HawkEye 360 (HAWK) Q3 2026 earnings summary

Executive summary

• Q3 revenue reached a record $59.3M, up 84% YoY and ~24% excluding ISA; Adjusted EBITDA was a record $13.3M with a 22.4% margin.

• Backlog was $300.3M at quarter-end, before $135M in post-quarter awards; FY26 revenue and Adjusted EBITDA guidance increased.

Financial highlights

• Q3 revenue was $59.3M versus $32.2M a year earlier; international revenue was $23.3M, up 76% YoY and 11% sequentially, all organically.

• U.S. revenue was $36M, including $19.5M from ISA; legacy U.S. revenue declined $2.5M YoY but improved 14% sequentially.

• GAAP net loss was $0.2M versus $1.7M net income in Q3 2025; higher expenses reflected growth investments, ISA and public-company costs.

• Adjusted EBITDA rose 39% YoY to $13.3M from $9.6M; operating cash flow was $9.6M and free cash flow was $0.1M.

Outlook and guidance

• FY26 revenue guidance increased to $225M–$227M from $215M–$220M; Adjusted EBITDA guidance rose to $38M–$40M from $30M–$36M.

• $135M in awards signed after Q3, including more than $70M in Europe, provides visibility into 2027 and beyond; most awards extend beyond 2026.

• Block 3 Kestrel launch remains targeted for Q1 2027; the second cluster is planned for mid-2027 and Block 4 for late 2027.

• Adjusted EBITDA outlook was not reconciled to GAAP because stock compensation, warrant fair-value changes, and depreciation and amortization are uncertain or outside management’s control.