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Image source: The Motley Fool. Thursday, Aug. 13, 2026 at 4:30 p.m. ET Founder and Chief Executive Officer - John Serafini Chief Financial Officer - Craig Searle Managing Director of ICR - Tom Cook Operator: Greetings, and welcome to the HawkEye 360 Second Quarter 2026 Earnings Call. [Operator Instructions] Please note, this conference is being recorded. I would now like to turn the conference over to your host, Tom Cook, Managing Director of ICR. Please go ahead. Tom Cook: Thank you, and good afternoon, everyone. Welcome to HawkEye 360's Second Quarter 2026 Earnings Conference Call. With me on the call today is John Serafini, CEO; and Craig Searle, CFO. Before we begin, I'd like to remind everyone that our remarks may include forward-looking statements about our expectations, plans, outlook, and future performance, which we make pursuant to the safe harbor provisions of federal securities laws. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed today. Please refer to the forward-looking statements disclosure in our earnings release and our filings with the Securities and Exchange Commission. We will also discuss certain financial measures that are not presented in accordance with GAAP. Our earnings release includes additional information about these non-GAAP measures, including definitions and reconciliations to the most directly comparable GAAP measures as applicable. With that, I would now like to turn the call over to John Serafini. John? John Serafini: Thank you, Tom, and good afternoon, everyone. I'm John Serafini, Founder and CEO of HawkEye 360. First, I'd like to express a few words of sincere appreciation to the 433 wonderful employees of HawkEye 360, to our deeply valued HawkEye employees. On this call today, Craig and I will outline the many accomplishments of our company over the past quarter. They are numerous and they are impressive. And all credit is due to you, our employees and the professionalism, commitment, and mission execution ethos, which each of you brings to our company. Most importantly, during this quarter, we honored our pledge to deliver highly valuable signals intelligence to the warfighter community. We have done so consistently and with the highest level of care across 2 major wars and throughout many other areas of geopolitical tension and turmoil. We have not wavered. We have not faltered in our commitment to the governing principles of trustworthiness, humility, and enduring stability, which define our company. We need no reminder that we serve those who serve our nation. Again, thank you. To the investment community, welcome to HawkEye 360's first earnings call. We appreciate you joining us today. I am exceptionally pleased with our second quarter results, which demonstrate continued execution across the business, strong customer demand for our signals intelligence capabilities, and further exemplify the excellent momentum we have built as we continue to scale our company now into the public markets. Our second quarter was a historical achievement for HawkEye 360 and resultantly for the burgeoning defense tech industry, of which we are a proud pioneering leader. We achieved many meaningful accomplishments during this quarter, not the least of which was the successful completion of a phenomenal IPO transaction, representing the culmination of years of preparatory work. Yet, it is our support of our customer community, whether on the battlefield, in space, or in the dark corners of the world's oceans, where our successes can be best measured and appreciated. Across major wars in areas of persistent turmoil, HawkEye 360 delivered valuable, timely, and trusted products to our customers, enabling their operational success and continued belief in the power of commercial defense technologies. This quarter, revenue increased 87% year-over-year to $49.8 million, driven by continued persistent demand across our U.S. government and international customer base and the acquisition of Innovative Signal Analysis or ISA. Adjusted EBITDA was $7.0 million, representing a margin of 14%. We ended the quarter with approximately $292 million of backlog, providing strong visibility into future revenue. Beyond our financial performance, we made excellent progress against strategic priorities that drive mission success and long-term shareholder value. We achieved record international revenue, advanced our next-generation signals intelligence platform, demonstrated new operational capabilities during a major military exercise and made thoughtful investments to increase collection capacity, improve speed, and reduce the cost of delivering high-quality intelligence to our customers. Before getting into those details, I'd like to spend a few minutes introducing HawkEye 360 to investors who may be hearing our story for the first-time and to explain why we occupy such a unique position within the rapidly evolving defense technology landscape. HawkEye 360 is a defense technology company and a trusted signals intelligence partner to the U.S. government and allied nations. We seek to be the best in the world in collecting, processing and analyzing radio frequency or RF signals and converting that information into valuable intelligence and operational insights that make American and allied warfighters successful. We support the warfighter across the intelligence value chain from unique sensing functionality and signal processing to advanced analytics and mission-ready intelligence product delivery. We provide actionable radio frequency intelligence that helps customers understand activity across increasingly complex and contested environments. Our capabilities combine purpose-built sensors, proprietary signal processing and geolocation technologies, advanced analytics, a growing RF emitter database, and more than 7 years of historical data. We also deliver critical RF software, analytical capabilities and payload systems directly into classified government environments and have been doing so proudly for the nearly 30-year history of HawkEye ISA. The 30-plus satellites we operate are an important component of our collection infrastructure, but they do not, by themselves, solely define HawkEye 360. Our value is defined by our ability to collect difficult-to-access signals, process enormous volumes of RF data, geolocate and identify activity of interest and rapidly deliver actionable intelligence into the systems and workflows our customers use. This distinction is fundamental to understanding both our business today and the opportunity ahead. We are not simply collecting or selling raw data. We are delivering a differentiated intelligence solution integrated directly into our customer systems that helps the warfighter detect threats, monitor activity, and make better informed decisions in challenging operating environments, such as detecting, identifying, tracking, and analyzing the location and activities of dark vessels operating in clandestine manner. The need for this capability continues to grow. Rising geopolitical tensions, increasingly contested operating environments and the modernization of global defense systems are driving renewed investment in signals intelligence and electronic warfare capabilities. The electromagnetic spectrum has become an increasingly important and contested operational domain. The ability to detect, characterize, and respond to RF activity is now essential across modern defense operations, including maritime awareness, air defense, long-range fires, force protection, and critical infrastructure security. At the same time, customers are looking to augment traditional government systems with commercial defense technology that can be fielded quickly, shared across allied organizations and delivered rapidly at a more attractive cost point. Customers increasingly want scalable as-a-service intelligence solutions that complement existing capabilities without requiring years of development and substantial upfront investment. Historically, many of these RF collection capabilities and their associated processing architectures existed only within highly classified government systems developed by traditional defense prime contractors. HawkEye 360 has helped disrupt that model by delivering proven, actionable, and shareable RF intelligence as a service while also integrating our trusted signal processing and analytical products directly into government systems. We believe these unique characteristics have created a hard-earned N of 1 position for the company, a differentiated combination of collection, processing, analytics, proprietary data and mission delivery that is purpose-built for demanding defense, intelligence, and national security customers. Our competitive position is supported by 3 core advantages. First, we have built a highly differentiated data and processing platform through years of supporting real-world operational defense, intelligence and national security missions. Our collection infrastructure has generated more than 1 billion RF observations, which power a growing proprietary archive, emitter database and analytics engine. Each new collection strengthens our ability to detect, geolocate, identify, and characterize RF activity and to recognize changes and patterns over time. This creates a compounding data advantage. As our archive grows and our algorithms improve, the speed, accuracy, and mission relevance of the intelligence we deliver increases exponentially. Second, our business model creates powerful operating leverage and attractive long-term economics. Much of the cost required to operate our collection and processing platform is fixed. Once RF data has been collected, the incremental cost of processing and