Creotech Instruments has unveiled its H1 2023 results, posting total revenue of PLN 19.8m, marking a 31% increase year-on-year. Product sales, contributing PLN 11.9m, rose by 30% from the same period in 2022. An EBITDA of PLN -2.7 million was reported, attributable to the company ramping up R&D work on pivotal in-house projects. The company’s cash balance at the end of 31 March 2023 stood at PLN 27.1m, a rise of PLN 1.1m. Throughout H1 2023, Creotech continued efforts aimed at commercializing its proprietary HyperSat microsatellite platform, which received the Defender award at the International Defence Industry Exhibition (MSPO) in Kielce, clinching significant defense contracts both nationally and across Europe. In May, the company signed a contract with the State Treasury’s Armament Agency for phases 0 and A of a feasibility study for an optoelectronic microsatellite constellation. June saw Creotech take the lead of the satellite segment of the EU’s REACTS project, coordinating the efforts of space industry titans, OHB and Airbus.
“We are very pleased with our H1 2023 performance. We improved our revenue in key segments: space and quantum, and our expertise in defense has ushered us into strategic initiatives both nationally and within Europe. Our recent engagements promise further revenue inflow in our future financial reports. Spearheading the satellite segment in the EU’s REACTS project and coordinating the efforts of prominent players like OHB and Airbus strongly elevates our position in the global satellite landscape compared to the year prior. The burgeoning interest from both domestic and international entities, made possible by our proactive approach and a favourable environment, led to the unveiling of a financing strategy for space projects in July this year. Our aspiration is to become the leading provider of microsatellite technologies within the European Union for defense and commercial undertakings. Our ongoing and future initiatives designed to support this plan will be focused on fully leveraging our potential and ensuring the potential projects worth approximately EUR 300m translate into tangible contracts and orders,” Grzegorz Brona, PhD, President of the Management Board (CEO) of Creotech Instruments S.A.
Creotech Instruments’ current development positions it to initiate major projects at the national level, especially catering to public and defense needs. This includes the involvement in phases 0 and A of the State Treasury’s Armament Agency project and the company’s leadership at the European scale, particularly in the REACTS project, where they synchronize efforts of prominent players such as Airbus and OHB.
In July, Creotech Instruments unveiled its strategy to finance space ventures pivoting around their in-house microsatellite platforms. The company’s roadmap to ascend as the leading microsatellite tech provider in the EU in defense and commercial projects revolves around a tri-pronged investment plan: diversifying the product suite, including rescaling the HyperSat platform to 200 kg, bolstering production capabilities, and reinforcing the sales division.
“The growing interest in our offerings is evident. Hence, our objective this year is to expedite the completion of the new manufacturing facility, inclusive of preparing clean rooms and gearing up the entire 2,800 m2 space. Encouraging news is streaming in for the company and the entire Polish space sector at large, which includes the anticipated several-fold surge in Poland’s contribution to ESA during 2023-2025. In accordance with the contribution mechanism of the European Space Agency, a significant portion of this amount is expected to flow back to Poland in the form of projects and orders for national entities, something we are keen on participating in. Over the past decade, we have realized and are actively engaged in over 25 projects in collaboration with ESA, the latest being the JUICE probe, which commenced its voyage towards the Jupiter system in April this year,” Paweł Górnicki, Vice-President of the Management Board in Charge of Finance (CFO) of Creotech Instruments S.A.
HyperSat is the first satellite platform in Poland, developed entirely by Polish engineers. It consists of modules for individual subsystems, allowing for the scalable design and production of satellites weighing from 10 kg to several dozen kilograms. These satellites serve various purposes, including image reconnaissance, telecommunications, and navigation from low Earth orbit. Creotech Instruments has been developing HyperSat since 2017 with the support of experts from the European Space Agency. The platform aligns with European design and construction standards for satellite systems (ECSS). HyperSat will serve as the foundation for the upcoming EagleEye mission scheduled for 2024 and the PIAST mission. The company also plans to leverage this platform in strategic defense initiatives both nationally and within Europe.
Creotech Instruments specializes in satellite systems and advanced electronics, including those used for quantum applications. It is the sole company in Poland capable of constructing microsatellites ranging from 10 kg to several dozen kilograms. A significant milestone for the company is the EagleEye satellite project, which is aimed at Earth observation in the visible spectrum, built on the proprietary HyperSat microsatellite platform. EagleEye is scheduled to be launched into orbit in 2024 aboard SpaceX’s Falcon 9 rocket. Additionally, the company is a collaborator on the PIAST project, through which it intends to launch a constellation of three small observation satellites in 2025, also based on the HyperSat platform.