Scanway (SCW) Q1 2026 earnings summary

Executive summary

• Revenue for Q1 2026 reached 3.8 million PLN, up 29% year-over-year, driven by Space segment growth and new international contracts, especially in constellation projects.

• Backlog reached 53.5 million PLN (+217% vs March 2025), driven by new and ongoing contracts, with further growth expected from pending ESA and US contracts.

• Major projects include PIAST, Intuitive Machines lunar mission, and high-value contracts in Asia and the US.

• Investments in team and infrastructure increased operational costs; headcount rose to 100 (+37% y/y).

• Strategic focus on scaling production, expanding Data-as-a-Service (DaaS), and recurring revenue streams.

Financial highlights

• Q1 2026 sales: 3.8 million PLN (+29% y/y); Space segment: 3.66 million PLN (+42% y/y).

• EBITDA: -3.11 million PLN; Net loss: -4.10 million PLN, reflecting heavy investment phase.

• Cash position at March 31, 2026: 13.48 million PLN, down from 25.5 million PLN at year-end 2025.

• Operating costs up 96% y/y, mainly due to materials, external services, and payroll.

• Cash flow from operations was negative at PLN -8.9 million, with total cash outflows of PLN -12 million for the quarter.

Outlook and guidance

• Expectation of further backlog growth with new contracts in negotiation.

• Ongoing investments in production capacity and R&D to support serial deliveries.

• Strategic goal to become a leading optical payload integrator in Europe by 2028, with ambitions for global leadership.

• Focus on recurring DaaS revenues and expansion into high-margin analytics.

• Key growth drivers include constellation projects, defense sector expansion, lunar exploration, and industrial image analysis solutions.