Scanway (SCW) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 with total revenue of 3.82 million PLN, up 115% year-over-year, driven by new contracts and successful project execution, with the Space segment contributing 81% and Industry 19%.

• Backlog doubled to 19.3 million PLN (+97% since May), reflecting strong order inflow from space sector contracts and major deals with Nara Space Technology (1.7m EUR) and Marble Imaging (3.2m EUR).

• Key milestones include the launch of the EagleEye satellite, participation in projects like PIAST, and major contracts with Nara Space Technology (Korea) and Marble Imaging (Germany).

• Strategic focus on larger optical instruments, constellation projects, and participation in major public space programs, with expansion into the defense sector.

• Delivered two industrial implementations and advanced position in the satellite market.

Financial highlights

• Q2 2024 revenue: 3.82 million PLN (+115% y/y); H1 2024 revenue: 5.29 million PLN (+133% y/y).

• EBITDA for Q2 2024: up to 1.48 million PLN; operating profit: 1.19 million PLN; net profit: up to 1.18 million PLN.

• Backlog as of August 12, 2024: 19.3 million PLN (18.0 million PLN Space, 1.3 million PLN Industry), nearly doubled from Q1.

• Significant revenue impact from the first payment (2.9 million PLN) under the Nara Space contract.

• Direct margin for the year to date: approx. 3.6 million PLN.

Outlook and guidance

• Demonstrator satellites for Nara Space and Marble Imaging scheduled for launch in 2026, with potential for additional orders before launch.

• Continued growth expected from repeat orders for standardized telescopes and expansion into new markets, including defense.

• Strategic direction includes scaling up instrument size, focusing on constellation projects, and targeting large public programs like CAMILA.

• Anticipated acceleration in the number of space missions following full flight heritage for key products.

• No financial forecasts published for 2024.