Author: Scanway
Publication date:
On a year-to-date basis, through the third quarter of 2025, Scanway generated total revenue of 16.0 mln zł, an increase of 89% compared to the same period last year and significantly higher than for the entire year of 2024. This strong growth is the result of the implementation of a number of constellation projects in the Space segment with global partners, including a client from Asia, Marble Imaging from Germany, and Nara Space Technology from South Korea. The Company’s backlog (order portfolio) as of November 14, 2025, increased to PLN 58.3 million, representing a 254% year-over-year increase. This significant increase in the backlog is the result of record-breaking contracts signed in recent months—with a client from Asia worth 9.0 million euros and for the CAMILA project worth approximately 3.55 million euros.
- In the third quarter of 2025 alone, Scanway generated total revenue of 4.4 mln zł (+39% y/y), PLN -1.3 million in EBITDA (PLN -1.0 million year-over-year) and a net loss of PLN -2.3 million (PLN -1.8 million year-over-year)
- Through the first three quarters of 2025, Scanway generated 16.0 mln zł in total revenue (+89% y/y), PLN 3.1 million in EBITDA (up PLN 2.8 million year-over-year) and PLN 0.2 million in net income (up PLN 0.6 million year-over-year)
- As of November 14, 2025, the Company’s backlog increased by 254% year-over-year to 58.3 mln zł, including the expected revenue of approximately 3.55 mln euro from the construction contract for the CAMILA project
- Cash on hand as of the end of September 2025 increased to 14.7 mln zł (compared to 9.1 mln zł at the end of June of this year) and, together with a strong backlog, enables the Company to carry out its current projects in the Space and Industry sectors
– We achieved nearly a twofold increase in Scanway’s total revenue through the first three quarters of 2025, reaching 16.0 mln zł, while simultaneously seeing a significant increase in our backlog to over 58 mln zł. This high growth rate is largely the result of the constellation-type projects we are carrying out with leading global partners. The outlook for 2026 is positive, and with the strategy for 2026–2028 adopted at the end of September, we know exactly where to focus our efforts to gradually achieve our long-term goals and become one of the largest optical load integrators—first in Europe, and ultimately worldwide. – comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
– In the upcoming Transporter-15 mission, as many as 4 Scanway products will be launched into orbit—including 2 telescopes from the PIAST project and 1 telescope from the OTTER project. We are entering a period of increasingly frequent launches of our solutions; we already have more than 30 of them at various stages of production, of which nearly 10 are in the flight preparation or collimation phase. In 2026, we expect further launches, and we will deliver flight-ready versions of our optical instruments to, among others, Intuitive Machines in the U.S., Marble Imaging in Germany, Nara Space Technology in South Korea, and a client in Asia with whom we signed a record-breaking contract in June of this year worth over 38 mln zł. We believe that the growing number of products with proven flight heritage will translate into greater brand recognition and a stronger market position, which we intend to leverage into further agreements and contracts – adds Jędrzej Kowalewski.
Cumulative total revenue—calculated as the sum of net revenue from sales of products, goods, and materials, plus subsidies received—amounted to 16.0 mln zł after the first three quarters of 2025, representing an 89% increase year-over-year. Space-related operations accounted for 92% of the revenue generated, while industrial projects accounted for 8%. EBITDA amounted to PLN 3.1 million compared to PLN 0.3 million last year, and net income reached PLN 0.2 million compared to a loss of PLN 0.5 million a year ago. The backlog—that is, signed and ongoing contracts to be settled in future periods—stood at PLN 58.3 million as of November 14, 2025, a 254% increase from PLN 16.5 million as of November 12, 2024. Cash on hand increased by PLN 5.6 million in the third quarter, reaching PLN 14.7 million at the end of September.
– In the third quarter of 2025, we began work on the CAMILA project under the Authorization to Proceed signed in August, which was subsequently finalized on October 21 with the signing of a contract worth approximately 3.55 million euros, with the possibility of further extension to approximately 4.40 million euros. Poland’s largest civilian constellation will image Earth using Scanway telescopes, and this is both a source of pride for us and an opportunity to collaborate and exchange knowledge with the other project participants, with the aim of strengthening our national space capabilities – says Mikołaj Podgórski, COO of Scanway S.A.
