The deep tech company Creotech Instruments has had some very busy months, with a strategy requiring a consistent increase in spending on space and quantum projects, a policy reflected in its most recent financial results. After the first three quarters of this year, the company’s revenues totaled PLN 24.5m, i.e. were stable relative to the corresponding period of last year (PLN 28.8m). Net revenues from sales between January and September 2022 stood at almost PLN 15m. At the same time, in Q3 alone, the company generated net revenues from sales of over PLN 4.7m. The last few months have also seen a number of successful processes. In July, the company transferred its share listing to the Warsaw Stock Exchange’s (WSE) Main Market, a move preceded by a successful public offering worth almost PLN 40m. The proceeds will primarily be allocated to finance strategic R&D projects.
“The strong acceleration of R&D efforts, the expansion of our Business Development unit and the inflation-driven increase in costs, manifested primarily by upward pressure on wages, led us to post a loss this year. At the same time, we are seeing growing interest in our strategic products, primarily the HyperSat microsatellite platform, which makes us all the more confident that we are pursuing the right course. To succeed in this market, you have to stay ahead of the competition, hence the substantial R&D spending. In recent months, we have also signed several major contracts that will take us to the next level in the quantum segment,” says Maciej Kielek, Vice-President of the Management Board of Creotech Instruments in charge of Finance (CFO). “We have a concrete action plan. We hope that enhancing our satellite sales capacity will position us to scale up our business rapidly. We are also aiming to expand our presence in foreign markets,” adds Maciej Kielek.
Creotech Instruments has been consistently implementing its growth plan. One of the company’s key milestones for 2022 was the transfer of its share listing from NewConnect to the WSE’s regulated market. The company joined the ranks of companies listed on the main trading floor in July 2022. Previously, Creotech successfully raised almost PLN 40m as part of its public offering. The proceeds will intensify research efforts related to ongoing projects, primarily in the space and quantum segments. Recent quarters have been extremely productive in this regard.
In 2022, the Poland-based company was selected to join two consortia working on groundbreaking quantum computing projects. One is tasked with the creation of the first large quantum computer for the European Commission. The other seeks to build Poland’s quantum computer in the HPC infrastructure of the Poznań Supercomputing and Networking Center affiliated with the Institute of Bioorganic Chemistry of the Polish Academy of Sciences.
Since the company is also actively pursuing space projects, Creotech Instruments also plans to launch its EagleEye satellite, based on the proprietary HyperSat microsatellite platform, into the Earth’s orbit.
“We have already secured a rocket to launch the satellite into orbit. It will most likely be SpaceX’s Falcon 9 rocket. EagleEye is scheduled to launch in late 2023/early 2024. At the moment, everything is going according to plan. If needed, we also have a second launch window in Q1 2024,” says Grzegorz Brona, President of the Management Board of Creotech Instruments S.A. “The next step will involve finalizing an observation satellite project for the defense sector, which we are delivering as part of PIAST (Polish ImAging SaTellites), a key commercial project of ours,” he adds.