Author: Scanway
Publication date:
Facing rapidly increasing demand for its solutions and following the adoption of its 2026–2028 Strategy, aimed at becoming one of Europe’s leading integrators of optical payloads, Scanway S.A. has successfully completed an equity offering to secure additional growth capital. The offering attracted strong investor interest, with demand significantly exceeding the number of shares offered. The share price was established at PLN 290.00 per share through an Accelerated Bookbuilding (ABB) process. The transaction comprised 263,500 shares, including: 209,000 newly issued shares, generating proceeds for the Company; and 54,500 existing shares sold by members of the Management Board, with proceeds retained by the selling shareholders. As a result, the total value of the offering amounted to PLN 76.4 million, of which PLN 60.6 million (gross) will be raised by Scanway to accelerate the Company’s expansion in response to growing demand for advanced optical instruments, an increasing number of satellite constellation projects, and strategic growth opportunities in the Very-High Resolution (VHR) telescope segment, Data-as-a-Service (DaaS), and defence & dual-use applications.
“The PLN 76.4 million offering clearly demonstrates that the foundations we have built over recent years have been recognized by the market, while our current growth prospects have attracted additional long-term institutional investors. As this was the Company’s first equity offering following our listing on the Warsaw Stock Exchange Main Market, we are particularly pleased with the strong interest shown by numerous Polish investment funds,” said Jędrzej Kowalewski, CEO of Scanway S.A.
“The PLN 60.6 million in gross proceeds raised by the Company will significantly support not only Scanway’s continued transformation into a serial supplier of optical payloads for the global New Space sector, but also the development of entirely new long-term growth verticals. These include VHR products, such as telescopes utilizing adaptive optics technology capable of achieving 0.5-meter ground sampling distance, as well as building a new, strategically important and substantially higher-margin revenue stream through our Data-as-a-Service business. While the impact of these investments will primarily materialize beyond the current strategic horizon, we must begin investing today if we want to be ready to secure VHR telescope contracts valued between EUR 5 million and EUR 20 million,” he added.
Structure of the Transaction In cooperation with its major shareholder, Jędrzej Kowalewski Family Foundation (JKFR), Scanway structured the transaction to allow investors to acquire existing shares already admitted to trading on the Warsaw Stock Exchange Main Market. As part of the ABB process: JKFR sold 255,000 existing shares, Podgórscy Family Foundation sold 6,000 shares, and Michał Zięba sold 2,500 shares, for a total of 263,500 shares offered to institutional investors and other eligible investors.
Proceeds from the sale of 209,000 shares by JKFR will be used in full to subscribe for the same number of newly issued Series J shares, ensuring that the funds ultimately flow to the Company. Proceeds from the sale of the remaining 54,500 shares constitute personal funds of the respective selling shareholders. Under the investment agreement between JKFR and Scanway, the subscription price of the Series J shares will be equal to the sale price established during the ABB process. Shares not sold as part of the ABB will be subject to a 180-day lock-up period. On 29 June 2026, JKFR, Podgórscy Family Foundation and Michał Zięba conducted the accelerated bookbuilding process. The offering was addressed to selected qualified investors, fewer than 150 other investors, and investors acquiring shares with an aggregate purchase value of at least EUR 100,000. Existing shareholders holding more than 0.5% of Scanway’s share capital as of 13 June 2026 received pre-emptive allocation rights proportionate to their existing holdings. The ABB was completed on 29 June 2026, with the final share price set at PLN 290.00.
“My commitment—as well as that of the entire Management Board—to Scanway remains firmly long-term. I have no intention of conducting any further share transactions for at least the next twelve months. The use of my personal funds relates exclusively to supporting the plans of my Family Foundation and does not affect my determination to continue developing the Company and delivering on the ambitious objectives established under our management incentive program. To put this into perspective, Scanway generated PLN 21.4 million in revenue in 2025, while our incentive targets assume cumulative consolidated revenues of PLN 200 million for 2026–2028, consolidated EBITDA of PLN 20 million in 2028, and a backlog of PLN 100 million as of 31 December 2028. This represents the most ambitious scaling plan we have ever undertaken at Scanway,” concluded Jędrzej Kowalewski.
