Creotech Instruments, a Polish producer of satellites, satellite systems, and components listed on the Warsaw Stock Exchange, reported record financial results for the first quarter of 2025. For the first time since its debut on the WSE, the company ended the quarter with a profit and positive EBITDA, marking its passage through the break-even point. Revenues in the period nearly quadrupled, reaching PLN 22.3 million. During the past quarter, the company focused primarily on executing the largest project in the history of the Polish space sector — Mikroglob — under a contract signed with the State Treasury through the Armaments Agency. The company also continued efforts to secure additional contracts (including the CAMILA project) and worked on the separation of two business segments.
In Q1 2025, sales revenues amounted to PLN 22.3 million compared to PLN 5.8 million in the same period of 2024. The largest revenue contributions came from the space projects segment (84.14%) and the quantum systems segment (10.85%). EBITDA for the period was PLN 4.5 million, with net profit at PLN 1.4 million. Cash holdings at the end of March 2025 stood at PLN 106.04 million.
“We have just experienced a breakthrough quarter in the history of Creotech Instruments S.A. From a company investing in the future and generating losses, we are becoming an entity that starts to generate repeatable revenues and profits. The financial results we achieved are no accident but the effect of the consistent work of the entire team and execution of the adopted strategy, especially the Mikroglob contract for the Polish Armed Forces. The past quarter was also marked by the tender process for delivering the national Earth observation satellite constellation — the CAMILA project. On April 10, 2025, we signed a contract with the European Space Agency (ESA) worth nearly EUR 52 million to implement this venture. The results of this work will be reflected in financial results in subsequent periods. Our Q1 achievements prove that Polish technological thought can play a leading role in the European space sector,” commented Dr. hab. Grzegorz Brona, CEO of Creotech Instruments S.A.
On December 20, 2024, Creotech Instruments signed a contract with the State Treasury — Armaments Agency for the manufacturing and delivery of the Earth Observation Satellite System (SSOZ) “Mikroglob,” covering phases B, C, D, and E1. The gross value of this contract is PLN 556.7 million (PLN 453 million net).
In Q1 2025, the company received PLN 21.0 million net as remuneration for completing task B1. After the reporting period (in April), Creotech Instruments also received payment for closing task B2, amounting to PLN 20.5 million net, thus completing phase B.
The company continued work on the PIAST project, aimed at designing, building, and deploying nanosatellites in orbit for optoelectronic imaging reconnaissance. In 2025, Creotech Instruments plans to launch three more test satellites based on its proprietary HyperSat platform. The project is coordinated by the Military University of Technology in Warsaw.
In Q1 2025, the company also signed several new contracts. At the beginning of January 2025, Creotech Instruments entered into an agreement with ESA to carry out the “Space Based Observation Mission (SBOM) Feasibility Study,” which includes the initial phase (0-A) for preparing a satellite and space mission aimed at detecting so-called space debris in Earth orbit. The project is valued at approximately EUR 125,000, of which over EUR 100,000 is allocated to Creotech Instruments. Simultaneously, the company signed a second contract with ESA for the project “Starterkit for a base station of a private 5G mmWave network with ultra-precise time synchronization.” The goal is to verify ultra-precise synchronization of time and frequency for 5G mmWave network components and test integration with 5G Non-Terrestrial Network (NTN) infrastructure. The synchronization solutions are being developed by the company as part of its quantum technology activities. The project is worth about EUR 600,000, with around EUR 480,000 funded by ESA and the remainder provided by contractors, including technological contributions. Creotech Instruments leads this project and accounts for roughly 50% of the total project value and ESA funding. The company also began work on the DTMTool project in the field of unmanned aerial systems, where it acts as one of the contractors.
The past quarter also saw the execution of the Series K share issue, which resulted in an increase of PLN 74.4 million in the company’s cash balance. As of March 31, 2025, the increase in share capital related to this issue had not yet been registered.
The quarter was also marked by preparations for the company’s division, separating the quantum systems segment and the segment related to drone applications and satellite data processing. After the reporting period, Creotech Quantum S.A. and Creotech Geo, a simple joint-stock company, were registered. Dr. Anna Kamińska, currently Director of the Quantum Systems Division at Creotech Instruments, will lead the development of the first entity, while Jacek Kosiec, former Vice-President of Creotech Instruments S.A., will lead the second.
After the end of the Q1 2025 reporting period, on June 29, the company’s Supervisory Board appointed the Management Board for a new three-year term. Dr. hab. Grzegorz Brona remains CEO, Paweł Górnicki continues as Vice-President for Finance, and newly appointed board members are Maciej Misiura and Jacek Mandas. Jacek Kosiec will focus on developing Creotech Geo.
In Q1 2025, Creotech Instruments also signed three Memoranda of Understanding (MoU). The first was with Swedish manufacturer Unibap AB, specializing in onboard computers and cloud solutions for the space sector, to create a satellite constellation for selected U.S. clients. The second was with Luxembourg-based Odysseus Space SA, which provides laser communication services between space and Earth. The third was with Hungarian company 4iG Space and Defence Technologies to strengthen cooperation and competitiveness in the space industry across Central and Eastern Europe.
Source: https://managerplus.pl/creotech-instruments-osiaga-prog-rentownosci-86589