delivering that intelligence to additional customers is low. And the same collection can then be used to support different customers, geographies and mission requirements. This collect once, sell many model creates opportunities for high incremental margins, premium pricing and recurring revenue as our customer base expands. It also gives HawkEye 360 the scalable economic characteristics of an integrated intelligence platform substantially unique in the defense technology landscape. And third, we continue to invest in the technical advantages that reinforce our market leadership and expand the missions we can support. Our objective is straightforward: increase collection capacity, improve revisit rates, accelerate processing and delivery, reduce latency, and lower the cost of deploying new capabilities. Each of these improvements increases the value of our platform to the warfighter while strengthening the economics of our business. A key component of the strategy is the continued evolution of our processing platform. In addition to the customer and TAM expansion rationale, one of the primary reasons we acquired ISA is the company's powerful real-time high-throughput signal processing engine. Since closing the acquisition, we have seen how HawkEye ISA's complementary technology unlocks greater value from the growing volume of RF data collected across our network and expands the opportunities available to the combined company. For example, historically, identifying new forms of radar activity could require developing individual algorithms for each radar type. Now we are able to leverage HawkEye ISA's more generalized algorithms to rapidly and automatically identify a broad range of emitters, including maritime and air defense radars, which improves the speed, scale, and flexibility of our processing platform. We are now delivering analytics to customers based on this new engine to address urgent customer requirements, and we expect to scale this offering greatly over time. Our investments are also materially reducing latency, which is increasingly critical as signals intelligence moves closer to real-time operational decision-making. A recent example was Valiant Shield 2026, the U.S. Pacific Command's premier joint training exercise. Again, this year, HawkEye 360 partnered with our investor, Lockheed Martin, to demonstrate an integrated operational workflow, combining our HawkEye 360 RF intelligence and tactical direct downlink capabilities with processing technologies from both companies on a Lockheed Martin platform. The demonstration reduced data latency by more than 50% compared with the 2025 Talisman Sabre exercise. Additionally, this data received a high track quality rating, representing a measure of accuracy that is suitable for fire control systems. This data was integrated into the Aegis weapon system and illustrates our ability to become relevant for track custody and long-range fire missions. While this was an early demonstration, it clearly highlights our path to materially increasing our addressable market as our platform progresses from supporting strategic intelligence applications to also enabling more time-sensitive operational and tactical missions. Accordingly, as we seek to dominate RF collection and analysis, our vision goes beyond delivering standalone intelligence products and includes embedding our software, hardware, data and analytics more deeply into the platforms, systems, and workflows our customers leverage today. As these integrations expand, HawkEye 360 will become an increasingly essential intelligence and operational layer within the broader defense ecosystem in respect of targeting and decision-making changes. We have several insightful examples of this broader strategy from this past quarter. Specifically, we announced awards from the U.S. Space Rapid Capabilities Office, or Space RCO, as well as from NASA and NOAA. The Space RCO award highlights both the expansion of our RF capabilities for space domain awareness and the customer demand for procuring HawkEye 360 payloads for installation into the national security architecture. The recent awards from NOAA and NASA demonstrate customer interest in civil applications of our spectrum analysis and RF interference detection capabilities. These products have potential for commercial telecom enterprise and other new use cases while leveraging the same underlying technology, infrastructure, data and processing platform. They expand our addressable market and diversify our customer base while reinforcing the scale advantages of our core business. We also continued strengthening the collection infrastructure that supports these capabilities. During the second quarter, we commissioned Block 2 Cluster 14 and brought to full operational capacity in the shortest commissioning period in our history. Cluster 14 is already delivering essential data to defense, maritime and national security customers, increasing our capacity and strengthening coverage in priority regions. The next phase of capacity expansion remains on-track. Clusters 15 and 16 are entering final testing ahead of planned launches during the second half of this year. Once operational, these clusters are expected to increase revisit rate and enable us to serve a greater number of customers and mission requirements. We are also advancing our first Block 3 cluster toward a planned launch in the next 6 months. Block 3 is a completely in-house design that materially increases collection capacity while radically lowering satellite capital costs. This represents an important advancement in both the technical capability and capital efficiency of our platform. In addition, we initiated development of our Block 4 satellites and are planning the first demonstration of our angle of arrival payload prototype anticipated for launch in 2027. This initiative is intended to accelerate the introduction of innovative capabilities in new frequency bands and to support our longer-term objective of significantly reducing latency. Collectively, these investments are designed to improve revisit rates, collection capacity, latency, and capital efficiency. Turning to customer adoption. We continue to see robust demand across each of our major customer groups. Within the U.S. government, defense and intelligence organizations increasingly view commercial RF intelligence as critical to augment national collection systems, rapidly address emerging intelligence requirements and share insights more easily across organizations and allied nations. Internationally, allied governments are accelerating investment in sovereign defense systems and capabilities and increasingly recognize the value of commercially available shareable RF intelligence. We generated record international revenue during the second quarter, onboard substantial new sovereign customers, and expanded our work across multiple agencies within existing countries. We are seeing unprecedented levels of demand, especially over certain priority geographic regions. This reinforces the need for our ongoing capacity investments and illustrates the critical importance of RF intelligence in areas of heightened geopolitical activity. We continue to increase our available capacity for customers, not just with more satellites, but also through technical innovations like onboard processing and evolving business models like broad theater collections that can be sold to several customers concurrently. As such, we have proactively pulled some spending forward to accelerate our technology development road map. Craig will provide details momentarily. Recent customer activity includes the multi-year India Indo-Pacific Maritime Domain Awareness Award and continued expansion within existing customer relationships, including European and Asian Ministries of Defense. These examples demonstrate the land and expand dynamic we frequently see across our international business. To highlight this, we traditionally experience customers beginning with an evaluation, a defined geographic area or a specific intelligence requirement. As our data becomes integrated into their operational workflows and demonstrates its value, our products become very sticky, and those relationships can expand across products, missions, agencies, and contract durations. One of the characteristics we value most about our business is the durability of these customer partnerships. Once customers incorporate HawkEye 360 into their workflows, we have opportunities to expand both the number of products they consume and the missions we support. This contributes to recurring revenue, growing backlog, and increasing revenue visibility over time. International business also provides an important source of revenue and contract diversification. Our U.S. government and international businesses serve complementary customers with many of the same security priorities that operate across different procurement cycles, budgets, and geographic requirements. This diversified model distinguishes HawkEye 360 from defense technology companies that depend almost entirely on a single U.S. government customer or program. It provides broader market access, reduces customer concentration, and allows the same collection and intelligence platform to support multiple allied customers while comparatively reducing company exposure to U.S. government-related budget procurement and policy risk factors. Looking ahead, we believe HawkEye 360 remains in the early stages of a much larger opportunity. We are focused on 4 strategic priorities. First, we are increasing collection capacity, reducing latency and improving revisit rates to support greater demand, more relevance, and more persistent coverage. Second, we are enhancing our signals