Creotech Instruments posts record revenue and profits in the first half of 2025.

Creotech Instruments, a Polish manufacturer of satellites, satellite systems and components listed on the Warsaw Stock Exchange, achieved record financial results in the first half of 2025. Sales revenue during this period more than tripled, amounting to approximately PLN 74.5 million. In the past quarter, the Company signed another landmark contract worth nearly EUR 52 million with the European Space Agency (ESA) for the implementation of the CAMILA project and continued work on the Mikroglob project.

In the first half of 2025, revenue from product sales and grants amounted to approximately PLN 74.5 million, compared with PLN 17.1 million in the corresponding period of 2024. The increase in revenue was primarily due to progress on the key Mikroglob project. The space projects segment (91.2 per cent) and the quantum systems segment (6.43 per cent) accounted for the largest share of revenue. EBITDA for the period under review amounted to PLN 10.9 million, whilst net profit exceeded PLN 3.5 million. Cash holdings at the end of June 2025 stood at PLN 142.8 million. The share of grants in revenue also fell from 31 per cent to 9 per cent.

"The first half of 2025 marks a turning point for us – both financially and in terms of the implementation of key space projects and the signing of another significant contract: CAMILA. In the space segment, we recorded revenue of PLN 64.3 million and EBITDA of nearly PLN 20.1 million. It is worth noting that these results do not yet reflect the CAMILA contract, which was signed in the second quarter of this year. The quantum segment, which will become a standalone company in the near future, is at a slightly earlier stage of development, but has already achieved revenue of PLN 8.2 million, with an EBITDA loss of PLN 3.5 million. The financial results achieved by Creotech Instruments demonstrate that our growth strategy is yielding tangible results. This is just the beginning. We have further ambitious projects ahead of us, aimed at further strengthening Creotech Instruments’ position as a leader in the European space sector."

Grzegorz Brona

President of the Management Board of Creotech Instruments

In April 2025, the Company signed a contract and commenced work on the CAMILA project, the aim of which is to build a constellation of at least three observation satellites based on the HyperSat satellite platform developed by the Company, together with the ground segment, satellite launch and mission management. The project is being carried out under the supervision of the ESA on behalf of the Ministry of Development and Technology. The contract is worth nearly EUR 52 million, of which over EUR 25 million is directly attributable to the Company, which is acting as the project leader.

At the same time, Creotech Instruments continued its work on the Mikroglob project. In the second quarter of 2025, the Company completed phases B2 and C, for which it received PLN 20.5 million net and PLN 20 million net respectively. It is currently focusing on the implementation of phase D.

In December 2024, Creotech Instruments signed a contract with the State Treasury – the Armaments Agency for the manufacture and supply of the ‘Mikroglob’ Satellite Earth Observation System (SSOZ), covering phases B, C, D and E1. The value of this contract, the largest in the history of the Polish space sector, amounts to PLN 556.7 million gross (PLN 452 million net).

In the past quarter, the Company continued work on two major projects, namely PIAST and eCAUSIS (European, Certifiable, Affordable, User-oriented, Secure, Integration-able, Scalable quantum key distribution solutions). The aim of the former is to design, build and deploy observation nanosatellites into orbit for optoelectronic image reconnaissance. In 2025, Creotech Instruments plans to launch a further three test satellites based on its proprietary HyperSat platform. The project is coordinated by the Military University of Technology in Warsaw.

In the case of the eCAUSIS project, the aim is to develop and build an advanced quantum key distribution module and software for managing cryptographic keys. In the second quarter of 2025, the Company continued work on a prototype of a second module featuring a smaller form factor and more integrated electronics. In May this year, as part of a EuroQCI network meeting in Athens, Creotech’s solution was presented to an international group of specialists, where it attracted considerable interest.

The past quarter was also marked by the Company’s preparations for its demerger. In June this year, Creotech Quantum S.A. (quantum segment) and Creotech Geo P.S.A. (segment specialising in drone-related application systems and satellite data processing) were entered into the National Court Register (KRS).

Following the end of the reporting period for the first half of 2025, i.e. 30 June this year, several significant contracts were signed.

On 17 July this year, Creotech Instruments entered into an addendum to the Mikroglob contract with the State Treasury – the Armaments Agency, enabling the Company to use advance payments to finance the purchase of selected components, sub-assemblies and services for the project, with a minimal reduction in the total contract value of approximately 0.34 per cent.

On 18 July this year, the Company received notification from the European Space Agency (ESA) that the first part of the documentation had been approved as part of the CAMILA project review, securing the Company remuneration of over EUR 3.1 million, with approximately 30 per cent of this remuneration due directly to Creotech Instruments, whilst the remaining amount will cover payments to subcontractors on the CAMILA project.

In August this year, the Company signed a contract with the Italian firm Leonardo S.p.A. for the assembly of electronics for the LISA MPE project (contract value: over EUR 3.6 million) and completed its first commercial sale of an astronomical sCMOS camera to the Teplice Observatory and Planetarium (Czech Republic) worth EUR 196,000, thereby opening up a new line of business for the quantum segment.

The most recent significant event following the reporting period was the agreement and adoption of a plan to split Creotech Instruments and to transfer the quantum systems segment to Creotech Quantum S.A.