Professional Polish Investment Research - Expert Analysis for Foreign Investors

Creotech Quantum S.A.

CRQ.WA Technology
quantum-technologies qkd scientific-instrumentation
0.0M LTM Revenue (PLN)
N/A Revenue Growth (YoY)
1,297 PLN m Market Cap
N/A P/E (LTM)
N/A EV/EBITDA (LTM)

Company Overview

Creotech Quantum S.A. is a Polish deep-tech company focused on advanced electronics and complete technology systems for quantum technologies and demanding scientific and industrial applications. The company develops quantum key distribution systems, control and measurement systems for quantum and laboratory infrastructure, White Rabbit precise time-synchronization systems, MTCA systems, Sinara ecosystem solutions, and advanced cameras for astronomy and research laboratories.

Business Segments

  • Quantum Key Distribution (QKD) Systems – secure communication systems for terrestrial and space-related applications
  • Sinara Ecosystem / ARTIQ – control systems for quantum processors and laboratory infrastructure
  • MTCA Systems – modular control and measurement electronics for scientific and industrial applications
  • White Rabbit – precise time-synchronization systems for applications requiring ultra-accurate timing
  • Advanced Cameras with sCMOS Sensors – cameras for astronomy, laboratories, and advanced research applications

Key Drivers

  • European and national funding for quantum technologies and secure communication infrastructure
  • Growing demand for quantum-safe communication in government, defense, telecom, finance, and critical infrastructure
  • Commercialization of QKD systems and industrial-grade time-synchronization solutions
  • Participation in European initiatives such as Quantum Flagship and EuroQCI
  • Expansion of relationships with scientific and industrial partners such as CERN, ESA, DESY, and GSI

Key Risks

  • Early-stage commercialization risk in quantum technologies
  • Dependence on public grants, European programs, and research-driven demand
  • Long and uncertain sales cycles in scientific, government, defense, and critical infrastructure markets
  • Technology execution risk in QKD, quantum-control electronics, and advanced timing systems
  • Competition from larger international quantum, photonics, telecom, and scientific-instrumentation companies

What to Watch

  • New contracts for QKD, White Rabbit, MTCA, Sinara, and scientific camera systems
  • Progress in EuroQCI, Quantum Flagship, and other European quantum infrastructure programs
  • Evidence of recurring or repeat commercial orders beyond R&D projects
  • Grant funding, strategic partnerships, and customer diversification
  • Revenue growth and margin profile after the spin-off as a standalone public company

Foundational Analysis

Foundational Analysis v1.0 Last updated: 2026-04-25

Business Model

Creotech Quantum generates revenue from the design, manufacture, integration, and delivery of advanced electronics and complete technology systems for quantum, scientific, industrial, and critical-infrastructure applications. The model is likely project-driven at the current stage, with potential future scalability from repeatable product lines such as QKD systems, White Rabbit timing equipment, MTCA systems, Sinara-based control electronics, and advanced scientific cameras.

Competitive Positioning

Specialized European deep-tech company with credibility from projects and relationships in the scientific and institutional ecosystem. Its position is supported by experience with CERN, ESA, DESY, GSI, Quantum Flagship, and EuroQCI-related initiatives. The key challenge is converting technical credibility and R&D references into scalable commercial revenue.

Economics & Capital Allocation

Deep-tech hardware and systems business with meaningful engineering intensity, R&D requirements, and project execution risk. Near-term profitability may depend on contract mix, grant funding, and the ability to move from bespoke projects toward repeatable product sales. Financial metrics should be validated once standalone post-spin-off reporting history becomes available.

Capital allocation is expected to focus on R&D, product commercialization, engineering capacity, certifications, and access to grant-funded programs. As a newly separated company, external financing and grant eligibility may be important for accelerating development and commercialization.

Long-term Risks

Long-term risks include slow adoption of quantum technologies, delays in public quantum infrastructure programs, loss of technological relevance, inability to scale beyond research customers, dependence on specialized engineering talent, and competitive pressure from larger international quantum and instrumentation players.

