Author: Scanway
Publication date:
Scanway has published its results for the second quarter of 2024, during which it generated a record PLN 3.8 million in total revenue, representing a 115% increase year-over-year. This significant revenue growth is primarily attributable to the substantial expansion of the Space business line, which generated 3.1 million PLN in revenue—3.0 million PLN more than in the same period last year. This is due, among other factors, to Scanway’s growing recognition and position on the international stage, which the Company effectively translates into new contracts—in May of this year with Nara Space Technology worth 1.7 million euros, and in July of this year with Marble Imaging worth 3.2 million euros. Scanway achieved positive results across all key profitability metrics: PLN 1.5 million in EBITDA and PLN 1.2 million in net income. The Company’s backlog increased from 9.8 mln zł as of May 15, 2024, to 19.3 mln zł as of August 12, 2024, a 97% increase.
– It is with great satisfaction that we present the results of a record-breaking quarter in Scanway’s history, during which—as previously announced—the space division accounted for the majority of revenue generated. This is the result of significant contracts we have signed over the past few months, specifically with Nara Space Technology of South Korea, worth 1.7 million euros—the first payment installment of which is already included in second-quarter revenue— as well as with Marble Imaging of Germany, worth 3.2 million euros, where funding is provided by the European Space Agency (ESA), and the expected impact on revenue by the end of the year is approximately 1.6 million euros. We are thus successfully diversifying our revenue sources in the space sector, where we secure funding from both commercial entities and institutions such as the ESA, and in June of this year, a bidding process began for the national Camila program, in which we also intend to submit a proposal, highlighting the added value that Scanway can bring to the project through advanced optical instruments. “This is a major program worth tens of millions of euros, which calls for participation by Polish entities at a level of no less than 70%,” comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
– In parallel with our aerospace division, we are expanding our Industry division, where we completed two industrial implementations during the second quarter – at a leading global manufacturer of tire products and at the Polish branch of a leading American manufacturing and trading conglomerate. We also organized a presentation of a vision system for detecting errors in the can-sealing process for use on various production lines, and we are continuing business discussions aimed at commercializing this proprietary solution,” adds Jędrzej Kowalewski.
The Company’s 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—amounted to 3.8 million PLN in the second quarter of 2024, representing a year-over-year increase of 115%. Optical payloads for the space industry in the Space business line accounted for 81% of the revenue generated by
, while modular vision systems in the Industry business line accounted for 19%. EBITDA for the period in question amounted to PLN 1.5 million, compared to PLN 0.3 million last year. The company reported a net profit of PLN 1.2 million, compared to PLN 0.2 million in the same period last year. The backlog—that is, signed and ongoing contracts to be settled in future periods—increased from PLN 9.8 million as of May 15, 2024, to PLN 19.3 million as of August 12, 2024. Cash flows from operating activities in the second quarter were positive and amounted to PLN 1.2 million, and total net cash flow amounted to -0.2 million PLN, resulting in cash and cash equivalents of 0.3 million PLN as of the end of June 2024.
Cumulative total revenue for the first half of the year amounted to 5.3 million PLN, representing a 133% increase year-over-year. Space-related activities accounted for 68% of the revenue generated, while industrial projects accounted for 32%. EBITDA amounted to PLN 0.5 million, compared to PLN 0.04 million last year, and net income reached PLN 0.0 million, compared to a loss of PLN 0.3 million a year ago.
– The contracts we enter into are in line with Scanway’s strategic development direction, in which we focus primarily on securing constellation projects to ensure our order pipeline for the coming years – We expect repeat orders from our partners even before the demonstration satellites are launched. In addition, we are focused on bringing increasingly larger imaging instruments to market, which will allow us to tap into another segment of the space market in the future—the mini-satellite segment ranging from 200 to 600 kg. The projects with Nara Space Technology and Marble Imaging are scheduled to culminate in the creation of constellations, and the telescopes for Marble Imaging are to have a mirror diameter of approximately 400–450 mm—twice the size of Poland’s largest satellite to date, EagleEye, and the SOP200 telescope we supplied for it, which had a 200-mm mirror. We are still awaiting the launch of this microsatellite on a SpaceX Falcon 9 rocket as part of the Transporter-11 mission; we expect that a successful launch will have a significant impact on our ability to secure further sales opportunities. We’ve already noticed the positive impact of such launches on these types of business discussions following the July launch of the European Ariane-6 launch vehicle. The images captured by our camera system have been seen practically all over the world, and we are reaping the benefits of that,” comments Mikołaj Podgórski, COO and co-founder of Scanway.
– It is also worth noting that the Scanway team once again attended the world’s largest event for small satellites, the “Small Satellite Conference,” in Utah, USA. It was at this event last year that we began discussions with Nara Space Technology, which first led to the signing of a cooperation agreement and then to a significant contract with a commercial entity. We’ve just returned to Poland from this event, but we’re very pleased with how the conference went, our visibility, and the pool of leads we gathered,” adds Mikołaj Podgórski.
Scanway develops and commercializes two business lines: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for industry (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 so-called “flight heritage”—confirming the reliability and functionality of its solutions in space conditions. The Polish satellite confirmed the Company’s expertise in supplying optoelectronics for space applications, and the success of its mission translated into trust expressed through contracts and declarations of cooperation with entities in the global satellite market.
About Scanway:
Scanway is a Polish company operating in the field of observation technology and machine vision. The company develops and commercializes two business lines: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for the manufacturing industry (machine vision systems).
Scanway is the only company in Poland—and one of only 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 proprietary algorithms for image processing and analysis. As part of the STAR VIBE mission in 2023, a satellite was launched carrying a imaging system and an optical telescope developed and manufactured in the company’s laboratories; thereby establishing flight heritage and delivering the best images from space ever obtained by Polish satellite instruments. The company is also a key consortium member in Poland’s largest space projects, including EagleEye and PIAST.
The Company also aims to apply space-based solutions in the manufacturing industry. Scanway provides technological solutions tailored to the needs of medium and large manufacturing plants, primarily in the area of quality control. In October 2023, Scanway made its debut on the NewConnect market. For more information:
https://scanway.pl/ and https://scanway.space/
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