Creotech Instruments has summed up the results for the third quarter of 2024 – a period of dynamic development and breakthrough events. Within the reported time, the company not only strengthened its position as the national leader of the space sector but also confirmed its role as a key partner of the European Space Agency (ESA) in international projects. In response to increasing demand, the company has been expanding its technological and engineering infrastructure, boosting production capabilities, and investing in the development of key competencies. The management evaluates the achieved order volume underlines the growing interest in Creotech’s offerings from key institutions, although this is also associated with greater financial challenges and a decrease in net income. Due to the intensified R&D projects, sales revenues also fell, which at the end of three quarters exceeded PLN 22.9 million vs. PLN 33.2 million from the corresponding period of the previous year.
“The first three quarters of this year have been a turning point for us, but also very challenging. The immense intensification of activities in the R&D area, on the one hand, yielded visible results, on the other hand, it burdened our financial results, which as anticipated resulted in the closing of nine months of 2024 with a loss of PLN 14 million and a decrease in sales revenue, resulting from reduced sales revenue from products and reduced subsidy revenue. Undoubtedly, however, one of the most important events of the third quarter for us and the entire industry was the launch of the most technologically advanced Polish Earth observation satellite as part of the EagleEye test mission,” highlights Dr. Grzegorz Brona, CEO of Creotech Instruments SA.
The mission EagleEye, which was launched in August at the Space Force base in California, is a historic step for the Polish space sector and a confirmation of Creotech’s ability to implement technologically advanced projects at a global level. “Despite the challenges related to interrupted communications, at this stage we rate the project as still successful. The launch, stable orbit, and over 50% of the expected data collected in the first days of the mission are proof of this. Our engineering team is working hard to restore full communication, which is a standard procedure in these types of research and development missions.” adds Grzegorz Brona.
At the same time, Creotech is making significant progress in implementing key research and development projects carried out for the ESA. As part of the “Plasma Observatory” mission, the company focuses on developing radiation-resistant technologies, executing phases A and B1 of the contract.
Moreover, the company is actively developing the PIAST mission, which is planned for 2025. As part of this project, Creotech will build and deliver three satellite platforms fully based on the HyperSat standard. The project is being carried out in cooperation with the Military University of Technology (WAT), which is responsible for the entire project.
In addition, in November 2024, Creotech also signed an agreement with the ESA on the “Space Weather Nanosatellites System Enhancement” project, which aims to monitor the impact of solar wind on the Earth’s atmosphere. The project, currently in the preliminary planning stage, envisions the implementation of a mission in 2028 in cooperation with Poland’s leading scientific centers, such as the PAN Space Research Center and Wrocław University of Technology.
As a result, Creotech is intensively preparing for the full commercialization of its flagship products. The year 2024 is seen by the company as a time of preparation for launching sales on a large scale, while the upcoming year 2025 is expected to bring the transition to the implementation phase of key projects. By 2026 the company plans to achieve profitability and financial stability.
Thanks to consistent strategy implementation and the commitment of the entire team, Creotech is confirming its position as a key player in the European space sector and a model for other Polish DeepTech enterprises. It should also be emphasized that the company is also significantly developing in the quantum sector. The company is actively involved in building a Polish quantum computer and in creating the first large quantum computer for the European Commission (EC). Currently, Creotech is constructing its own laboratory, which will provide a facility for research and development in quantum technology. The company expects that the year 2025 will be crucial in this area. It’s worth adding that at the end of the three quarters, the company recorded an increase in sales revenue in the quantum systems segment: PLN 7.3 million vs. PLN 4.9 million from the corresponding period of 2023.
As of September 30, 2024, the equity of Creotech amounted to 76.8 million PLN and was lower compared to the state at the end of 2023 due to the net loss for the nine-month period.
Source: https://managerplus.pl/creotech-po-trzech-kwartalach-2024-notuje-229-mln-zl-przychodow-ze-sprzedazy-rok-2025-bedzie-kluczowy-stabilnosc-finansowa-oczekiwana-w-roku-2026