What Would Break the Thesis

  • Failure to commercialize QKD or quantum-control systems beyond R&D projects
  • Material reduction or delay in European quantum infrastructure funding
  • Loss of key scientific or institutional customers and partners
  • Persistent inability to generate standalone revenue growth after the spin-off

Contracts Intelligence

Currency Note: All amounts in PLN. Foreign currency contracts converted at announcement date rates.

Contract 2026 Q2 2026 Q3 2026 Q4 2027 Q1 2027 Q2 Total
Total Revenue per Quarter - - - - - -
Cooperation and Confidentiality Agreement for Joint Development and Commercialisation of FaceCOV ActiveSCAN Smart_Border_4.0 QUANTUM
View Source 2026-05-15 - 2027-05-15
- - - - - -

AI-Generated Revenue Allocation: Revenue allocations follow IFRS 15 principles with AI-derived timing assumptions. Verify with official financial statements.

Financial Performance

Quarterly Data

Click a metric row to chart it below. Click a second row to overlay it on a dual axis; click a selected row again to remove it.

Metric 2026Q1
Income Statement Revenue (Quarterly) 0
Income Statement Gross Profit (Quarterly) -45.0K
Income Statement EBITDA (Quarterly) -43.0K
Income Statement EBIT (Quarterly) -45.0K
Income Statement Net Income (Quarterly) -44.0K
Costs Selling & Distribution Costs 0
Costs Administrative Expenses 0
Costs Administrative Expenses (LTM) -
Cash Flow Operating Cash Flow -51.0K
Cash Flow Capital Expenditure 0
Cash Flow Free Cash Flow -51.0K
Cash Flow Depreciation & Amortization 2.0K
LTM Metrics Revenue (LTM) -
LTM Metrics EBITDA (LTM) -
LTM Metrics Net Income (LTM) -
LTM Metrics Net Profit Attributable (LTM) -
LTM Metrics Operating Cash Flow (LTM) -
Profitability Gross Margin -
Profitability EBITDA Margin -
Profitability EBIT Margin -
Profitability Net Margin -
Profitability ROIC -30.4%
Profitability Cash Conversion 116.0%
Balance Sheet Current Assets 225.0K
Balance Sheet Current Liabilities 211.0K
Balance Sheet Inventories 0
Balance Sheet Trade Receivables 171.0K
Balance Sheet Trade Payables 38.0K
Balance Sheet Total Equity 36.0K
Balance Sheet Total Debt 153.0K
Balance Sheet Cash & Equivalents 54.0K
Balance Sheet Invested Capital 135.0K
Balance Sheet Net Working Capital 133.0K
Ratios Current Ratio 1.07
Ratios Net Working Capital to Revenue -
Ratios Administrative Expenses as % of Revenue -
Ratios Days Inventory Outstanding (DIO) -
Ratios Days Sales Outstanding (DSO) -
Ratios Days Payables Outstanding (DPO) -
Ratios Cash Conversion Cycle (days) -

Revenue (Quarterly) - Visual Analysis

Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Quarter-over-Quarter Year-over-Year

Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.

Recent News & Developments

Sentiment Analysis (Last 6 Months)
Positive 79%
Neutral 16%
Negative 5%

Based on 19 articles

2026-07-03
ESPI neutral

Creotech Quantum S.A. Announces Extraordinary General Meeting to Address Capital Reduction and Share Buyback

Creotech Quantum S.A., a leading Polish company specializing in quantum technologies and advanced engineering solutions, has announced an Extraordinary General Meeting (EGM) scheduled for July 31, 2026, at its headquarters in Warsaw. The meeting will address critical corporate matters, including the reduction of share capital, the creation of a reserve fund, and amendments to the company's statute. The agenda includes the approval of the buyback and cancellation of 1.5 million Series A shares, which were acquired from Creotech Instruments S.A. as part of a corporate restructuring plan initiated in 2025.

The proposed capital reduction will decrease the company's share capital from PLN 470,434.70 to PLN 320,434.70, aligning with the nominal value of the remaining shares post-cancellation. The creation of a reserve fund is intended to cover potential future losses. The company has also outlined procedures for shareholder participation, including voting by proxy and the submission of proposals for agenda items and resolutions.

