Scanway (SCW) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue surged 94% y/y to 24.3 mln PLN, driven by strong Space segment and constellation projects, with Q4 2025 revenue up 101% y/y to 8.32 mln PLN.

• Backlog as of February 2026 more than tripled to 54.04 mln PLN (+215% y/y), supporting future growth and reflecting major contracts with US, ESA, and South Asian clients.

• Record year-end 2025 cash position of 25.5 mln PLN supports ongoing and future projects.

• Secured 15.3 mln PLN in new equity from TFI PZU SA, which acquired over 5% stake, strengthening the capital base for 2026-2028 growth.

• Major contracts signed in Space with Nara Space, Intuitive Machines, a new US client, and a 9.0 mln EUR deal with a South Asian client; milestone payments recognized in Q4.

Financial highlights

• Q4 2025 revenue: 8.32 mln PLN (+101% y/y); FY 2025 revenue: 24.3 mln PLN (+94% y/y).

• FY 2025 EBITDA: 2.18 mln PLN; Q4 2025 EBITDA: -1.90 mln PLN, impacted by a 1.26 mln PLN reserve for the incentive program.

• FY 2025 net loss: -1.81 mln PLN, affected by non-recurring costs and investments in organizational growth.

• Direct margin for FY 2025: 11.8 mln PLN.

• Space segment contributed 22.35 mln PLN to FY 2025 revenue; Industry segment 1.94 mln PLN.

Outlook and guidance

• Backlog and cash reserves position the company for continued growth in 2026, with a strategic focus on scaling production, expanding infrastructure, and increasing engineering capacity.

• Targeting transformation into a serial supplier of optical payloads for global New Space markets by 2028 and aiming to become a top European integrator.

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

• Entry to the Warsaw Stock Exchange Main Market expected in H1 2026, with no new share issue planned.

• Anticipates further backlog growth from new contracts, including US constellation projects and ESA lunar missions.