HawkEye 360 Announces Third Quarter 2026 Financial Results
HawkEye 360, Inc. (HAWK) filed an SEC Form 8-K — Results of Operations and Financial Condition. HawkEye 360 Announces Third Quarter 2026 Financial Results Revenue of $59.3 million, up 84% compared to the prior-year period of $32.2 million Achieved record international revenue of 23.3 million, up 76% compared to the prior-year period Backlog of $300.3 million as of September
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The Q3 earnings release and raised guidance constitute a primary disclosure with material financial metrics, likely prompting short‑term buying.
Market read
The earnings beat and upgraded guidance provide a fresh catalyst for the stock, aligning with positive sentiment in the defense‑tech sector.
What to watch
Potential cost overruns on constellation expansion and geopolitical risk to defense contracts.
HawkEye 360 Q3 2026 revenue up 84% to $59.3 million; full-year 2026 revenue guidance raised to $225 million to $227 million
Revenue grew 84% year-over-year, international revenue rose 76%, backlog reached $300.3 million and the company raised full-year revenue and Adjusted EBITDA guidance. Against this, the company reported a GAAP net loss of $(163) thousand in the quarter and a GAAP net loss of $(24,430) thousand for nine months, operating expenses rose sharply, and Q3 free cash flow was only $137 thousand.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenue, Q3 2026 (three months ended September 30, 2026)GAAP | $59.34M | – | +84% |
| Revenue excluding related parties, Q3 2026GAAP | $59.34M | – | – |
| Revenue from related parties, Q3 2026GAAP | nil (printed as a dash) | – | – |
| International revenue, Q3 2026other | $23.3M | +11% sequentially | +76% year-over-year |
| Total revenue, nine months ended September 30, 2026GAAP | $158.9M | – | – |
| Revenue excluding related parties, nine months ended September 30, 2026GAAP | $152.7M | – | – |
| Revenue from related parties, nine months ended September 30, 2026GAAP | $6.23M | – | – |
| Direct cost of sales, excluding depreciation and amortization, Q3 2026GAAP | $17.11M | – | – |
| Indirect cost of sales and other expenses, excluding depreciation and amortization, Q3 2026GAAP | $4.97M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $24.31M | – | – |
| Research and development, Q3 2026GAAP | $8.04M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $9.28M | – | – |
| Total operating expenses, Q3 2026GAAP | $63.71M | – | – |
| Income (loss) from operations, Q3 2026GAAP | −$4.37M | – | – |
| Interest income, Q3 2026GAAP | $4.38M | – | – |
| Interest expense, Q3 2026GAAP | −$139K | – | – |
| Income tax expense, Q3 2026GAAP | −$152K | – | – |
| Net income (loss), Q3 2026GAAP | −$163K | – | – |
| Net income (loss) attributable to common shareholders, Q3 2026GAAP | −$163K | – | – |
| Net income (loss) per share, basic, Q3 2026GAAP | nil (printed as a dash) | – | – |
| Net income (loss) per share, diluted, Q3 2026GAAP | nil (printed as a dash) | – | – |
| Income (loss) from operations, nine months ended September 30, 2026GAAP | −$21.53M | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $180.5M | – | – |
| Direct cost of sales, excluding depreciation and amortization, nine months ended September 30, 2026GAAP | $48.04M | – | – |
| Selling, general and administrative, nine months ended September 30, 2026GAAP | $67.43M | – | – |
| Research and development, nine months ended September 30, 2026GAAP | $25.45M | – | – |
| Net income (loss), nine months ended September 30, 2026GAAP | −$24.43M | – | – |
| Net income (loss) per share, basic and diluted, nine months ended September 30, 2026GAAP | $(0.25) | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $13.28M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $27.71M | – | – |
| Net cash provided by operating activities, Q3 2026GAAP | $9.62M | – | – |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $17.98M | – | – |
| Free Cash Flow, Q3 2026non-GAAP | $137K | – | – |
| Free Cash Flow, nine months ended September 30, 2026non-GAAP | −$1.80M | – | – |
| Purchases of satellites, property and equipment, nine months ended September 30, 2026GAAP | −$19.78M | – | – |
| Backlog, as of September 30, 2026other | $300.3M | – | – |
| Cash and cash equivalents, as of September 30, 2026GAAP | $494.9M | – | – |
| Total assets, as of September 30, 2026GAAP | $902.9M | – | – |
| Total stockholders' equity (deficit), as of September 30, 2026GAAP | $805.3M | – | – |
| Long-term debt, net of unamortized debt issuance cost, as of September 30, 2026GAAP | nil (printed as a dash) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| International revenueThe CEO states that growth on the international side of the business continues to gain significant traction and that the company expects international expansion to continue. The filing also describes a Leonardo collaboration, an ERA processing partnership in the Czech Republic and the formation of HawkEye 360 Luxembourg, S.a r.l. Prior-year international revenue is not printed in the filing. | $23.3 million (Q3 2026) | +11% sequentially from $21.0 million in the second quarter | +76% year-over-year |
Full year 2026 (year ending December 31, 2026) outlook
- Revenue$225 million to $227 million
- NoteNon-GAAP Adjusted EBITDA of between $38 million and $40 million
- NoteThe company has not reconciled the Adjusted EBITDA outlook to the most comparable GAAP measure, citing uncertain reconciling items such as stock-based compensation, change in fair value of warrant liabilities and depreciation and amortization
- NoteThe filing states that the company is increasing its total revenue expectations
Capital returns
- The filing does not print any share repurchase or common dividend for the period.