intelligence platform by adding new signals, processing capabilities, analytics, and mission applications that increase the value of our intelligence. Third, we are embedding our capabilities more deeply into customer platforms and workflows, and enabling more operational and time-sensitive missions as we reduce latency and leverage AI-driven data science functionalities. Finally, we are leveraging our technology to design and field dedicated systems for the U.S. government and select international customers with unique sovereign mission requirements and operational environments. We are building these priorities organically and with partners, but we also continue to evaluate disciplined M&A opportunities, such as our acquisition of ISA from 8 months ago, where M&A can accelerate our signal processing and analytics road map, as well as further expand our mission set in total addressable markets. Our sales pipeline remains strong across the U.S. government, international defense organizations and sovereign intelligence customers. We are encouraged by the number of meaningful opportunities progressing through the pipeline and continue to expect several significant award decisions across these customer groups before year-end and into 2027. While Craig will discuss our financial outlook in greater detail, I'd like to highlight several operating priorities for the second half of the year. We expect to complete final testing and launch Clusters 15 and 16, which will materially increase capacity and improve revisit rates once commissioned. We also expect to continue advancing Block 3 toward launch and create additional milestones in the development of our Block 4 prototype. We expect HawkEye ISA to continue focusing on its core U.S. government customers while further integrating its high-throughput processing technology into the HawkEye platform. Through this alignment, HawkEye ISA will accelerate development by leveraging HawkEye's investments and our frequent opportunities to fly payloads and software to space, as well as broaden the availability of next-generation radar analytics, expand the HawkEye ISA backlog of new programs of record and pursue additional joint opportunities across our shared customer base. Throughout the broader organization, we will remain focused on increasing platform utilization, improving data delivery efficiency, accelerating our sales pipeline and translating our continued growth into attractive incremental margins and customer success. For the future, we believe we are exceptionally well positioned for long term success. We operate at the intersection of several powerful long-term trends: rising investment in defense and intelligence and rapidly accelerating appreciation for commercial defense functionalities, the growing importance of the electromagnetic spectrum, increased allied customer demand for shareable intelligence, and the expanding role of software and analytics in transforming raw data into operational advantage. We take great pride in our hard-earned N of 1 position by combining differentiated collection infrastructure, high throughput signal processing, advanced analytics, proprietary RF data and deep mission expertise within a single integrated platform optimized for warfighter success. Our strong second quarter performance, expanding international business and continued technical progress demonstrate that this differentiation is translating into growth, profitability, and broader customer adoption. Most importantly, we are defined by the mission outcomes we deliver, helping the warfighter understand complex environments, identify emerging threats and make faster, better informed decisions. I'd like to thank our HawkEye 360 employees again for their exceptional dedication and care, our customers for their continued trust, and our shareholders for their support. With that, I'll turn the call over to Craig, to review our financial results in more detail. Craig? Craig Searle: Thanks, John, and welcome, everyone, to our second quarter 2026 earnings call. I will walk through our company's results for the second quarter, provide an update on the balance sheet and liquidity and then discuss our outlook for 2026. As a reminder, I'll be discussing non-GAAP financial measures. Reconciliations between our GAAP and non-GAAP financial measures are included in our press release. Revenue in the second quarter increased 87% year-over-year to $49.8 million. This was primarily driven by the acquisition of ISA. International revenue was $21 million in Q2, reflecting 134% year-over-year growth, all of which was organic. U.S. revenue was $28.8 million in the quarter, reflecting 63% year-over-year growth. This was driven by $14.4 million contribution from our acquisition of ISA, offset by a $3.2 million decline in our legacy U.S. business stemming from U.S. government shutdown and continuing resolutions driving contract delays. On an organic basis, removing the impact of ISA, revenue grew 33% compared to the prior year period. Second quarter 2026 net loss was $15.3 million compared to prior year net income of $1.6 million. The change was driven by higher expenses, including non-cash expenses, one-time expenses and spending around our transition from a private to a public company, partially offset by higher revenue. Adjusted EBITDA for the quarter was $7 million compared to $7.8 million in Q2 2025. The decrease was driven by higher operating expenses to position HawkEye for longer-term growth as a public company, partially offset by higher revenue. In Q2, we generated $5.4 million of free cash flow, benefiting from favorable working capital dynamics compared to negative $1.3 million in Q2 2025. Turning to the balance sheet. In the second quarter, we completed our initial public offering, selling 18.4 million shares of common stock, raising approximately $437.5 million of net proceeds, including the exercise in full of the underwriters' options to purchase additional shares. Following the IPO, we repaid $49.5 million of outstanding borrowings and fees under our 2025 loan agreements and entered into a new 5-year $125 million senior secured revolving credit facility, which is currently undrawn. As of June 30, 2026, our cash and cash equivalents were $503 million. Together, our cash balance and undrawn debt capacity provide us with significant liquidity to execute our growth plans, which could include M&A. Our backlog as of June 30, 2026, was $292 million, up from $285 million as of March 31, 2026. Let's turn to a discussion of our outlook for 2026. At this point, we expect total company revenues for full year 2026 to land in the range of $215 million to $220 million, and we expect adjusted EBITDA for the full year to be in the range of $30 million to $36 million. On the revenue side, we are continuing to see strong demand for our offerings, particularly with our international customers. On adjusted EBITDA, we have pulled forward some spending on space, signal processing, and analytics, and believe that accelerating our capability road map and offerings will deepen our competitive advantage and better position the company to grow over the long term. Additionally, this also reflects an incremental mix shift within U.S. towards HawkEye ISA-related revenue for 2026. Stepping back, HawkEye is executing against priorities across engineering, sales and other areas and focusing every day on making our customers more successful. We believe this will drive shareholder value over the long term and are excited that you are involved in our story. Thank you to our employees, our customers, and our shareholders for their continued support. With that, operator, we are ready to open the line for questions. Operator: [Operator Instructions] And our first question will come from Kristine Liwag with Morgan Stanley. Kristine Liwag: Maybe, John, to start, given the escalation in Iran and the increased need for persistent RF intelligence and maritime domain awareness, I would have anticipated that you'd see strong demand, and you kind of touched on that in your prepared remarks. But I was wondering, can you talk more about how we should potentially size incremental orders that could materialize through the year and what your expectations are for book-to-bill for the full year 2026? John Serafini: Thanks, Kristine. Great to hear from you. We have been exceptionally busy in the Middle East, supporting our customers there across a litany of different requirements. The maritime domain awareness functionality is significant in the Strait of Hormuz and the Arabian Gulf. Tracking dark vessels is an everyday occurrence for us. We are uniquely able to detect, geolocate, and process and track different types of navigational radar systems such as X- and S-band radars. And we're particularly adept at doing so for those vessels that have gone "dark" and have turned off their AIS signals. That provides us a significant enduring advantage that allows us to detect these vessels and provide that as intelligence products on a subscription basis to our customers. We have seen a significant uptick in demand from this region. It is sustainable for the long term, given the state of the relationships between Iran and the GCC countries. And I anticipate seeing meaningful awards in the near future related to the GCC. Kristine Liwag: And John, your expectations for book-to-bill for the full year, is this something where we could see something like 2x for full year 2026? Is that a possibility? John Serafini: We anticipate a number of different meaningful awards over the course of the next few months related to this area of operations. I believe we have a very significant backlog in place today to support this area, and we anticipate being able to reach our