HawkEye 360 Announces Third Quarter 2026 Financial Results
Revenue of $59.3 million, up 84% compared to the prior-year period of $32.2 million
Achieved record international revenue of 23.3 million, up 76% compared to the prior-year period
Backlog of $300.3 million as of September 30, 2026
Raising full year revenue guidance to $225-$227 million and non-GAAP Adjusted EBITDA guidance to $38-$40 million
HERNDON, Va., Nov. 12, 2026 /PRNewswire/ -- HawkEye 360, Inc. (NYSE: HAWK) ("HawkEye 360" or "the Company"), a global leader in signals intelligence data and analytics, today announced its financial results for the third quarter ended September 30, 2026.
"I am pleased with our third quarter results as we continue to see strong momentum for signals intelligence data and analytics. Importantly, growth on the international side of our business continues to gain significant traction, highlighted by revenue increasing 76% year-over-year to $23.3 million," said Chief Executive Officer John Serafini. "We expect international expansion will continue. We are pleased with the opportunities in front of us, and that our success is translating into tangible financial results."
"More recently, we reached another milestone in our next phase of constellation expansion with the launches of Clusters 15 and 16 in October," he continued. "Following deployment, our space operations team successfully established communications with all six satellites across both clusters. Once commissioned, these clusters are expected to increase our revisit rate and allow us to serve a greater number of customers and mission requirements."
Third Quarter 2026 Financial Highlights:
Third Quarter 2026 and Recent Business Highlights:
Full Year 2026 Outlook
For full-year 2026, the Company is increasing its total revenue expectations to $225 million and $227 million, and non-GAAP Adjusted EBITDA of between $38 million and $40 million.
The Company has not reconciled its non-GAAP Adjusted EBITDA outlook to the most directly comparable GAAP measure because certain reconciling items, such as stock-based compensation, change in fair value of warrant liabilities, and depreciation and amortization, are uncertain or out of the Company's control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on the Company's future GAAP financial results. Accordingly, a reconciliation of the Company's non-GAAP Adjusted EBITDA outlook to the most comparable GAAP measures is not available without unreasonable efforts.
Third Quarter 2026 Earnings Conference Call:
The Company will hold a conference call today, November 12, 2026, at 4:30 PM ET. The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Participants can also listen to a live webcast of the call by going to the Investors section on HawkEye's website at https://investors.he360.com/. A replay of the call will be available starting on Friday, November 13, 2026, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID number:13763186. The replay will be available through Thursday, November 26, 2026, at 11:59 PM ET.
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. Proven by operational mission success, 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 income (loss) before interest income, interest expense, income tax expense or benefit, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses that are not considered part of the Company's operations and revenue-generating activities, or are nonrecurring or infrequent in nature. Management believes these items are not useful in evaluating the Company's core operating performance. These items include, but are not limited to, stock-based compensation expense; acquisition-related costs, one-time costs related to the IPO, settlements, net of related legal expenses, changes in fair value of contingent and deferred consideration, changes in fair value of warrant liabilities, and gains or losses on extinguishment of debt. The Company defines Free Cash Flow as net cash provided by (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 Income (Loss) is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Net cash provided by (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 Income (Loss) to Adjusted EBITDA" and "Reconciliation of Net Cash Provided By (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 the Company's operating results as reported under U.S. GAAP. Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in the Company's 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 the Company's business. The Company's 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.
The Company's 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 financial outlook for the year ended December 31, 2026, the Company's expected constellation growth and increased collection capacity, 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 for the quarter ended September 30, 2026, to be filed with the Securities and Exchange Commission (the "SEC") on November 12, 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 September 30, 2026
As of December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$ 494,850
$ 92,686
Contract accounts receivable
41,384
32,320
Contract accounts receivable from related parties
—
20,969
