Author: Scanway
Publication date:
Scanway, a leading Polish company operating in the field of space-based observation technology and industrial vision-based quality control, whose telescope and satellite self-diagnostic system is already in orbit as part of the STAR VIBE mission, is launching a public share offering. The company is offering a total of up to 200,000 ordinary shares for subscription via a Memorandum; the minimum subscription is 400 shares. The price per share will be determined through a book-building process, which will run until 20 June 2023; the estimated net proceeds from the offer will amount to approximately PLN 8.5 million. Throughout the process, the Company is supported by cc group – Financial Adviser and Authorised NewConnect Adviser, whilst Dom Maklerski Navigator S.A. acts as Lead Manager of the Offer and Bookrunner.
The funds raised from the public share offering will be allocated to the development of the advanced machine vision division, as well as the satellite instrument production line and the vision systems production line, supporting Scanway’s operations in two segments: the industrial and space sectors.
We confirm Scanway’s plans to list on the stock exchange and are launching a public share offering, thereby embarking on one of the most significant chapters in our company’s history. We operate in two rapidly growing business areas, with a ready and proven product range for the space sector – optical instruments for Earth observation and satellite self-diagnostics – and for industry – vision systems for quality control. The funds we plan to raise through the offering will be allocated to further technological development and strengthening our capabilities in both segments. The implementation of our investment programme, scheduled to take place over an 18-month period, will enable us to achieve our strategic objectives for the next three years. This translates to an increase in revenue from our space-related activities to PLN 14–18 million, with a high margin of approximately 40–45 per cent, and an increase in revenue from our industrial quality control systems to PLN 14–18 million, with a margin of approximately 30-35%. Scanway already has what is known as ‘flight heritage’, and our optical telescope, which is in orbit, is providing the best images from space ever obtained by Polish research instruments. We are blazing new trails and making our mark in a broad and deep market, whilst also serving as a key consortium partner in some of the largest space projects being carried out in Poland, such as the EagleEye mission, for which we are preparing our SOP 200 optical telescope, and the PIAST mission, featuring our SOP 120 telescope,” comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
Scanway is a Polish SME operating in the field of vision systems and optoelectronics. It develops solutions at the intersection of optics, electronics and software. The company’s operations are divided into two branches – industrial (Industry) and space (Space). Within its industrial operations, the company specialises in developing proprietary vision systems for quality control. The company’s solutions contribute to the implementation of the Industry 4.0 philosophy through the automation and optimisation of quality control processes in sectors such as the automotive, printing and packaging, food and medical industries, amongst others. Scanway’s vision systems enable quality control of finished products, raw materials and the production process.
In the space sector, the company offers optical payloads for space vehicles. These products are designed for observation, imaging and image analysis. The company’s Earth observation telescopes are characterised by scalability, modularity and the ability to tailor imaging results to the user’s requirements. The second type of payload consists of vision systems designed to operate in space, which assess the condition of orbital infrastructure and monitor in-space servicing and manufacturing processes. Scanway holds flight heritage status acquired as part of the STAR VIBE mission; the company’s optical telescope and satellite self-diagnostic system are already in orbit and fully operational. The company is also a key consortium partner in the largest space projects
carried out in Poland, including the EagleEye mission and the PIAST mission. Together with the Australian company AICRAFT, an expert in the field of artificial intelligence, Scanway has begun a collaboration to develop an Earth observation telescope utilising artificial intelligence algorithms. The satellite market is forecast to grow from USD 279 billion to USD 400 billion between 2021 and 2031, representing a CAGR of 3.7% (source: SIA SSIR 2022, Bryce Smallsats 2023). Even more rapidly – by nearly 5-fold, to over 24,000 units, with commercial constellations expected to account for around 70% of the market (source: Euroconsult). Around half of the satellites planned for launch will be equipped with optical payloads
and are therefore potential customers for Scanway’s products. The Company’s revenue in 2022 amounted to PLN 3.6 million, representing a year-on-year increase of 44%. Scanway reported a net profit of PLN 0.3 million in 2022, an increase of PLN 0.4 million year-on-year. In 2022, space-related activities accounted for 47% of revenue, whilst industrial projects accounted for 53%. As at May 2023, the Company has an order book totalling PLN 5.15 million. Scanway’s objective
is to continue scaling up its operations intensively and to increase revenue through the commercialisation of existing and under-development products, for which the Company has identified high market demand this year and in the years to come. The ongoing public offering comprises up to 200,000 Series C ordinary bearer shares issued by the Company. Detailed timetable for the offering:
| Date (2023) | Event |
| 4 June | Publication of the Memorandum |
| by 20 June (by 3.00 pm) | Book-building* |
| 21 June (until 12:00) | Determination of the Issue Price and allocation of the Offered Shares |
| 21 June | Start of the subscription and payment period for the Offered Shares |
| 27 June (until 23:59) for Subscriptions submitted electronically; 27 June (until 18:00) for Applications submitted in person or by post | Closing date for Applications and payment for the Offered Shares |
| 28 June | Closing date for subscriptions and payments for the Offered Shares |
| 29 June | Allocation of shares from the new issue and public announcement of the results of the public offering |
About Scanway:
Scanway is a Polish company operating in the field of observation technology and quality control. Scanway is Poland’s first commercial supplier of spectral instruments for space applications. The company’s solutions enable the precise and continuous observation of any object or area. The company has developed two business areas that are currently experiencing significant growth worldwide: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for industry (vision systems).
Scanway is the only organisation in Poland – and one of just a dozen or so companies worldwide – to have developed a comprehensive technology for Earth observation and the self-diagnostics of satellites and spacecraft. The company offers complete systems based on its own dedicated algorithms for image processing and analysis. These algorithms have been successfully tested in two space missions in collaboration with the European Space Agency, namely the DREAM and TRACZ projects. The STAR VIBE mission is currently underway; as part of this, a satellite containing a vision system and an optical telescope – both developed and manufactured in Scanway’s laboratories – was launched on 3 January 2023. The company is also a key consortium member in the largest space projects being carried out in Poland (including EagleEye and PIAST).
Another of the company’s objectives is to bring solutions used in space back to Earth. Scanway supplies space technologies tailored to the needs of large manufacturing plants, primarily in the field of quality control. The versatile HyperEye scanner enables continuous 100% quality control of products on high-throughput production lines, thereby reducing production costs. Further information: https://scanway.pl/. Scanway plans to make its debut on the NewConnect market in the second half of 2023.
Contact for the media and retail investors
Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl
Contact for institutional investors and analysts
Piotr Owdziej
+48 697 612 913
piotr.owdziej@ccgruop.pl