HawkEye 360 (HAWK) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $49.8 million, up 87% year-over-year, driven by strong international demand and the ISA acquisition, with a $292.2 million backlog as of June 30, 2026.

• Completed a successful IPO in May 2026, raising $437.5 million in net proceeds and repaid $49.5 million in debt.

• Adjusted EBITDA margin was 14% for Q2 2026, with net loss of $15.3 million versus net income of $1.6 million in prior year, reflecting higher operating expenses and non-recurring charges.

• International revenue reached a record $21.0 million, up 134% year-over-year, with 40% of revenue from international customers.

• Advanced technical capabilities with new satellite clusters, onboard processing, and automation, reducing data latency and increasing revisit rates.

Financial highlights

• Q2 2026 revenue was $49.8 million, up from $26.6 million in Q2 2025; H1 2026 revenue was $99.6 million, up 101% year-over-year.

• Adjusted EBITDA for Q2 2026 was $7.0 million (14% margin), down from $7.8 million in Q2 2025; net loss for Q2 2026 was $15.3 million.

• Free cash flow for Q2 2026 was $5.4 million, compared to negative $1.3 million in Q2 2025; operating cash flow increased to $11.6 million.

• Cash and cash equivalents at June 30, 2026, were $503.4 million.

• Operating expenses increased significantly year-over-year, driven by headcount, stock-based compensation, and acquisition costs.

Outlook and guidance

• Full-year 2026 revenue expected between $215 million and $220 million; Adjusted EBITDA guidance is $30 million to $36 million.

• Management anticipates strong demand, especially from international and government customers, supported by a $292.2 million backlog.

• Q3 and Q4 revenue and Adjusted EBITDA expected to ramp up, with Q4 higher than Q3.

• Continued investment in space, signal processing, and analytics to accelerate capability roadmap.

• Existing cash and credit facility expected to meet liquidity needs for at least 12 months.