Accelerating the 2026–2028 Strategy The capital raise continues the initiatives announced by Scanway in response to accelerating demand for its products and services and the need to increase financial flexibility for future growth. Although the Company’s 2026–2028 Strategy anticipated systematic growth in order backlog, current market demand has exceeded the assumptions adopted in the strategy. According to the Management Board, the new capital will support the execution of the strategy by enabling: larger-scale deliveries for satellite constellation customers, development of next-generation Very-High Resolution (VHR) optical instruments, expansion of adaptive optics capabilities, and greater participation across the full optical data value chain, including Data-as-a-Service (DaaS).
The Company also expects these investments to enhance its ability to execute larger-scale projects in light of its current commercial pipeline, valued at approximately PLN 500–700 million, comprising customer inquiries and tender processes at various pre-contract stages. This pipeline reflects strong market demand for advanced optical instruments and value-added satellite data products.
Planned Use of Proceeds Scanway intends to allocate the proceeds as follows:
(i) Approximately 30% – Scaling Production Infrastructure and Developing Next-Generation VHR Products
Investments will include new laboratory and production facilities, expansion of cleanroom capacity, construction of integration and collimation facilities for VHR-class telescopes, and procurement of advanced optical and metrology equipment. The Company will also accelerate development of next-generation Very-High Resolution (VHR) products capable of achieving 0.5-meter resolution from Low Earth Orbit (LEO), with adaptive optics representing a critical enabling technology.
Objective: Scale production capabilities and enter the VHR market.
(ii) Approximately 20% – Defence, Dual-Use and Data-as-a-Service Development
Funds will support product development, R&D activities, and expansion of testing and qualification infrastructure for defence and dual-use technologies. Scanway has observed a significant increase in customer demand for optical systems supporting defence applications, including: Space Situational Awareness (SSA) systems,
in-space inspection and servicing technologies, and satellite image processing and analytics within the Data-as-a-Service (DaaS) model.
Objective: Enter high-margin markets driven by growing geopolitical demand.
(iii) Approximately 20% – Vertical Integration
The Company intends to internalize additional strategic competencies and manufacturing processes, increasing control over key elements of its supply chain. These investments are expected to improve operational efficiency and margins, shorten project delivery times, and reduce risks associated with the availability of critical components and services.
Objective: Increase technological independence while reducing operational risk.
(iv) Approximately 20% – Working Capital
Satellite constellation projects typically involve long execution cycles and milestone-based payment schedules, requiring companies to finance a portion of project costs before receiving customer payments.
Objective: Maintain sufficient liquidity to support the Company’s growth strategy.
(v) Approximately 10% – Organizational Growth
Scanway plans to expand its organizational structure and operational capabilities, including hiring additional specialists in international markets—particularly in the United States—to strengthen sales and business development activities.
Objective: Increase contract acquisition capacity and further professionalize the organization.
The joint global coordinators and bookrunners for the offering were Dom Maklerski Navigator S.A. and IPOPEMA Securities S.A. The Company was advised by LLW Lewczuk Łyszczarek Szymczyk as legal counsel, while cc group continues to serve as Scanway’s Investor Relations advisor.
About Scanway
Scanway S.A. is a Polish technology company with over ten years of experience specializing in the optical data value chain, including data acquisition, processing, analytics, and predictive insights.
In the Space segment, the Company delivers both hardware solutions—including optical instruments such as telescopes and cameras—and advanced image analytics. In the Industry segment, Scanway develops image processing solutions, including complete AI-powered quality inspection systems. The Company’s expertise across both business areas is complementary, creating strong technological synergies. Scanway’s mission is to provide customers with comprehensive access to critical optical data across both sectors.
As one of only a handful of companies worldwide, Scanway has developed complete optoelectronic products for orbital Earth observation. The Company executes major space hardware contracts in Poland and internationally, serving both institutional and commercial customers. It also operates STAR VIBE, the longest-operating Polish optical Earth observation satellite.
Scanway’s technologies were featured in the most significant European and Polish space missions of 2024. The Company flew its Scanway Camera System aboard the maiden flight of Europe’s newest launch vehicle, Ariane 6, and delivered SOP200, Poland’s largest space telescope to date (approximately 10 kg), for the EagleEye mission.
In the industrial sector, Scanway has completed nearly 50 quality inspection system deployments. As a technology partner to leading manufacturers, the Company develops proprietary AI-based software solutions and advanced Industry 4.0 applications.
Scanway was listed on the Warsaw Stock Exchange Main Market on 27 March 2026.
For more information, visit: https://scanway.pl/
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