The Polish Financial Supervision Authority (KNF) has approved the prospectus of Scanway S.A., paving the way for the company’s planned transfer from the NewConnect market to the main regulated market of the Warsaw Stock Exchange (GPW). The move marks an important milestone for the Polish space technology company, which has experienced rapid growth since its stock market debut.
Scanway, a leading Polish exporter of space observation technologies, first entered the capital market on October 11, 2023, when it debuted on NewConnect. Since then, the company’s market capitalization has increased significantly—from PLN 58 million to more than PLN 500 million. Trading activity in Scanway shares has also surged, with cumulative turnover exceeding PLN 100 million in January and February 2026 alone, representing more than 25 percent of total trading on the NewConnect market during that period.
A leading Polish exporter of space technologies
Scanway S.A. has established itself as one of the key players in Poland’s growing space technology sector, actively contributing to the development of the country’s space economy. The company works with global clients on constellation projects and specializes in designing and manufacturing optical instruments used for Earth observation from space.
In 2025, the company announced its development strategy for 2026–2028, which aims to position Scanway among the largest European integrators of optical payloads used in satellite systems.
KNF approval brings company closer to main market debut
According to the company’s management, the approval of the prospectus is a crucial step toward joining the main board of the Warsaw Stock Exchange.
“The approval of Scanway’s prospectus is very positive news and significantly brings us closer to our debut on the main market of the Warsaw Stock Exchange,” said Jędrzej Kowalewski, CEO of Scanway S.A.
“From the very beginning of our presence on the capital market, we aimed to become one of the largest and most liquid companies listed on the Polish stock exchange. After two years on NewConnect and an intensive period of building our brand recognition, market position, and long-term relationships with investors, I can confidently say that we are ready to join companies listed on the main trading floor.”
Kowalewski also noted that the company’s shareholder base already includes a leading Polish investment fund. A major domestic asset management firm holds more than five percent of Scanway’s shares, while trading volumes in the company’s stock in 2026 place it roughly at the median level of companies included in the mWIG40 index.
The company expects its first trading session on the main market to take place between late March and early April 2026, subject to the completion of all formal approvals.
Prospectus publication and transfer without new share issuance
On March 16, 2026, the KNF approved the three documents that together form the company’s prospectus: the Registration Document, the Offering Document, and the Summary.
The prospectus is scheduled to be published on March 17, 2026, both on the company’s website in the investor relations section and on the website of the investment firm Dom Maklerski Navigator S.A.
Importantly, the transfer of Scanway’s listing from NewConnect to the main market will not involve the issuance of new shares. Instead, it will simply move the existing shares to the regulated market of the Warsaw Stock Exchange.
According to the company, joining the main trading floor represents the implementation of its long-term capital market strategy and confirms its position as one of the leading deep-tech companies in Poland.
Capital markets as a growth path for space companies
Kowalewski emphasized that the stock market has proven to be an effective development path for companies in the space sector.
“The stock exchange is currently an attractive development path for Polish space companies that plan intensive growth and expansion into international markets,” he said.
“In our case, this scenario has worked very well. The capital raised for the company’s development projects has benefited both the organization itself and our investors.”
He also expressed confidence that the space sector will become increasingly visible on the Polish capital market.
“I believe that the space industry will be increasingly represented on the Warsaw Stock Exchange, and our debut on the main market will allow a much broader group of investors to gain exposure to this unique and strategically important sector of the Polish economy.”
Strong financial performance and growing backlog
Scanway’s latest financial results confirm the company’s dynamic growth trajectory. According to its Q4 2025 financial report, the company generated PLN 24.3 million in total revenue in 2025, representing a 94 percent year-on-year increase.
EBITDA reached PLN 2.2 million, an improvement of PLN 1.9 million compared with the previous year.
The company’s order backlog has also expanded significantly. As of February 16, 2026, Scanway’s backlog stood at PLN 54 million, representing a 215 percent year-on-year increase.
Cash reserves reached a record PLN 25.5 million at the end of December 2025. A key contributor to this result was a PLN 15.3 million gross investment from TFI PZU S.A., which acquired 100,000 shares of the company in November 2025 and currently holds 5.98 percent of Scanway’s shares.
Ambitions to become a European leader in optical payload integration
Scanway’s long-term strategic ambition is to join the global leaders in the market for commercial optical payload integration.
By 2028, the company aims to become one of the largest integrators of optical payloads in Europe. Achieving this goal will require transforming the company from a provider of individual solutions into a serial manufacturer of optical instruments for the global New Space market.
Scanway is currently undergoing an intensive process of operational and technological scaling. The company plans to reach the capacity to produce several dozen optical payloads annually, with each unit priced between EUR 0.5 million and EUR 2 million.
If successful, this transformation could significantly strengthen Poland’s position in the rapidly expanding global New Space economy, where private companies are playing an increasingly important role in satellite technology, Earth observation, and space-based data services.
