Scanway (SCW) Q1 2025 earnings summary

Executive summary

• Q1 2025 total revenues reached PLN 3.18 million, a 97% year-over-year increase, mainly driven by strong demand in the Space segment and delivery of two optical instruments.

• The Space segment contributed 89% of Q1 2025 revenue, while Industry accounted for 11%.

• Maintained a high backlog of PLN 16.86 million as of March 31, 2025, supporting future growth.

• Initiated commercialization of the Hydra vision system with first industrial deployments in Poland.

• Advanced preparations for transfer to the Main Market of the Warsaw Stock Exchange (GPW) by end of 2025.

Financial highlights

• Q1 2025 revenue: PLN 3.18 million (+97% y/y); Space: PLN 2.84 million, Industry: PLN 0.34 million.

• Direct margin increased 21% year-over-year to PLN 1.19 million.

• EBITDA for Q1 2025 was negative PLN 0.20 million; net operating loss was PLN 1.14 million, mainly due to high amortization after R&D completion in 2024.

• Backlog as of March 31, 2025: PLN 16.86 million (PLN 15.46 million Space, PLN 1.40 million Industry).

Outlook and guidance

• Cash position and backlog enable continued business scaling.

• Ongoing proactive commercialization of the Hydra system in Industry, with expansion planned in Poland and Europe.

• Continued focus on scaling Space segment through larger optical instruments and participation in major international projects.

• Planned debut on the main Warsaw Stock Exchange by end of 2025, with financial reporting transition to IFRS.

• Multiple upcoming space missions and contracts, including PIAST, Camila, and international projects, expected to drive further growth.