- Non-cash conversion of redeemable convertible preferred stock to common stock of $465,654 thousand in the nine months ended September 30, 2026.
- Proceeds from common stock in initial public offering of $478,400 thousand and payment of offering costs, including underwriting commissions, of $(40,601) thousand in the nine months ended September 30, 2026.
- Repayment of term loans of $(49,453) thousand in the nine months ended September 30, 2026.
What drove it
- The CEO attributes the quarter's results to strong momentum for signals intelligence data and analytics and to growth on the international side of the business.
- Q3 2026 revenue of $59,336 thousand compared with $32,196 thousand in Q3 2025, which the filing presents as up 84%.
- The company reports $54 million in new multi-year contract awards signed in the third quarter with 11 allied partners and nations.
- The company reports that it was the first commercial provider to progress from test-and-evaluation studies into an operational augmentation contract under the National Reconnaissance Office's Commercial Radio Frequency Capability Augmentation program.
- The company states that Clusters 15 and 16 were launched in October and that, once commissioned, they are expected to increase its revisit rate and allow it to serve more customers and mission requirements.
- Subsequent to the third quarter, the company signed $135 million in global contracts, with more than $70 million dedicated to follow-on European contract awards.
Concerns
- Q3 2026 net income (loss) was $(163) thousand, compared with $1,681 thousand in Q3 2025, and income (loss) from operations was $(4,370) thousand, compared with $1,731 thousand.
- Nine-month net loss was $(24,430) thousand and nine-month loss from operations was $(21,533) thousand, against net income of $1,701 thousand and income from operations of $469 thousand in the prior-year period.
- Total operating expenses rose to $63,706 thousand in Q3 2026 from $30,465 thousand in Q3 2025. Selling, general and administrative expense rose to $24,308 thousand from $10,505 thousand, and direct cost of sales rose to $17,110 thousand from $5,453 thousand.
- Stock-based compensation in the Adjusted EBITDA reconciliation was $7,384 thousand in Q3 2026, against $1,317 thousand in Q3 2025.
- Free Cash Flow was $137 thousand in Q3 2026 and $(1,803) thousand for nine months, which is a non-GAAP measure.
- Q3 2026 income tax expense was $(152) thousand, while the prior-year quarter showed nil.
What to watch
- Whether the company delivers full-year 2026 revenue of $225 million to $227 million and non-GAAP Adjusted EBITDA of $38 million to $40 million, given that nine-month GAAP net loss was $(24,430) thousand.
- Commissioning of Clusters 15 and 16 and the effect the company expects on revisit rate and customer capacity.
- Conversion of the $300.3 million backlog into revenue, and the sequential movement in backlog from the $292.2 million reported at June 30, 2026.
- The trend in selling, general and administrative expense and direct cost of sales relative to revenue.
- Progress of the international business, including the $135 million in contracts signed after the quarter and the more than $70 million dedicated to follow-on European contract awards.
- Free Cash Flow, which was $137 thousand in Q3 2026, and the level of satellite and equipment purchases over the rest of the year.
Balance sheet and cash flow
- Cash and cash equivalents were $494,850 thousand as of September 30, 2026, against $92,686 thousand as of December 31, 2025. Restricted cash was $6,584 thousand as of September 30, 2026.
- Total assets were $902,945 thousand as of September 30, 2026, against $489,940 thousand as of December 31, 2025.
- Total liabilities were $97,660 thousand as of September 30, 2026, against $148,857 thousand as of December 31, 2025.
- Total mezzanine equity was nil as of September 30, 2026, against $447,586 thousand as of December 31, 2025.
- Total stockholders' equity was $805,285 thousand as of September 30, 2026, against a deficit of $(106,503) thousand as of December 31, 2025.
- Long-term debt was nil as of September 30, 2026, against $46,315 thousand as of December 31, 2025.
- Nine-month net cash provided by financing activities was $405,964 thousand. Nine-month purchases of satellites, property and equipment were $(19,779) thousand.
- Nine-month stock-based compensation in the cash flow statement was $17,193 thousand. Nine-month net cash provided by operating activities was $17,976 thousand.
Analysis
HawkEye 360 reported third-quarter 2026 total revenue of $59,336 thousand, against $32,196 thousand in the prior-year quarter, which the filing presents as up 84%. Revenue from related parties was nil in Q3 2026 against $4,791 thousand a year earlier, so the growth came from revenue excluding related parties, which the filing shows as $59,336 thousand against $27,405 thousand. International revenue was $23.3 million, which the company describes as up 76% year-over-year and 11% sequentially from $21.0 million in the second quarter. The prior-year international figure is not printed. Nine-month total revenue was $158,944 thousand against $81,824 thousand. The company reports backlog of $300.3 million as of September 30, 2026, against $292.2 million at June 30, 2026, and the filing describes $54 million in new multi-year awards signed in the quarter and $135 million in global contracts signed after the quarter.
