Author: Scanway
Publication date:
On 4 July 2026, Scanway S.A. marked its symbolic first 100 days on the Warsaw Stock Exchange Main Market. During this period, the Company joined the sWIG80 index and successfully completed its first post-listing share offering, raising PLN 76.4 million. It also signed new contracts and established strategic partnerships that strengthen its position in satellite constellation projects, confirm its technological maturity, and support the development of its Data-as-a-Service (DaaS) capabilities.
At the same time, the Company accelerated preparations for the serial production of optical instruments and intensified the development of its proprietary adaptive optics technology, which is expected to open the way to the Very High Resolution (VHR) telescope segment – products offering higher unit value and significantly higher margins. The adaptive optics technology developed by Scanway is scheduled to be validated during an in-orbit demonstration mission planned by the end of 2028.
100 days on the WSE Main Market: joining the sWIG80 index and securing growth capital
On 27 March 2026, Scanway S.A. was listed on the Main Market of the Warsaw Stock Exchange (WSE), marking the beginning of a new stage in the Company’s development. Just a few days later, having met the free-float liquidity criteria, the Company joined the sWIG80 index through the extraordinary revision mechanism. As a result, on 10 April 2026, Scanway was included in the sWIG80, sWIG80TR and WIG140 indices. At the same time, its shares became constituents of the WIG and WIG-Poland indices.
The first 100 days on the WSE Main Market culminated in the successful completion of Scanway S.A.’s first post-listing share offering. The total value of the offering, conducted through an accelerated bookbuilding (ABB) process, amounted to PLN 76.4 million, of which the Company raised PLN 60.6 million gross to support the further scaling of its operations.
– “The oversubscription of the offering and the strong interest from institutional investors confirm that our growth strategy is recognised by the market. The PLN 60.6 million gross raised through the offering, complemented by bank financing provided by mBank, creates a coherent and complementary financing model that enables us to execute our growing order backlog while continuing to scale our operations. This provides the foundation to accelerate Scanway’s transformation into a serial supplier of optical payloads for the global New Space sector, while further advancing the development of Very High Resolution (VHR) products and expanding our Data-as-a-Service capabilities,” said Jędrzej Kowalewski, CEO of Scanway S.A.
On 25 June 2026, the Company entered into an agreement with mBank S.A. for a PLN 4 million overdraft facility and a EUR 1.5 million revolving credit facility to finance contract execution.
– “Our backlog, including contracts pending formal execution, has already exceeded PLN 130 million, while our identified sales pipeline is several times larger. Our priority today is to prepare the organisation to deliver a greater number of projects in parallel. The financing secured from both the capital market and mBank provides us with the flexibility we need and lays the foundation for the next stage of our growth,” said Sławomir Broniarek, CFO of Scanway S.A. – said Sławomir Broniarek, CFO Scanway S.A.
New contracts and projects strengthening the Company’s technological position
As a company listed on the WSE Main Market, Scanway signed new contracts and established strategic partnerships that confirm its capabilities in satellite constellation projects and its readiness to deliver complex technological programmes.
In mid-April, the Company announced that it would support Aethero’s Titan mission by supplying an optical imaging system designed for in-orbit operation. The mission launch is scheduled for the second half of 2026 as part of a SpaceX rideshare mission.
In June, the Company signed a EUR 0.9 million contract with EnduroSat, a leading European manufacturer of satellite platforms for commercial satellite constellations, for the delivery of three optical payloads. In the same month, Scanway delivered its first optical payload to Nara Space Technology and, just a few days later, announced the expansion of its cooperation with the customer through an additional contract worth EUR 1.28 million for the delivery of two further optical instruments for the developing NarSha satellite constellation.
Also in June, Scanway signed a EUR 0.815 million contract with KP Labs, marking the launch of the ScyLab project for the European Space Agency (ESA). The project aims to develop a solution comprising a telescope operating in the short-wave infrared (SWIR) spectrum together with a dedicated Data Processing Unit (DPU).
