Author: Scanway
Publication date:
Scanway has published its financial results for the first quarter of 2026, during which it increased sales revenue by 29% to nearly 3.8 mln zł year-over-year. This growth was driven primarily by the space segment, where the Company continued to execute constellation projects for international clients and achieved further milestones. At the same time, Scanway expanded its production facilities and strengthened its operational capabilities, preparing the organization to handle a greater number of increasingly complex projects. The Company is currently in advanced discussions with potential clients and expects to sign new contracts in the near future.
- In the first quarter of 2026, Scanway generated 3.8 mln zł in sales revenue (+29% y/y), PLN -3.1 million in EBITDA (down PLN 2.8 million year-over-year) and a net loss of PLN -4.1 million (down PLN 2.9 million year-over-year)
- As of May 28, 2026, the backlog (order portfolio) stood at 53.5 mln zł, a significant portion of the order backlog consists of a contract signed last year with an Asian customer for EUR 9.0 million, of which approximately 80% of the value remains to be recognized as deferred revenue
- In the first quarter of 2026, the Company signed a cooperation agreement with a U.S. client to develop and deliver a new class of optical instruments for Earth observation, with an estimated value of approximately $4.3 million
– We are in a period of transformation. The first quarter of 2026 was a time of intensive work to prepare Scanway for the next phase of business expansion. We are investing in our production facilities and operational capabilities to efficiently convert our current order backlog into revenue in future periods and to secure new contracts with global clients, some of which are in advanced stages of negotiation. As we expect, these discussions may result in new contracts in the near future – comments Jędrzej Kowalewski, CEO of Scanway S.A. – Scanway’s current backlog still exceeds 53 mln zł, and approximately 80% of the value of the Company’s largest contract to date—signed with an Asian client for 9.0 mln euro—has yet to be recognized. Such a large order backlog, bolstered in subsequent periods by the projects we reported on in December and January, as well as expected new contracts, provides us with a strong growth outlook for 2026–2027 and beyond. The pace at which these funds are recognized as sales revenue will depend on specific milestones in each project – he adds.
In the first quarter of 2026, Scanway generated 3.8 mln zł in sales revenue, representing a 29% increase year-over-year. The Space segment remains the key growth area, generating PLN 3.7 million in revenue compared to PLN 2.6 million in the same period of the previous year, with a significant share coming from constellation projects and orders for international clients. EBITDA, operating income, and net income were negative in the first quarter of 2026, reflecting the Company’s investments in subsequent phases of ongoing projects, organizational development, and the infrastructure necessary to handle a larger number of increasingly complex projects.
As of the end of March, the Company had cash on hand in the amount of 13.5 mln zł. At the same time, operating costs of PLN 7.9 million (a 96% increase year-over-year) reflected high operational activity related to the execution of contracts in the Space segment.
– The lower cash balance and operating expenses reflect the intensification of project work and the Company’s entry into the next stage of operational development, which includes, among other things, a gradual transition to mass production. We incurred increased expenses related to achieving future milestones, particularly in the Space segment’s flagship projects for Asian customers, which was primarily reflected in the growth of costs for materials, external services, and salaries. Cash levels were also affected by investments in the development of HYDRA technology, R&D, and the expansion of technical infrastructure, including, among other things, the purchase of an OptiCentric 3D industrial system and a set of hexapods with controllers. In turn, the level of other expenses reflects the transformation phase associated with the execution of increasingly complex projects, organizational development, and a 37% increase in headcount. – explains Sławomir Broniarek, CFO of Scanway S.A.
In the first quarter of 2026, Scanway expanded its portfolio of international projects by signing a contract with a U.S. client to develop and deliver a new class of optical instruments for Earth observation for a satellite constellation currently under construction. The estimated value of the contract may reach approximately $4.3 million and covers payment for the first instrument. The contract also includes the option to commercialize satellite data under a Data-as-a-Service model, increasing the Company’s exposure to the areas of data processing and monetization.
– The agreement with our U.S. client is important to us not only in terms of delivering a new class of optical instruments, but also in terms of the opportunity to expand Scanway’s future revenue streams. In this regard, we are in discussions to conclude a framework agreement that includes a Data-as-a-Service component, under which the Company would participate in the commercialization of satellite data acquired using our instruments. This means that the Company could participate not only in the hardware delivery phase but also in the subsequent generation of value from the data—its acquisition, processing, and provision to end customers. This is a natural direction for Scanway’s development, consistent with our expertise in the Industry sector and our commitment to covering the entire optical data chain. – explains Mikołaj Podgórski, COO of Scanway S.A.
At the same time, Scanway continued to carry out key space projects. In January of this year, the company confirmed the successful activation of cameras integrated with telescopes on the PIAST-S1 and PIAST-S2 satellites of the PIAST constellation, and continued preparations to deliver the optical payload to Intuitive Machines in the U.S. Scanway’s optical instrument is to be used in a lunar mission to map the Moon’s surface. In the coming periods, one of the key milestones of the ongoing projects will be the delivery of the first flight model of a telescope to Nara Space of South Korea, which is developing a constellation of observation satellites to monitor methane sources, with a target size of at least 12 microsatellites.
On March 27, 2026, the Company made its debut on the Main Market of the Warsaw Stock Exchange, transferring its listing from the NewConnect market. Shortly thereafter, on April 10, 2026, Scanway was included in the sWIG80 index as part of an extraordinary index adjustment. Entering the regulated market and joining the sWIG80 index strengthen Scanway’s position in the capital market, increasing the Company’s visibility among Polish and foreign investors.
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