Scanway has published its financial results for the first quarter of 2026, during which it increased sales revenue by 29% year on year to nearly PLN 3.8 million. The growth was supported primarily by the space segment, where the company continued to carry out constellation projects for international clients and achieved further milestones.
At the same time, Scanway continued to develop its production facilities and strengthen its operational capabilities, preparing the organisation to handle a larger number of increasingly complex projects. The company is currently in advanced talks with potential clients and expects to sign new contracts in the near future.
In the first quarter of 2026, Scanway generated PLN 3.8 million in sales revenue, up 29% year on year, EBITDA of PLN -3.1 million, compared with PLN -2.8 million a year earlier, and a net loss of PLN -4.1 million, compared with PLN -2.9 million a year earlier.
As of 28 May 2026, the company’s backlog stood at PLN 53.5 million. A significant part of the order book consists of a contract signed last year with a client from Asia worth EUR 9.0 million, of which around 80% of the value remains to be recognised in revenue in future periods.
In the first quarter of 2026, the company signed a cooperation agreement with a client from the United States to develop and deliver a new class of optical instruments for Earth observation. The expected value of the agreement may reach around USD 4.3 million.
“We are in a period of transformation. The first quarter of 2026 was a time of intensive work to prepare Scanway for the next stage of business scaling. We are investing in production facilities and operational capabilities in order to efficiently convert the current order book into revenue in future periods and to sign further contracts with global clients, some of which are at an advanced stage of negotiations. In line with our expectations, these talks may translate into new agreements in the near future,” said Jędrzej Kowalewski, CEO of Scanway S.A.
“Scanway’s current backlog still exceeds PLN 53 million, and around 80% of the value of the largest contract in the company’s history, signed with a client from Asia for EUR 9.0 million, remains to be recognised. Such a large order book, supported in subsequent periods by the projects we announced in December and January, as well as by expected new agreements, gives us a good growth outlook for 2026–2027 and beyond. The pace at which these funds are recognised as sales revenue will depend on the individual milestones in each project,” Kowalewski added.
In the first quarter of 2026, Scanway generated PLN 3.8 million in sales revenue, representing a 29% year-on-year increase. The key growth area remained the Space segment, which generated PLN 3.7 million in revenue, compared with PLN 2.6 million in the same period of the previous year. This was supported by a significant contribution from constellation projects and orders carried out for international clients.
EBITDA, operating profit and net profit were negative in the first quarter of 2026, reflecting the company’s investments in subsequent stages of ongoing projects, organisational development and infrastructure needed to handle a larger number of increasingly complex projects.
At the end of March, the company held PLN 13.5 million in cash. At the same time, operating costs amounted to PLN 7.9 million, up 96% year on year, reflecting the high level of operational activity connected with the execution of contracts in the Space segment.
“The lower level of cash and operating costs reflect the intensification of project work and the company’s entry into the next stage of operational development, including the gradual transition to serial production. We incurred increased expenses related to reaching future milestones, particularly in leading Space segment projects for Asian clients, which was visible mainly in the dynamics of materials, external services and payroll costs. The level of cash was also affected by investments in the development of HYDRA technology, R&D work and the expansion of technical facilities, including the purchase of an industrial OptiCentric 3D system and a set of hexapods with controllers. In turn, the level of other expenses reflects the transformation stage related to the execution of increasingly complex projects, organisational development and a 37% increase in employment,” explained Sławomir Broniarek, CFO of Scanway S.A.
In the first quarter of 2026, Scanway expanded its portfolio of international projects by signing an agreement with a US client to develop and deliver a new class of optical instruments for Earth observation for a satellite constellation under construction. The expected value of the agreement may reach around USD 4.3 million and concerns payment for the first instrument.
The agreement also includes the possibility of commercialising satellite data under a Data-as-a-Service model, increasing the company’s exposure to the area of data processing and monetisation.
“The agreement with the US client is important for us not only from the perspective of delivering a new class of optical instruments, but also because it creates the possibility of expanding Scanway’s future revenue streams. We are therefore holding talks on the conclusion of a framework agreement that would include a Data-as-a-Service component, based on the company’s participation in the commercialisation of satellite data obtained using our instruments. This means that the company could participate not only in the hardware delivery stage, but also in the subsequent value generation from data — its acquisition, processing and provision to end clients. This is a natural direction for Scanway’s development, consistent with our Industry segment capabilities and our ambition to cover the full optical data value chain,” said Mikołaj Podgórski, COO of Scanway S.A.
At the same time, Scanway continued to carry out key space projects. In January this year, the company confirmed the successful activation of cameras integrated with telescopes in the PIAST-S1 and PIAST-S2 satellites of the PIAST constellation. It also continued preparations to hand over an optical payload to Intuitive Machines from the United States. Scanway’s optical instrument is to be used in a lunar mission, where it will map the surface of the Moon.
In the coming periods, one of the important stages of the projects being implemented will be the delivery of the first flight model of a telescope for Nara Space from South Korea, which is developing a constellation of observation satellites to monitor methane sources. The target size of the constellation is at least 12 microsatellites.
On 27 March 2026, the company debuted on the Main Market of the Warsaw Stock Exchange, transferring its listing from the NewConnect market. Shortly afterwards, on 10 April 2026, Scanway was added to the sWIG80 index as part of an extraordinary index adjustment. Its move to the regulated market and inclusion in the sWIG80 index strengthen Scanway’s position on the capital market, increasing the company’s recognition among Polish and international investors.
