Author: Scanway
Publication date:
Scanway has published its results for the fourth quarter of 2024, as well as cumulative results for the 12 months of 2024. Over the four quarters of 2024, the company generated its highest-ever total revenue of 12.5 mln zł, up 78% year-over-year. Total revenue for the fourth quarter alone amounted to PLN 4.1 million, an increase of 91% compared to the same period in 2023. Scanway’s backlog (order portfolio) as of December 31, 2024, stood at PLN 17.1 million, nearly five times higher than the PLN 2.9 million recorded as of December 31, 2023. Contracts executed in 2024 in the space segment, as well as new agreements and partnerships entered into, contributed significantly to the Company’s all-time high revenue and high backlog. Over the past year, the Company established a total of nine new partnerships, that directly implement its strategic growth priorities.
– We closed out 2024 with our best financial results to date. Total revenue amounted to 12.5 mln zł, up nearly 80% year-over-year, while the Company’s backlog at the end of 2024 rose to 17.1 mln zł—a fivefold increase compared to the figure at the start of last year. This is largely the result of contracts signed in 2024 for constellation projects in the space sector with a total value of 5.6 million euros, which have the potential for further expansion in the future. As we had announced, the space segment took the lead in 2024. In 2025, we expect a gradual recovery in the industrial segment, which we intend to capitalize on by implementing our proprietary quality control system, HYDRA, for our clients. It is also worth noting the year-over-year improvement in Scanway’s financial results and the reduction in losses recorded in key items of the income statement, even though we remain a company with a clearly growth-oriented profile. Our year-end cash balance and upcoming significant payments related to ongoing projects allow us to finance Scanway’s further growth without resorting to external capital, and the Company’s business outlook for 2025 is very good. – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
The Company closed the four quarters of the past year with 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 —at PLN 12.5 million, representing a 78% increase year-over-year. Solutions for the space industry accounted for 82% of revenue, while modular vision systems in the industrial segment accounted for 18%. EBITDA for the period was positive at PLN 0.29 million, while the net loss amounted to PLN -1.42 million. The backlog—that is, signed and ongoing contracts to be settled in future periods—increased nearly fivefold to PLN 17.1 million as of December 31, 2024, compared to PLN 2.9 million as of December 31, 2023. Cash on hand as of the end of December 2024 amounted to PLN 1.1 million. In October 2024, Scanway conducted a public offering through which it raised PLN 3.5 million gross to accelerate key investments.
In the fourth quarter of 2024 alone, Scanway generated total revenue of 4.1 mln zł, representing a 91% increase year-over-year. EBITDA amounted to -0.26 mln zł, and the net loss was -1.18 mln zł. The Company’s schedule for key projects calls for the achievement of important milestones in the first half of 2025, which may have a positive impact on revenue earned and recognized during that period.
Scanway’s Business Growth in 2024
Scanway’s products have been selected for two of the most important space missions of 2024, from the perspective of both the European and Polish space sectors. The company 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. Furthermore, Scanway signed contracts for constellation projects totaling 5.6 million EUR throughout 2024. The largest contract secured to date involves the delivery of an optical instrument to Marble Imaging of Germany, valued at 3.2 million EUR, while the contract with Nara Space of South Korea, which was expanded during 2024, covers the delivery of telescopes for two satellites with a total value of 2.4 mln EUR. Both projects have the potential for further expansion.
– In 2024, Scanway once again made a significant contribution to the development of Poland’s space capabilities by supplying advanced equipment for key space missions at the national and European levels. The various phases of the flight of Europe’s newest launch vehicle, Ariane 6, were captured by Scanway’s camera system; the resulting images were widely circulated within the industry and positively contributed to our global recognition. In the EagleEye project, we were responsible for the key payload—Poland’s largest telescope—whose operation and parameters we had previously verified in ground tests. This was a valuable experience for us, which we are now applying as we build a telescope twice as large for our German partner, Marble Imaging. We will soon complete the PDR phase of this project, which has been postponed to 2025; this will have a positive impact on the Company’s results in the first half of 2025, and we believe it will also benefit us in subsequent years. I can confirm that we are already receiving requests for proposals for this type of equipment from the commercial market. “—says Mikołaj Podgórski, COO and co-founder of Scanway S.A.”