Creotech Quantum S.A. has made all relevant documentation, including draft resolutions and procedural guidelines, available on its official website.

Relevance to Creotech Quantum S.A.: The EGM reflects Creotech Quantum's strategic focus on optimizing its corporate structure and financial stability, aligning with its mission to advance foundational technologies for the quantum economy.

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2026-07-02
ESPI positive

Creotech Quantum S.A. Shares Approved for Trading on Warsaw Stock Exchange Main Market

Warsaw, July 2, 2026 – Creotech Quantum S.A., a leading Polish innovator in quantum technologies and advanced engineering solutions, has announced a significant milestone in its corporate journey. The Management Board of the Warsaw Stock Exchange (GPW) has approved the introduction of 350,000 Series D ordinary bearer shares of Creotech Quantum S.A. for trading on the main market. The last day of trading rights to these shares (PDA) is set for July 3, 2026, with the shares officially entering the market on July 6, 2026, contingent upon their registration and assignment of ISIN code PLCTHQM00018 by the National Depository for Securities (KDPW).

This development marks a pivotal step for Creotech Quantum S.A., enhancing its visibility and accessibility to investors while reinforcing its position as a key player in the quantum economy. The company specializes in cutting-edge technologies such as quantum processor control systems, secure quantum communication solutions, and advanced scientific instruments, including sCMOS cameras and Quantum Key Distribution systems.

Relevance: The listing of Creotech Quantum S.A.'s shares on the Warsaw Stock Exchange aligns with its strategic goals of expanding its presence in the global quantum economy and attracting investment to support its innovative projects and technologies.

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2026-07-01
ESPI positive

Creotech Quantum S.A. Registers Series D Shares for Trading on Warsaw Stock Exchange

Warsaw-based Creotech Quantum S.A. has announced the registration of 350,000 Series D ordinary bearer shares with the National Depository for Securities (KDPW) under the ISIN code PLCTHQM00018. The registration is contingent upon the introduction of these shares to trading on the regulated market operated by the Warsaw Stock Exchange (WSE), where the company's other shares under the same ISIN code are already listed. The shares will be registered within three days of KDPW receiving the decision to admit them to trading, with the effective date specified in the decision.

This development marks another milestone for Creotech Quantum S.A., reinforcing its commitment to expanding its presence in the financial markets and supporting its innovative contributions to the quantum economy.

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2026-06-29
ESPI positive

Creotech Quantum S.A. Successfully Completes Testing of Quantum Key Distribution System on Fiber Optic Infrastructure

Warsaw-based Creotech Quantum S.A. has announced the successful completion of tests for its Quantum Key Distribution (QKD) system on the fiber optic infrastructure of the Poznań Supercomputing and Networking Center. The QKD system, developed as part of the European Commission-backed eCAUSIS project, demonstrated stable performance on fiber links with attenuation up to 26 dB, achieving a secret key rate (SKR) of 1 kbps and a quantum bit error rate (QBER) of approximately 4%. These results align with the system's design specifications and pave the way for further optimization.

The tests were conducted in an environment representative of public telecommunications networks, marking a critical step in validating the QKD system before its planned commercial launch later in 2026. The company will now proceed with final testing to meet the standards of target markets, with results to be disclosed in future reports.

Relevance: This milestone underscores Creotech Quantum S.A.'s commitment to advancing secure quantum communication technologies, a key component of its mission to develop foundational technologies for the quantum economy.

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2026-06-26
ESPI positive

Creotech Quantum S.A. Announces Capital Increase and Statute Amendments

Warsaw-based Creotech Quantum S.A., a leader in quantum technology solutions, has officially registered amendments to its company statute following a capital increase. The changes, approved by the Regional Court for Warsaw on June 25, 2026, include the issuance of 350,000 Series D bearer shares, raising the company’s share capital to PLN 470,434.70. The Series D shares were issued under a resolution passed on May 8, 2026, which excluded preemptive rights for existing shareholders and aimed to introduce the new shares to the regulated market operated by the Warsaw Stock Exchange.