Other accounts receivable
1,091
21
Inventory
3,516
4,025
Contract assets
17,494
4,639
Contract assets from related parties
—
4,748
Prepaid expenses and other current assets
7,148
9,183
Total current assets
565,483
168,591
Long-term assets:
Satellites, property and equipment, net
139,413
110,873
Intangibles, net
30,393
35,973
Goodwill
117,958
116,866
Operating lease - right-of-use-assets
19,397
15,403
Deposits
21,104
35,932
Restricted cash
6,584
4,587
Other long-term assets
2,613
1,715
Total long-term assets
337,462
321,349
Total assets
$ 902,945
$ 489,940
Liabilities, mezzanine equity and stockholders' equity (deficit)
Current liabilities:
Accounts payable
8,638
18,486
Accrued expenses and other current liabilities
8,408
5,017
Accrued compensation payable
11,376
10,511
Contract liabilities
10,798
3,262
Current tax payable
311
—
Current portion of operating lease liabilities
4,334
3,437
Total current liabilities
43,865
40,713
Long-term liabilities:
Long-term debt, net of unamortized debt issuance cost
—
46,315
Long term contract liabilities
19,112
19,892
Other liabilities
17,553
23,800
Deferred tax liabilities
1,071
977
Warrant liabilities
—
4,267
Operating lease liabilities, net of current portion
16,059
12,893
Total long-term liabilities
53,795
108,144
Total liabilities
$ 97,660
$ 148,857
Commitments and contingencies – Note 15
Mezzanine equity:
Redeemable, convertible preferred stock Series A – $0.0001 par value, 0 and 24,947,154
shares authorized at September 30, 2026, and December 31, 2025, respectively,
and 0 and 24,947,154 shares issued and outstanding at September 30, 2026, and
December 31, 2025, respectively
$ —
$ 34,174
Redeemable, convertible preferred stock Series B – $0.0001 par value, 0 and 11,574,841
shares authorized at September 30, 2026, and December 31, 2025, respectively, and 0
and 11,574,841 shares issued and outstanding at September 30, 2026, and
December 31, 2025, respectively
—
66,442
Redeemable, convertible preferred stock Series C – $0.0001 par value, 0 and 6,960,439
shares authorized at September 30, 2026, and December 31, 2025, respectively, and, 0 and
6,960,439 shares issued and outstanding at September 30, 2026, and December 31,
2025, respectively
—
48,761
Redeemable, convertible preferred stock Series D – $0.0001 par value, 0 and 12,857,720
shares authorized at September 30, 2026, and December 31, 2025, respectively, and 0
and 12,857,720 shares issued and outstanding at September 30, 2026, and
December 31, 2025, respectively
—
136,715
Redeemable, convertible preferred stock Series D-1 –$0.0001 par value, 0 and 6,085,161
shares authorized at September 30, 2026, and December 31, 2025, respectively, and 0
and 6,085,161 shares issued and outstanding at September 30, 2026, and December 31,
2025, respectively
—
58,894
Redeemable, convertible preferred stock Series E – $0.0001 par value, 0 and 14,578,457
shares authorized at September 30, 2026, and December 31, 2025, respectively, and 0
and 5,567,364 shares issued and outstanding at September 30, 2026, and December 31,
2025, respectively
—
102,600
Total mezzanine equity
$ —
$ 447,586
Stockholders' equity (deficit):
Common stock - $.0001 par value, 2,000,000,000 and 111,000,000 shares authorized at
September 30, 2026 and December 31, 2025, respectively and 99,091,643 and
4,168,374 shares issued and outstanding at September 30, 2026, and December 31,
2025, respectively
$ 10
$ 2
Additional paid-in-capital
975,546
39,336
Accumulated deficit
(170,271)
(145,841)
Total stockholders' equity (deficit)
805,285
(106,503)
Total liabilities, mezzanine equity, and stockholders' equity
$ 902,945
$ 489,940
HawkEye 360, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except per share and share amounts)
Three months ended September 30,
Nine months ended September 30,
2026
2025
2026
2025
Revenue
$ 59,336
$ 27,405
$ 152,718
$ 68,458
Revenue from related parties
—
4,791
6,226
13,366
Total revenue
59,336
32,196
158,944
81,824
Operating expenses:
Direct cost of sales, excluding depreciation and amortization
17,110
5,453
48,040
15,312
Indirect cost of sales and other expenses, excluding depreciation and amortization
4,973
398
13,921
1,067
Selling, general and administrative
24,308
10,505
67,430
27,245
Research and development
8,040
8,175
25,455
20,941
Depreciation and amortization
9,275
5,934
25,631
16,790
Total operating expenses
63,706
30,465
180,477
81,355
Income (loss) from operations
(4,370)
1,731
(21,533)
469
Other income (expense):
Interest income
4,377
853
8,046
2,707
Interest expense
(139)
(17)
(2,390)
(52)
Loss from changes in fair value of financial liabilities
—
(886)
(5,701)
(1,423)
Loss from extinguishment of debt
—
—
(2,729)
—
Other income, net
121
—
284
—
Total other income (expense), net
4,359
(50)
(2,490)
1,232
Income (loss) before tax
(11)
1,681
(24,023)
1,701
Income tax expense
(152)
—
(407)
—
Net income (loss)
$ (163)
$ 1,681
$ (24,430)
$ 1,701
Preferred stock dividend
—
(561)
10,376
(1,663)
Income allocated to participating securities
—
(1,000)
—
(34)
Net income (loss) attributable to common shareholders
$ (163)
$ 120
$ (14,054)
$ 4
Net income (loss) per share of common stock, basic
$ —
$ 0.02
$ (0.25)
$ —
Net income (loss) per share of common stock, diluted
$ —