During its first months on the WSE Main Market, the Company launched two major technology projects. It signed an agreement with the University of Copenhagen to deliver Phase A of the Mani lunar mission for the European Space Agency (ESA) and entered into a strategic technology partnership with NASA’s Jet Propulsion Laboratory (JPL). The collaboration is aimed at developing a new orbital thermography solution – an infrared camera for space applications. The new technology will also support the development of high-value satellite data services offered by Scanway under its Data-as-a-Service (DaaS) model.
“Our collaboration with JPL – one of the world’s most advanced space technology centres – confirms that we have the capabilities to deliver projects at the highest international level. Orbital thermography technologies are currently being developed by only a small group of market leaders, which is why this project further strengthens our position in the global market for advanced optical instruments.” “This project further strengthens our position in the global market for advanced optical instruments. Meanwhile, the Mani project aims to achieve something that has never before been accomplished – capturing the highest-resolution images of the Moon’s surface,” said Mikołaj Podgórski, COO of Scanway S.A.
Preparations for the serial production of optical instruments
– The expansion of our cooperation with Nara Space Technology to a total of four flight models demonstrates that we are ready to deliver repeatable supplies for satellite constellation programmes. Meanwhile, our contract with EnduroSat, which will be completed in a record time of less than 12 months from project kick-off, confirms that we are consistently transitioning from a project-based business model to the serial production of advanced optical instruments for the global New Space sector. This is a key strategic direction for Scanway during the implementation of our current strategy, – emphasizes Mikołaj Podgórski.
During the period under review, the Company completed the integration of the first flight model of its optical payload for Nara Space Technology, which was delivered to the customer in June, and finalised the assembly of the flight model for Intuitive Machines, now in the final stage of delivery preparations. At the same time, Scanway streamlined and optimised its assembly, testing and delivery processes for flight models, preparing the organisation to execute a greater number of projects simultaneously.
An important step in preparing for the transition to a serial production model was the decision to consolidate all environmental testing of optical instruments at a single facility. In early April, Scanway signed a framework agreement with Łukasiewicz – Institute of Aviation, transferring testing processes previously carried out across several facilities, including those abroad, to the Institute.
The tests will be carried out at the Environmental Testing Laboratory of Łukasiewicz – Institute of Aviation and will include, among others, vibration testing and Thermal Vacuum (TVAC) chamber tests simulating rocket launch conditions and the in-orbit operation of optical instruments. The qualification process will cover every stage of instrument development—from Structural Thermal Models (STM), through Engineering Models (EM) and Qualification Models (QM), to Flight Models (FM)—in accordance with international space industry standards.
– Our cooperation with Łukasiewicz – Institute of Aviation highlights the crucial role of national research infrastructure in advancing space technologies. The ability to conduct all environmental testing at a single facility allows us to carry out successive project stages in Poland in accordance with international standards, while increasing the efficiency of our integration, testing and hardware qualification processes. Equally important are the continuous access to research and laboratory infrastructure and the ability to plan and schedule testing quickly, both of which are critical to meeting our project timelines. This is also a key element of our preparations for serial production and the simultaneous execution of an increasing number of projects said Michał Zięba, CTO of Scanway S.A.
Adaptive optics – the path to Very High Resolution (VHR) telescopes
Alongside the expansion of its capabilities for serial production, the Company intensified the development of its proprietary adaptive optics technology, which is expected to pave the way for its entry into the Very High Resolution (VHR) telescope segment.
– This is a proprietary active optical system technology developed by Scanway to enable higher-resolution imaging from orbit. Unlike conventional optical instruments, whose optical systems are precisely collimated and permanently fixed on the ground before launch, our solution uses movable optical elements that automatically adjust the instrument’s alignment while in orbit, optimising its parameters for image acquisition explained Michał Zięba, CTO of Scanway S.A.
