Scanway (SCW) Q2 2025 earnings summary

Executive summary

• Achieved 120% year-over-year growth in Q2 2025 revenue, reaching 8.44 million PLN, driven by a record 9.0 million EUR (38.4 million PLN) contract for high-resolution telescopes for an Asian constellation, the largest in company history.

• Backlog nearly tripled year-over-year to 46.46 million PLN as of June 30, 2025, up 176% quarter-over-quarter, excluding expected Camila project revenues.

• Raised 11.6 million PLN gross in a June 2025 public offering to accelerate growth, expand production capacity, and strengthen the Space team.

• Completed rebranding, launched a new corporate brand and website, and increased global exposure with new contracts and leads from SmallSat USA.

• Completed IFRS financial statement transformations and submitted a prospectus for a planned 2025 Warsaw Stock Exchange debut.

Financial highlights

• Q2 2025 total revenue reached 8.44 million PLN (+120% y/y), with 7.93 million PLN from Space and 0.51 million PLN from Industry.

• Q1–Q2 2025 revenue was 11.62 million PLN, nearly matching full-year 2024 results.

• Q2 2025 EBITDA was 4.67 million PLN, and net profit was 3.69 million PLN; H1 2025 EBITDA was 2.46 million PLN, net profit 0.85 million PLN.

• Direct margin for Q2 2025 was 7.26 million PLN, up 60% year-over-year.

• Backlog as of June 30, 2025, stood at 46.46 million PLN, up 176% quarter-over-quarter.

Outlook and guidance

• Maintains intention to debut on the Warsaw Stock Exchange main market by the end of 2025, with ongoing IPO preparations.

• High backlog and recent capital raise support continued growth, project execution, and international expansion.

• Ongoing negotiations for the Camila project and focus on scaling production, especially for large optical instruments and HYDRA technology.