Scanway S.A. is benefiting from growing demand for advanced optical instruments for the global New Space sector and expects its order book to continue expanding in the coming periods. The company points to the increasing number of constellation projects, as well as rising interest in Data-as-a-Service and space situational awareness solutions, as factors that may translate into new contracts.
In response to these market opportunities, Scanway plans to seek shareholder approval for authorising the Management Board to increase the company’s share capital within the framework of authorised capital. An expanded draft resolution on this matter has been included on the agenda of the Annual General Meeting. The proposed mechanism is intended to give the company greater flexibility in securing financing for further scaling its operations and responding more quickly to emerging market opportunities.
Demand for Scanway’s advanced optical instruments is growing faster than assumed in the company’s strategy for 2026–2028. This is due, among other factors, to a higher number of constellation projects and growing interest in the new Data-as-a-Service business area.
The company also plans to develop a new generation of VHR, or Very High Resolution, instruments and strengthen its technological capabilities in adaptive optics. This would allow Scanway to enter a highly specialised segment of the market served by a narrow group of global suppliers of advanced optical instruments. According to the company’s estimates, the value of a single instrument in this segment ranges from EUR 5 million to EUR 20 million.
As of 28 May 2026, Scanway’s backlog, covering signed and ongoing contracts, stood at PLN 53.5 million. Including contracts awaiting formalisation, which the company has previously disclosed in stock market announcements, the backlog exceeded PLN 120 million. At the same time, Scanway currently identifies a pipeline of potential projects over the next four years worth PLN 500–700 million. This figure refers to inquiries, offers and tender procedures at various stages before contract signing. The final economic value will be recognised once agreements are concluded.
Shareholders will vote on the creation of authorised capital during the Annual General Meeting scheduled for 29 June 2026. The proposed solution is intended to increase Scanway’s flexibility in financing the next stage of its development.
“We are approaching the General Meeting, during which shareholders will vote on granting the Management Board authorisation to issue shares within authorised capital. We see this solution as a tool that will help us increase Scanway’s flexibility in financing further development. We clearly see growing demand for our solutions, higher than we assumed when publishing our strategy in September 2025. The number of constellation projects and requests for proposals from international clients confirms that the New Space market is scaling up and that demand for advanced optical instruments is increasing. Our backlog, including contracts awaiting formalisation, has already exceeded PLN 120 million, while the identified pipeline is several times higher. That is why we want to have the ability to carry out an efficient capital-raising process if market opportunities arise that require faster scaling of our operations,” said Jędrzej Kowalewski, CEO of Scanway S.A.
Scanway’s strategy for 2026–2028 assumed a systematic increase in its order book, but demand for the company’s products and services is rising faster than expected. The company is also seeing growing interest in Data-as-a-Service and space situational awareness, areas that were at an earlier stage of commercialisation when the strategy was announced.
In Scanway’s assessment, further growth in the order book may require greater flexibility in obtaining financing for development, particularly in areas related to scaling production and operational capacity, as well as the parallel execution of a larger number of projects.
Authorised capital allows the Management Board to increase share capital within limits set by the General Meeting. In Scanway’s case, the proposed mechanism is designed to provide operational flexibility if justified additional financing needs arise in connection with further business development. The company wants to secure the ability to react more quickly to market opportunities without having to launch the full procedure of convening a General Meeting each time.
“Our priority remains the efficient execution of the current order book and preparing the organisation to handle a larger number of projects simultaneously. In recent quarters, we have increased our production and operational capabilities, including through the development of our laboratory facilities and clean room, as well as the expansion of our team. This is important in increasingly complex projects, where not only winning new contracts matters, but also the ability to deliver them on time and scale production in a repeatable model while maintaining the highest quality standards. This direction is intended to pave the way for us, by the end of 2028, to become one of the largest optical payload integrators in Europe,” Kowalewski explained.
Accelerating the transformation into a serial supplier of optical payloads for the global New Space sector remains one of Scanway’s key development priorities. The company aims to increase the scale of deliveries for constellation customers, develop further generations of VHR optical instruments, including those capable of imaging at a resolution of 50 cm per pixel from low Earth orbit after 2028, and strengthen its technological capabilities in adaptive optics.
This direction is supported by the growing share of international projects in Scanway’s business. In 2025, exports of space technologies accounted for 88% of revenues in the Space segment, with solutions delivered to customers in Asia, the United States and Europe.
Scanway is also increasingly combining hardware development with software and data analytics, an area it has been developing for a decade, including within its Industry segment. One example of these capabilities is HYDRA, the company’s proprietary solution used in visual data processing.
This direction supports Scanway’s ambition to cover the full optical data value chain, from acquisition through processing and analysis to event prediction, in line with the APAP model. As a result, the company aims to provide customers not only with instruments and imagery, but also with ready-to-use information supporting decision-making processes.
One example of this approach is an agreement signed in the first quarter of 2026 with a US client for the development and delivery of a new class of optical instruments for Earth observation for a satellite constellation under construction. The expected value of the first optical instrument may reach approximately USD 4.3 million. The project also includes the possibility of commercialising satellite data in the Data-as-a-Service model.
In the coming periods, Scanway’s order book may also be supported by other projects, including a second instrument for Intuitive Machines and further phases of the Mani lunar project.
