HawkEye 360 reports record Q1 revenue of $49.8 million
HawkEye 360 reported record revenue of $49.8 million for Q1 2026, up 116.5% year-over-year, driven by international growth and new satellite launches. The company posted a net loss of $9.0 million but achieved record Adjusted EBITDA of $7.4 million, while securing a $285.0 million backlog and raising $435.9 million via an IPO.
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HawkEye 360 reported record revenue of $49.8 million for the first quarter of 2026, an increase of 116.5% compared to the prior-year period, driven by rising demand for its space-based radio-frequency intelligence solutions. The company confirmed a backlog of $285.0 million as of March 31, 2026, and raised approximately $435.9 million in net proceeds through the successful completion of an initial public offering in May 2026.
Chief Executive Officer John Serafini attributed the performance to the scaling of the company's global signals intelligence platform and expanding capabilities. The quarter included the launch of six satellites across Clusters 13 and 14, adding new collection capacity. HawkEye 360 also secured over $100 million in new international contract awards in 2026, including a selection by a European Ministry of Defense for an electronic warfare program valued at up to $75 million.
First Quarter 2026 Financial Highlights
HawkEye 360 achieved record international revenue of $20.9 million, up 156.8% from the prior-year period. Despite the revenue growth, the company recorded a net loss of $9.0 million, compared to a net loss of $1.6 million in the prior year. Adjusted EBITDA, a non-GAAP metric, reached a record $7.4 million, up 92.1% year-over-year.
The company recognized net cash used in operating activities of $3.2 million and free cash flow of $7.3 million, compared to $7.5 million and $10.7 million, respectively, in the prior year. HawkEye 360 entered into a new $125 million revolving credit facility maturing in May 2031 to support continued investment in its platform.
Financial Results
The following table summarizes the condensed consolidated statements of operations for the three months ended March 31, 2026 and 2025 (in thousands, except per share amounts):
| Three months ended March 31, 2026 | Three months ended March 31, 2025 | |
|---|---|---|
| Revenue | ||
| 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) |
| Net loss attributable to common shareholders | (9,537) | (2,139) |
| Net loss per share of common stock, basic and diluted | $(1.14) | $(0.30) |
The company will host its inaugural earnings call alongside its second quarter 2026 results and provide its 2026 financial outlook at that time.
How does HawkEye 360 plan to allocate the $435.9 million in IPO proceeds to balance satellite constellation expansion with achieving sustained profitability?
What is the expected timeline for monetizing the $285 million backlog, and will the European Ministry of Defense contract drive further adoption within NATO allies?
With international revenue growing faster than total revenue, what are the long-term margin expectations for these government contracts compared to domestic commercial sales?
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