full revenue goals for the year. Craig Searle: Kristine, I can jump in here. Currently, we have $82 million of backlog to be recognized in the second half of 2026. So as a reminder, as you noted, we have a book and ship business and expect to book and burn down revenue through the rest of the year. Kristine Liwag: Great. Super helpful. And if I could sneak a third one in. So John, in your prepared remarks, you've talked about how you're increasingly more mission relevant, especially as your latency decreases and you've got a pretty good -- very good product quality. So with that, can you talk more about in size the addressable market that opens up to you if you're more plugged into those operational missions? How large of an opportunity is this? And any sort of timing of when we could see some of these unlocks take place? John Serafini: Thanks, Kristine. As you know, we define our addressable market as being approximately $25 billion associated with RF signal collection, processing, analysis inclusive of both U.S. government and international business opportunities, and we anticipate that growing over the course of the next 10 years -- or excuse me, 5 years to approximately $35 billion. Of that $25 billion today, roughly $7 billion to $8 billion is really associated with space-based capabilities. And our goal is to be able to be relevant for every dollar of that $7 billion to $8 billion addressable market. One of our key focus areas, as you know, is decreasing our latency. Our goal is to get to 10 minutes of revisit rate and 10 minutes of data latency in the next, call it, 2 to 2.5, 3 years. When we're able to be there, I believe strongly that we'll be relevant for every piece of that $7 billion to $8 billion of market opportunity and that we will start to expand beyond the component for space-based collection into other domains, leveraging sensors in other locations, be it terrestrial or aerial layer. Operator: Our next question will come from Sheila Kahyaoglu with Jefferies. Unknown Analyst: This is Kyle on behalf of Sheila. Congrats on both the IPO and a great quarter here. I just had a question about sort of the incremental capacity that you'll have coming online in the back half of this year and into 2027 with the additional clusters and satellites. And kind of curious how much of that is already accounted for in terms of the demand set that exists for those products and how the sort of advanced capabilities of those platforms kind of bridge you into that dynamic you were just talking about reducing the revisit rates and latency over the next couple of years? John Serafini: Yes. As you know, thanks for the question, Kyle. We're building the Block 2s right now. We just launched Cluster 13 and Cluster 14. We have Cluster 15 and Cluster 16 coming online shortly. And each of these Block 2 clusters is incrementally better than the one before. So we're very excited about the new functionality associated with Clusters 15 and 16 and then soon getting the first of the Block 3s up on orbit. Clearly, there's new capabilities that will be on orbit, but more importantly is the ability to have more capacity for collection. We need to be able to be overhead some of these geographic priority areas more often, but we also need to be able to make adjustments in the way in which we collect the data such that we can perform more onboard processing and collect multiple different signals on each pass, which will enable us to be even more efficient with each of these different collections when we're overhead. So it's a process of putting more satellites on orbit as well as improving the processing and the data analysis to provide more value from each pass. In addition, we're working to increase the amount of -- or decrease the amount of latency, and that's a function of being able to drop the data down to additional ground stations and densifying the number of ground stations in our network. As we bring additional ground stations online, it assists us in bringing the latency down, which improves the value to the customer. So you'll see more of that in the back half of the year. Thank you, Kyle. Any other questions? Unknown Analyst: Yes. I guess just the second, you guys mentioned on the road map in order to sort of enable that. Obviously, pretty impressive second half kind of implied guidance here in terms of both the revenue growth, but also on the margin side of things. So maybe if you can just color in kind of the puts and takes from a margin perspective as you get out into the second half, Craig, and then into 2027? John Serafini: Sure. Let me turn it over to Craig to address the margin. Craig Searle: As we look to Q3 and Q4 in terms of revenue and adjusted EBITDA, we expect Q4 and Q3 will be higher than Q1 and Q2, as you noted. As it relates to adjusted EBITDA, we did have some margin pull forward in Q2 versus Q3 due to revenue mix shift. We expect Q3 adjusted EBITDA to be similar to Q2 with a ramp to Q4. We think that achieving our outlook today for revenue in the back half of the year is going to set us up extremely well for 2027 in terms of visibility, and we'll come back to you early next year with our outlook for that year. Operator: We'll go next to Ron Epstein with Bank of America. Alexander Christian Preston: This is Alex Preston on for Ron today. I was curious if you could talk about maybe the trajectory of international mix, right? First half '26 ramping, I think, north of 40% even with ISA in the fold, similar to standalone HawkEye 360 performance in 2025. How do you guys see that trending given the demand dynamics you noted in the Middle East and INDOPACOM? And I guess, are there any incremental changes to long-run margin performance that could come from that? John Serafini: Okay. Well, thank you, Alex. Great question. I think the international growth story has been a particularly positive one for HawkEye. There is exceptional tailwinds behind our international business. My expectation is that long term, we're close to about 50-50 between U.S. government and international. What's great about international is the contract durations tend to be longer. We're able to secure premium pricing, although it's at the cost of longer sales cycles. Some of these places where we operate, it takes a longer time in which to get contracts done. And sometimes these contracting processes are fairly Byzantine. But when they do, they are extremely sticky and long-term customers. In addition, we anticipate over time that the mix of revenue within the international engagements will expand to not only include data purchases, but also dedicated systems as well as on-site support to the customer. I anticipate longer term that the majority of our international engagements will have 3 legs to it. Leg 1 will be a meaningful acquisition of HawkEye data from our own constellation. Leg 2 would be a dedicated cluster or clusters that produce sovereign data that would flow through our processing platform for the customer. And leg 3 would be an on-site service support element to assist the customer in extracting the most value possible from the HawkEye capabilities. Thank you for the question. Operator: And we'll go next to Louie DiPalma with William Blair. Louie Dipalma: John and Craig, congratulations on the IPO. Can you discuss more of the partnerships that you've been able to foster? You discussed the recent exercise in the Pacific with Lockheed Martin, and I believe you have a very strong integration of your data feed with Palantir's Maven Smart System. Can you develop -- can you discuss those partnerships and potentially other partnerships that can further drive the ecosystem adoption of your service? John Serafini: Thanks for the thoughtful question, Louie. We have been truly blessed by a number of different strategic investors at HawkEye even before the IPO. Lockheed certainly has been one, then Raytheon and Airbus, Leidos, and Jacobs, and Esri have all been investors in the company and long-term strategic partners to us and each has different ways in which we work with them to create value. That being said, Europe is particularly interesting to us right now. Obviously, there's a rearmament across Central and Eastern Europe, but it's difficult to play that solely as an American company. Now we've been successful in selling data and data analytic products to certain governments and we'll continue to do so. But I anticipate that for us to be able to engage more fruitfully throughout the entirety of the European theater and to do so in a variety of different mechanisms, not just data, but also dedicated systems that partnerships are going to be important. We're working on a couple of very meaningful ones, and I look forward to being able to tell the investment community about them in the very near future. That all being said, I will express two thoughts. One is speed is more important than localization. It's essential in a given state of affairs with Ukraine and Russia that as Europe looks to add more functionality that they do so as quickly as possible. And you do that through leveraging existing on-orbit capabilities like from HawkEye 360 as opposed to waiting the years it will take to develop European-dedicated systems themselves. That's thing one. Thing two is to call a distinction between sovereignty and control. We can provide control in our dedicated systems through tasking mechanisms and direct downlinks in certain ways that the data is being stored and processed, et cetera, that gives the customer great confidence that the data is protected in their own as is the passes, as opposed to the need for localization and "sovereignty." I think we can achieve both ends through the way in which we're working with our customer groups. So thank you for