Creotech Instruments reports revenue of over 95 million PLN after the first three quarters of 2025

Creotech Instruments, Poland’s largest manufacturer of satellites, satellite systems and components, listed on the Warsaw Stock Exchange, reported record revenue of approximately PLN 95.1 million for the first nine months of 2025. The increase in revenue was primarily due to progress on the ‘Mikroglob’ and ‘Camila’ projects, as well as the continuation of other contracts.

After the first three quarters of 2025, revenue from product sales and grants amounted to approximately PLN 95.1 million, compared with approximately PLN 23 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 (88.65%) and the quantum systems segment (8.94%) accounted for the largest share of revenue. EBITDA for the period under review amounted to PLN 5.8 million, whilst the Company recorded a net loss of PLN 3.04 million. Cash and cash equivalents at the end of September 2025 stood at PLN 108 million. The structure of the profit and loss account for the first nine months of 2025 reflects the stage at which the Company is already recognising costs arising from scaling up the business to meet the requirements of large contracts in the space sector, whilst the main contract - ‘Mikroglob’ - is still in its early stages of implementation; its financial progress – in terms of both revenue and margins – stands at approximately 14% of its total value.

"The first three quarters of 2025 were a period of dynamic growth and intensive work on key projects for us. Sales revenue amounted to PLN 95.1 million, which represents more than a fourfold increase compared with the same period in 2024. This growth is primarily due to progress on the ‘Mikroglob’ and ‘Camila’ projects. By the end of the third quarter of this year, we had invoiced only around 14 per cent of the ‘Mikroglob’ contract value. The next instalment relating to the implementation of the next phase of the project will be recognised in the results for the fourth quarter of 2025, whilst the entire contract, with a total net value of PLN 452 million, is scheduled to be completed by the end of the first quarter of 2027. Our main areas of activity – space projects and quantum systems – continued to drive revenue growth, and the contracts signed in the third quarter, including addenda to the “Mikroglob” and “Camila” contracts and new projects with ESA and PARP, only serve to confirm the growing interest in our technologies and expertise. At the same time, preparations for the spin-off of the quantum systems segment into Creotech Quantum S.A. and the planned listing of its shares on the Warsaw Stock Exchange open up new prospects for our development. We are confident that the consistent implementation of our projects and our stable financial foundations will enable us to end 2025 in a strong position for further growth."

Grzegorz Brona

President of the Management Board of Creotech Instruments

In the third quarter of this year, the Company signed a number of significant agreements relating both to the implementation of its two largest contracts - ‘Mikroglob’ and ‘Camila’ - and to smaller projects.

On 17 July this year, Creotech Instruments entered into an addendum to the ‘Mikroglob’ contract with the State Treasury, the Armaments Agency, enabling the use of advance payments to finance the purchase of selected components, sub-assemblies and services for the project, whilst reducing the total contract value by a minimal amount of approximately 0.34%. A day later, 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 remuneration of over EUR 3.1 million, of which approximately 30% went directly to Creotech Instruments, with the remainder going to subcontractors.

In August 2025, 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), completed its first commercial sale of an astronomical sCMOS camera to the Teplice Observatory and Planetarium (Czech Republic) worth EUR 196,000, and agreed and adopted a plan for the demerger of Creotech Instruments and the transfer of the quantum systems segment to Creotech Quantum S.A.

On 26 September 2025, Creotech Instruments signed a contract with the Polish Agency for Enterprise Development (PARP) for the implementation of a project entitled ‘Radio Communication System – CERBER’, the aim of which is to increase the Company’s product potential in the space sector with regard to secure communication systems for small satellites. The total net value of the project is approximately PLN 10.46 million, and the value of the grant from PARP is nearly PLN 5.13 million.

Meanwhile, at the end of September, Creotech Quantum S.A. submitted a prospectus to the Polish Financial Supervision Authority (KNF) in connection with the planned spin-off of the Company from Creotech Instruments and the listing of its shares on the regulated market of the Warsaw Stock Exchange (GPW). The spin-off will take place through an offer of split shares and does not involve the Company raising any new funds.

Following the end of the nine-month reporting period for 2025, i.e. 30 September this year, several significant events took place.

In early October, the Company announced that it had received an approved amendment to the contract from the European Space Agency (ESA) for the implementation of the ‘CAMILA’ project. The amendment involved the activation of two additional options provided for in the original tender, thereby increasing the contract value by approximately €7.1 million – to over €59 million, of which €29.1 million is attributable to Creotech Instruments (an increase of over €3.5 million).

Meanwhile, in early November this year, Creotech Instruments signed a contract with the European Space Agency (ESA) for the “Telescope Array Functional Prototype” project, the aim of which is to develop and deliver a prototype of an autonomous, modular observation station for the detection and tracking of Near-Earth Objects (NEOs). The total value of the contract is €1.6 million, of which ESA is contributing €1.28 million. Creotech is the prime contractor for the project, which is expected to take approximately 12 months to complete.