Author: Scanway
Publication date:
In light of the Company’s rapid growth and the contracts it has secured, Scanway’s Management Board has begun the process of securing additional financing. The Company will allocate the funds raised from investors to expand the infrastructure necessary for the construction of larger-diameter telescopes and to support R&D activities in collaboration with Flytronic S.A. The Company will also use the additional capital to support current and future projects, including costs associated with the planned transition to the regulated market of the Warsaw Stock Exchange (GPW) in 2025. The Scanway share offering attracted significant interest from investors—demand substantially exceeded the offering size, and the price per share was set at 35.00 PLN through an accelerated bookbuilding (ABB) process. The offering comprised 100,000 shares, with a total value of 3.5 mln zł.
The Company, in cooperation with a significant shareholder—the Jędrzej Kowalewski Family Foundation (in the process of being established) — is raising additional financing and conducting a transaction in such a way as to enable investors to acquire existing shares of the Company, which have already been admitted to organized trading on the Alternative Trading System (ASO) on the NewConnect market. As part of this transaction, the major shareholder, the Jędrzej Kowalewski Family Foundation, will sell 100,000 existing shares through an accelerated book-building (ABB) process. The proceeds from this sale will be used in their entirety to subscribe for new Series D shares by this shareholder. Pursuant to the investment agreement concluded between the Family Foundation and the Company, the price per share in the planned Series D offering will be equal to the share price determined through the ABB. The lock-up period for the Series D shares to be acquired by the Family Foundation will end on October 11, 2025, i.e., 24 months from the first listing of the Company’s shares on the ASO.
On October 7, 2024, the Jędrzej Kowalewski Family Foundation conducted an accelerated book-building process for Scanway shares. An offer to purchase a total of 100,000 shares was extended to investors selected by the Shareholder, limited to no more than 150 investors or qualified investors. The book-building process concluded on the same day, and as a result, the price per share sold by the Jędrzej Kowalewski Family Foundation was set at 35.00 PLN. The proceeds from the sale of shares received by the Family Foundation will be allocated in full to the subscription of Series D shares in the quantity and at the price determined during the ABB process, in accordance with the resolutions published in Current Report No. 14/2024.
– Our stock offering generated significant interest among investors. Demand significantly exceeded the size of the offering, and the share price was set at 35.00 PLN, representing a single-digit discount relative to the closing price on the day preceding the book-building period. We are pleased that investors recognize the competitive advantages we have built in recent years, as well as the rapid growth driven by the success of our STAR VIBE satellite as part of our own space mission in 2023. Scanway’s position and brand recognition, including internationally, are well reflected in the contracts signed this year for constellation projects with international clients and the more than 6-fold increase in our backlog from 2.9 mln zł as of December 31, 2023, to 19.3 mln zł as of August 12, 2024. We have been joined by leaders in their respective fields, such as Flytronic from the WB Group and ICEYE, which opens the door for us to the defense sector—a new and attractive market for us. We intend to allocate the funds raised from the offering to the further implementation of our strategic development priorities, including the expansion of infrastructure for the construction of larger-diameter telescopes, R&D work on optoelectronic solutions for Flytronic, as well as increasing our working capital. This is particularly important for us in light of our preparations for the planned transition to the Main Market of the Warsaw Stock Exchange in 2025 – comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
Scanway has had a record-breaking quarter in its history. The Company’s total revenue, calculated as the sum of net sales revenue and subsidies received, primarily from the PIAST and EagleEye projects within its space operations, amounted to 3.8 mln zł in the second quarter of 2024, representing a year-over-year increase of 115%. EBITDA for the period in question amounted to PLN 1.5 million, compared to PLN 0.3 million last year, and the Company reported a net profit of PLN 1.2 million, compared to PLN 0.2 million in the same period last year. Cash flow from operating activities in the second quarter was positive, amounting to PLN 1.2 million. The backlog—that is, signed and ongoing contracts to be settled in future periods—nearly doubled from PLN 9.8 million as of May 15, 2024, to PLN 19.3 million as of August 12, 2024. Total revenue for the second quarter on an LTM (last 12 months) basis already amounted to PLN 10.0 million, compared to PLN 7.0 million achieved in 2023.
– We see enormous growth potential in the space sector, and—as a Polish company—we want to make a significant contribution to that growth. Our field—the satellite observation market and modern optics—is currently driving the greatest progress in the global space industry— as Jędrzej Kowalewski points out. We want to grow the space sector by offering higher-resolution imagery and supporting increasingly larger satellite payloads. We aim to have our solutions integrated into satellite constellations – he concludes.
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.
The Company is supported by cc group in the public offering of its shares — IR Advisor and Authorized NewConnect Advisor, while Dom Maklerski Navigator S.A. serves as the Lead Manager of the Offering and Bookrunner. LLW Lewczuk Łyszczarek Szymczyk is acting as legal counsel for the transaction.
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/
Media, Investors, and Analysts Contact:
Mardoniusz Maćkowiak
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mardoniusz.mackowiak@ccgroup.pl