HawkEye 360 Q2 Earnings Call Highlights

HawkEye 360 (NYSE:HAWK) reported second-quarter 2026 revenue of $49.8 million, up 87% from a year earlier, as demand from U.S. government and international customers continued and the company benefited from its acquisition of Innovative Signal Analysis, or ISA.

The company, which held its first earnings call following its initial public offering, reported adjusted EBITDA of $7 million, representing a 14% margin. Net loss was $15.3 million, compared with net income of $1.6 million in the prior-year period, reflecting higher expenses associated with its public-company transition, non-cash and one-time costs, and investments for longer-term growth.

Founder and CEO John Serafini said HawkEye 360’s RF intelligence platform is seeing demand amid heightened geopolitical tensions and increasing defense investment in signals intelligence and electronic warfare capabilities. The company collects, processes and analyzes radio-frequency signals and provides intelligence products to U.S. government agencies and allied nations.

International Revenue Reaches Record Level

International revenue totaled $21 million during the quarter, rising 134% year over year on an organic basis. U.S. revenue was $28.8 million, up 63%, including a $14.4 million contribution from ISA. HawkEye’s legacy U.S. business declined $3.2 million, which Chief Financial Officer Craig Searle attributed to contract delays related to a U.S. government shutdown and continuing resolutions.

Excluding ISA, total organic revenue increased 33% from the prior-year quarter.

Serafini said the company has experienced heightened demand in the Middle East, including for maritime domain awareness in the Strait of Hormuz and Arabian Gulf. HawkEye can detect and geolocate certain navigation radar systems on vessels that have turned off their automatic identification system, or AIS, signals, according to Serafini.

“We have seen a significant uptick in demand from this region,” Serafini said, adding that he anticipated meaningful awards related to Gulf Cooperation Council countries in the near future.

Serafini said HawkEye expects its long-term revenue mix to approach roughly 50% U.S. government and 50% international business. International contracts generally have longer durations and premium pricing, though they also involve longer sales cycles, he said.

The company’s backlog stood at $292 million as of June 30, up from $285 million at March 31. Searle said $82 million of backlog is expected to be recognized in the second half of 2026, while noting that HawkEye also operates a “book-and-ship” business model that can generate and recognize revenue during the period.

IPO Strengthens Liquidity

During the second quarter, HawkEye completed its IPO, selling 18.4 million common shares and raising approximately $437.5 million in net proceeds, including the full exercise of the underwriters’ option for additional shares.

The company used part of the proceeds to repay $49.5 million of borrowings and fees under its 2025 loan agreements. It also established a five-year, $125 million senior secured revolving credit facility that was undrawn as of quarter-end.

• Cash and cash equivalents: $503 million as of June 30
• Free cash flow: $5.4 million in the second quarter, versus negative $1.3 million a year earlier
• Backlog: $292 million at quarter-end

Searle said the company’s cash balance and undrawn credit facility provide liquidity to pursue its growth plans, including potential acquisitions.

Satellite Capacity and Processing Investments

HawkEye commissioned Block 2, Cluster 14 during the quarter, reaching full operational capacity in what Serafini described as the company’s shortest commissioning period to date. The cluster is providing data to defense, maritime and national-security customers.

Clusters 15 and 16 are in final testing and remain planned for launches during the second half of 2026. Serafini said Cluster 15’s schedule had moved later than an earlier July expectation due to development timing, but the company expects it to launch in the second half. HawkEye has launches secured through 2028, he said.

The company is also advancing its first Block 3 cluster toward a planned launch within six months. Block 3 is an in-house design intended to increase collection capacity while reducing satellite capital costs. HawkEye has additionally begun development of Block 4 satellites and expects to launch an angle-of-arrival payload prototype in 2027.

Serafini said the Block 4 effort is intended to give the company flexibility to either deploy its own satellites or use hosted payload arrangements. The broader technology roadmap includes onboard processing, satellite cross-links and additional ground stations to lower data latency.

At the Valiant Shield 2026 military exercise, HawkEye and Lockheed Martin demonstrated an integrated workflow combining HawkEye RF intelligence and tactical direct downlink capabilities with Lockheed processing technology. Serafini said the demonstration reduced latency by more than 50% compared with the 2025 Talisman Sabre exercise, and the data received a track-quality rating suitable for fire-control systems before integration into the Aegis Weapon System.

ISA Acquisition Expands Analytics Capabilities

Serafini described ISA’s high-throughput processing technology as a key part of HawkEye’s strategy. He said generalized algorithms from ISA can identify a wider range of emitters, including maritime and air-defense radars, without developing individual algorithms for each radar type.

The company is now delivering analytics based on the new processing engine to address customer requirements, Serafini said. HawkEye is also offering those processing capabilities to international customers as an added layer of value on top of its existing data products.

HawkEye also cited awards from the U.S. Space Rapid Capabilities Office, NASA and NOAA. The Space RCO work supports space domain awareness and payload installation within national-security architecture, while the NASA and NOAA awards relate to spectrum analysis and RF interference detection.

2026 Outlook Maintained

For full-year 2026, HawkEye expects revenue of $215 million to $220 million and adjusted EBITDA of $30 million to $36 million.

Searle said the company has pulled forward spending on space systems, signal processing and analytics to accelerate its capability roadmap. He expects third-quarter adjusted EBITDA to be similar to the second quarter, followed by a ramp in the fourth quarter. Reaching the high end of the EBITDA range will depend on successful conversion of pipeline opportunities, he said.

Serafini said HawkEye estimates its current addressable market for RF signal collection, processing and analysis at approximately $25 billion, including about $7 billion to $8 billion related to space-based capabilities. The company expects the overall market to grow to about $35 billion over the next five years.

About HawkEye 360 (NYSE:HAWK)

HawkEye 360 is a U.S.-based geospatial intelligence company that operates a commercial satellite constellation and analytics platform focused on radio frequency (RF) data. The company collects and geolocates RF emissions from space using clusters of small satellites, turning raw signal detections into actionable datasets and insights. Its technology is designed to reveal signal sources and patterns that are difficult or impossible to observe with conventional remote sensing systems.

HawkEye 360 offers subscription access to geospatial RF datasets, on-demand tasking, and analytic services delivered through cloud-based tools and APIs.

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