Scanway (SCW) Q2 2026 earnings summary

Executive summary

• Operations scaled rapidly with optical payloads in production rising from 22 to 34 year-over-year, and the company advanced serial production and expanded its international contract base.

• Revenue for Q1–Q2 2026 was PLN 9.58M, down 14% year-over-year, mainly due to milestone timing in a major Asian contract; excluding this, other project revenues grew 180% year-over-year.

• Backlog reached PLN 66.52M (+43% y/y), not including several major contracts signed but not yet recognized, with conversion to revenue expected mainly in 2027–2028.

• Significant capital was raised via a PLN 60.6M share issue and new credit lines to support growth, with cash at June 30, 2026, not including these proceeds.

• Workforce grew to 115 as of June 30, 2026, up from 73 a year earlier, supporting serial production and new business areas.

Financial highlights

• Q2 2026 sales revenue: PLN 5.80M, down 29% y/y due to a high base in Q2 2025; Space segment contributed PLN 5.56M and Industry PLN 0.24M.

• Q1–Q2 2026 EBITDA: -PLN 7.84M; operating loss: -PLN 10.03M; net loss: -PLN 7.36M, reflecting heavy investment in scaling and R&D.

• Operating costs rose 128% y/y to PLN 19.6M, driven by project investments, higher wages, and infrastructure expansion.

• Cash at June 30, 2026: PLN 4.4M, not including proceeds from the recent public offering.

• Contracts awaiting formalization: PLN 144M; pipeline: PLN 500–700M over four years.

Outlook and guidance

• Updated strategy targets PLN 200M cumulative revenue and PLN 20M EBITDA for 2026–2028, with a backlog goal of PLN 100M by end-2028.

• Focus on scaling serial production, entering the VHR telescope segment, and expanding DaaS offerings.

• Market demand and order pipeline are higher than previously forecast, supporting ambitious growth targets.

• DaaS projects to drive higher-margin, recurring revenue streams.