Author: Scanway
Publication date:
For the first three quarters of this year, Scanway reported total revenue of 8.43 mln zł, up 73% from the same period last year. The Company’s order backlog as of November 12 of this year stands at PLN 16.45 million, more than five times higher than the PLN 2.9 million recorded on December 31, 2023. Progress on constellation projects with Nara Space of South Korea and Marble Imaging of Germany points to a strong revenue-driven finish to the year. Additionally, the success of the October funding round—which raised PLN 3.5 million gross amid investor demand that significantly exceeded the offering size—enables the Company to pursue new investment initiatives aimed at business growth.
▪ Scanway focuses on strategic areas of development:
- larger optical instruments—up to twice as large as the telescope in EagleEye (SOP200)
- Constellation projects – building repeatable orders
- Entry into the defense sector—with leading partners, including ICEYE and Flytronic (WB Group)
- Participation in major public programs – a tender is currently underway for the Polish Camila constellation
- Expanding the implementation of quality control systems for industry across Europe
▪ On July 30 of this year, Scanway signed its largest contract to date for satellite equipment for Marble Imaging, with funding from the European Space Agency (ESA) totaling 3.94 mln EUR, of which 3.2 mln EUR is allocated to the Company. By the end of the year, Scanway plans to complete the PDR (Preliminary Design Review) phase, which will unlock the next payment tranche of approximately 1.2 million EUR.
▪ On August 9 of this year, Scanway signed a letter of intent with Flytronic S.A. (WB Group), and after the balance sheet date, on November 8 of this year, an implementation agreement to develop a prototype of an optoelectronic component for an observation head used in unmanned systems. Once the solution has been designed and testing is complete, Flytronic has expressed its willingness to begin business negotiations regarding the implementation of the product in the solutions it offers
▪ In the Industry segment, the Company is developing a new, system-level solution designed to expand its commercial potential in Poland and Europe. The new HYDRA system will provide Scanway’s solutions with up to 80% automation, which in turn will increase the scalability and profitability of this business segment.
Scanway’s total revenue for the first three quarters of 2024 is at a record high, and in recent months we have signed a number of key contracts that represent an investment in further sales growth over the coming years. In addition to carrying out constellation projects with Nara Space and Marble Imaging with a total value of 4.9 million EUR—which may be expanded with additional orders even before the demonstration satellites are launched— we have decided to enter the promising defense sector and have secured the best possible partners. These include the Polish-Finnish company ICEYE, with which we have signed a letter of intent, and Flytronic S.A. from the WB Group, a leading Polish manufacturer of unmanned platforms, with whom we are beginning to implement an executive agreement. Scanway’s growth prospects have never been more promising,” comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
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 8.43 mln zł after the first three quarters of 2024, representing a 73% increase year-over-year. Solutions for the space industry accounted for 77% of revenue, while modular vision systems in the Industry line accounted for 23%. EBITDA for the period was positive, at PLN 0.3 million, while the net loss amounted to PLN -0.5 million. The backlog—that is, signed and ongoing contracts to be settled in future periods—rose to PLN 16.45 million as of November 12 of this year, compared to PLN 2.9 million as of December 31, 2023. Cash flow from operating activities amounted to -PLN 0.2 million, and cash on hand as of the end of September 2024 stood at PLN 0.4 million. In October of this year, after the balance sheet date, Scanway conducted a public offering through which it raised PLN 3.5 million gross to accelerate key investments. The cash proceeds from the public offering will be reflected in the Company’s cash balance in the fourth quarter of 2024.
In the third quarter of this year alone, Scanway generated total revenue of 3.1 mln zł, representing a 23% increase year-over-year. Space-related activities accounted for 91% of the revenue generated, while industrial projects accounted for 9%. EBITDA amounted to -PLN 0.2 million, and the net loss was -PLN 0.5 million. The Company’s schedule for key projects calls for the completion of important milestones in the fourth quarter of this year, which could have a positive impact on revenue in the final quarter of 2024.
Space Missions Involving Scanway in 2024
Scanway products have been selected for two of the most important space missions of 2024—from the perspective of both the European and domestic space sectors.
On July 9 of this year, the maiden flight of Europe’s largest launch vehicle, the Ariane 6, took place, and the SCS (Scanway Camera System) dual-camera optical suite recorded the separation of the rocket’s main fairing and the separation of the payloads mounted on the rocket. The mission’s success means that Europe has regained its independence in launching payloads into orbit, and for the Company, it represents another product with flight heritage—proven to function in space conditions. Scanway was the only Polish company to participate in this landmark event for the European space sector.
On August 16 of this year, SpaceX’s Falcon 9 rocket successfully launched Poland’s largest-ever satellite, named EagleEye (approx. 55 kg), equipped with a key payload in the form of the largest telescope (approx. 10 kg) developed and supplied by Scanway (SOP200). On August 25 of this year, the consortium leader—Creotech Instruments—published a current report regarding problems with two-way communication with the EagleEye satellite. As of the date of the report’s publication, the Company is unable to test its instrument for reasons unrelated to the SOP200 telescope, which was delivered and previously tested in ground tests. The developed telescope is part of a strategic development direction toward increasingly larger optical instruments, some of which are even twice as large as the telescope on EagleEye. The company is currently developing such an instrument as part of a project with Marble Imaging.
