Creotech Instruments reports record Q1 results: nearly fourfold revenue growth year-on-year

Creotech Instruments, a Polish manufacturer of satellites, systems, and components listed on the Warsaw Stock Exchange, reported record financial results for the first quarter of 2025. For the first time since its IPO, the company posted a net profit and positive EBITDA, marking a breakthrough as it crossed the break-even point. Revenue nearly quadrupled year-on-year to PLN 22.3m. During the quarter, the company focused primarily on the execution of Mikroglob – the largest project in the history of Poland’s space sector – under a contract with the State Treasury’s Armament Agency. Creotech also continued efforts to secure further contracts, including the CAMILA project, and progressed on plans to spin off two business divisions.

Revenue for Q1 2025 reached PLN 22.3m, up from PLN 5.8m in the corresponding period of 2024. The main revenue contributors were space projects (84.14%) and quantum systems (10.85%). EBITDA came in at PLN 4.5m, with net profit reaching PLN 1.4m. As at the end of March, the company held cash reserves of PLN 106.04m.

“This was a milestone quarter for Creotech Instruments. We have transitioned from a future-oriented, loss-making organization to one generating recurring revenues and profits. This is not a coincidence, but the result of disciplined strategy execution by our entire team, especially in delivering on the Mikroglob contract for the Polish Armed Forces. The quarter also brought a major success as we secured a nearly EUR 52m contract with the European Space Agency for CAMILA, a national satellite imaging constellation. The impact of this project will be reflected in our future financials. Our Q1 performance is clear evidence that Polish innovation can lead the way in Europe’s space sector,” said Grzegorz Brona, PhD, President of the Management Board (CEO) of Creotech Instruments S.A.

On 20 December 2024, Creotech signed a contract with the State Treasury – Armament Agency for the production and delivery of the Mikroglob Earth Observation Satellite System, covering phases B, C, D and E1, with a gross value of PLN 556.7m (PLN 453m net). In Q1 2025, the company received PLN 21m for completing task B1. In April, after the reporting period, it received an additional PLN 20.5m for completing task B2, thus concluding phase B.

Creotech also continued work on the PIAST project, which aims to design, build, and deploy nanosatellites for optical-electronic image reconnaissance. In 2025, the company plans to launch three additional test satellites based on its proprietary HyperSat platform. The project is coordinated by the Military University of Technology in Warsaw.

In Q1 2025, the company signed several new contracts, including two with the European Space Agency (ESA) in early January. The first is for the Space-Based Observation Mission (SBOM) Feasibility Study, covering the preliminary (0-A) phase of a satellite mission to detect orbital debris. The project is valued at approximately EUR 125,000, of which more than EUR 100,000 is allocated to Creotech. The second contract covers the Starterkit for a base station of a private 5G mmWave network with ultra-precise time synchronization. The aim is to verify ultra-precise time and frequency synchronization for 5G mmWave components and test its integration with 5G Non-Terrestrial Network (NTN) infrastructure. The solution is being developed as part of the company’s quantum systems work. The project is worth approximately EUR 600,000, with around EUR 480,000 funded by ESA. The remainder comes from project partners in the form of in-kind technological contributions. Creotech is the lead contractor, responsible for 50% of both the total value and the ESA funding. During the quarter, the company also commenced work on the DTMTool project in the area of unmanned aerial systems, where it acts as one of the contractors.

Q1 2025 also saw Creotech complete its Series K share issue, raising PLN 74.4m. As of 31 March 2025, the related share capital increase had not yet been formally registered.

Creotech also prepared for an internal reorganization involving the spin-off of two business units: quantum systems and drone/satellite data processing. Following the reporting period, two new subsidiaries were registered: Creotech Quantum S.A., to be led by Dr Anna Kamińska, Director of the Quantum Systems Division, and Creotech Geo S.A., to be headed by Jacek Kosiec, former Vice President of the Management Board of Creotech Instruments.

Following the close of Q1, on 29 June 2025, the Supervisory Board appointed a new Management Board for a three-year term. Grzegorz Brona, PhD, remains President (CEO), with Paweł Górnicki continuing as Vice President in charge of Finance (CFO). Two new members, Maciej Misiura and Jacek Mandas, joined the Board. Jacek Kosiec will now focus on developing Creotech Geo.

In Q1 2025, Creotech also signed three Memoranda of Understanding (MoUs). The first is with Unibap AB, a Swedish producer of onboard computers and cloud solutions for the space sector, to develop a satellite constellation for select US clients. The second is with Odysseus Space SA, a Luxembourg-based company specializing in laser communications between space and Earth, while the third is with 4iG Space and Defence Technologies, a Hungarian enterprise in the space and defense sector, aimed at strengthening cooperation and competitiveness across the Central and Eastern European space industry.