$ 0.01
$ (0.25)
$ —
Weighted-average shares outstanding, basic
98,251,708
7,535,397
56,507,890
7,387,613
Weighted-average shares outstanding, diluted
98,251,708
14,362,624
56,507,890
12,633,530
HawkEye 360, Inc. and Subsidiaries
Consolidated Statement of Cash Flows (Unaudited)
(in thousands)
Nine months ended September 30,
2026
2025
Cash flows from operating activities
Net income (loss)
$ (24,430)
$ 1,701
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization
25,631
16,790
Amortization of debt issuance costs and other noncash debt costs
577
51
Fair value loss on revaluation of warrants
4,471
1,423
Fair value loss on revaluation of deferred consideration
1,500
—
Fair value gain on revaluation of contingent consideration
(270)
—
Loss from extinguishment of debt
2,729
—
Stock-based compensation
17,193
3,147
Amortization of operating lease right-of-use assets
3,894
2,971
Realized gain (loss) on short-term investments
—
(12)
Changes in operating assets and liabilities, net of effect of acquisitions:
Contract accounts receivable
(9,064)
(11,149)
Contract accounts receivable from related parties
20,969
62
Other accounts receivable
(1,070)
13
Contract assets
(7,427)
(200)
Contract assets from related parties
(1,212)
(3,571)
Prepaid expenses and other assets
(11,791)
(3,312)
Operating lease liabilities
(3,825)
(2,974)
Accounts payable
(11,039)
(6,299)
Current tax payable
311
—
Accrued expenses and other liabilities
3,114
(764)
Deferred tax liabilities
94
—
Accrued compensation payable
865
—
Contract liabilities
6,756
3,220
Net cash provided by (used in) operating activities
17,976
1,097
Cash flows from investing activities
Proceeds from redemption of short-term investments
—
39,716
Purchase of satellites, property and equipment
(19,779)
(19,086)
Net cash provided by (used in) investing activities
(19,779)
20,630
Cash flows from financing activities
Payment of debt issuance cost
(85)
—
Payment of deferred acquisition consideration
(7,500)
—
Exercise of warrants
202
—
Exercise of stock options
6,933
58
Proceeds from common stock in initial public offering
478,400
—
Payment of offering costs, including underwriting commissions
(40,601)
—
Repayment of term loans
(49,453)
—
Proceeds from issuance of preferred stock
18,774
—
Payment of preferred stock issuance costs
(706)
—
Net cash provided by (used in) financing activities
405,964
58
Net increase in cash, cash equivalents and restricted cash
404,161
21,785
Cash, cash equivalents and restricted cash, beginning of period
97,273
71,766
Cash, cash equivalents and restricted cash, end of period
$ 501,434
$ 93,551
Reconciliation of cash, cash equivalents and restricted cash
Cash and cash equivalents
494,850
88,964
Restricted cash
6,584
4,587
Total cash, cash equivalents and restricted cash at the end of the period
$ 501,434
$ 93,551
Nine months ended September 30,
2026
2025
Supplemental disclosures of cash flow information
Cash paid for interest
$ 1,235
$ —
Operating cash outflows – payment on operating leases
5,042
2,626
Operating lease right-of-use assets obtained in exchange for lease liabilities
7,888
1,322
Non-cash investing and financing activities
Conversion of warrant liabilities to additional paid-in-capital, including those settled in the IPO
8,737
—
Conversion of redeemable convertible preferred stock to common stock
465,654
—
Reclassification of deposits to satellites, property and equipment
28,345
—
Fixed assets in accounts payable at period end
468
—
Payment of offering costs, including underwriting commissions, in accounts payable at period end
300
—
Interest paid in kind
189
—
Reconciliation of Net Income (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 September 30,
Nine months ended September 30,
(in thousands)
2026
2025
2026
2025
Net income (loss)
$ (163)
$ 1,681
$ (24,430)
$ 1,701
Adjusted for:
Interest income
(4,377)
(853)
(8,046)
(2,707)
Interest expense
139
17
2,390
52
Income tax expense
152
—
407
—
Depreciation and amortization
9,275
5,934
25,631
16,790
Stock-based compensation
7,384
1,317
17,233
3,147
Acquisition costs (1)
350
—
1,942
—
One-time costs related to IPO (2)
515
81
4,100
81
Settlements, net of related legal expenses (3)
—
494
50
751
Change in fair value of contingent and deferred consideration
—
—
1,230
—
Change in fair value of warrant liabilities
—
886
4,471
1,423
Loss on extinguishment of debt
—
—
2,729
—
Adjusted EBITDA
$ 13,275
$ 9,557
$ 27,707
$ 21,238
(1) Represents costs for legal and advisory fees, key employee retention incentives, integration, and other costs incurred in connection with acquisitions.
(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, which such costs include accounting and advisory fees, SOX readiness and internal control implementation costs, and other professional fees.
(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 Provided by (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:
Three months ended September 30,
Nine months ended September 30,
(in thousands)
2026
2025
2026
2025
Net cash provided by (used in) operating activities
9,621
$ 3,978
17,976
$ 1,097
Purchases of satellites, property, and equipment
(9,484)
(9,947)
(19,779)
(19,086)
Free Cash Flow
$ 137
$ (5,969)
$ (1,803)
$ (17,989)
SOURCE HawkEye 360 Inc.