– Constellation projects remain our primary focus. In recent months alone, we completed the PDR for the SEMOViS project, carried out in collaboration with Marble Imaging, which aims to create Poland’s largest telescope capable of capturing images with a resolution of less than 1 meter per pixel—a significant market differentiator in Europe and worldwide. We also announced the completion of flight tests for the NarSha project, Korea’s first constellation for monitoring point sources of methane. Our instrument has confirmed its functionality and performance parameters. We expect the first satellites to be launched as early as 2026. The third quarter also saw the continuation of our close collaboration with Intuitive Machines and ESA on Poland’s first telescope for mapping the Moon. Thanks to the expansion of the contract to include data processing, we are building valuable in-house expertise at Scanway—expertise that only a handful of entities worldwide possess. – emphasizes Mikołaj Podgórski.
In the Industry business segment, the Company focused on developing practical implementations based on HYDRA technology, carried out in collaboration with industrial partners. In the third quarter, Scanway expanded its cooperation with Bunge Polska Sp. z o.o. by installing another vision system to support the monitoring of key production stages at the plant in Kruszwica. The Company also expanded its cooperation with Fabios Sp. z o.o., implementing vision systems on additional production lines. At the same time, it developed a pilot concept for a new product quality control system for one of the leading tire distributors in Central and Eastern Europe.
– In the third quarter, we completed the process of mapping the market segments we intend to develop using HYDRA technology. Based on this technology, we have developed six ready-to-use applications—our so-called flagship products—targeted at manufacturers of packaging, meat, and tires. These will be further developed and tailored to specific customer needs to create highly customized solutions that enable the achievement of ever-higher margins. – says Radosław Charytoniuk, CSO of Scanway S.A. “At the same time, we’re identifying new projects and market needs that can be addressed using HYDRA technology, which further increases its commercial potential,” he concludes.
Scanway has been actively supporting the development of the space economy for years, and the company’s products have been included on board the two most important Polish and European space missions of 2024. Scanway supplied the largest telescope in the history of the Polish space industry to the EagleEye satellite, as well as a camera system for the maiden flight of Europe’s newest launch vehicle, Ariane 6. The company is carrying out constellation projects with global clients, including Nara Space from South Korea (worth 2.7 million euros), Marble Imaging from Germany (worth 3.2 million euros), and a client from Asia (worth 9.0 million euros). All projects have the potential for further expansion in the future.
– In mid-September, we completed work on the Registration Document and filed it with the Polish Financial Supervision Authority (KNF) in connection with the planned transfer of Scanway’s listing to the main market of the Warsaw Stock Exchange (GPW). It has been two years since our debut on the NewConnect market, and I am very pleased with the Company’s business growth and the interest we have managed to generate by offering investors attractive exposure to the rapidly growing space sector. According to WSE data, the trading volume for Scanway shares in the third quarter of 2025 amounted to 57 mln zł, placing us second among 358 companies during the period under review. In October, however, we took first place, recording PLN 32 million in trading volume. This is a clear signal to us that it is high time to move to the main market of the Warsaw Stock Exchange and continue to expand our shareholder base through high standards of communication and further business achievements in the Space and Industry sectors, which our entire team will be working on. – concludes Jędrzej Kowalewski.
About Scanway:
Scanway S.A. is a Polish company that has been in business for 9 years. It specializes in the optical data chain, which includes data acquisition, processing, analytics, and event prediction based on that data. In the Space 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. Scanway strives to provide its customers with full access to key optical data in both segments.
As one of only a dozen or so companies worldwide, Scanway has developed a complete range 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 also 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 installed its equipment (the Scanway Camera System) on the maiden flight of Europe’s newest launch vehicle, Ariane 6, and delivered Poland’s largest-ever telescope, weighing approximately 10 kg (SOP200) to EagleEye—the largest satellite Poland has ever sent into space.
The company has completed over 40 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.
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/
Media Contact
Scanway S.A. Corporate Communications Office
Katarzyna Żądło
+48 661 140 260
k.zadlo@scanway.pl
Contact for investors and analysts
Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl