In cumulative terms after the first three quarters of 2025, Scanway reached PLN 16.0 million in total revenue, an 89% increase compared with the same period last year and already significantly higher than for the entire year 2024. The exceptionally strong growth is driven by a series of constellation projects in the Space segment conducted with global partners — including a client from Asia, Germany’s Marble Imaging, and South Korea’s Nara Space Technology.
As of 14 November 2025, the company’s backlog (order portfolio) rose to PLN 58.3 million, representing a 254% year-on-year increase. This substantial expansion reflects record-breaking contracts signed in recent months — including a €9.0 million Asian contract and approximately €3.55 million secured under the CAMILA project.
Q3 2025 Results
- PLN 4.4 million total revenue (+39% y/y)
- PLN –1.3 million EBITDA (vs. –0.3 million last year)
- PLN –2.3 million net loss (vs. –0.5 million last year)
Cumulative Performance (Q1–Q3 2025)
- PLN 16.0 million total revenue (+89% y/y)
- PLN 3.1 million EBITDA (+PLN 2.8 million y/y)
- PLN 0.2 million net profit (+PLN 0.6 million y/y)
Cash increased to PLN 14.7 million at the end of September 2025 (up from PLN 9.1 million at the end of June), combined with the strong backlog enabling the company to support ongoing commitments in both the Space and Industry business lines.
“Our nearly twofold increase in revenue after three quarters — reaching PLN 16.0 million — was achieved alongside a sharp increase in backlog to over PLN 58 million. This rapid growth is largely driven by constellation-type projects developed with leading partners worldwide. The outlook for 2026 is positive, and together with our newly adopted 2026–2028 strategy, we know exactly what to focus on to gradually achieve our long-term goals and become one of the largest optical payload integrators — first in Europe, and ultimately globally,”
said Jędrzej Kowalewski, CEO of Scanway S.A.
Four Scanway Products to Launch on SpaceX’s Transporter-15
“During the upcoming Transporter-15 mission, as many as four Scanway products will be launched into orbit — including two telescopes for the PIAST project and one telescope for the OTTER mission. We are entering a period of increasingly frequent launches of our solutions. We now have more than 30 instruments at various stages of production, with nearly 10 preparing for flight or collimation. In 2026, we expect additional launches, delivering flight units to partners including Intuitive Machines (USA), Marble Imaging (Germany), Nara Space Technology (South Korea), and our Asian client with whom we signed a record PLN 38 million contract in June. We believe that the growing number of products with confirmed flight heritage will strengthen our market visibility and help secure further contracts,”
added Kowalewski.
Strong Revenue Growth Driven by Space Projects
Cumulatively, total revenue (net sales of products, goods, and materials plus grants) amounted to PLN 16.0 million, up 89% y/y.
92% of revenue came from space-related projects, with 8% from industrial projects.
- EBITDA rose to PLN 3.1 million (vs. PLN 0.3 million last year)
- Net profit reached PLN 0.2 million (vs. a PLN 0.5 million loss last year)
The backlog reached PLN 58.3 million as of 14 November — compared with PLN 16.5 million a year earlier.
Cash reserves increased by PLN 5.6 million in Q3.
CAMILA Project — One of the Largest in Poland
“In Q3 we began work on the CAMILA project under the August Authorization to Proceed, followed by the signing of the main execution contract on 21 October, worth approx. €3.55 million, with potential expansion to €4.40 million. Poland’s largest civilian satellite constellation will image the Earth using Scanway telescopes. This is not only a source of pride but also an opportunity to collaborate and share knowledge with other consortium partners to strengthen national space capabilities,”
said Mikołaj Podgórski, COO of Scanway S.A.
Constellation Projects at the Core of Scanway’s Strategy
“Constellation projects remain our central focus. In recent months, we completed the PDR stage of the SEMOViS project with Marble Imaging, which aims to build the largest Polish telescope capable of sub-1-meter-per-pixel resolution — a major differentiator in Europe and globally.
We also announced the completion of flight tests for the NarSha project — South Korea’s first methane leak-monitoring constellation. Our instrument validated its full functionality and parameters, and we expect the first satellites to launch in 2026.
Q3 also saw ongoing cooperation with Intuitive Machines and ESA on the first Polish lunar mapping telescope. With the contract expanded to include data processing, we are building valuable know-how that only a handful of companies worldwide possess,”
Podgórski added.
Industry Segment: Practical Implementations of HYDRA Technology
In the Industry segment, Scanway focused on expanding industrial implementations of its HYDRA vision-system technology.
Key developments:
- Expanded collaboration with Bunge Polska, installing another vision system for critical production processes at the Kruszwica plant.
- Extended cooperation with Fabios Sp. z o.o., implementing vision systems on additional production lines.
- Developed a pilot concept for a new quality-control solution for one of Central and Eastern Europe’s leading tyre distributors.
“In Q3 we completed mapping the market segments we will target with HYDRA. Based on this, we prepared six ready-made applications — our flagship products — directed at manufacturers of packaging, meat, and tyres. These solutions will be further tailored to specific client needs to provide highly customised systems enabling higher margins. At the same time, we continue identifying new projects where HYDRA can be applied, further expanding its commercial potential,”
said Radosław Charytoniuk, CSO of Scanway S.A.
Scanway Strengthens Its Position Ahead of Planned GPW Main Market Listing
Scanway continues to play a key role in Europe’s space-economy development. Its products have been used in the two most important Polish and European space missions of 2024. The company supplied:
- Poland’s largest satellite telescope — for EagleEye, and
- a camera system for the inaugural flight of Europe’s newest launch vehicle, Ariane 6.
Scanway is involved in major constellation projects for global clients, including Nara Space (South Korea) at €2.7 million, Marble Imaging (Germany) at €3.2 million, and the €9.0 million Asian contract. All these projects have potential for further expansion.
“In mid-September we completed and submitted our Registration Document to the Polish Financial Supervision Authority in preparation for moving Scanway’s listing to the main Warsaw Stock Exchange. It has now been two years since our NewConnect debut, and I am very pleased with the company’s business development and the investor interest we have attracted by offering exposure to the rapidly growing space sector.
According to the WSE, Scanway’s trading volume in Q3 2025 reached PLN 57 million, ranking us second among 358 companies. In October we reached first place, with PLN 32 million in trading volume. This is a clear sign that it is time to move to the main market and expand our shareholder base through top-tier communication standards and further achievements across our Space and Industry divisions,”
said Kowalewski.
Source: CEO.com.pl
