Scanway has published its financial results for 2025, a year in which it achieved its highest-ever sales revenue of PLN 21.4 million, representing an 80% year-on-year increase. Strong revenue growth was accompanied by positive EBITDA profitability of nearly PLN 1.0 million and positive operating cash flow of more than PLN 3.4 million. The backlog as of the end of April 2026 increased more than threefold to PLN 53.5 million. Its level in subsequent periods may be influenced, among other factors, by the signing of an executive agreement with a new US client, which the Company announced in January this year, as well as with the European Space Agency (ESA), which has secured funds for another optical instrument for a lunar mission with Intuitive Machines.<\/p>\n
In 2025, Scanway generated PLN 21.4 million in sales revenue, up 80% year-on-year, EBITDA of PLN 1.0 million, an improvement of PLN 1.6 million year-on-year, and a net loss of PLN 0.7 million, an improvement of PLN 1.9 million year-on-year.<\/p>\n
The backlog as of 30 April 2026 increased by 213% compared with 30 December 2024, reaching PLN 53.5 million.<\/p>\n
Cash at the end of December amounted to PLN 25.5 million, the highest level to date. This was significantly supported by two financing rounds in which the Company raised a total of PLN 26.9 million gross, including PLN 15.3 million from TFI PZU, which acquired a stake of more than 5% in Scanway.<\/p>\n
\u201c2025 confirmed that Scanway is consistently moving toward a larger scale of operations and effectively building value for shareholders. We increased revenue by 80% year-on-year to more than PLN 21 million, while our backlog more than tripled to over PLN 53 million. We are now working to convert the framework agreements we have signed and the orders we have received into firm backlog. Our full-year results reflect the growing number and scale of projects, as well as the trust placed in us by international clients. We have significantly strengthened our position in the global space market, as well as on the capital market, completing the transfer to the Main Market of the Warsaw Stock Exchange with a successful debut in March this year, accompanied by a clear increase in liquidity and market capitalization,\u201d said J\u0119drzej Kowalewski, CEO of Scanway S.A.<\/p>\n
\u201cThe next step is the gradual implementation of the assumptions set out in our 2026\u20132028 Strategy and our transition into the role of a serial supplier of optical instruments for the global New Space market. This will require additional capital expenditure, enabling us to build the production capacity needed to convert as much of our backlog as possible into revenue. The reward will be the ability to handle a larger number of repeatable constellation projects, similar to the record EUR 9.0 million contract secured in 2025 from an Asian client, and to further increase Scanway\u2019s share in the global space market,\u201d added J\u0119drzej Kowalewski.<\/p>\n
In 2025, Scanway generated PLN 21.4 million in sales revenue, an 80% year-on-year increase. Space-related activities accounted for 91% of revenue generated, while industrial projects accounted for 9%. EBITDA amounted to nearly PLN 1.0 million, compared with negative PLN 0.6 million a year earlier, while the net loss reached PLN 0.7 million, compared with a PLN 2.6 million loss in the previous year[1]. Operating cash flow amounted to PLN 3.4 million, compared with negative PLN 1.4 million in 2024. Cash increased significantly to PLN 25.5 million, driven both by business growth and two public offerings through which the Company raised PLN 26.9 million gross.<\/p>\n
The past year was marked by the acquisition of long-term and strategic projects, including a contract from an Asian client for the delivery of a series of high-resolution telescopes worth EUR 9.0 million, as well as an executive agreement under the CAMILA project \u2014 the largest civilian satellite constellation in Polish history \u2014 with a value of at least EUR 3.55 million.<\/p>\n
In the coming months, Scanway will deliver the flight model of the first commercial Polish optical instrument for mapping the surface of the Moon to Intuitive Machines, as part of a lunar mission planned for the second half of 2026. In addition, Scanway has been selected by ESA to develop a European lunar image processing system, thereby building unique competencies in data analytics and leveraging synergies with the Industry segment, where it is developing the HYDRA system.<\/p>\n
\u201cConstellation projects are a development priority for Scanway. In 2025, this was confirmed, among other things, by the EUR 9.0 million contract with an Asian partner and our participation in the CAMILA project worth at least EUR 3.55 million. These orders show that both the commercial and domestic markets today need repeatable, high-quality optical instruments. We are developing our competencies and production base in this direction so that in the coming years we can further increase the scale of projects we deliver and strengthen our position in the global space market,\u201d explained Miko\u0142aj Podg\u00f3rski, COO of Scanway S.A.<\/p>\n
\u201cAt the same time, we are not closing ourselves off to new and promising areas, as demonstrated by our upcoming lunar mission with Intuitive Machines in the United States, planned for the second half of 2026. We correctly identified the potential of the lunar economy back in 2024, and today we are seeing its clear growth, confirmed, among other things, by the acceleration of the Artemis program and this year\u2019s flight of four astronauts around the Moon. We want to be one of the few entities with unique competencies in lunar imaging and data processing, providing this type of information to ESA member states, with ESA having become involved in our mission and secured funds for subsequent ones,\u201d concluded Miko\u0142aj Podg\u00f3rski.<\/p>\n
The year 2025 was also crucial for Scanway from the capital market perspective. Scanway\u2019s market capitalization increased from PLN 60 million to more than PLN 290 million, and in 2026 exceeded PLN 500 million. This was accompanied by a significant increase in liquidity, with trading in the Company\u2019s shares rising from around PLN 11 million in the first quarter of 2025 to more than PLN 167 million in the first quarter of 2026, confirming strong investor interest. After the balance sheet date, in March this year, Scanway debuted on the Main Market of the Warsaw Stock Exchange and shortly thereafter joined the sWIG80 index as part of an extraordinary index adjustment.<\/p>\n
Scanway entered 2026 with a record order backlog, a stronger capital position and a clearly defined Development Strategy for 2026\u20132028. Its objective is to further scale operations in the space segment, develop constellation projects and build the Company\u2019s position as one of Europe\u2019s largest integrators of optical payloads. This requires transforming the organization from a provider of individual solutions into a serial supplier of optical instruments capable of producing more than a dozen optical payloads per year in the EUR 0.5\u20132.0 million price range for the global New Space market.<\/p>\n
[1] Changes compared with the data presented in February in the report for the four quarters of 2025 in the level of revenue and costs, including depreciation and amortization, result from a different recognition of these items in the income statement in accordance with IFRS 15 and IFRS 20. These changes are related to Scanway\u2019s debut on the Main Market and the adjustment of financial reporting to the standards of the main trading floor.<\/p>\n","protected":false},"excerpt":{"rendered":"
Scanway has published its financial results for 2025, a year in which it achieved its highest-ever sales revenue of PLN 21.4 million, representing an 80% year-on-year increase. Strong revenue growth was accompanied by positive EBITDA profitability of nearly PLN 1.0 million and positive operating cash flow of more than PLN 3.4 million. The backlog as […]<\/p>\n","protected":false},"author":1,"featured_media":5199,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9],"tags":[2694,4120,4539,4537,2711,4538,2713,82,48],"class_list":["post-5198","post","type-post","status-publish","format-standard","has-post-thumbnail","category-companies","tag-ebitda","tag-esa","tag-jedrzej-kowalewski","tag-mikolaj-podgorski","tag-pzu","tag-scanway","tag-tfi","tag-warsaw","tag-warsaw-stock-exchange"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5198","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/comments?post=5198"}],"version-history":[{"count":0,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/posts\/5198\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media\/5199"}],"wp:attachment":[{"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/media?parent=5198"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/categories?post=5198"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ceo.com.pl\/en\/wp-json\/wp\/v2\/tags?post=5198"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}