HawkEye 360 Announces First Quarter 2026 Financial Results

About this update from Hawkeye 360, Inc.

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 /PRNewswire/ -- 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: First Quarter 2026 & Recent Business Highlights: 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.       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: 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: View original content to download multimedia: https://www.prnewswire.com/news-releases/hawkeye-360-announces-first-quarter-2026-financial-results-302805884.html

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