HawkEye 360 Announces First Quarter 2026 Financial Results
Record revenue of $49.8 million, up 116.5% year-over-year
Backlog of $285.0 million as of March 31, 2026
Raised approximately $435.9 million of net proceeds with the successful completion of an initial public offering in May 2026
HERNDON, VA., – June 22, 2026 – HawkEye 360, Inc. (NYSE: HAWK), the global leader in signals intelligence data and analytics, today announced its financial results for the quarter ended March 31, 2026.
“2026 is off to an exceptional start as we continue to scale HawkEye 360’s global signals intelligence platform to meet rapidly escalating demand across domestic and allied international customers. Our first quarter results included record revenue, reflecting the strength of our business model, diligent financial management, expanding capabilities and increasing adoption of our space-based RF intelligence solutions worldwide particularly in areas of geopolitical tension where high quality signals intelligence is exceptionally valuable,” said Chief Executive Officer John Serafini.
Mr. Serafini continued, “We are continuing to expand our international presence, highlighted by several international contract wins so far in 2026 totaling over $100 million. Additionally, we successfully launched 6 satellites across Clusters 13 and 14 - putting substantial new collection capacity and capabilities on orbit. We also completed our initial public offering, providing substantial financial flexibility to support future growth. With a backlog of $285 million and strong demand globally, HawkEye 360 is well positioned to capitalize on the growing importance of RF intelligence and electronic warfare capabilities in today’s evolving global security environment, while driving increasing profitability and long-term shareholder value.”
First Quarter 2026 Financial Highlights:
•Achieved record revenue of $49.8 million, up 116.5% compared to the prior-year period of $23.0 million
•Achieved record international revenue of $20.9 million, up 156.8% compared to the prior-year period of $8.1 million
•Recorded a net loss of $(9.0) million, compared to net loss of $(1.6) million in the prior year period
•Realized record adjusted EBITDA, a non-GAAP metric, of $7.4 million, up 92.1% compared to the prior-year period of $3.8 million
•Recognized net cash used in operating activities of $(3.2) million and free cash flow, a non-GAAP metric, of $(7.3) million, compared to $(7.5) million and $(10.7) million, respectively, in the prior year
•Confirmed backlog of $285.0 million at quarter end, compared to $302.7 million at 2025 year-end
•Completed an initial public offering of 18.4 million shares of common stock, inclusive of the exercise in full of the underwriters’ option to purchase 2.4 million additional shares, at a public offering price of $26.00 per share, generating net proceeds of $435.9 million
First Quarter 2026 & Recent Business Highlights:
•Announced selection by a European Ministry of Defense for an electronic warfare program valued at up to $75 million, providing a subscription to HawkEye’s Air Defense and GPS Interference Monitoring services to support sovereign defense planning and regional operational awareness
•Launched and successfully established initial communications with the Company’s Cluster 13 satellite trio aboard SpaceX’s Falcon 9 Twilight rideshare mission, enhancing HawkEye 360’s space-based signals intelligence capabilities with advanced RF detection, upgraded onboard processing and expanded waveform-collection capacity to support global defense and government missions
•Launched and successfully established initial contact with the Company’s Cluster 14 satellites aboard SpaceX’s Transporter-16 mission, further expanding HawkEye 360’s space-based signals intelligence constellation with enhanced onboard processing capabilities to support growing defense, maritime and national security customer missions worldwide
•Announced over $100 million in new international contract awards in 2026
•Entered into a new $125 million revolving credit facility maturing in May 2031, enhancing liquidity and financial flexibility to support continued investment in the Company’s space-based RF data and analytics platform, constellation expansion, product innovation and broader strategic growth initiatives
The Company will host its inaugural earnings call alongside its second quarter 2026 results and provide its 2026 financial outlook at that time.