the question, Louie. Operator: And our next question will come from Peter Arment with Baird. Peter Arment: Congrats on the first quarter and IPO. John, maybe just to click on Cluster 15. I think the expectations were that this would potentially launch in July. Just curious if there is an expectation of any issues on with launch providers or schedule moves. I'm just wondering if you could give a little more color on that. John Serafini: Peter, great to hear from you, and thank you for all of your support during the IPO process. It's a great question. Certainly, space is hard, as you know. And oftentimes, development cycles push out a little bit, and that was the case for Cluster 15. We now feel very comfortable knowing that satellite is going up in the back half of this year. You asked a good question, which is, are we concerned about the availability of launch capacity in the near future? We're fortunate to have all of our launches locked in through 2028. So it's not a near-term emergency or a near-term concern. But there are open questions about availability of launch beyond into 2029, 2030 and beyond, particularly given a feeling in the industry that SpaceX might be reducing or eliminating some of the Falcon 9 Transporter or Bandwagon missions. Fortunately, if this is a 2-plus years out, that gives more time for other platforms to become viable, and we're looking at groups like Firefly, Stoke and of course, Rocket Lab, our partner, who has launched several of our clusters in the past. And we anticipate that there'll also be options to the launch brokerage services that we'll be able to take advantage of. So it's not something that's keeping us up at night right now. We have the benefit of being locked down for the next 2 years, but we're looking at and we're considering different options. Thank you for the question. Operator: And we'll go next to Ken Herbert with RBC Capital Markets. Kenneth Herbert: John and Craig, congratulations again as well on the IPO. Maybe as we just think about, Craig, the second half guidance, the range on the EBITDA, maybe if you could just walk through what gets you to the upper end of the range or the lower end and a couple of the moving pieces as we think about the full year EBITDA outlook. John Serafini: Sure. Let me turn it over to Craig. Craig? Craig Searle: So Ken, our outlook is dependent upon executing and delivering against the pipeline opportunity that's in front of us, which we feel very confident on. Hitting the high end of guidance means that we'll be more successful in converting pipeline. As we think about EBITDA in Q3 versus Q4, I spoke earlier, we do expect Q3 EBITDA to be similar to Q2 with a ramp into Q4. Operator: Our next question comes from Chris Quilty with Quilty Space. Christopher Quilty: I just want a question on the dedicated systems. First, I want to clarify, you haven't had any of those sales to date. And second of all, maybe this is for Craig. I mean, would those look like a normal CapEx cycle? Or do you suspect there will be a different way that they kind of flow through the P&L and balance sheet? John Serafini: Thanks, Chris. And I'm always cognizant that you've been along for the ride for the past decade as my friend and adviser. So thank you, and thank you for the good question. We actually have had our first sovereign transaction. It's one that we announced back in December for approximately $100 million, where it's basically a dedicated capacity buy over a 5-year period, leveraging 2 of our clusters. Let me turn it over to Craig to address the back half of your question. Craig? Craig Searle: In terms of the CapEx impact there, as it relates to the sale last year, it's still treated as CapEx. It's still treated as a HawkEye-owned satellite system. It's just a dedicated capacity component that every time the satellite is overhead for the customer, all of those collections are dedicated to that customer. To the extent that we do other sovereign asset transactions that have different dynamics, the accounting treatment could look different in terms of capital expenditures. Christopher Quilty: Great. If I can sneak in a second. I think, John, you had mentioned increased focus on onboard processing. But if I recall, the Gen 3 satellites are actually smaller sort of 8U in size. And so are there any SWaP constraints that you've got to deal with to add processing? John Serafini: Yes. So the way in which we're looking at the future development is the Block 2 is a general system. It collects from 30 megahertz up to 18 gigahertz. And we've come to appreciate that customers really focus on very specific signals. So our idea and what we're putting into practice here is to split the Block 2 in the future into the Block 3 and the Block 4. The Block 3 will pull out 75% of the capital expenditures by making it smaller. We're able to shrink the software-defined radio. We're able to shrink the number of antennas on the platform, et cetera, all of which allow us to build it at a much cheaper cost point focused on very specific signals. Then in order to ensure that we have the continuity of a general system, we'll be building the Block 4s, and that will cover from 30 megahertz all the way up beyond 18 gigahertz, and we're looking at different bands beyond 18 gigahertz. And having the larger bus with more power will certainly enable us to bring the onboard processing into play. But we also anticipate elements of the onboard processing to be absolutely relevant for the Block 2s and for the Block 3s. Thank you for the questions, Chris. Operator: And our next question will come from Jeff Van Rhee with Craig-Hallum. Jeff Van Rhee: I'll add my congratulations. John, maybe if you would talk a bit about ISA and the reaction, particularly amongst the international customers to the pretty robust capabilities that brings. Just kind of curious, yes, just the anecdotal in terms of how the prospect base reacted to that. John Serafini: Well, ISA has been a wonderful transaction for us. We acquired the company back in December. It was a landmark transaction. With the acquisition, we not only were able to expand our total addressable market and to bring in new U.S. government customers. But to the center point of your question, the processing is the crown jewel here that we're so concerned about. And we're able to bring their processing into our own platform. And with their generic radar processing algorithms, we can now identify many more signals in our own proprietary data than we were able to collect before. So we've brought the 2 together, and we're now offering this processing to our customers all around the world, and we're offering significantly more value on top of the existing data that we're already collecting. So it's been a great win for us, and we think it's a great win for our customers, too. Jeff Van Rhee: Yes. I would think so. One last for me, if I could. If I look at the sovereigns that are not moving, the international prospects that are not moving as quickly as maybe you would have either hoped or have expected. If they're dragging their feet, why are they dragging their feet? What are their options? What are they considering? What are they pushing back on? And kind of just curious at the leading edge, what those discussions look like? John Serafini: Well, as I mentioned to you earlier, international sales for HawkEye is both bottoms up and top down. We need to work with the political engagement and get senior buyoff, and we also need to work at the customer level and ensure we're meeting the requirements of the customer. These take time. They don't happen overnight, which is an interesting dynamic compared to our U.S. government business that tends to be very quick. The sales cycle is in days or a couple of weeks. But on the international side, oftentimes, we're working within procurement processes and systems that we haven't engaged with before, and we're learning as we go. We're doing the best we can. Sometimes the region and the time of year matters, which we're also experiencing, but we do anticipate bringing a couple of major international deals to fruition in the very near future, and we look forward to announcing them. But thank you for the great question. Operator: And moving next to Connor Dessert with Goldman Sachs. Connor Dessert: You've got Connor on for Noah today. In the prepared remarks, you mentioned that you had initiated the development of the Block 4 satellites that you have in planning and you have the first demonstration of your angle of arrival payload prototype anticipated for launch in 2027. So two questions related to that. Is it accurate to think of that demonstration as like a full Block 4 satellite that's in orbit sometime in 2027? Or is that just like a small piece of what will eventually be on a Block 4 that's going to be in orbit? And then are you seeing customer demand in the market today that's prompting the acceleration of the Block 4 development more broadly? John Serafini: Great question. Thank you for offering it. For us, with the Block 4, what's most important is optionality. And we need to be able to prove out the viability of our own hosted payload by developing a prototype in partnership with HawkEye ISA in order to get that on orbit and prove out the functionality. Once we've proven it out with its own dedicated bus, its own standalone satellite, then we have the optionality of either building our own satellites for launch or taking that hosted payload and putting it into another constellation of an existing company. And we're working on a bunch of different options that we can leverage, where we can do a hosted payload relationship and get more coverage around the world. The net-net is with the Block 4, we're looking for low latency. We want to be able to collect from lots of different data nodes, whether they're angle of arrival or the 3-ball geolocation time and frequency distance of arrival geolocation algorithms and get that data down to the ground as quickly as possible. That gets unlocked through onboard processing, but importantly, through cross links as well and by ground station densification. So we're unlocking a bunch of these different opportunities, but the Block 4 is critical to it. Operator: And this now concludes our question-and-answer session. I would like to turn the floor back over to John Serafini for closing comments. John Serafini: Well, thank you, Carrie. We are pleased with our continued progress and look forward to keeping you updated on our journey. We are honored and fortunate to have the opportunity to serve the warfighting community, U.S. and allied customers around the world who are tasked with missions of great operational significance and importance. This is a responsibility we at HawkEye 360 take exceptionally seriously. Mission execution is ingrained deeply into the DNA of this company. Simply put, we serve those who serve our nation. As always, please reach out with any questions, and thank you for your interest in HawkEye 360. Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines, and have a wonderful day. Before you buy stock in HawkEye 360, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and HawkEye 360 wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $432,621!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,335,314!* That performance is why people listen. With a track record of beating the S&P 500 by nearly 5x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 20, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. HawkEye 360 (HAWK) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. HawkEye 360 (HAWK) is back on investors’ radar after its second quarter 2026 earnings release, which paired sharply higher revenue with a swing from profit to loss and fresh full year guidance. The company reported US$49.81 million in Q2 revenue and a net loss of US$15.28 million, then projected full year 2026 revenue between US$215 million and US$220 million, which now anchors many investors’ expectations. See our latest analysis for HawkEye 360. HawkEye 360’s latest earnings and new 2026 guidance arrived after a weak recent run in the stock, with the share price return down 6.52% over one day and 33% year to date. However, the 30 day share price return of 12.49% hints at some stabilising momentum around the current US$22.78 level. If this kind of volatility has your attention, it can be helpful to widen the search and see what else is moving in related areas, starting with 55 AI infrastructure stocks HawkEye 360 now sits at the crossroads of a growing defence tech business and a stock that has pulled back sharply. After this swing and fresh guidance, investors may be asking whether the current price is actually offering a fair deal on the growth story. HawkEye 360’s most followed valuation narrative points to a fair value of $41 per share compared with the latest close at $22.78, which sets a high bar for what the business might deliver over time. Read the complete narrative. Want to see what sits behind that confidence in HawkEye 360? The narrative leans on rapid top line expansion, rising margins and a premium earnings multiple. Curious how those ingredients combine into a single fair value number? Result: Fair Value of $41 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, the bullish HawkEye 360 case depends on defense budgets holding up and satellite projects staying on track, since slower awards or launch issues could quickly weaken it. Find out about the key risks to this HawkEye 360 narrative. With sentiment on HawkEye 360 pulled between those risks and rewards, it makes sense to move quickly and check the underlying data for yourself. To see a concise rundown of both sides of the story, review the 4 key rewards and 1 important warning sign If HawkEye 360 has sharpened your focus, do not stop here. Use these tailored stock ideas to spot opportunities that could fit your goals before others do. Target potential bargains by scanning companies that combine quality fundamentals with reasonable valuations using the 50 high quality undervalued stocks. Strengthen your income stream by reviewing stocks with robust yields and consistent payout histories through the 10 dividend fortresses. Prioritise resilience by checking companies that carry lower risk scores and steadier profiles inside the 83 resilient stocks with low risk scores. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HAWK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Interested in HawkEye 360, Inc.? Here are five stocks we like better. Q2 revenue surged 87% to $49.8 million, supported by strong U.S. government and international demand and the ISA acquisition. Adjusted EBITDA was $7 million, while the company posted a $15.3 million net loss due largely to public-company transition costs and growth investments. International revenue reached a record $21 million, up 134% organically, while total backlog grew to $292 million. HawkEye 360 highlighted rising Middle East demand and expects its long-term revenue mix to approach 50% U.S. government and 50% international business. The IPO raised approximately $437.5 million in net proceeds, strengthening liquidity for growth and acquisitions. The company maintained its 2026 outlook of $215 million–$220 million in revenue and $30 million–$36 million in adjusted EBITDA. 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. → Lumentum Just Delivered the AI Growth Investors Wanted 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 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. → Ryman Checks Into a $1.38B Hospitality Upgrade 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. → Joby’s Defense Pivot Accelerates With $500M Resonant Sciences Deal “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. 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. 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. 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. 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. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "HawkEye 360 Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Revenue of $49.8 million, up 87% compared to the prior-year period of $26.6 million Achieved record international revenue of $21.0 million, up 134% compared to the prior-year period Successfully closed an initial public offering ("IPO") in May 2026, raising $437.5 million in net proceeds Backlog of $292.2 million as of June 30, 2026 HERNDON, Va., Aug. 13, 2026 /PRNewswire/ -- HawkEye 360, Inc. (NYSE: HAWK) ("HawkEye 360" or "the Company"), a global leader in signals intelligence data and analytics, today announced its financial results for the second quarter ended June 30, 2026. "Our second quarter results reflect HawkEye 360's continued growth as a premier defense technology company and the strength of demand for our RF signals intelligence solutions, as governments around the world increasingly prioritize space-enabled intelligence, surveillance and electronic warfare capabilities," said Chief Executive Officer John Serafini. "We delivered another quarter of strong revenue growth, including record international revenue, reflecting the acceleration of our business model and increasing adoption of our RF signals intelligence solutions among defense, intelligence and allied government customers worldwide, particularly in areas of geopolitical tension where high-quality signals intelligence is exceptionally valuable." Mr. Serafini continued, "We are seeing great momentum across the business heading into the back half of the year, with strong tailwinds from growing global demand for space-based RF intelligence. Our next phase of constellation growth with Clusters 15 and 16, and our first cluster of Block 3 Kestrel satellites, are expected to further expand our collection capacity and global coverage. Additionally, we are seeing the benefits of our integration with ISA's algorithms which have enhanced our processing latency and military radar product solutions with greater automation. With this momentum, 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. We continue to invest meaningfully in our best-in-class signals intelligence platform, exceptional team, and differentiated go-to-market capabilities to drive profitability and shareholder value." Second Quarter 2026 Financial Highlights: Revenue of $49.8 million, up 87% compared to the prior-year period of $26.6 million. Achieved record international revenue of $21.0 million, up 134% compared to the prior-year period of $9.0 million. Recorded a net loss of $15.3 million, compared to net income of $1.6 million in the prior year period. Realized Adjusted EBITDA, a non-GAAP metric, of $7.0 million, compared to $7.8 million in the prior-year period. Recognized net cash provided by operating activities of $11.6 million and Free Cash flow, a non-GAAP metric, of $5.4 million, compared to $4.6 million and $(1.3) million, respectively, in the prior-year period. Confirmed backlog of $292.2 million as of June 30, 2026, compared to $285.0 million as of March 31, 2026. Successfully closed an IPO in May 2026, raising $437.5 million in net proceeds. Second Quarter 2026 and Recent Business Highlights: Announced a multi-year contract to provide the Indian Navy and regional partner nations with the Company's space-based RF data and analytics to enhance maritime domain awareness across the Indian Ocean Region. The award expands the Company's support of the Indo-Pacific Maritime Domain Awareness initiative and