Cost and profitability moved in the opposite direction from revenue. Total operating expenses were $63,706 thousand in Q3 2026 against $30,465 thousand a year earlier. Selling, general and administrative expense rose to $24,308 thousand from $10,505 thousand, direct cost of sales rose to $17,110 thousand from $5,453 thousand, and depreciation and amortization rose to $9,275 thousand from $5,934 thousand. Research and development was $8,040 thousand against $8,175 thousand. The company reported a loss from operations of $(4,370) thousand, against income of $1,731 thousand, and a net loss of $(163) thousand, against net income of $1,681 thousand. Gross margin is not printed in the filing and is not derived here. Non-GAAP Adjusted EBITDA was $13,275 thousand against $9,557 thousand, and the reconciliation shows stock-based compensation of $7,384 thousand against $1,317 thousand, which is the main reconciling item the filing cites in that quarter.
Cash generation was close to break-even. Net cash provided by operating activities was $9,621 thousand in Q3 2026 against $3,978 thousand, and purchases of satellites, property and equipment were $(9,484) thousand against $(9,947) thousand, giving Free Cash Flow of $137 thousand against $(5,969) thousand. For nine months, operating cash flow was $17,976 thousand and Free Cash Flow was $(1,803) thousand. The balance sheet changed substantially in the period. Cash and cash equivalents were $494,850 thousand as of September 30, 2026, against $92,686 thousand at December 31, 2025, after the initial public offering, in which the cash flow statement shows $478,400 thousand of proceeds before $(40,601) thousand of offering costs. Long-term debt is shown as nil, against $46,315 thousand at year-end 2025, after $(49,453) thousand of term loan repayments. Total stockholders' equity moved to $805,285 thousand from a deficit of $(106,503) thousand. The filing prints no share repurchases or common dividends.
The company raised full-year 2026 total revenue expectations to $225 million to $227 million and set non-GAAP Adjusted EBITDA guidance of $38 million to $40 million. The release states that the company has not reconciled the Adjusted EBITDA outlook to GAAP because of items it considers uncertain or outside its control. The prior outlook was not provided with this filing, so the size of the raise cannot be measured against it here. The company also reports that Clusters 15 and 16 launched in October and that all six satellites have established communications, with commissioning still to come. The key questions for the next quarters are whether operating expenses stabilise relative to revenue, whether backlog converts to revenue at the guided pace, and whether Free Cash Flow improves from near break-even.
Management, verbatim
I am pleased with our third quarter results as we continue to see strong momentum for signals intelligence data and analytics. Importantly, growth on the international side of our business continues to gain significant traction, highlighted by revenue increasing 76% year-over-year to $23.3 million
John Serafini, Chief Executive Officer
Following deployment, our space operations team successfully established communications with all six satellites across both clusters. Once commissioned, these clusters are expected to increase our revisit rate and allow us to serve a greater number of customers and mission requirements.
John Serafini, Chief Executive Officer
Not in the filing
stated, not guessed- Prior-year and prior-quarter figures for international revenue in dollars (only percentage changes and the Q2 2026 figure are printed)
- Year-over-year change for total operating expenses, operating loss, net income (loss), Adjusted EBITDA and operating cash flow (the release gives dollar figures only, not percentage changes)
- Gross margin and cost of sales totals for Q3 2026 and the prior-year period
- Non-GAAP EPS, and any GAAP or non-GAAP EPS for Q3 2026 printed as a number (the filing prints a dash)
- Prior guidance for full-year 2026, so vs_prior_guidance cannot be completed
- Dollar amount of the change in backlog from June 30, 2026 to September 30, 2026
- Prior-year-end balance sheet is provided only as December 31, 2025, not as a prior-year same-period comparison
- Share price reaction, consensus estimates and analyst expectations, which are not in the filing
- Revenue split between domestic and international for the prior-year period
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
HawkEye 360 is a NYSE‑listed provider of global signals‑intelligence data and analytics serving defense and intelligence customers.
Ticker impact
HawkEye 360 reported Q3 2026 results with revenue up 84% YoY and raised full‑year revenue guidance to $225‑$227 million.
likely upward pressure as the market prices in the raised guidance
The company disclosed a material revenue increase and higher full‑year guidance, a fresh primary disclosure that can move the share price.
Market effects
Signals‑intelligence and space‑data providers may see increased investor interest.
U.S. defense and intelligence contractors could benefit from heightened demand for RF data.
The contract wins and European expansion signal broader market exposure for satellite‑based analytics.
Counterpoint
If the guidance proves overly optimistic, the stock could face a correction on execution risk.
Key entities
- ExecutiveJohn Serafini
Chief Executive Officer of HawkEye 360
