Scanway (SCW) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue reached PLN 24.3 million, nearly doubling year-over-year, driven by strong Space segment and constellation projects.

• Backlog as of February 2026 stood at PLN 54.04 million, more than tripling year-over-year, with further upside from pending contracts.

• Cash position at year-end 2025 was a record PLN 25.5 million, supported by investment rounds and operational cash flow.

• Major strategic contracts signed with South Asian, US, and Korean clients, and expanded partnerships with ESA and Nara Space.

• New long-term investor TFI PZU S.A. acquired over 5% stake, investing PLN 15.3 million and strengthening the capital base.

Financial highlights

• Q4 2025 revenue was PLN 8.32 million, up over 100% year-over-year; full-year revenue reached PLN 24.3 million (+94% y/y).

• Full-year EBITDA was PLN 2.18 million, a significant improvement from the prior year.

• Net loss for FY 2025 was PLN 1.81 million, impacted by a PLN 1.26 million ESOP/incentive program cost.

• Direct margin for FY 2025 increased 48% year-over-year to PLN 11.8 million.

• Space segment contributed over 92% of revenue; Industry segment contributed modestly.

Outlook and guidance

• Backlog excludes several large contracts in negotiation, which could further increase its value.

• Strategic focus on scaling production, expanding infrastructure, and becoming a leading European optical payload integrator by 2028.

• Plans to deliver multiple optical payloads annually, expand SaaS offerings, and strengthen presence in global constellations and lunar missions.

• No new share issuance planned with main market debut; future funding needs depend on backlog growth.

• Current facilities sufficient for at least 1.5–2 years; further expansion considered for mass production.