HawkEye 360 (HAWK) Q1 2026 earnings summary

Executive summary

• Revenue grew 116.5% year-over-year to $49.8 million for Q1 2026, driven by U.S. and international sales, the acquisition of ISA, and strong demand for RF intelligence solutions in regions of geopolitical tension.

• Net loss widened to $9.0 million from $1.6 million in Q1 2025, reflecting higher operating expenses and acquisition-related costs.

• Adjusted EBITDA improved to $7.4 million from $3.8 million year-over-year, highlighting operational leverage.

• Completed IPO in May 2026, raising $435.9 million in net proceeds, used to repay debt, fund growth, and support future expansion.

• Backlog stood at $285 million as of March 31, 2026, supporting predictable revenue expansion.

Financial highlights

• U.S. revenue increased 95% to $28.9 million, with $15 million from the ISA acquisition.

• International revenue rose 157% to $20.9 million, driven by new and existing customers and over $100 million in new international contract awards.

• Direct cost of sales rose 230% to $16.1 million, mainly due to ISA integration.

• Operating expenses increased 121% to $55.4 million, with SG&A up 128% and R&D up 33%.

• Cash and cash equivalents stood at $106.1 million as of March 31, 2026, up from $92.7 million at year-end 2025.

Outlook and guidance

• Management expects continued revenue growth from expanded RF capabilities, new satellite technology, and increased subscription data sales.

• Strong global demand and a $285 million backlog position the company for continued growth and profitability.

• 2026 financial outlook and guidance to be provided with Q2 2026 results.

• The company believes existing cash and cash equivalents, plus cash from operations, will be adequate for at least the next twelve months.