HawkEye 360 Q1 Revenue Climbs 116.5% to $49.8M; IPO Raises $435.9M, Backlog $285M
HAWK•HawkEye 360 reported record Q1 revenue of $49.8 million, up 116.5% year-over-year, and adjusted EBITDA of $7.4 million, despite a net loss of $9.0 million. It held $285 million backlog, raised $435.9 million in its May IPO and secured over $100 million in new international contracts while launching six satellites.
1. Record Quarterly Performance
HawkEye 360 reported record Q1 revenue of $49.8 million, a 116.5% increase over Q1 2025, with adjusted EBITDA rising 92.1% to $7.4 million. The company incurred a net loss of $9.0 million, improved operating cash use to $3.2 million, and held a $285.0 million backlog at quarter-end.
2. IPO and Credit Facility
In May 2026, the company completed an initial public offering of 18.4 million shares at $26.00 each, generating $435.9 million in net proceeds. It also secured a $125 million revolving credit facility maturing in May 2031 to support constellation expansion, product innovation and strategic growth.
3. International Contracts and Satellite Expansion
HawkEye 360 secured over $100 million in new international contract awards in 2026, including up to $75 million from a European Ministry of Defense for electronic warfare services. The company launched six satellites across Clusters 13 and 14 aboard Falcon 9 and Transporter-16 missions, enhancing its space-based RF intelligence capabilities.
