Scanway has published its results for the second quarter of 2024, generating a record PLN 3.8 million in total revenue, representing a 115% growth year-over-year. This significant revenue growth is primarily attributed to the considerable development of their Space business line, which generated PLN 3.1 million in revenues, PLN 3.0 million more than in the corresponding period of the previous year. This is due to Scanway’s increasing recognition and position on the international stage, which the company effectively translates into contracts – in May, with Nara Space Technology worth 1.7 million euros and in July, with Marble Imaging worth 3.2 million euros. Scanway achieved a positive level on all key profitability levels: PLN 1.5 million EBITDA and PLN 1.2 million in net profit. The Company’s backlog increased from PLN 9.8 million on May 15, 2024, to PLN 19.3 million on August 12, 2024, an increase of 97%.
Speaking on the results, Jędrzej Kowalewski, President of the Board of Scanway S.A., says, “With great satisfaction, we present the results of Scanway’s record-breaking quarter, in which, as previously announced, the space line was already responsible for the majority of revenues generated. This is a result of significant contracts we have signed over the past few months, with Nara Space Technology from South Korea worth 1.7 million euros, where the first tranche of the payment is already taken into account in the Q2 revenue, as well as with Marble Imaging from Germany worth 3.2 million euros, where the financing is provided by the European Space Agency (ESA), and the expected impact on revenue by the end of the year is approximately 1.6 million euros. We are successfully diversifying the revenue sources in the space line, obtaining funds from both commercial entities and institutions such as the ESA, and in this June, the tender for the national Camila program began, in which we also intend to submit a proposal with added value that Scanway can bring to the project in the form of advanced optical instruments. This is a substantial program worth tens of millions of euros, which foresees participation from Polish enterprises at a level not less than 70%”
In parallel development to the space line, Scanway’s Industry business line also continues to grow, with the completion of two industrial implementations in the second quarter: one for a leading tire manufacturer globally and the other for the Polish branch of a leading American manufacturing and trading conglomerate. Scanway also organized a presentation of the vision system for error detection in the can-closing process for use on various production lines and continues business discussions aimed at commercializing this unique solution.
In the Q2 2024 period, the Company’s total revenue, calculated as a sum of net sales revenue and grants received, mainly for the PIAST and EagleEye projects within the area of space operations, amounted to PLN 3.8 million, indicating a growth of 115% year-over-year. 81% of generated income was attributed to optical payloads for the space sector within the Space business line, and 19% to modular vision systems within the Industry business line. EBITDA for this period amounted to PLN 1.5 million, compared to PLN 0.3 million from the past year. The Company noted a net profit of PLN 1.2 million, compared to PLN 0.2 million in the same period of the previous year. The backlog, signed contracts due for settlement in future periods, increased from PLN 9.8 million on May 15, 2024, to PLN 19.3 million on August 12, 2024. Operational cash flows in Q2 were positive and amounted to PLN 1.2 million, and the total net cash flows were PLN -0.2 million, translating to a cash balance of PLN 0.3 million at the end of June 2024.
The total revenue for the first half-year was PLN 5.3 million, a growth of 133% YoY. Space activities accounted for 68% of the generated income, and industrial projects accounted for 32%. Compared to last year’s PLN 0.04 million, EBITDA was at PLN 0.5 million, and net profit reached PLN 0.0 million, compared to a loss of PLN -0.3 million in the previous year.
Commenting on the recent contracts, Mikołaj Podgórski, COO, and co-founder of Scanway shared, “The contracts we are concluding are congruent with Scanway’s strategic direction of development. We are focusing primarily on acquiring constellation projects to secure our pipeline of orders in the coming years. We are expecting repeat orders from our partners even before the launch of the demonstrative satellites. Furthermore, we are concentrating on bringing larger imaging instruments to the market, which will allow us to take over another part of the Space market, encompassing mini-class satellite segment from 200 to 600 kg in the future. The projects with Nara Space Technology and Marble Imaging are planned to end with constellation formations, and the telescopes for Marble Imaging are to have a mirror diameter of about 400-450 mm, twice as much as the largest Polish satellite in history, EagleEye, and the SOP200 telescope we supplied with a 200mm mirror. We are still waiting for the microsatellite to be launched on the Falcon-9 rocket from SpaceX as part of the Transporter-11 mission, and we expect a successful launch to have a significant impact on our sales opportunity acquisition process. We have already seen the positive impact of launches on such business discussions after the July launch of the European carrier rocket Ariane-6.
The images captured by our camera system have practically gone around the world, and we are benefiting from it.”
Mr. Podgórski also highlighted the presence of the Scanway team at the world’s largest event for small satellites, the “Small Satellite Conference” in Utah, U.S.A. He said, “It was at this event last year that we began talks with Nara Space Technology, which ended first in a cooperation agreement and then a significant contract being signed with a commercial entity. We have just returned from this event to Poland, but we are very satisfied with the course of this conference, our visibility, and the pool of leads gathered.”
Scanway develops and commercializes two business lines: products for the space sector (optical instruments for Earth observation and self-diagnosis of satellites) and for industry (vision systems). Thanks to the STAR VIBE mission and the launch of a satellite equipped with a vision system and an optical telescope developed and produced in the company’s laboratories at the beginning of 2023, Scanway has acquired so-called flight heritage – it has confirmed the reliability and functionality of its solutions in space conditions. The Polish satellite confirmed the Company’s competence in providing optoelectronics for space applications, and the mission’s success translated into trust expressed in contracts and cooperation declarations from global satellite market players.
Source: https://managerplus.pl/scanway-z-kwartalem-rekordowych-wynikow-i-2-krotnym-wzrostem-backlogu-do-19-mln-zl-66804
