Author: Scanway
Publication date:
In light of the growing demand for the Company’s solutions and its adopted Strategy for 2026–2028—which aims to position Scanway as one of the largest optical load integrators in Europe—Scanway’s Management Board has initiated a process to secure additional financing. The offering of Scanway shares attracted significant interest from investors—demand significantly exceeded the number of shares offered, with the unit price set at 290.00 PLN through an accelerated book-building (ABB) process. The offering comprised a total of 263,500 shares, including 209,000 shares from which proceeds will go to the Company and 54,500 shares from which the proceeds constitute the personal funds of the Management Board members selling their shares. As a result, the total value of the offering amounted to 76.4 mln zł, of which the Company will raise 60.6 mln zł gross to expand its operations in response to growing demand for advanced optical instruments, to carry out an increasing number of constellation projects, and to enter the VHR (Very-High Resolution) telescope segment, the Data-as-a-Service sector, as well as the defense and dual-use sectors.
– The size of the offering—76.4 million PLN—is a clear sign that the foundations we have built in recent years have been recognized by the market, and that our current growth prospects have convinced additional long-term institutional investors. This is the Company’s first offering on the main market of the Warsaw Stock Exchange, which is why we are very pleased with the strong interest shown by numerous representatives of investment fund management companies – comments Jędrzej Kowalewski, President of the Management Board of Scanway S.A.
– The funds raised by the Company, totaling 60.6 million PLN gross, provide significant support not only for Scanway’s continued transformation into a mass-market supplier of optical payloads for the global New Space sector, but also for opening up new verticals to drive long-term growth – VHR products, including telescopes utilizing adaptive optics technology capable of imaging at a resolution of 0.5 meters per pixel, as well as building a new, significant, and much higher-margin revenue stream in the Data-as-a-Service sector. The results of these efforts will become visible primarily beyond the timeframe of the current Strategy, but if we want to be ready to sign contracts for VHR telescopes worth between 5 and even 20 million EUR, we must begin the necessary investments today – adds Jędrzej Kowalewski.
The Company, in cooperation with a major shareholder—the Jędrzej Kowalewski Family Foundation (“JKFR”)—is raising additional financing and conducting a transaction in a manner that will enable investors to purchase existing shares of the Company, which are already traded on the main market of the Warsaw Stock Exchange (GPW). As part of this transaction, the Company’s major shareholder, JKFR, will sell 255,000 existing shares, the Podgórscy Family Foundation will sell 6,000 existing shares, and Michał Zięba will sell 2,500 existing shares, through an accelerated bookbuilding (ABB) process. The proceeds from the sale of 209,000 existing shares will be used in their entirety by JKFR to subscribe for shares in the new issue (Series J). The proceeds from the sale of the remaining 54,500 shares constitute the shareholders’ own funds. Pursuant to the investment agreement concluded between JKFR and the Company, the price per share in the planned Series J offering will be equal to the sale price of the shares sold as determined under the ABB. The lock-up period for shares not sold as part of the ABB has been set at 180 days from the date of the price agreement reached as part of the ABB.
On June 29, 2026, the Jędrzej Kowalewski Family Foundation, the Podgórscy Family Foundation, and Michał Zięba conducted an accelerated book-building process for Scanway shares. An offer to purchase a total of 263,500 shares was directed to qualified investors selected by the Shareholder, or to fewer than 150 natural or legal persons other than qualified investors, as well as to investors who purchased the Offered Shares for a total sale price of not less than 100,000 EUR, were offered a total of 263,500 shares; however, Company shareholders holding more than 0.5% of all Company shares as of June 13, 2026 (i.e., at least 8,365 Company shares), were granted preemptive rights in a number proportional to their current shareholdings. The accelerated book-building process concluded on June 29, and as a result, the price per share was set at 290.00 PLN. The proceeds from the sale of 209,000 shares received by JKFR will be used to subscribe for the same number of Series J shares at a price equal to the sale price of the shares sold, as determined in the ABB process, in accordance with the resolutions published in Current Report No. 24/2026.
– My commitment—and that of the entire Management Board—to Scanway S.A. remains long-term. I do not intend to carry out any further transactions for at least the next 12 consecutive months. The use of my personal funds is intended to support the plans of my Family Foundation and will not affect my determination to continue developing the Company, including the achievement of the ambitious goals we have set as part of the incentive program. Let me remind you that in 2025, the Company generated PLN 21.4 million in sales revenue, and the goals set out in the program call for cumulative consolidated revenue for the years 2026–2028 of PLN 200 million, consolidated EBITDA for 2028 at 20 million PLN, and a backlog as of December 31, 2028, of 100 million PLN. This is the most ambitious plan for scaling up our operations that we have ever implemented at Scanway— concludes Jędrzej Kowalewski.