About HawkEye 360
HawkEye 360 is equipping defense, intelligence and national security leaders with mission-critical signals intelligence to enable faster, better decision-making. By detecting, geolocating and characterizing radio-frequency emissions worldwide, HawkEye 360 delivers trusted domain awareness and early-warning indicators to the US Government and allied partners. Our space-based collection, proprietary signal processing and AI-powered analytics transform knowledge of RF spectrum into a strategic advantage. HawkEye 360 is redefining how signals intelligence strengthens national and global security.
Non-GAAP Financial Measures
In addition to the financial information prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company reports Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation, and amortization, further adjusted to remove the impact of stock-based compensation, acquisition-related costs, offering-related costs, settlements, and change in fair value of warrant liabilities. The Company defines Free Cash Flow as net cash used in operating activities less purchases of satellites, property, and equipment.
The Company uses Adjusted EBITDA and Free Cash Flow in conjunction with other GAAP measures to evaluate the effectiveness of its business strategies, make strategic decisions, and communicate with its board of directors and investors concerning its financial performance. The Company uses these non-GAAP financial measures to assess its financial performance because they allow the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and capital expenditures) and other items (such as non-recurring or non-cash costs) that impact the comparability of financial results from period to period.
The Company believes that the presentation of these non-GAAP financial measures will provide useful information to investors and analysts in assessing its financial performance and results of operations across reporting periods by excluding items it does not believe are indicative of its core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Net cash used in operating activities is the U.S. GAAP measure most directly comparable to Free Cash Flow. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings “Reconciliation of Net Loss to Adjusted EBITDA” and “Reconciliation of Net Cash Used In Operating Activities to Free Cash Flow.” The Company’s non-GAAP financial measures should not be considered as an alternative to the most directly comparable U.S. GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis.
In evaluating Adjusted EBITDA and Free Cash Flow, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company’s presentation of these non-GAAP financial measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. The Company may modify the presentation of Adjusted EBITDA and Free Cash Flow in the future, and any such modification may be material. Adjusted EBITDA and Free Cash Flow have important limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of its operating results as reported under U.S. GAAP. Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in its industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.
Other Key Metric
Backlog is a key measure of our business. Our backlog supports predictable revenue expansion through a recurring model, enabling forward revenue visibility. Management uses backlog to more effectively forecast the Company’s future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company’s future results and understanding the growth of its business.
Our backlog represents the portion of legally binding contracts that are expected to result in future revenue. Backlog may also include change orders for any contracts that have been formally contracted. This includes firm contracts that contain remaining performance obligations, including the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty. Backlog also can include up to the remaining ceiling on single award IDIQ contracts where no task orders have been issued. Backlog excludes the value of unexercised options to extend contracts, the value of multi-award IDIQ contracts, and the value of any contracts, or a portion thereof, where management deems execution to be unlikely to result in revenue due to customer-specific or other factors.