market of the Warsaw Stock Exchange with a successful debut in March of this year and a marked increase in liquidity and market capitalization – comments Jędrzej Kowalewski, CEO of Scanway S.A.

– The next step is the gradual implementation of our objectives outlined in the 2026–2028 Strategy and our transition to the role of a mass-production supplier of optical instruments for the global New Space market. This will require additional capital expenditures, which will enable us to build the necessary production capacity to convert as much of our backlog as possible into revenue. The reward will be the opportunity to handle a greater number of repeatable constellation projects, similar to the record-breaking contract worth 9.0 million euros secured in 2025 from an Asian customer, and to further increase Scanway’s share of the global space market. – adds Jędrzej Kowalewski.

In 2025, Scanway generated 21.4 mln zł in sales revenue, representing an 80% increase year-over-year. Space-related operations accounted for 91% of the revenue generated, while industrial projects accounted for 9%. EBITDA amounted to nearly PLN 1.0 million, compared to PLN -0.6 million last year, while the net loss reached PLN -0.7 million, compared to a loss of PLN -2.6 million a year ago[1]. Cash flow from operating activities amounted to PLN 3.4 million, compared to PLN -1.4 million in 2024. Cash on hand increased significantly to PLN 25.5 million, driven by both business growth and two public offerings, through which the Company raised PLN 26.9 million gross.

Last year saw the acquisition of long-term and strategic projects, including, among others, a contract from an Asian client for the delivery of a series of high-resolution telescopes worth 9.0 million euros, as well as an implementation agreement for the CAMILA project —the largest civilian satellite constellation in Polish history—with a value of at least 3.55 million euros.

In the coming months, Scanway will deliver a flight-ready model of Poland’s first-ever commercial optical instrument for mapping the Moon’s surface to Intuitive Machines as part of a lunar mission scheduled for the second half of 2026. In addition, Scanway has been selected by the ESA to develop a European lunar image processing system—thereby building unique expertise in data analytics and leveraging synergies with its Industry segment, where it is developing the HYDRA system.

– Constellation projects are a priority for Scanway’s development. In 2025, this was confirmed, among other things, by a contract with an Asian partner worth 9.0 million euros and our participation in the CAMILA project, worth at least 3.55 million euros. These orders demonstrate that both the commercial and domestic markets currently require repeatable, high-quality optical instruments. We are developing our expertise and manufacturing capabilities in this area so that in the coming years we can continue to expand the scale of our projects and strengthen our position in the global space market. – explains Mikołaj Podgórski, COO of Scanway S.A.

– At the same time, we remain open to new and promising areas, as exemplified by our upcoming lunar mission with Intuitive Machines in the U.S., scheduled for the second half of 2026. We accurately identified the potential of the lunar economy as early as 2024, and today we see its clear growth, as confirmed, among other things, by the acceleration of the Artemis program and this year’s flight of four astronauts around the Moon. We want to be one of the few entities with unique expertise in lunar imaging and data processing, providing this type of information to ESA member states, which have committed to our mission and are securing funding for subsequent ones— concludes Mikołaj Podgórski.

The year 2025 was also pivotal for Scanway from a capital markets perspective. Scanway’s market capitalization increased from 60 mln zł to over 290 mln zł, and in 2026 it exceeded 500 mln zł. This was accompanied by a significant increase in liquidity—trading volume in the Company’s shares rose from approximately PLN 11 million in the first quarter of 2025 to over PLN 167 million in the first quarter of 2026, confirming strong investor interest. After the balance sheet date, in March of this year, Scanway made its debut on the Main Market of the Warsaw Stock Exchange (GPW), and shortly thereafter was added to the sWIG80 index as part of an extraordinary index adjustment.

Scanway began 2026 with a record order backlog, a stronger capital position, and a clearly defined Growth Strategy for 2026–2028. Its goal is to further scale operations in the space segment, develop constellation projects, and establish itself as one of the largest integrators of optical payloads in Europe. This requires transforming the organization from a provider of individual solutions into a mass-production supplier of optical instruments capable of manufacturing over a dozen optical payloads per year in the price range of 0.5–2.0 million EUR for the global New Space market.

[1] Changes (compared to the data presented in February in the report for the four quarters of 2025) in revenue and expenses—including depreciation — result from a different treatment of these items in the income statement, in accordance with IFRS 15 and IFRS 20. These changes are related to Scanway’s debut on the Main Market and the alignment of financial reporting with the standards of the Main Market.

About Scanway:

Scanway S.A. is a Polish company that has been in business for 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, it 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 a dozen or so companies worldwide, Scanway has developed a complete line 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 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 deployed its equipment (Scanway Camera System) on the maiden flight of Europe’s newest launch vehicle, Ariane 6, and supplied Poland’s largest-ever telescope, weighing approximately 10 kg (SOP200), to EagleEye.

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.

On March 27, 2026, the company made its debut on the Main Market of the Warsaw Stock Exchange. For more information: https://scanway.pl/

Additional information:

Katarzyna Żądło
Chief Communication & Investor Relations Officer
Scanway S.A.
+48 661 601 402
k.zadlo@scanway.pl

Mardoniusz Maćkowiak
Investor Relations Manager
cc group
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl

Franciszek Szukała
Financial Communication Manager
cc group
+48 664 920 048
franciszek.szukala@ccgroup.pl