SCW Scanway Giełda Papierów Wartościowych w Warszawie · semiannual · publ. September 29, 2026

H1 2026 report

Przychody spadły o 14% do 9,6 mln zł głównie przez bazę: w II kwartale 2025 r. rozpoznano 7,68 mln zł z kontraktu z klientem z Azji, w 2026 r. brak kolejnych kamieni milowych.

Sentiment

●●●●●●

Website

SCW H1 2026 report

Revenue

9.58 m PLN

— YoY

Net income

-7.36 m PLN

— YoY

EBITDA

-7.85 m PLN

— YoY

FCF

-23.12 m PLN

— YoY

Summary

Investment thesis

Koszty operacyjne wzrosły o 128% do 19,6 mln zł (zespół, usługi obce, materiały), co dało EBITDA −7,8 mln zł i stratę netto −7,4 mln zł.
Przepływy operacyjne −17,5 mln zł, a gotówka na dzień bilansowy 4,4 mln zł; 60,6 mln zł brutto z emisji wpłynęło po dacie bilansowej.
Backlog 66,5 mln zł (+43% r/r) nie obejmuje kilku ogłoszonych projektów (Intuitive Machines, Mani, partner amerykański).
Brak długu odsetkowego (tylko leasing 2,6 mln zł), kapitał własny 37,8 mln zł; 46% kapitału to wartości niematerialne.

Read the full analysis

Financial data is open to everyone. The full analysis — management verdict, commentary, risks, and the full narrative — is available after you sign up or log in.

Financials

BETA

H1 2026

SCW · H1 2026

Metric	H1 2026	H1 2025	Δ YoY	YTD 2026	Δ YoY	Value type	Segment	Conf.

Revenue	9,578	21,360	−55.2%	9,578	−55.2%	reported	—	1.00
Revenue (m PLN) Space	9.22	21.36	—	9.22	—	reported	Space	0.90
Revenue (m PLN) Industry	0.36	21.36	—	0.36	—	reported	Industry	0.90
EBITDA	-7,845	970	−908.8%	-7,845	−908.8%	reported	—	0.95
EBIT	-10,035	—	—	-10,035	—	reported	—	1.00
EBT	-9,984	-2,575	−287.7%	-9,984	−287.7%	reported	—	1.00
Net income	-7,356	-710	−936.1%	-7,356	−936.1%	reported	—	1.00
EPS (basic) (PLN)	-4.31	—	—	-4.31	—	reported	—	1.00
EPS (diluted) (PLN)	-4.31	—	—	-4.31	—	reported	—	1.00
D&A	2,190	—	—	2,190	—	reported	—	1.00
Interest expense	64	—	—	64	—	reported	—	0.80
Income tax	-2,629	—	—	-2,629	—	reported	—	1.00

EBITDA margin	-81.91%	4.54%	−86.5 pp	-81.91%	−86.5 pp	derived	—	0.70
EBIT margin	-104.77%	—	—	-104.77%	—	derived	—	0.70
Net margin	-76.8%	-3.32%	−73.5 pp	-76.8%	−73.5 pp	derived	—	0.70

Cash	4,397	25,515	−82.8%	—	—	reported	—	1.00
Total debt	2,604	0	—	—	—	reported	—	0.80
Net debt	-1,793	-25,515	+93%	—	—	derived	—	0.70
Equity	37,787	44,235	−14.6%	—	—	reported	—	1.00
Total assets	45,736	54,573	−16.2%	—	—	reported	—	1.00
Working capital	12,247	—	—	—	—	derived	—	0.70
Current assets	18,241	—	—	—	—	reported	—	1.00
Current liabilities	5,994	—	—	—	—	reported	—	1.00
Non-current liabilities	1,955	—	—	—	—	reported	—	1.00
Inventory	2,560	—	—	—	—	reported	—	1.00
Goodwill	17,271	16,248	+6.3%	—	—	reported	—	0.90
Tangible equity	20,516	27,987	−26.7%	—	—	derived	—	0.70

CFO	-17,498	3,410	−613.1%	-17,498	−613.1%	reported	—	1.00
CapEx	5,622	—	—	5,622	—	reported	—	0.95
FCF	-23,120	—	—	-23,120	—	derived	—	0.70

Current ratio	3.04x	—	—	—	—	derived	—	0.70
Quick ratio	2.62x	—	—	—	—	derived	—	0.70
Cash ratio	0.73x	—	—	—	—	derived	—	0.70

Debt / equity	0.07x	0x	+0.07x	—	—	derived	—	0.70
Debt / assets	0.06x	—	—	—	—	derived	—	0.70
Net debt / equity	-0.05x	-0.58x	+0.53x	—	—	derived	—	0.70

