HawkEye 360 Posts Record Q1 Revenue Following NYSE Debut
Signals Intelligence Firm More Than Doubles Sales Year-Over-Year as IPO Raises $435.9 Million
Revenue at HawkEye 360 more than doubled in the first quarter of 2026, with the Herndon, Virginia-based signals intelligence company recording $49.8 million — a 116.5% increase over $23.0 million in the same period last year.
“Our first quarter results included record revenue, reflecting the strength of our business model.”
John Serafini, HawkEye 360
The company, which trades on the New York Stock Exchange under the ticker HAWK, completed an initial public offering in May 2026, selling 18.4 million shares at $26.00 per share and generating net proceeds of $435.9 million. The offering included the exercise in full of an underwriters’ option to purchase 2.4 million additional shares.
“2026 is off to an exceptional start as we continue to scale HawkEye 360’s global signals intelligence platform to meet rapidly escalating demand across domestic and allied international customers,” said Chief Executive Officer John Serafini. “Our first quarter results included record revenue, reflecting the strength of our business model, diligent financial management, expanding capabilities and increasing adoption of our space-based RF intelligence solutions worldwide — particularly in areas of geopolitical tension where high quality signals intelligence is exceptionally valuable.”
Highlights from the 1st Quarter Results:
International revenue reached $20.9 million in the quarter, up 156.8% from $8.1 million a year earlier. The company said it has secured several international contract wins in 2026 totaling more than $100 million.
Adjusted EBITDA, a non-GAAP measure the company defines as net loss before interest, taxes, depreciation and amortization — adjusted further for stock-based compensation, acquisition costs, offering costs, settlements, and warrant liability changes — reached $7.4 million, up 92.1% from $3.8 million in the prior-year period.
The company recorded a net loss of $9.0 million for the quarter, compared to a net loss of $1.6 million in the year-ago period. Free cash flow, also a non-GAAP metric, was negative $7.3 million, an improvement from negative $10.7 million in the first quarter of 2025.
Backlog stood at $285.0 million as of March 31, 2026, down from $302.7 million at the end of 2025.
HawkEye 360 also launched six satellites during the quarter across what it designated as Clusters 13 and 14, adding radio frequency collection capacity and capabilities in orbit.
Serafini said the company is positioned to expand further. “With a backlog of $285 million and strong demand globally, HawkEye 360 is well positioned to capitalize on the growing importance of RF intelligence and electronic warfare capabilities in today’s evolving global security environment, while driving increasing profitability and long-term shareholder value.”