Scanway (SCW) Q3 2024 earnings summary

Executive summary

• Achieved 73% year-over-year revenue growth for Q1–Q3 2024, reaching 8.44 million PLN, with Q3 2024 revenue up 21% y/y to 3.14 million PLN, driven primarily by the Space segment and new international contracts.

• Backlog increased over fivefold to 16.45 million PLN as of November 12, 2024, reflecting strong order inflow from key projects.

• Secured major contracts with Nara Space (Korea) and Marble Imaging (Germany/ESA) for satellite constellations, with further orders possible before satellite launches in 2026.

• Successfully completed a public offering in October, raising 3.5 million PLN to accelerate strategic investments and support transition to the Warsaw Stock Exchange in 2025.

• Space segment now accounts for 91% of revenue, while the Industry segment experienced a decline but focuses on scalable product development.

Financial highlights

• Q1–Q3 2024 revenue: 8.44 million PLN (+73% y/y); Q3 2024 revenue: 3.14 million PLN (+21% y/y); Space: 2.85 million PLN, Industry: 0.29 million PLN.

• EBITDA for Q1–Q3 2024: -0.49 million PLN; Q3 2024 EBITDA: -0.22 million PLN; net loss: -0.49 million PLN for Q1–Q3, -0.48 million PLN for Q3.

• Direct margin for Q1–Q3 2024: 6.6 million PLN (+260% y/y).

• Backlog as of November 12, 2024: 16.45 million PLN (+467% from December 31, 2023).

• EBITDA margin remains negative but close to break-even, reflecting ongoing investment phase.

Outlook and guidance

• Anticipates a strong Q4 2024 due to further payments from Marble Imaging and ongoing project milestones.

• Expects additional orders from constellation partners before satellite launches in 2026.

• Plans to leverage new capital for infrastructure expansion, R&D, and preparation for a main market listing in 2025.

• Focus on expanding the Space segment with larger optical payloads and entering new markets, including defense.

• No formal financial forecasts published for 2024.