Revenue growth (YoY)	-13.73%	79.65%	—	-13.73%	—	derived	—	0.90
EBITDA margin Δ (YoY)	-118.77 pp	—	—	-118.77 pp	—	derived	—	0.70
EBIT margin Δ (YoY)	-127.15 pp	—	—	-127.15 pp	—	derived	—	0.70
Net margin Δ (YoY)	-98.04 pp	—	—	-98.04 pp	—	derived	—	0.70

H1 2026 · Δ YoY

Revenue

9,578 −55.2%

H1 2025: 21,360
YTD 2026: 9,578
Δ YoY: −55.2%

Revenue (m PLN)

Space

9.22 —

H1 2025: 21.36
YTD 2026: 9.22
Δ YoY: —

Revenue (m PLN)

Industry

0.36 —

H1 2025: 21.36
YTD 2026: 0.36
Δ YoY: —

EBITDA

-7,845 −908.8%

H1 2025: 970
YTD 2026: -7,845
Δ YoY: −908.8%

EBIT

-10,035 —

H1 2025: —
YTD 2026: -10,035
Δ YoY: —

EBT

-9,984 −287.7%

H1 2025: -2,575
YTD 2026: -9,984
Δ YoY: −287.7%

Net income

-7,356 −936.1%

H1 2025: -710
YTD 2026: -7,356
Δ YoY: −936.1%

EPS (basic) (PLN)

-4.31 —

H1 2025: —
YTD 2026: -4.31
Δ YoY: —

EPS (diluted) (PLN)

-4.31 —

H1 2025: —
YTD 2026: -4.31
Δ YoY: —

D&A

2,190 —

H1 2025: —
YTD 2026: 2,190
Δ YoY: —

Interest expense

64 —

H1 2025: —
YTD 2026: 64
Δ YoY: —

Income tax

-2,629 —

H1 2025: —
YTD 2026: -2,629
Δ YoY: —

EBITDA margin

-81.91% −86.5 pp

H1 2025: 4.54%
YTD 2026: -81.91%
Δ YoY: −86.5 pp

EBIT margin

-104.77% —

H1 2025: —
YTD 2026: -104.77%
Δ YoY: —

Net margin

-76.8% −73.5 pp

H1 2025: -3.32%
YTD 2026: -76.8%
Δ YoY: −73.5 pp

Cash

4,397 −82.8%

H1 2025: 25,515
YTD 2026: —
Δ YoY: —

Total debt

2,604 —

H1 2025: 0
YTD 2026: —
Δ YoY: —

Net debt

-1,793 +93%

H1 2025: -25,515
YTD 2026: —
Δ YoY: —

Equity

37,787 −14.6%

H1 2025: 44,235
YTD 2026: —
Δ YoY: —

Total assets

45,736 −16.2%

H1 2025: 54,573
YTD 2026: —
Δ YoY: —

Working capital

12,247 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current assets

18,241 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Current liabilities

5,994 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Non-current liabilities

1,955 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Inventory

2,560 —

H1 2025: —
YTD 2026: —
Δ YoY: —

Goodwill

17,271 +6.3%

H1 2025: 16,248
YTD 2026: —
Δ YoY: —

Tangible equity

20,516 −26.7%

H1 2025: 27,987
YTD 2026: —
Δ YoY: —

CFO

-17,498 −613.1%

H1 2025: 3,410
YTD 2026: -17,498
Δ YoY: −613.1%

CapEx

5,622 —

H1 2025: —
YTD 2026: 5,622
Δ YoY: —

FCF

-23,120 —

H1 2025: —
YTD 2026: -23,120
Δ YoY: —

Current ratio

3.04x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Quick ratio

2.62x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Cash ratio

0.73x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Debt / equity

0.07x +0.07x

H1 2025: 0x
YTD 2026: —
Δ YoY: —

Debt / assets

0.06x —

H1 2025: —
YTD 2026: —
Δ YoY: —

Net debt / equity

-0.05x +0.53x

H1 2025: -0.58x
YTD 2026: —
Δ YoY: —

Revenue growth (YoY)

-13.73% —

H1 2025: 79.65%
YTD 2026: -13.73%
Δ YoY: —

EBITDA margin Δ (YoY)

-118.77 pp —

H1 2025: —
YTD 2026: -118.77 pp
Δ YoY: —

EBIT margin Δ (YoY)

-127.15 pp —

H1 2025: —
YTD 2026: -127.15 pp
Δ YoY: —

Net margin Δ (YoY)

-98.04 pp —

H1 2025: —
YTD 2026: -98.04 pp
Δ YoY: —