Scanway (SCW) Q4 2024 earnings summary

Executive summary

• Achieved record-high total revenues in FY 2024, with the Space segment contributing 82% of revenues and backlog reaching PLN 17.14 million at year-end.

• Revenue increased 29% year-over-year to PLN 15.86 million, driven by strong growth in the Space segment and new international contracts, despite a net loss of PLN 1.77 million and negative EBITDA of PLN 0.18 million.

• Major achievements included successful launches, expansion into defense, and development of the HYDRA system for industrial automation.

• Raised PLN 3.5 million in new capital through a share issue, supporting infrastructure expansion and R&D.

• Planned debut on the Main Market of the Warsaw Stock Exchange (GPW) in autumn 2025.

Financial highlights

• FY 2024 total revenues: PLN 15.86 million, up 29% year-over-year.

• Q4 2024 total revenues: PLN 4.06 million, up 91% year-over-year.

• FY 2024 EBITDA: PLN -0.18 million, operating loss: PLN -1.47 million, net loss: PLN -1.77 million.

• Direct margin for FY 2024: PLN 8.0 million, up 196% year-over-year.

• Backlog as of December 31, 2024: PLN 17.14 million (PLN 16.29 million Space, PLN 0.85 million Industry).

Outlook and guidance

• Key space missions in 2025 include PIAST (first Polish satellite constellation for the Ministry of Defense) and Intuitive Machines (first Polish commercial telescope for lunar mapping).

• Focus in 2025 on organic growth, international expansion, and commercializing the HYDRA system.

• No new share issue planned for main market listing; company expects to self-finance operations.

• Anticipates significant cash inflows in Q1/Q2 2025 from existing contracts.

• Planned transition to the Main Market of GPW in H2 2025.