SATREVPLNot listed — planned NewConnect debut
SatRev S.A.
SatRev designs, builds and operates nanosatellites and sells satellite data and analytics, from optical and radar (SAR) imagery to infrastructure monitoring. Founded in 2016 and based in Wrocław, it serves government agencies and industrial customers in Poland and abroad, including a pipeline-monitoring contract in Oman.
This company is not listed, so it files no exchange reports. This page was put together by hand from the documents under "Sources" and will be replaced by a normal page once it lists. As of 2026-10-13.
Loss-making but growing: revenue reached PLN 8.8 million in 2024 and the loss narrowed to PLN 2.3 million at the operating level. A merger valuation put the company at PLN 136 million, though its cash-flow method alone gave PLN 19 million.
Numbers
PLN thousands
| 2021 | 2022 | 2023 | 2024 | Jan–Apr 2025 | |
|---|---|---|---|---|---|
| Revenue | 1,382 | 739 | 5,180 | 8,802 | 106 |
| Operating result | −8,176 | −34,788 | −3,843 | −2,300 | −3,098 |
| Pre-tax result | −8,509 | −38,076 | −4,295 | −2,745 | −3,490 |
From the valuation report attached to the ECL merger plan (data as of 1 May 2025). The 2025 annual statement was filed in the court register (KRS) in July 2026 and is not yet included. 2022 includes about PLN 28 million of other operating costs (write-offs).
Balance sheet at 1 May 2025: total assets PLN 37.4 million, equity PLN 21.1 million. About PLN 15 million was raised from a share offering in 2024/25.
Merger valuation (1 May 2025)
PLN thousands
| Method | Value | Weight |
|---|---|---|
| Cash-flow valuation (DCF), on management's forecast | 19,234 | 25% |
| Listed space-company multiples | 159,807 | 25% |
| Past share transactions and funding rounds | 182,940 | 50% |
| Weighted value of 100% of equity | 136,230 |
14.17 zł per share (including a control premium), 9.6 million shares
The headline value rests mostly on earlier funding rounds and on how listed peers are priced; the company's own cash-flow forecast supported about PLN 19 million.
Management's revenue forecast used in the valuation: PLN 25.3m (2025), 25.4m (2026), 39.6m (2027), 44.8m (2028), 47.8m (2029).
Key events
- SatRev terminated the term sheet with ECL, ending the merger; it is considering its own NewConnect listing after the regulator's prospectus proceedings were closed. [4]
- SatRev's shareholders approved the merger with ECL (ECL's shareholders had approved it on 17 February). [5]
- Contract worth almost PLN 30 million over two years with ETCO SPACE to monitor more than 4,000 km of gas pipelines in Oman by satellite, for the state operator OQGN. [3]
- Annex to the merger plan: 19.2 million merger shares at 7.09 zł; planned name after the merger Sky Vision S.A. [2]
- Merger plan with ECL S.A. (NewConnect) signed, with an independent valuation of SatRev. [1]
Assessment
An editorial view from the sources; not investment advice.
For
- Revenue has grown since 2023 and the loss has narrowed
- A sizeable foreign contract (Oman, about PLN 15 million a year) in line with the forecast ramp
- Backed by experienced market investors (January Ciszewski, JRH ASI, Imperio ASI)
Against
- Never profitable; revenue is lumpy and depends on a few contracts
- The 2025 forecast (PLN 25 million) looked ambitious after PLN 0.1 million in January–April
- The headline valuation leans on funding-round prices, not cash flow
- A NewConnect listing would most likely come with new shares (dilution)
Sources
- ECL S.A. — merger plan with SatRev, with the valuation report (ESPI 5/2025)
- ECL S.A. — annex to the merger plan (ESPI 8/2025)
- ECL S.A. — SatRev's Oman contract (ESPI 4/2026)
- Bankier.pl — SatRev terminated the term sheet with ECL
- ECL S.A. — SatRev's shareholders approve the merger (ESPI 8/2026)
- KRS court register — SATREV S.A. (KRS 0000635795)
- Wikipedia — SatRevolution