further demonstrates growing international adoption of HawkEye 360's RF intelligence capabilities. Demonstrated commercial-enabled track custody alongside Lockheed Martin during Valiant Shield 2026, a U.S. Pacific Command biennial field training exercise, achieving record latency speeds, validating the Company's ability to tactically enable the warfighter in real operational conditions, an early step toward supporting missions that require precise, continuously updated location data to guide long-range weapons systems. Announced that ISA, was selected by the U.S. Space Force's Space Rapid Capabilities Office for a Small Business Innovation Research Direct-to-Phase II award to develop an adaptable radar-warning sensor payload to enhance space domain awareness in geosynchronous orbit. Achieved Full Operational Capacity for the Company's Cluster 14 satellites, launched in March 2026, completing the shortest commissioning period in HawkEye 360's history and further expanding the Company's space-based signals intelligence constellation and collection capacity to support growing defense, maritime and national security customer missions worldwide. Announced a contract award from NASA's Commercial Crew and Commercial Low Earth Orbit Development Programs to supply the Company's RFIQ™ data product in support of research on resilient, secure space-to-space communications for future commercial spacecraft missions. Entered into a new $125.0 million revolving credit facility maturing in May 2031, enhancing liquidity and financial flexibility to support continued investment in the Company's space-based RF data and analytics platform, constellation expansion, product innovation and broader strategic growth initiatives. Full Year 2026 Outlook For full-year 2026, the Company expects total revenue of between $215.0 million and $220.0 million, and non-GAAP Adjusted EBITDA of between $30.0 million and $36.0 million. The Company has not reconciled its non-GAAP Adjusted EBITDA outlook to the most directly comparable GAAP measure because certain reconciling items, such as stock-based compensation, change in fair value of warrant liabilities, and depreciation and amortization, are uncertain or out of the Company's control and cannot be reasonably predicted. The actual amount of these expenses will have a significant impact on the Company's future GAAP financial results. Accordingly, a reconciliation of the Company's non-GAAP Adjusted EBITDA outlook to the most comparable GAAP measures is not available without unreasonable efforts. Second Quarter 2026 Earnings Conference Call: The Company will hold a conference call today, August 13, 2026, at 4:30 PM ET. The call can be accessed by dialing 1-877-407-0792 (U.S. participants) or 1-201-689-8263 (International participants). Participants can also listen to a live webcast of the call by going to the Investors section on HawkEye's website at https://investors.he360.com/. A replay of the call will be available starting on Friday, August 14, 2026, at 11:30 AM ET by dialing 1-844-512-2921 (U.S.) or 1-412-317-6671 (International) and entering the conference ID number: 13761675. The replay will be available through Thursday, August 27, 2026, at 11:59 PM ET. About HawkEye 360 HawkEye 360 is equipping defense, intelligence and national security leaders with mission-critical signals intelligence to enable faster, better decision-making. By detecting, geolocating and characterizing radio-frequency emissions worldwide, HawkEye 360 delivers trusted domain awareness and early-warning indicators to the US Government and allied partners. Our space-based collection, proprietary signal processing and AI-powered analytics transform knowledge of RF spectrum into a strategic advantage. Proven by operational mission success, HawkEye 360 is redefining how signals intelligence strengthens national and global security. Non-GAAP Financial Measures In addition to the financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company reports Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures. The Company defines Adjusted EBITDA as net income (loss) before interest income, interest expense, income tax expense or benefit, depreciation and amortization, as well as significant non-cash and/or non-recurring expenses that are not considered part of the Company's operations and revenue-generating activities, or are nonrecurring or infrequent in nature. Management believes these items are not useful in evaluating the Company's core operating performance. These items include, but are not limited to, stock-based compensation expense; acquisition-related costs, one-time costs related to the IPO, settlements, net of related legal expenses, changes in fair value of contingent and deferred consideration, changes in fair value of warrant liabilities, and gains or losses on extinguishment of debt. The Company defines Free Cash Flow as net cash provided by (used in) operating activities less purchases of satellites, property, and equipment. The Company uses Adjusted EBITDA and Free Cash Flow in conjunction with other GAAP measures to evaluate the effectiveness of its business strategies, make strategic decisions, and communicate with its board of directors and investors concerning its financial performance. The Company uses these non-GAAP financial measures to assess its financial performance because they allow the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and capital expenditures) and other items (such as non-recurring or non-cash costs) that impact the comparability of financial results from period to period. The Company believes that the presentation of these non-GAAP financial measures will provide useful information to investors and analysts in assessing its financial performance and results of operations across reporting periods by excluding items it does not believe are indicative of its core operating performance. Net Income (Loss) is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Net cash provided by (used in) operating activities is the U.S. GAAP measure most directly comparable to Free Cash Flow. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of Net Income (Loss) to Adjusted EBITDA" and "Reconciliation of Net Cash Provided By (Used In) Operating Activities to Free Cash Flow." The Company's non-GAAP financial measures should not be considered as an alternative to the most directly comparable U.S. GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. In evaluating Adjusted EBITDA and Free Cash Flow, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of these non-GAAP financial measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. The Company may modify the presentation of Adjusted EBITDA and Free Cash Flow in the future, and any such modification may be material. Adjusted EBITDA and Free Cash Flow have important limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of the Company's operating results as reported under U.S. GAAP. Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in the Company's industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Other Key Metric Backlog is a key measure of the Company's business. The Company's backlog supports predictable revenue expansion through a recurring model, enabling forward revenue visibility. Management uses backlog to more effectively forecast the Company's future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company's future results and understanding the growth of its business. The Company's backlog represents the portion of legally binding contracts that are expected to result in future revenue. Backlog may also include change orders for any contracts that have been formally contracted. This includes firm contracts that contain remaining performance obligations, including the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty. Backlog also can include up to the remaining ceiling on single award IDIQ contracts where no task orders have been issued. Backlog excludes the value of unexercised options to extend contracts, the value of multi-award IDIQ contracts, and the value of any contracts, or a portion thereof, where management deems execution to be unlikely to result in revenue due to customer-specific or other factors. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding the Company's liquidity and financial flexibility, the Company's financial outlook for the year ended December 31, 2026, the Company's expected constellation growth and increased collection capacity, the Company's expanding international presence, the Company continuing to scale the business and growing customer demand, are forward-looking statements and represent the Company's views as of the date of this press release. The words "will," "expects," "plans," "could," "would," "believes," "anticipates," "intends," "may," "continue," "estimate," or similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control that could affect its financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, to be filed with the Securities and Exchange Commission (the "SEC") on August 14, 2026, and other filings that the Company makes from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, the Company is under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Reconciliation of Net Income (Loss) to Adjusted EBITDA The following table presents a reconciliation of Net Income (loss), the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDA: Reconciliation of Net Cash Provided by (Used in) Operating Activities to Free Cash Flow The following table presents a reconciliation of net cash (used in) provided by operating activities, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Free Cash Flow: View original content to download multimedia:https://www.prnewswire.com/news-releases/hawkeye-360-announces-second-quarter-2026-financial-results-302851298.html

