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.

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

• Backlog stood at $292.2 million as of June 30, 2026, providing strong revenue visibility.

• Net loss for Q2 2026 was $15.3 million, compared to net income of $1.6 million in Q2 2025, reflecting higher operating expenses and non-recurring charges.

• Advanced technical capabilities with new satellite clusters, onboard processing, and reduced data latency.

Financial highlights

• Q2 2026 revenue rose 87% year-over-year to $49.8 million; H1 2026 revenue was $99.6 million, up 101% year-over-year.

• International revenue reached a record $21.0 million, up 134% year-over-year; U.S. revenue was $28.8 million, up 63%.

• Adjusted EBITDA for Q2 2026 was $7.0 million (14% margin), down from $7.8 million in Q2 2025 due to higher operating expenses.

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

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

Outlook and guidance

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

• Strong demand anticipated from international customers and new sovereign contracts.

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

• Focus on expanding RF intelligence capabilities and automating analytics for tactical and strategic applications.

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