Creotech posts PLN 22.9m in sales revenue after a dynamic first nine months of 2024

Creotech Instruments, Poland’s largest space company listed on the Warsaw Stock Exchange, has released its results for Q3 2024, a period marked by dynamic growth and groundbreaking milestones. Throughout these months, the company solidified its leadership in Poland’s space sector and strengthened its role as a key partner for the European Space Agency (ESA) in international projects. In response to rising demand, Creotech has significantly expanded its technological and engineering base, increased production capacity, and invested in the development of critical competencies. The company’s management board believes that the substantial order volume reflects growing interest in Creotech’s offering from leading institutions, but has also posed financial challenges, including pressure on the company’s net income. As a result of intensified R&D activities, sales revenue for the first three quarters of 2024 reached PLN 22.9m, down from PLN 33.2m.

“The first three quarters of this year have been both transformative and extremely demanding,” commented Grzegorz Brona, PhD, President of the Management Board of Creotech Instruments S.A. “Our intensified R&D efforts have led to tangible progress, but have also impacted our financial performance. As expected, we recorded a net loss of PLN 14m over the first nine months, alongside reduced sales revenues—primarily due to lower product sales and decreased grant income. Nevertheless, one of the most significant highlights of the third quarter, both for us and for the entire industry, was the launch of Poland’s most advanced Earth observation satellite under the EagleEye test mission.”

The EagleEye mission, launched in August from Vandenberg Space Force Base, California, represents a historic step forward for Poland’s space industry and attests to Creotech’s ability to deliver advanced projects on a global scale. “Despite challenges posed by interrupted communication, we consider the mission a success at this stage. The successful launch, stable orbit, and the collection of more than half of the anticipated data within just a few days all clearly demonstrate this. Our engineering team is working diligently to restore full communication, which is a standard procedure in such R&D missions,” added Brona.

Creotech also continues to make substantial progress on key R&D projects for ESA. Under the Plasma Observatory mission, the company is focusing on developing radiation-hardened technologies, having been awarded responsibility for phases A and B1 of the contract.

In addition, Creotech is pressing ahead with the PIAST mission, set for 2025, which will involve building and delivering three fully HyperSat-based satellite platforms. The project is being carried out in partnership with the Military University of Technology (WAT), which oversees the initiative.

In November 2024, Creotech signed an agreement with ESA for the “Space Weather Nanosatellites System Enhancement” project, aimed at monitoring how solar wind affects Earth’s atmosphere. Currently in the initial planning stage, the mission is scheduled for 2028 and involves collaboration with leading Polish scientific institutions, including the Space Research Centre of the Polish Academy of Sciences and Wrocław University of Science and Technology.

Looking ahead, Creotech is preparing for full commercialization of its flagship products. The company sees 2024 as a year of groundwork for large-scale market entry, with 2025 poised to be a pivotal execution phase for key projects. By 2026, Creotech aims to achieve profitability and financial stability.

Through the consistent implementation of its strategy and the dedication of its entire team, Creotech is reaffirming its position as a major European space sector player and a model enterprise for other Polish DeepTech companies. Creotech is also making substantial strides in the quantum sector, actively contributing to the development of Poland’s first quantum computer and a large-scale quantum computer for the European Commission. The company is currently building its own laboratory to support R&D in quantum technologies, a field it expects to see critical advancements in 2025.  Sales in the quantum systems segment rose to PLN 7.3m in the first three quarters of 2024, up from PLN 4.9m during the same period in 2023.

As of 30 September 2024, Creotech’s equity stood at PLN 76.8m, lower than at the end of 2023 due to the nine-month net loss.