Raising additional capital is a continuation of the measures announced by Scanway in response to growing demand for the Company’s solutions and the need to increase the flexibility of financing for further growth. Scanway’s strategy for 2026–2028 called for systematic growth in the order backlog; however, demand for the Company’s products and services is growing faster than originally anticipated. In the Management Board’s assessment, the raised funds will support the implementation of the Strategy, increase the scale of deliveries to constellation customers, enable the development of the next generations of VHR optical instruments, strengthen expertise in adaptive optics technology, and expand the Company’s participation across the entire optical data value chain, including the Data-as-a-Service model.
The company expects that investments financed with additional funds will also enable it to respond more effectively to growing market demand and increase its capacity to carry out larger-scale projects, especially in light of the identified pipeline (the value of inquiries and bidding processes at various stages prior to contract signing) of PLN 500–700 million, which confirms that the market needs advanced optical instruments and access to ready-to-use, processed information based on satellite data.
The capital raised will support investments and the development of the capabilities necessary to scale the business at a pace that exceeds the financing capacity of current operating activities; the Management Board intends to allocate the funds as follows:
(i) approximately 30% of funds for scaling up production infrastructure and developing next-generation products (VHR)
Adaptation of new laboratory and production spaces, expansion of the clean room, construction of workstations for the integration and collimation of VHR-class telescopes, and the purchase of optical and measurement equipment. Funds will also be allocated to the development of next-generation very high-resolution (VHR) products capable of imaging at a resolution of 0.5 m/pixel from LEO. A critical element of the process will be the development of adaptive optics technology.
Goal: to scale up production and enter the VHR (Very-High Resolution) segment.
(ii) approximately 20% of funds for product development in the defense, dual-use, and DaaS (Data as a Service) segments
Product line development, R&D, and the expansion of testing and qualification infrastructure for defense and dual-use technologies. The company is seeing a marked increase in inquiries regarding optical systems for defense applications, including space situational awareness (SSA) systems and in-space servicing of satellites. Part of the funds will also be allocated to developing capabilities in the area of Data as a Service (DaaS), including the processing and analysis of satellite imagery.
Objective: to enter a segment characterized by high margins and growing geopolitical demand.
(iii) approximately 20% of funds for the vertical integration of operations
Integrating more key competencies and processes into the Company. This will allow for greater control over strategic elements of the supply chain, which should translate into improved operational efficiency and profitability, shorter project lead times, and reduced risk related to the availability of critical services and components.
Objective: to increase technological independence and reduce operational risk.
(iv) approximately 20% of funds for working capital
Constellation projects are characterized by long implementation cycles and milestone-based payment schedules, which means that some of the revenue is received after costs have been incurred.
Objective: To maintain an adequate liquidity buffer, which is an essential prerequisite for implementing the Company’s growth strategy.
(v) approximately 10% of the funds for increasing employment and strengthening the organization
Expansion of organizational structures and operational infrastructure necessary to further scale operations, including the hiring of specialists in foreign markets—particularly in the U.S.—in the areas of sales and business development.
Objective: To increase the ability to win contracts and make the organization more professional.
The lead underwriters and bookrunners for the offering are Dom Maklerski Navigator S.A. and IPOPEMA Securities S.A. The Company is also supported in the public offering process by its legal advisor, LLW Lewczuk Łyszczarek Szymczyk. The Company’s permanent IR advisor is cc group.
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 a complete line 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 operates STAR VIBE, Poland’s longest-operating optical observation satellite. The company’s solutions have been featured in the most important European and Polish space missions of 2024: among other things, the company deployed its equipment (Scanway Camera System) on the maiden flight of Europe’s newest launch vehicle, Ariane 6, and supplied the largest telescope in Polish history, weighing approximately 10 kg (SOP200), to EagleEye.
The company has nearly 50 quality control implementations under its belt in the industrial sector. As a technology partner for the sector’s largest manufacturers, it develops proprietary AI-based software solutions and advanced applications for Industry 4.0.
On March 27, 2026, the company made its debut on the Main Market of the Warsaw Stock Exchange. For more information: 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