Scanway (SCW) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached 4.35 mln PLN, up 39% year-over-year, with Q1–Q3 2025 revenue at 15.97 mln PLN, up 89% year-over-year, driven by strong performance in the Space segment and new contracts in Asia, South Korea, and the USA.

• Backlog as of November 14, 2025, was 58.3 mln PLN, a 254% increase year-over-year and up 25% from June 2025, fueled by major contracts in the space sector.

• Space segment contributed 88% of Q3 revenues, with Industry at 12%; key contracts include a 9 mln EUR deal with a South Asian client and participation in Poland's largest civil satellite constellation, CAMILA.

• Cash at the end of Q3 stood at 14.7 mln PLN, supporting ongoing and future projects.

• Strategic plan for 2026–2028 targets becoming a leading European integrator of optical payloads, scaling production, and expanding the product portfolio for global New Space markets.

Financial highlights

• Q3 2025 total revenue: 4.35 mln PLN (+39% y/y); Q1–Q3 2025: 15.97 mln PLN (+89% y/y); Space: 14.63 mln PLN, Industry: 1.35 mln PLN.

• Q3 2025 EBITDA: -1.27 mln PLN; net loss: -2.26 mln PLN, reflecting ongoing investments.

• Q1–Q3 2025 EBITDA: 3.06 mln PLN; net profit: 0.16 mln PLN.

• Direct margin for Q1–Q3 2025: 8.15 mln PLN (+23% y/y).

• Backlog at 58.3 mln PLN as of November 14, 2025.

Outlook and guidance

• Strategy for 2026–2028 targets contracts with top-tier global clients, increased in-house manufacturing, and majority export revenue.

• Focus on scaling operations, serial deliveries for constellation projects, and expanding presence in global New Space and Defence markets.

• Emphasis on high-resolution instruments, data processing products, defense applications, and supply chain independence.