Author: Scanway
Publication date:
On November 21 of this year, Scanway’s Management Board began the process of securing additional financing, which will be used to implement the Company’s development strategy for 2026–2028. The offering of Scanway shares was directed at a selected institutional investor—funds managed by TFI PZU SA. The investor acquired a block of 100,000 shares, representing 6.45% of the Company’s share capital, at a price of 153.00 PLN per share, for a total gross value of 15.3 million PLN. This represents a discount of 9.1% relative to the volume-weighted average price for the 30-day period preceding the current report announcing the start of the process to secure additional financing, and a price more than twice as high as in the Company’s previous financing round conducted in June of this year. Securing additional funds at this stage ensures that the transfer of Scanway’s shares from NewConnect to the Main Market of the Warsaw Stock Exchange will not be accompanied by another share issuance.
The Company, in cooperation with a major shareholder—the Jędrzej Kowalewski Family Foundation — carried out a process to secure additional financing and executed a transaction in such a way as to enable a selected institutional investor to acquire existing shares of the Company, which had already been admitted to organized trading on the Alternative Trading System (ASO) on the NewConnect market. As part of this transaction, the Company’s significant shareholder—the Jędrzej Kowalewski Family Foundation—sold 100,000 existing ordinary bearer shares of the Company with a par value of 0.10 PLN each, which were admitted to trading on the ASO, representing 6.45% of the Company’s share capital and entitling the holder to 100,000 votes at the Company’s General Meeting (the “Sold Shares”). The sale price per Sold Share was 153.00 zł, for a total of 15.3 mln zł.
At the same time, in order to facilitate the sale of the Company’s shares, Jędrzej Kowalewski Family Foundation and the Company entered into an agreement with Dom Maklerski Navigator S.A., under which the latter agreed to sell the Shares for Sale, while simultaneously imposing a lock-up obligation on all new Series H bearer shares (Newly Issued Shares) to be acquired by the Shareholder, effective as of their registration in the Shareholder’s securities account. The lock-up period for all shares held by the Shareholder will expire on December 31, 2025.
In subsequent steps, the Company’s Management Board will adopt a resolution to increase the share capital through the issuance of 100,000 New Shares, pursuant to the authorization granted to the Management Board in the Company’s Articles of Association, i.e., within the limits of the authorized capital, and the Jędrzej Kowalewski Family Foundation will subscribe to all of these shares at a per-share issue price equal to the sale price of the Shares Being Sold.
– After two years on the NewConnect market, Scanway shareholders can celebrate a several-fold increase in the value of their investment, and trading volume in the Company’s shares ranks among the highest of the more than 350 entities listed on the NewConnect market. We are pleased that a long-term and reputable institutional investor has joined the ranks of investors convinced by our business model and growth prospects — TFI PZU S.A. — which has acquired shares representing 6.45% of the Company’s share capital at a price of 153.00 PLN per share. The share price at this level confirms the high valuation of our fundamentals. Furthermore, we are now one of only ten companies on the entire Polish stock exchange in which TFI PZU S.A. has disclosed an investment exceeding the 5.00% threshold. Thank you for the trust you have placed in us – comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
– The funds raised, totaling 15.3 mln zł gross, will be allocated to the implementation of our Company’s development strategy for 2026–2028, the primary goal of which is for Scanway to become one of the largest optical load integrators in Europe. Securing additional funds at this stage means that the transfer of Scanway’s shares from NewConnect to the Main Market of the Warsaw Stock Exchange will not be accompanied by another share issuance. – adds Jędrzej Kowalewski.
The share price in Scanway’s offering was set at 153.00 zł, which is more than double the level seen in the Company’s previous financing round in June of this year. In recent months, Scanway has, among other things, signed a record-breaking contract worth 9.0 mln euro to supply a series of high-resolution optical instruments for Earth observation for a satellite constellation being built by an Asian client, and has also signed an implementation agreement worth approximately 3.55 mln euro as part of the CAMILA project—the largest civilian satellite constellation in Polish history—under which Scanway will supply telescopes for at least two optical satellites.
– Poland remains one of Europe’s economic leaders, but maintaining this pace of growth in the long term requires a greater focus on innovation and the development of new technologies by domestic companies. At TFI PZU, we are constantly on the lookout for innovative industries and companies with potential, as investments in them can bring tangible benefits to our fund participants while supporting the development of Polish companies, the capital market, and the economy as a whole. We view the space technology sector as one of the most promising industries, particularly in the context of the development of European security systems – comments Jarosław Leśniczak, Vice President of the Management Board of TFI PZU SA.
– We are pleased to join the ranks of Scanway S.A.’s shareholders. We are impressed by the company’s growth to date, its effectiveness in securing new contracts, and the dynamic growth of its order portfolio. We are pleased with the development directions outlined in the 2026–28 strategy, which aim to build a leading European optical cargo integrator – adds Jarosław Leśniczak.
Scanway’s total revenue—calculated as the sum of net revenue from the sale 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. The Company’s profitability during this period, measured at the EBITDA level, amounted to PLN 3.1 million, and net income reached PLN 0.2 million. The backlog—that is, signed and ongoing contracts to be settled in future periods—amounted to PLN 58.3 million as of November 14, 2025, more than tripling, or increasing by 254%, year-over-year. The Company’s cash balance as of September 30, 2025, was PLN 14.7 million.
In the process of securing additional financing, the Company is supported by Dom Maklerski Navigator S.A., legal counsel LLW Lewczuk Łyszczarek Szymczyk, and cc group—the Company’s IR Advisor and Authorized Advisor on NewConnect.
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