The key partnerships entered into by the Company in 2024 include an implementation agreement with Flytronic S.A. (part of the WB Group) to develop an optoelectronic component for an observation head for unmanned systems (drones), as well as an MoU (memorandum of understanding) with the Polish-Finnish company ICEYE for the development of optical telescopes capable of imaging at a resolution of 50 cm per pixel. Furthermore, in December 2024, Scanway secured an order from Intuitive Machines—a U.S. company listed on Nasdaq—which, in 2024, became the first private organization to land on the Moon’s surface. Scanway will deliver a telescope to its partner in mid-2025 for mapping the surface of the Moon, and the mission is scheduled to launch at the end of the year.
– Among the most important space missions planned for 2025 involving Scanway are the launch of the PIAST satellite constellation for the Ministry of National Defense and a space mission with our American partner, Intuitive Machines, with the goal of mapping the Moon’s surface. The PIAST project is being carried out in a consortium with the Military University of Technology (lead) and Creotech Instruments (satellite platform supplier), and Scanway will supply optical instruments for 2 of the 3 satellites and an image acquisition system for all units. For Intuitive Machines, we will supply a telescope featuring our proprietary multispectral solution as part of their contract with NASA, valued at up to $4.82 billion, to provide communication and navigation services for missions in near-space. This is a major achievement for Scanway, but also for the entire Polish space sector—it marks the first time a Polish commercial telescope will participate in lunar research. –adds Mikołaj Podgórski.
In the Industry business line in 2024, the Company focused on refining 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 and its first implementation at a client in the food industry on two production lines at a protein casing manufacturing plant.
– In 2025, we anticipate a gradual recovery in the industrial sector, so the business environment may be conducive to the broader commercialization of the HYDRA system—our proprietary vision system that increases the level of automation through the use of image processing algorithms, including machine learning and hyperspectral scanners. We have designed a flexible solution that can be implemented in many areas of the economy for quality control, including the European market. In the future, it will also be possible to use this system to analyze satellite imagery, which confirms that Scanway’s business lines offer a range of synergies with one another. –explains Radosław Charytoniuk, CSO of Scanway S.A.
Scanway’s Strategic Development Directions and Its Listing on the Warsaw Stock Exchange’s Regulated Market
Scanway aims to become the European market leader in optical instruments for small satellites, as well as in modular vision systems for industry. The Company is supported in achieving these goals by the following strategic development priorities:
- Constellation projects and larger optical instruments—the development of repeatable orders within constellations, as well as telescopes designed for satellites weighing up to approximately 100 kg
- expanding our involvement in the defense sector—with leading partners, including Flytronic (part of the WB Group) and the Polish-Finnish company ICEYE
- Lunar exploration – expanding activities beyond the field of Earth Observation (EO)
- Major public programs – willingness to participate in complex projects in Poland and Europe
- Commercialization of the HYDRA system – implementation of quality control systems for industry
The Company’s rapid growth, including growing financial results and an increasingly higher average trading volume during stock exchange sessions, was one of the factors behind the decision to begin the process of transferring Scanway’s listing from the NewConnect market 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 this fall. Scanway has taken a number of proactive steps to bring the Company into compliance with the highest standards applicable to entities listed on the WSE’s regulated market. One of these steps was the selection of a new audit firm and the alignment of the Company’s existing financial reporting standards with the more stringent requirements of the regulated market. The process of the statutory audit of the Company’s financial statements by the auditor extended beyond the schedule established and adopted by the Company, resulting in the publication of the report for the fourth quarter of 2024 in lieu of the audited annual report for 2024.
– We have adopted strategic directions for Scanway’s development, which we are implementing in parallel across various projects. Each of the directions we have chosen significantly contributes to the Company’s long-term value growth and will be further developed by us in 2025 and beyond. In addition to implementing these strategic directions, one of Scanway’s goals for 2025 is to debut on the Main Market of the Warsaw Stock Exchange. To this end, we are, among other things, aligning the Company’s financial reporting standards with the more stringent requirements of the regulated market, in cooperation with our new auditor. This process is taking us longer than we originally anticipated, which is why we have decided to publish the report for the fourth quarter of 2024, and we will publish the audited annual report for 2024 as soon as possible and immediately after receiving the auditor’s opinion –concludes Jędrzej Kowalewski.
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 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 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 (Scanway Camera System) on the maiden flight of Europe’s newest launch vehicle, Ariane 6, and delivered the largest telescope in Polish history, 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.
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