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding the Company’s liquidity and financial flexibility, the Company’s expanding international presence, the Company continuing to scale the business and growing customer demand, are forward-looking statements and represent the Company’s views as of the date of this press release. The words “will,” “expects,” “plans,” “could,” “would,” “believes,” “anticipates,” “intends,” “may,” “continue,” “estimate,” or similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control that could affect its financial results. These risks and uncertainties are detailed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q filed with the SEC on June 18, 2026 and other filings that the Company makes from time to time with the SEC, which are available on the SEC’s website at sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, the Company is under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
HawkEye 360, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share and share amounts)
| | | | | | | | | | | |
| As of March 31, 2026 | | As of December 31, 2025 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 106,108 | | | $ | 92,686 | |
| Contract accounts receivable | 38,238 | | | 32,320 | |
| Contract accounts receivable from related parties | 5 | | | 20,969 | |
| Other accounts receivable | 171 | | | 21 | |
| Inventory | 3,660 | | | 4,025 | |
| Contract assets | 7,770 | | | 4,639 | |
| Contract assets from related parties | 4,590 | | | 4,748 | |
| Prepaid expenses and other current assets | 11,296 | | | 9,183 | |
| Total current assets | 171,838 | | | 168,591 | |
| Long-term assets: | | | |
| Satellites, property and equipment, net | 109,073 | | | 110,873 | |
| Intangibles, net | 34,115 | | | 35,973 | |
| Goodwill | 116,866 | | | 116,866 | |
| Operating lease - right-of-use-assets | 14,461 | | | 15,403 | |
| Deposits | 37,870 | | | 35,932 | |
| Restricted cash | 4,587 | | | 4,587 | |
| Other long-term assets | 1,658 | | | 1,715 | |
| Total long-term assets | 318,630 | | | 321,349 | |
| Total assets | $ | 490,468 | | | $ | 489,940 | |
| Liabilities, mezzanine equity and stockholders’ deficit | | | |
| Current liabilities: | | | |
| Accounts payable | 5,729 | | | 18,486 | |
| Accrued expenses and other current liabilities | 11,658 | | | 5,017 | |
| Accrued compensation payable | 2,331 | | | 10,511 | |
| Contract liabilities | 1,652 | | | 3,262 | |
| Current tax payable | 220 | | | 0.00 |
| Current portion of operating lease liabilities | 3,453 | | | 3,437 | |
| Total current liabilities | 25,043 | | | 40,713 | |
| Long-term liabilities: | | | |
| Long-term debt, net of unamortized debt issuance cost | 46,562 | | | 46,315 | |
| Long term contract liabilities | 19,892 | | | 19,892 | |
| Other liabilities | 24,429 | | | 23,800 | |
| Deferred tax liabilities | 820 | | | 977 | |
| | | | | | | | | | | |
| Warrant liabilities | 5,718 | | | 4,267 | |
| Operating lease liabilities, net of current portion | 11,899 | | | 12,893 | |
| Total long-term liabilities | 109,320 | | | 108,144 | |
| Total liabilities | $ | 134,363 | | | $ | 148,857 | |
| Commitment and contingencies – Note 15 | | | |
| Mezzanine equity: | | | |
Redeemable, convertible preferred stock Series A – $0.0001 par value, 24,947,154 shares authorized and outstanding 24,947,154 shares issued and outstanding for all periods presented | $ | 34,174 | | | $ | 34,174 | |
Redeemable, convertible preferred stock Series B – $0.0001 par value, 11,574,841 shares authorized and outstanding 11,574,841 shares issued and outstanding for all periods presented | 66,442 | | | 66,442 | |
Redeemable, convertible preferred stock Series C – $0.0001 par value, 6,960,439 shares authorized and outstanding 6,960,439 shares issued and outstanding for all periods presented | 48,761 | | | 48,761 | |
Redeemable, convertible preferred stock Series D – $0.0001 par value, 12,857,720 shares authorized and outstanding 12,857,720 shares issued and outstanding for all periods presented | 136,715 | | | 136,715 | |