Scanway’s products have been featured in the most important space missions of 2024, and the projects already underway, along with anticipated contracts currently under negotiation, lead us to expect an increasingly frequent presence of the Company’s diverse products in space missions in the coming years. The success of the inaugural Ariane 6 flight and the images that the European Space Agency (ESA) released to the world have generated significant buzz in the industry and serve as another reference point and topic of discussion with potential clients during our active participation in numerous industry events. We are awaiting positive news regarding the EagleEye satellite, while the delivery of a high-TRL optical instrument, the know-how we’ve acquired, and the infrastructure and procedures we’ve established for further scaling Scanway’s solutions to even larger satellites, including those weighing over 100 kg, are already a major success, upon which we are developing new products,” comments Mikołaj Podgórski, COO and co-founder of Scanway S.A.
New Prospects for Scanway’s Business Growth
Building on the expertise it has developed over the past eight years in the development of observation technologies for the space industry and quality control systems for the manufacturing industry, Scanway has decided to enter the promising defense sector.
On August 9 of this year, Scanway signed a letter of intent with Flytronic S.A. (WB Group), a leading Polish manufacturer of unmanned platforms, with which an implementation agreement was signed after the balance sheet date, on November 8 of this year. Scanway will develop a prototype of an optoelectronic component for an observation head used in unmanned systems. Once the solution—which leverages Scanway’s expertise—has been designed, delivered, and tested, Flytronic intends to initiate business discussions and negotiations to integrate the product into its own solutions. The Gliwice-based company is a designer and manufacturer of unmanned aerial systems (including FLYEYE), proven in the most challenging conditions, including during high-intensity conflicts. The project timeline is 24 months. Scanway will be the sole owner of the intellectual property rights for the developed sensor.
On September 3 of this year, during the International Defense Industry Exhibition in Kielce, Scanway signed a cooperation agreement with the Polish-Finnish company ICEYE regarding the design of high-resolution satellites for Polish users and, in the future, potentially also for global customers. The new satellites are intended for defense purposes, with an optical resolution of 50 cm per pixel, and will join ICEYE’s existing SAR systems, which have been used, among other things, during the war in Ukraine.
We intend to leverage our unique expertise developed in the aerospace and industrial sectors to strengthen the competitiveness of the Polish defense sector on the international stage. The products developed by Scanway will be able to support both Polish and allied armed forces. In the face of numerous tensions and armed conflicts, having our own know-how in the form of a Polish company based in our country is extremely important from a national security perspective, and we are ready to deliver that value,” adds Mikołaj Podgórski.
The rapid development of space projects is driving a number of investment initiatives, such as the HYDRA project, which has been launched in the industrial sector. Its goal is to adapt the Company’s solutions to a higher level of automation and, as a result, to expand the scalability of the Industry division on the domestic and European markets.
Hydra is the working name for our modular vision system, which integrates the technologies we have developed over the course of dozens of industrial implementations in recent years. At the heart of the system will be advanced automation, including the use of image processing algorithms, machine learning, and hyperspectral scanners. We are striving to develop a solution that can be implemented across many sectors of the economy, and in the future, we also intend to use it for analyzing satellite imagery. The industrial sector is cyclical, and many investments are currently on hold—when the recovery comes, we want to be ready with a new product that will allow us to increase not only our revenue but also our margin. We will gradually transition our Industry business line to a SaaS (Software-as-a-Service) model,” concludes Radosław Charytoniuk, CSO of Scanway S.A.
About Scanway:
Scanway S.A. is a Polish company that has been in business for 8 years. It is one of only a dozen or so companies worldwide to have developed a complete line of optoelectronic products for Earth observation from orbit. The company carries out key contracts—among the largest in Poland—for space equipment, including for commercial clients. It also operates STAR VIBE, Poland’s longest-operating optical observation satellite.
Scanway S.A. specializes in the optical processing chain, which includes: acquisition, processing, and analysis of image data, as well as the prediction of events based on that data. In the Space business segment, the company 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. The company strives to provide its customers with full access to key optical data, which today is driving the development of the global space industry to the greatest extent.
Scanway’s optical solutions were featured in the most important European and Polish space missions of 2024. It was the only Polish company to include its equipment (the Scanway Camera System) on the maiden flight of Europe’s largest launch vehicle—Ariane 6. The company also supplied a key component—Poland’s largest-ever telescope, weighing approximately 10 kg (SOP200)—for EagleEye, the largest satellite Poland has ever launched into space.
The company has completed over 40 quality control implementations in the industrial sector. As a technology partner for the sector’s largest manufacturers, it develops proprietary software solutions using AI and advanced applications for Industry 4.0.
In October 2023, the Company made its debut on the NewConnect market. It has fully achieved the goals announced in its initial public offering and is currently preparing to move to the Main Market of the Warsaw Stock Exchange. For more information:
https://scanway.pl/ and https://scanway.space/
Corporate Communications Office
Media Contact:
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