Author: Scanway
Publication date:
Scanway S.A., a leading company in the field of space-based observation technology and industrial vision-based quality control, made its debut on the NewConnect market today. The opening share price was 47.7 zł, representing a 6.0 per cent increase on the reference price and the price at which investors subscribed for shares in the IPO this June, namely 45.0 zł. After 15 minutes of trading, the share price stood at PLN 45.4. Scanway is the 358th company listed on NewConnect and the 10th debut on this market in 2023. The company is currently the only representative of the space sector on the small stock exchange. Scanway was supported by cc group throughout the process of raising funds and going public.
We are delighted to have joined the ranks of listed companies and to have successfully concluded a very busy period involving the initial public offering in June, followed by preparations for our stock market debut. This day marks an important step in our company’s development and in building its recognition on the Polish and international markets, as well as the start of a new chapter in Scanway’s history. Market data indicates that the space sector, and in particular the small satellite sector, has very good prospects ahead, which is why I believe that providing exposure to this market through Scanway shares may represent an attractive proposition for investors. We are currently the only representative of the space industry on NewConnect, and we feel a great sense of responsibility associated with this, but it serves as a source of motivation for us. We intend to maintain our current level of transparency and demonstrate that the stock exchange can provide significant support for the development of companies in our sector; and although we are making our debut on a small exchange today, our ambition is to move to the main market of the Warsaw Stock Exchange in the future – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A. Scanway develops and commercialises two business lines: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for the (vision systems). 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 acquired ‘flight heritage’ – confirming the reliability and functionality of its solutions in space conditions. The Polish satellite regularly captures new images of Earth, and the Company receives the best images from space ever obtained by Polish research instruments. Upcoming projects utilising Scanway’s optical payload include the commercial OTTER and XD missions, which are due to be launched into orbit by the end of 2023. In June this year, the company successfully completed a public offering comprising 200,000 Series C ordinary bearer shares; the gross value of the offering was PLN 9.0 million, with demand for the shares exceeding the offer size several times over. The funds raised from the offer will be allocated to the development of the advanced machine vision division, the satellite instrument production line and the vision systems production line. The Company’s strategic objectives for the next three years are to achieve growth in revenue from industrial operations to PLN 14–18 million with a margin of approximately 30–35%, and growth in revenue from space operations to PLN 14–18 million with a margin of approximately 40-45%.
I would like to thank all the investors who have placed their trust in us, as well as the advisers who have supported us on our journey to the stock exchange. I would also like to extend my heartfelt thanks to the entire Scanway team, which now comprises over 50 top-class experts, with whom we will continue to drive the Company’s dynamic growth in the years to come. We are striving to become the European leader in Earth observation payloads and space-based imaging systems, and I believe that we have many more successes ahead of us, in which our shareholders will also be able to share – adds Jędrzej Kowalewski. Scanway is a key consortium partner in Poland’s largest space projects, including the EagleEye and PIAST missions. Together with the Australian company AICRAFT, an expert in the field of artificial
intelligence, the Company began a collaboration in May this year to develop an Earth observation telescope utilising artificial intelligence algorithms. Satellite imaging has a range of applications; amongst other things, it enables the monitoring of natural disasters, the study of climate change, support for agriculture and urban development, and the provision of information for military operations. As part of its industrial solutions, Scanway specialises in developing proprietary vision systems for quality control of finished products, raw materials and the production process. The Company’s product range contributes to the implementation of the Industry 4.0 philosophy through the automation and optimisation of quality control processes in sectors such as packaging and printing, the automotive industry, the food industry and the pharmaceutical sector. The hyperspectral technology used by Scanway enables continuous 100% quality control of products on very high-throughput production lines, which, amongst other things, helps to reduce the customer’s production costs. In the first half of 2023, the Company’s total revenue amounted to PLN 2.3 million, representing a 74% increase compared with the revenue generated in the corresponding period of 2022. In the first half of 2023, the Company’s EBITDA amounted to PLN 42,000, whilst net profit stood at PLN -279,000. Total revenue for the period January–August 2023 amounted to PLN 3.7 million. The space segment accounted for PLN 0.7 million, whilst the industrial segment accounted for PLN 3.0 million. The total order book, comprising signed and ongoing contracts (the so-called backlog) that can be settled by the end of 2023, stood at PLN 4.7 million as at 15 September this year. The space segment accounted for PLN 2.3 million, and the industrial segment for PLN 2.4 million.