Redeemable, convertible preferred stock Series D-1 –$0.0001 par value, 6,085,161 shares authorized and outstanding 6,085,161 shares issued and outstanding for all periods presented | 58,894 | | | 58,894 | |
Redeemable, convertible preferred stock Series E – $.0001 par value, 14,578,457 shares authorized and 5,567,364 shares issued and outstanding as of March 31, 2026 and 14,578,457 shares authorized and 5,567,364 shares issued and outstanding as of December 31, 2025. | 120,668 | | | 102,600 | |
| Total mezzanine equity | $ | 465,654 | | | $ | 447,586 | |
| Stockholders’ deficit: | | | |
Common stock - $.0001 par value, 111,000,000 shares authorized and 5,590,142 shares issued and outstanding as of March 31, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding as of December 31, 2025. | $ | 2 | | | $ | 2 | |
| Additional paid-in-capital | 45,279 | | | 39,336 | |
Accumulated deficit | (154,830) | | | (145,841) | |
| Total stockholders' deficit | (109,549) | | | (106,503) | |
| Total liabilities, mezzanine equity, and stockholders’ deficit | $ | 490,468 | | | $ | 489,940 | |
HawkEye 360, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share and share amounts)
| | | | | | | | | | | |
| For the three months ended |
| March 31,
2026 | | March 31,
2025 |
Revenue | $ | 44,941 | | | $ | 17,885 | |
Revenue from related parties | 4,857 | | | 5,117 | |
Total revenue | 49,798 | | | 23,002 | |
Operating expenses: | | | |
Direct cost of sales, excluding depreciation and amortization | 16,080 | | | 4,871 | |
Indirect cost of sales and other expenses, excluding depreciation and amortization | 4,340 | | | 348 | |
Selling, general and administrative | 18,111 | | | 7,935 | |
Research and development | 9,171 | | | 6,906 | |
Depreciation and amortization | 7,713 | | | 5,000 | |
Total operating expenses | 55,415 | | | 25,060 | |
Loss from operations | (5,617) | | | (2,058) | |
Other income (expense): | | | |
Interest income | 800 | | | 906 | |
Interest expense | (1,332) | | | (18) | |
Loss from changes in fair value of financial liabilities | (2,923) | | | — | |
Other income (expense), net | 63 | | | (421) | |
Total other (expense), income, net | (3,392) | | | 467 | |
Loss before benefit for income taxes | (9,009) | | | (1,591) | |
Benefit for income taxes | 20 | | | — | |
Net loss | $ | (8,989) | | | $ | (1,591) | |
Preferred stock dividend | (548) | | | (548) | |
Income allocated to participating securities | — | | | — | |
Net loss attributable to common shareholders | $ | (9,537) | | | $ | (2,139) | |
Net loss per share of common stock, basic and diluted | $ | (1.14) | | | $ | (0.30) | |
Weighted-average shares outstanding, basic | 8,359,379 | | 7,232,097 |
Weighted-average shares outstanding, diluted | 8,359,379 | | 7,232,097 |
HawkEye 360, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
| | | | | | | | | | | |
| For the three months ended |
| March 31, 2026 | | March 31, 2025 |
| Cash flows from operating activities | | | |
| Net loss | $ | (8,989) | | | $ | (1,591) | |
Adjustments to reconcile net loss to net cash provided by operating activities: | | | |
| Depreciation and amortization | 7,713 | | | 5,000 | |
| Amortization of debt issuance costs and discounts | 332 | | | 17 | |
| Fair value loss on revaluation of warrants | 2,293 | | | 421 | |
| Fair value loss on revaluation of deferred consideration | 900 | | | — | |
| Fair value gain on revaluation of contingent consideration | (270) | | | — | |
| Stock-based compensation | 2,333 | | | 830 | |
| Non-cash lease expense | 942 | | | 1,363 | |
| Realized gain (loss) on short-term investments | — | | | (6) | |
| Changes in operating assets and liabilities, net of effect of acquisitions: | | | |
| Contract accounts receivable | (5,918) | | | 2 | |
| Contract accounts receivable from related parties | 20,964 | | | 67 | |
| Other accounts receivable | (150) | | | 23 | |
| Contract assets | (3,131) | | | (312) | |
| Contract assets from related parties | 158 | | | (1,822) | |
| Prepaid expenses and other assets | (3,629) | | | (132) | |
| Operating lease liabilities | (978) | | | (1,269) | |
| Accounts payable | (12,757) | | | (6,292) | |
| Current tax payable | 220 | | | — | |
| Accrued expenses and other current liabilities | 6,641 | | | (4,477) | |