The updated statute now specifies the division of shares into three series: 1.5 million Series A registered shares, 2.85 million Series B bearer shares, and 350,000 Series D bearer shares. The Series D shares were fully covered by cash contributions, while Series B shares were funded through assets transferred from Creotech Instruments S.A. during its division. The total number of voting rights from issued shares stands at 4,704,347, with 1.5 million Series A shares earmarked for redemption.

The remaining target capital available for issuance amounts to PLN 77,500. This strategic move aligns with Creotech Quantum’s mission to expand its presence in the quantum economy and secure funding for its innovative projects.

Relevance: This development underscores Creotech Quantum S.A.’s commitment to scaling its operations and advancing its quantum technology portfolio, which includes solutions like Sinara/ARTIQ, MTCA systems, and Quantum Key Distribution (QKD). The capital increase supports the company’s growth in the rapidly evolving quantum infrastructure sector.

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2026-06-10
Biznes PAP positive

Creotech Instruments and Thorium Space Forge Strategic Partnership to Advance Satellite Telecommunications

Creotech Instruments S.A. and Thorium Space have announced a strategic partnership aimed at developing advanced satellite telecommunications solutions, including systems for Low-Earth Orbit (LEO). The collaboration, formalized in June, focuses on creating integrated technologies for commercial, institutional, and defense sectors, with a long-term goal of enhancing European technological independence.

Creotech Instruments, known for its expertise in satellite platforms, plans to diversify its market presence by expanding into telecommunications. The company aims to deliver heavier satellites equipped with telecommunication payloads, aligning with Poland's investment in the European IRIS2 secure satellite communication constellation. Thorium Space will contribute its satellite communication technologies and payloads, which will be integrated with Creotech's HyperSat platform.

The partnership includes joint development of technologies, knowledge exchange, and potential collaboration on future European Space Agency initiatives. Both companies are already working on initial projects, with plans to deliver operational satellite missions for commercial and governmental applications in the coming years.

Creotech Instruments CEO Grzegorz Brona emphasized the strategic importance of entering the telecommunications sector, citing its significant growth potential in Europe and Poland. Thorium Space CEO Piotr Mierzejewski highlighted the mutual benefits of the partnership, which aims to accelerate the development of innovative satellite solutions.

Creotech Quantum S.A.'s relevance to this partnership lies in its foundational expertise in advanced engineering solutions, which are critical for developing secure and reliable quantum communication systems and satellite technologies.

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2026-06-10
Biznes PAP positive

Polish Government and Industry Leaders Discuss Local Content Strategy to Strengthen Domestic Economy

In a recent debate organized by PAP Biznes titled “Local Content – How to Build a Domestic Value Chain,” key figures from the Polish government and leading companies discussed strategies to enhance local content in procurement and investment processes. The initiative aims to prioritize Polish competencies, services, and products to bolster the national economy and ensure security in critical sectors such as energy and infrastructure.

Eliza Zeidler, Deputy Minister of State Assets, emphasized the long-term nature of implementing local content strategies, highlighting the importance of collaboration between government and corporate entities. The Ministry of State Assets is finalizing a code of good practices to guide state-owned companies in adopting local content principles.

Industry leaders, including representatives from PGE, Orlen, Tauron Dystrybucja, and Apator, shared insights on challenges and opportunities in integrating local suppliers into their value chains. They stressed the need for stable legislative frameworks, strategic partnerships, and innovative procurement practices to achieve meaningful results. Additionally, concerns were raised about unfair competition from subsidized foreign entities and the importance of verifying the origin and security of technologies used in critical infrastructure.

The Central Statistical Office (GUS) announced plans to launch a pilot program to measure the impact of local content on the economy, focusing on sectors like energy. This initiative aims to develop a comprehensive system for monitoring local content contributions to economic growth and security.

Participants agreed that fostering local content requires a shift in mindset, long-term commitment, and proactive engagement with domestic suppliers to build resilient and secure supply chains.

Relevance to Creotech Quantum S.A.: The discussion aligns with Creotech Quantum S.A.'s focus on critical infrastructure and secure quantum communication technologies, emphasizing the importance of local expertise and innovation in building resilient and secure systems for the quantum economy.

