Author: Scanway
Publication date:
Scanway has published its financial results for H1 2026, ending the period with a record backlog of PLN 66.5 million, representing a 43% year-on-year increase. In the first six months of the year, the Company generated PLN 9.6 million in sales revenue, compared with PLN 11.1 million in the previous year. The reported result was significantly affected by the execution schedule of the contract with an Asian customer, with a total value of nearly PLN 40 million. Despite satisfactory progress on the project, no further revenue from this contract was recognized in H1 2026 (the most recent tranche of PLN 7.7 million was recognized in Q2 2025). A key development for the Company’s long-term growth in H1 2026 was raising an additional PLN 60.6 million gross in capital to scale up operations and accelerate preparations for the serial production of optical instruments, including the development of adaptive optics technology for VHR (Very High Resolution) telescopes and capabilities in the DaaS (Data-as-a-Service) area. In response to faster-than-anticipated growth in demand compared with a year ago, reflected in the current backlog and pipeline, Scanway today updated its Strategy for 2026–2028.
- In H1 2026, Scanway generated PLN 9.6 million in sales revenue (-PLN 1.5 million YoY), EBITDA of PLN -7.8 million (-PLN 11.9 million YoY), and a net loss of PLN 7.4 million (-PLN 9.7 million YoY).
- In Q2 2026 alone, Scanway generated PLN 5.8 million in sales revenue (-PLN 2.4 million YoY), EBITDA of PLN -4.7 million (-PLN 9.2 million YoY), and a net loss of PLN 3.3 million (-PLN 6.8 million YoY).
- Excluding the impact of the contract with the Asian customer, H1 2026 revenue from the remaining portfolio increased by 180% YoY, with a significant contribution from constellation projects.
- Of the EUR 9.0 million contract with the Asian customer, the Company has so far recognized 20% of the revenue in Q2 2025, with the remaining portion to be recognized in subsequent periods.
- In the area of new products, the Company is developing prototype adaptive optics solutions for VHR telescopes and a satellite data processing system for future DaaS services, integrating optical, thermal and SAR data and using machine learning algorithms.
– The results for the first half of the year clearly illustrate the intensive stage of business scaling we are currently undergoing. The growing number of projects is translating primarily into increased operational activity and the costs of work required to unlock subsequent payment tranches upon the completion of project milestones. The number of optical instruments in production increased from 22 a year ago to 34 in Q2 this year, while some projects have entered more demanding and cost-intensive stages of execution. We are therefore increasing the scale and sophistication of our activities, in line with our strategic direction of moving towards serial production, so that we can convert as much as possible of the identified pipeline of PLN 500–700 million first into backlog and then into revenue – comments Jędrzej Kowalewski, CEO of Scanway S.A.
– The first half of the year was also a period of significant technological progress for us, particularly in the most demanding projects involving very high-resolution optical instruments. The work we are carrying out today allows us to address challenges related not only to imaging parameters themselves, but also to the ability to manufacture increasingly advanced telescopes in a repeatable manner. We are applying this experience directly to the development of the next generations of our products, including adaptive optics technology and VHR-class telescopes with a resolution of approximately 0.5 m per pixel. These solutions are expected to become one of the key drivers of Scanway’s future growth and enable us to join the select group of companies worldwide with such capabilities – comments Mikołaj Podgórski, COO of Scanway S.A.
The negative profitability recorded in H1 2026 reflects the increased scale of operations and the advanced stage of ongoing projects, combined with an asymmetric schedule for incurring costs and recognizing the related revenue. Operating expenses increased by 128% YoY in H1, driven by the growing scale of activities and the progression of some projects into more advanced and cost-intensive stages of execution. Cash and cash equivalents of PLN 4.4 million as of the balance sheet date did not yet include the PLN 60.6 million gross proceeds raised through the public offering, which will be recognized in the Q3 2026 results and fully secure the execution of ongoing activities and the Strategy for 2026–2028.
– In the first half of the year, the difference between the timing of project execution costs and the recognition of the related revenue was particularly evident. As the number of projects being carried out in parallel increases, so do the expenditures incurred on subsequent stages of contracts, while some of the revenue will only be recognized upon the achievement of further milestones. In the short term, this weighs on EBITDA and net profit, but at the same time it reflects the scale of work we are already carrying out today for future settlements. From a financial perspective, effective working capital and liquidity management is therefore key to efficiently converting the growing order portfolio into project execution and revenue in subsequent periods. In this context, the agreements signed with mBank in June this year for an overdraft facility and a revolving credit facility to finance contracts are important to us, as they clearly illustrate the level of business maturity we have already achieved in the eyes of banks. – explains Sławomir Broniarek, CFO of Scanway S.A.
In the first half of the year, Scanway expanded its portfolio of projects for international customers, while increasing its participation in constellation programs and developing cooperation on more technologically advanced missions. The Company signed new agreements with EnduroSat, Nara Space Technology and KP Labs, while also carrying out projects with the University of Copenhagen, NASA Jet Propulsion Laboratory, Aethero and a U.S. customer. The new contracts include both the delivery of additional optical payloads for constellation projects and the development of solutions for ESA and technologies supporting orbital thermal imaging, strengthening Scanway’s position in advanced optical instruments and satellite data.
With a growing number of projects being carried out in parallel and increasing capital requirements already at earlier stages of their execution, strengthening Scanway’s financial resources was an important element of the first half of the year. In June 2026, a share offering with a total value of PLN 76.4 million was completed, through which the Company raised PLN 60.6 million gross. The capital increases the Company’s ability to finance investments required to scale its production and laboratory infrastructure, develop next-generation instruments, and build capabilities in VHR, DaaS, defence and dual-use technologies.
In the VHR area, Scanway is developing its proprietary adaptive optics technology, designed to enable the efficient development of telescopes with a resolution of approximately 0.5 m/pixel from LEO. Following the laboratory development phase, the next step will be to demonstrate the solution in orbit. In parallel, the Company is developing a Data-as-a-Service model aimed at increasing Scanway’s participation in the value generated by satellite data. In this area, the Company is leveraging its proprietary HYDRA technology and its in-house image processing capabilities built over the past 10 years of developing its operations in the Industry segment.
In response to faster-than-anticipated growth in demand, reflected in the current backlog and high pipeline levels, Scanway has updated its Strategy for 2026–2028. The document maintains all the key pillars and development directions adopted a year ago and assumes, among other things, achieving PLN 200 million in cumulative consolidated sales revenue in 2026–2028, PLN 20 million in consolidated EBITDA in 2028, and a backlog of PLN 100 million by the end of 2028.
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 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 27 March 2026, the Company transferred its listing from the NewConnect market to the Main Market of the Warsaw Stock Exchange. For more information, please visit: 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