| Deferred tax liabilities | (157) | | | — | |
| Accrued compensation payable | (8,180) | | | — | |
| Contract liabilities | (1,611) | | | 700 | |
Net cash used in operating activities | (3,274) | | | (7,478) | |
Cash flows from investing activities | | | |
Proceeds from redemption of short-term investments | — | | | 14,731 | |
Purchase of satellites, property and equipment | (4,055) | | | (3,194) | |
Net cash (used in) provided by investing activities | (4,055) | | | 11,537 | |
| Cash flows from financing activities | | | |
| | | | | | | | | | | |
| Payment of debt issuance cost | (85) | | | — | |
| Exercise of Series D-1 warrants | 73 | | | — | |
| Exercise of stock options | 2,695 | | | 25 | |
| Proceeds from issuance of preferred stock, net | 18,068 | | | — | |
| Net cash provided by financing activities | 20,751 | | | 25 | |
| | | |
Net increase in cash, cash equivalents and restricted cash | 13,422 | | | 4,084 | |
| Cash, cash equivalents and restricted cash, beginning of period | 97,273 | | | 71,766 | |
| Cash, cash equivalents and restricted cash, end of period | $ | 110,695 | | | $ | 75,850 | |
| | | |
Reconciliation of cash, cash equivalents and restricted cash | | | |
| Cash and cash equivalents | $ | 106,108 | | | $ | 71,263 | |
| Restricted cash | 4,587 | | | 4,587 | |
| Total cash, cash equivalents and restricted cash at the end of the period | $ | 110,695 | | | $ | 75,850 | |
| | | |
| Supplemental disclosures of cash flow information | | | |
| Cash paid for interest | $ | 1,091 | | | $ | — | |
| Operating cash outflows – payment on operating leases | $ | 1,860 | | | $ | 780 | |
| Financing cash outflows – reclassification of warrant liability to equity | $ | 842 | | | $ | — | |
Reconciliation of Net Loss to Adjusted EBITDA
The following table presents a reconciliation of Net Income (loss), the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDA:
| | | | | | | | | | | |
| Three months
ended March 31, 2026 | | Three months
ended March 31, 2025 |
(in thousands) | | | |
Net income (loss) | $ | (8,989) | | | $ | (1,591) | |
Adjusted for: |
| | |
Interest income | (800) | | | (906) | |
Interest expense | 1,332 | | | 18 | |
Benefit for income taxes | (20) | | | — | |
Depreciation and amortization | 7,713 | | | 5,000 | |
Stock-based compensation | 2,333 | | | 830 | |
Acquisition costs(1) | 775 | | | — | |
One-time costs related to IPO(2) | 2,073 | | | — | |
Settlements, net of related legal expenses(3) | 50 | | | 75 | |
Change in fair value of contingent and deferred consideration | 630 | | | — | |
Change in fair value of warrant liabilities | 2,293 | | | 421 | |
Adjusted EBITDA | $ | 7,390 | | | $ | 3,847 | |
_______________
(1)Represents costs for legal, advisory fees and other costs incurred in connection with the December 2025 ISA Acquisition. Refer to Note 3 of the accompanying notes to our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q for additional information.
(2)Represents costs incurred related to the IPO that do not meet the direct and incremental criteria per SEC Staff Accounting Bulletin Topic 5.A to be netted against the gross proceeds of the offering and that are not expected to recur in the future.
(3)Represents costs for legal fees and settlement related to litigation initiated by us against a third party, which are not part of our ordinary legal expenses and not reflective of our core operating performance
Reconciliation of Net Cash Used in Operating Activities to Free Cash Flow
The following table presents a reconciliation of net cash (used in) provided by operating activities, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Free Cash Flow:
| | | | | | | | | | | |
(in thousands) | Three months
ended March 31, 2026 | | Three months
ended March 31, 2025 |
Net cash used in operating activities | $ | (3,274) | | | $ | (7,478) | |
Purchases of satellites, property, and equipment | (4,055) | | | (3,194) | |
Free Cash Flow | $ | (7,329) | | | $ | (10,672) | |
Investor Contact:
Tom Cook
Managing Director
ICR Inc.
HE360@icrinc.com
Media Contact:
Stacey Bruzzese
Director of Communications
Stacey.Bruzzese@he360.com | 603.490.6898
SOURCE HawkEye 360 Inc.
