Author: Scanway
Publication date:
The initial public offering of shares in Scanway, a leading company in the field of space-based observation technology and industrial vision-based quality control, is attracting considerable interest from investors. The price The issue price per share in the offer has been set at 45.00 zł. The total value of the offer will be 9.0 mln zł, and the Company is issuing a total of 200,000 Series C ordinary bearer shares.
– We are delighted that Scanway’s offering has attracted considerable interest from investors, who, during the roadshow, shared many positive comments with us regarding our business model and the potential for further scaling of our operations, which we are developing in parallel across two areas – the aerospace and industrial sectors. This further motivates us to work even harder to implement the Company’s chosen development strategy and maintain the strong momentum of year-on-year growth in our results. The funds we will raise from the offering will provide significant support in this regard, as they will strengthen our operations in both of these segments. Our Earth-observation telescope and a satellite self-diagnostic device are already in orbit as part of the STAR VIBE mission, which has enabled us to obtain the best images from space ever captured by Polish research instruments. Furthermore, we are involved in at least six further space missions, which are due to be launched into orbit within the next two to three years. I am delighted that Scanway’s offering has generated significant market interest, as participation in it gives investors access to another attractive entity with exposure to the space industry – comments Jędrzej Kowalewski, Chairman of the Management Board of Scanway S.A.
Scanway is a Polish SME operating in the field of vision systems and optoelectronics. The company’s operations are divided into two areas – industrial (Industry) and space (Space). As part of its industrial solutions, the company specialises in developing proprietary vision systems for quality control of finished products, raw materials and the production process. The company’s product range contributes to the implementation of the Industry 4.0 philosophy through the automation and optimisation of quality control processes in sectors such as packaging and printing, the automotive industry, the food industry and the pharmaceutical sector. Within its space division, Scanway offers optical payloads for space vehicles, including products dedicated to observation, imaging and image analysis. The company’s Earth observation telescopes are characterised by scalability, modularity and the ability to tailor imaging results to the user’s requirements. The second type of payload offered by the company consists of vision systems designed for space environments, which assess the condition of orbital infrastructure and monitor in-space servicing and manufacturing processes.
– Scanway operates in a rapidly growing market, expanding even faster than the market itself and aligning well with current trends, namely a significant increase in the number of satellites being launched, around half of which will be equipped with optical payloads, as well as increasing automation, which benefits the vision systems we are implementing in industry. Our plan is to implement an investment programme over the next 18 months and achieve our strategic objectives for the next three years, namely an increase in revenue from space-related activities to PLN 14–18 million with a margin of approximately 40–45% and an increase in revenue from industrial operations to PLN 14–18 million with a margin of approximately 30-35%. As we work on Scanway’s further development, we intend to learn best practices for listed companies and build trust with investors. We are currently preparing for our debut on NewConnect, and we aim to go public in the third quarter of 2023 – adds Jędrzej Kowalewski.
Scanway has achieved flight heritage status as part of the STAR VIBE mission – the company’s optical telescope and satellite self-diagnostic system are already in orbit and fully operational. The company is also a key consortium member in the largest space projects being carried out in Poland, including the EagleEye and PIAST missions. Together with the Australian company AICRAFT, an expert in the field of artificial intelligence, Scanway began a collaboration in May this year to develop an Earth observation telescope utilising artificial intelligence algorithms.
The satellite market is forecast to grow from US$279 billion to US$400 billion between 2021 and 2031, representing a CAGR of 3.7% (source: SIA SSIR 2022, Bryce Smallsats 2023). Over the same period, the number of satellites launched into space is set to increase nearly fivefold to over 24,000, with commercial constellations accounting for around 70% of the market (source: Euroconsult). Around half of the satellites planned for launch will be equipped with optical payloads, and are therefore potential customers for Scanway’s products. The estimated value of the global industrial machine vision market is set to double between 2021 and 2030, rising from US$13 billion to US$26 billion (source: Gran View Research).
The Company’s total revenue in 2022 amounted to PLN 3.6 million, representing a year-on-year increase of 44%. Scanway reported a net profit of PLN 0.3 million in 2022, an increase of PLN 0.4 million year-on-year. In 2022, space-related activities accounted for 47% of revenue, whilst industrial projects accounted for 53%. As at mid-June 2023, the Company has an order book totalling PLN 5.9 million, of which PLN 2.1 million has already been recognised as part of total revenue for the first five months of 2023, whilst PLN 3.9 million remains to be recognised in the current year. Scanway’s objective is to continue scaling up its operations intensively and to increase revenue through the commercialisation of existing and under-development products, for which the Company has identified high market demand both this year and in the years to come.
In the ongoing public offering of shares, the Company is being supported by cc group – a Financial Adviser and Authorised NewConnect Adviser, whilst Dom Maklerski Navigator S.A. is acting as Lead Manager and Bookrunner.
About Scanway:
Scanway is a Polish company operating in the field of observation technology and quality control. Scanway is Poland’s first commercial supplier of spectral instruments for space applications. The company’s solutions enable the precise and continuous observation of any object or area. The company has developed two business areas that are currently experiencing significant growth worldwide: products for the space sector (optical instruments for Earth observation and satellite self-diagnostics) and for industry (vision systems).
Scanway is the only organisation in Poland – and one of just 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 dedicated algorithms for image processing and analysis. These algorithms have been successfully tested in two space missions in collaboration with the European Space Agency, namely the DREAM and TRACZ projects. The STAR VIBE mission is currently underway; as part of this, a satellite containing a vision system and an optical telescope, developed and manufactured in Scanway’s laboratories, was launched on 3 January 2023. The company is also a key consortium partner in the largest space projects being carried out in Poland, including EagleEye and PIAST.
The Company’s aim is also to bring space-based solutions to Earth. Scanway supplies space technologies tailored to the needs of large manufacturing plants, primarily in the field of quality control. The versatile HyperEye scanner enables continuous 100% quality control of products on very high-throughput production lines, thereby reducing production costs. Further information: https://scanway.pl/
Scanway plans to make its debut on the NewConnect market in the third quarter of 2023.
Contact details for the media and retail investors
Mardoniusz Maćkowiak
+48 605 959 539
mardoniusz.mackowiak@ccgroup.pl
Contact details for institutional investors and analysts
Piotr Owdziej
+48 697 612 913