This technology enables automatic in-orbit adjustment of the optical system, compensating for minor deformations caused by rocket launch and the satellite’s operation under changing thermal conditions. As a result, it simplifies the optomechanical design, accelerates instrument manufacturing, and paves the way for the development of Very High Resolution (VHR) telescopes capable of achieving a ground sampling distance of approximately 0.5 metres per pixel. Solutions of this class are intended for advanced Earth Observation applications, as well as defence and dual-use sectors.
– We are developing a technology that is intended to pave the way for the next generation of optical instruments. Today, we are approximately halfway there – we already have prototype solutions that operate successfully under laboratory conditions using our proprietary AI algorithms. In practice, this means we have developed an AI model capable of autonomously deciding whether the image should be refocused in orbit and determining how that adjustment should be performed. At the same time, we are developing the optomechanical system in which the adaptive optics technology will be implemented, together with the mechanisms responsible for adjusting the alignment of the optical elements. The next stage will be an in-orbit demonstration mission, which we plan to carry out by the end of 2028. It will allow us to validate our technology and demonstrate to customers that it is ready for implementation and commercial deployment said Jędrzej Kowalewski, CEO of Scanway S.A.
The development of adaptive optics is part of Scanway’s long-term technology roadmap aimed at entering the Very High Resolution (VHR) telescope segment. The roadmap envisages successive generations of optical instruments, evolving from the Company’s current designs capable of achieving a ground sampling distance of approximately 0.85 metres per pixel from Low Earth Orbit (LEO) to VHR-class telescopes delivering a resolution of around 0.5 metres per pixel. Achieving this level of performance will significantly enhance Earth observation capabilities while enabling Scanway to enter a market segment where, according to the Company’s knowledge, only six companies worldwide are currently active. For Scanway, this creates the opportunity to offer advanced optical instruments with higher unit values and substantially higher margins, with contract values ranging from EUR 0.5 million to EUR 20.0 million, depending on the number of engineering models associated with the delivery of a single flight model and any additional services provided.
Development of Data-as-a-Service capabilities and HYDRA technology
Scanway also advanced projects focused on satellite data processing using its HYDRA technology, originally developed for the Industry segment and progressively adapted for space applications. These solutions support the Company’s strategy of building a complete optical data value chain—from image acquisition to the delivery of ready-to-use information products under the Data-as-a-Service (DaaS) model, offering margins more than twice as high as those generated by hardware sales alone.
– We are developing a data processing system for the lunar instrument being delivered for Intuitive Machines, with its core built on HYDRA technology components. This project clearly illustrates Scanway’s strategic direction—we combine our hardware expertise with proprietary software, automated image analysis, machine learning algorithms and data analytics. For us, HYDRA is a key vehicle for transferring technology from the Industry segment to Space and serves as the foundation for building our capabilities in satellite data-driven services – emphasizes Radosław Charytoniuk, CSO of Scanway S.A.
At the same time, the Company is developing a satellite data processing system that transforms raw imagery into consistent analytical parameters and alerts, forming the foundation of its future Data-as-a-Service (DaaS) offering.
– The system currently derives 12 independent parameters for selected objects and their surroundings by combining three Earth observation modalities: optical, thermal and SAR data. Integrated with the HYDRA technology platform and powered by machine learning algorithms, the solution is now being prepared for pilot deployments with end customers. Its scalable architecture will enable the development of additional analytical applications across a wide range of industries – concludes Radosław Charytoniuk.
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 only a dozen or so companies worldwide, Scanway has developed complete optoelectronic systems for Earth observation from orbit. The Company delivers key space hardware programmes in Poland and internationally, including for commercial customers. It operates STAR VIBE, the longest-operating Polish optical Earth observation satellite. Scanway’s technologies have been deployed in the most significant Polish and European space missions of 2024, including the inaugural flight of Europe’s newest launch vehicle, Ariane 6, carrying the Scanway Camera System, and the delivery of SOP200, the largest telescope ever built in Poland, weighing approximately 10 kg, for the EagleEye mission.
In the Industry segment, the Company has completed nearly 50 quality inspection system deployments. As a technology partner to leading industrial manufacturers, Scanway develops proprietary AI-powered software solutions and advanced Industry 4.0 applications.
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