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2026-06-02
ESPI negative

Creotech Quantum S.A. Loses Tender for Quantum Communication Infrastructure Development

In a recent tender for the development of advanced quantum communication infrastructure, Creotech Quantum S.A., a leading Polish company specializing in quantum technologies, was outbid by a competing firm. The tender, which focused on implementing secure quantum communication systems, was awarded to a competitor offering the lowest bid. Creotech Quantum S.A.'s proposal, while technologically robust and aligned with the latest advancements in quantum key distribution (QKD) systems, was ultimately deemed less competitive due to its higher financial offer.

The winning bid, submitted by a rival company, was reportedly lower than Creotech Quantum S.A.'s offer, despite the latter's extensive expertise in delivering cutting-edge solutions such as the Sinara/ARTIQ ecosystem, MTCA systems, and White Rabbit synchronization technology. This marks a setback for Creotech Quantum S.A., which has been at the forefront of developing foundational technologies for the quantum economy.

This development is particularly relevant to Creotech Quantum S.A.'s business profile, as it underscores the competitive nature of the quantum technology sector and the challenges faced by even the most innovative companies in securing key projects. The outcome highlights the importance of balancing technological excellence with cost competitiveness in the rapidly evolving quantum industry.

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2026-05-29
ESPI positive

Creotech Quantum S.A. Secures Approval for Series D Shares on Warsaw Stock Exchange

Warsaw-based Creotech Quantum S.A., a leading innovator in quantum technologies and advanced engineering solutions, has announced that the Management Board of the Warsaw Stock Exchange (GPW) has approved the admission and introduction of the company’s Series D ordinary bearer shares to trading on the main market. The decision, formalized under Resolution No. 759/2026, allows for the registration of 350,000 Series D shares in the securities depository managed by Krajowy Depozyt Papierów Wartościowych (KDPW). The shares are set to commence trading on June 3, 2026, contingent upon their registration and assignment of the ISIN code PLCTHQM00034 by KDPW by the same date.

This development marks a significant milestone for Creotech Quantum S.A., as it continues to expand its presence in the global quantum economy. The company specializes in cutting-edge technologies, including quantum processor control systems, ultra-precise time synchronization solutions, and quantum communication security systems, positioning itself as a key player in the rapidly evolving quantum technology sector.

Relevance: The listing of Series D shares on the Warsaw Stock Exchange aligns with Creotech Quantum S.A.'s strategic growth objectives, providing the company with enhanced access to capital markets to further its advancements in quantum infrastructure and secure communication technologies.

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2026-05-29
ESPI positive

Creotech Quantum S.A. Raises PLN 81.2 Million in Series D Private Share Offering

Warsaw-based Creotech Quantum S.A., a leading innovator in quantum technologies and advanced engineering solutions, has successfully completed a private subscription offering of Series D ordinary bearer shares. The offering, conducted between May 15 and May 22, 2026, resulted in the issuance of 350,000 shares at an issue price of PLN 232 per share, raising a total of PLN 81.2 million.

The subscription was carried out under the company’s authorized capital increase, as approved by resolutions passed on May 8 and May 14, 2026. A total of 61 investors participated in the offering, with all 350,000 shares being fully subscribed and paid for in cash. The company has yet to disclose the final costs associated with the issuance, which will be detailed in a subsequent report.

The newly issued shares are set to be listed on the Warsaw Stock Exchange, further solidifying Creotech Quantum S.A.’s position in the market as it continues to develop cutting-edge technologies for the quantum economy, including quantum communication, processor control systems, and advanced measurement instruments.

Relevance to Creotech Quantum S.A.: This capital increase aligns with Creotech Quantum S.A.’s mission to expand its capabilities in delivering foundational technologies for the quantum infrastructure sector, supporting its growth and innovation in the global quantum economy.

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2026 EPS Estimates

No EPS estimates available for this company yet.

Key Metrics

Company-specific performance indicators tailored to Creotech Quantum S.A.'s business model.

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Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.

Periodic Report Publication Calendar

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