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE. HawkEye 360 (HAWK) is back in focus after reporting record FQ1 2026 results, completing its May initial public offering, and securing a new revolving credit facility that supports recently announced satellite launches and international contracts. See our latest analysis for HawkEye 360. Despite record FQ1 2026 results, satellite launches, and new international contracts, HawkEye 360’s share price return is down 14.46% over the past 30 days and 41.18% year to date. This suggests recent enthusiasm has cooled as investors reassess growth and risk. If this kind of re-pricing has you looking across the sector, it could be a good moment to scan 52 AI infrastructure stocks for other AI infrastructure stocks linked to data and defense trends. HawkEye 360 now trades well below its recent highs, even after record FQ1 2026 results, fresh IPO capital, and new contracts. Should you lean into the weakness now or wait for a clearer entry on the valuation side? On Simply Wall St’s model, HawkEye 360’s shares trade at a P/S ratio of 13.6x, which sits against a last close of $20 and points to a rich valuation compared with peers. The P/S ratio compares the company’s market value with its revenue, so a higher multiple usually reflects strong revenue growth expectations or a perceived quality premium. For a space enabled defense technology company like HawkEye 360, investors often focus on recurring data contracts, long term government relationships, and the potential to scale margins over time when deciding what they are willing to pay for each dollar of current sales. Right now, HawkEye 360’s 13.6x P/S is described as expensive versus both the wider US Aerospace & Defense industry average of 5.3x and the peer average of 4.9x. That is a sizeable gap, and it implies the market is already pricing in a much stronger revenue and earnings profile than many other defense and intelligence peers even as the company is still unprofitable and reports a loss of $7.35 million on revenue of $144.456 million. With insufficient data to calculate a Price to Sales Fair Ratio, there is no regression based anchor that suggests where this multiple could settle over time. As a result, investors are relying more heavily on forecasts and their own conviction around HawkEye 360’s growth and profitability path. See what the numbers say about this price — find out in our valuation breakdown. Result: Price-to-Sales of 13.6x (OVERVALUED) Alongside the high P/S ratio, Simply Wall St’s DCF model estimates a future cash flow value of $47.92 per share for HawkEye 360, compared with the $20 last close, which frames the stock as undervalued on this method. The SWS DCF model projects HawkEye 360’s future cash flows and discounts them back to today using a required rate of return, which places more weight on nearer term cash flows and less on those further out. This approach is useful for a company that is still loss making but growing revenue, because it can account for a path from current losses to potential future profitability, rather than relying only on today’s earnings. That said, this is a young listing, unprofitable today, and reliant on higher risk funding sources such as external borrowing. For this reason, investors may treat any DCF estimate with caution and compare it with other signals like the stock’s volatility, management quality, and the sector’s contract visibility. Look into how the SWS DCF model arrives at its fair value. Result: DCF Fair value of $47.92 (UNDERVALUED) However, HawkEye 360’s reliance on government and international defense contracts, along with ongoing losses despite $144.456 million in revenue, could challenge any optimistic valuation story. Find out about the key risks to this HawkEye 360 narrative. The earlier P/S discussion presents HawkEye 360 as expensive at 13.6x sales. However, the SWS DCF model estimates future cash flows at $47.92 per share versus a $20 market price, which identifies the stock as undervalued using this method. Which signal should matter more for you right now? Look into how the SWS DCF model arrives at its fair value. Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out HawkEye 360 for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 44 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity. All this mixed signalling around HawkEye 360 can feel unclear, so act while the details are fresh and weigh the 4 key rewards and 1 important warning sign. If HawkEye 360 has sparked your interest, do not stop with a single stock. Give yourself options by lining up a few clear alternatives worth tracking. Spot potential turnarounds by scanning 20 elite penny stocks with strong financials that already back their low share prices with underlying financial strength. Focus on value by checking 44 high quality undervalued stocks that combine solid cash generation with quality balance sheets. Prioritise resilience by reviewing 76 resilient stocks with low risk scores that score well on financial health and lower risk profiles. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include HAWK. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Record revenue of $49.8 million, up 116.5% year-over-year Backlog of $285.0 million as of March 31, 2026 Raised approximately $435.9 million of net proceeds with the successful completion of an initial public offering in May 2026 HERNDON, Va., June 22, 2026 /PRNewswire/ -- HawkEye 360, Inc. (NYSE: HAWK), the global leader in signals intelligence data and analytics, today announced its financial results for the quarter ended March 31, 2026. "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. 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," said Chief Executive Officer John Serafini. Mr. Serafini continued, "We are continuing to expand our international presence, highlighted by several international contract wins so far in 2026 totaling over $100 million. Additionally, we successfully launched 6 satellites across Clusters 13 and 14 - putting substantial new collection capacity and capabilities on orbit. We also completed our initial public offering, providing substantial financial flexibility to support future growth. 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." First Quarter 2026 Financial Highlights: Achieved record revenue of $49.8 million, up 116.5% compared to the prior-year period of $23.0 million Achieved record international revenue of $20.9 million, up 156.8% compared to the prior-year period of $8.1 million Recorded a net loss of $(9.0) million, compared to net loss of $(1.6) million in the prior year period Realized record adjusted EBITDA, a non-GAAP metric, of $7.4 million, up 92.1% compared to the prior-year period of $3.8 million Recognized net cash used in operating activities of $(3.2) million and free cash flow, a non-GAAP metric, of $(7.3) million, compared to $(7.5) million and $(10.7) million, respectively, in the prior year. Confirmed backlog of $285.0 million at quarter end, compared to $302.7 million at 2025 year-end Completed an initial public offering of 18.4 million shares of common stock, inclusive of the exercise in full of the underwriters' option to purchase 2.4 million additional shares, at a public offering price of $26.00 per share, generating net proceeds of $435.9 million First Quarter 2026 & Recent Business Highlights: Announced selection by a European Ministry of Defense for an electronic warfare program valued at up to $75 million, providing a subscription to HawkEye's Air Defense and GPS Interference Monitoring services to support sovereign defense planning and regional operational awareness Launched and successfully established initial communications with the Company's Cluster 13 satellite trio aboard SpaceX's Falcon 9 Twilight rideshare mission, enhancing HawkEye 360's space-based signals intelligence capabilities with advanced RF detection, upgraded onboard processing and expanded waveform-collection capacity to support global defense and government missions Launched and successfully established initial contact with the Company's Cluster 14 satellites aboard SpaceX's Transporter-16 mission, further expanding HawkEye 360's space-based signals intelligence constellation with enhanced onboard processing capabilities to support growing defense, maritime and national security customer missions worldwide Announced over $100 million in new international contract awards in 2026 Entered into a new $125 million revolving credit facility maturing in May 2031, enhancing liquidity and financial flexibility to support continued investment in the Company's space-based RF data and analytics platform, constellation expansion, product innovation and broader strategic growth initiatives The Company will host its inaugural earnings call alongside its second quarter 2026 results and provide its 2026 financial outlook at that time. About HawkEye 360HawkEye 360 is equipping defense, intelligence and national security leaders with mission-critical signals intelligence to enable faster, better decision-making. By detecting, geolocating and characterizing radio-frequency emissions worldwide, HawkEye 360 delivers trusted domain awareness and early-warning indicators to the US Government and allied partners. Our space-based collection, proprietary signal processing and AI-powered analytics transform knowledge of RF spectrum into a strategic advantage. HawkEye 360 is redefining how signals intelligence strengthens national and global security. Non-GAAP Financial MeasuresIn addition to the financial information prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company reports Adjusted EBITDA and Free Cash Flow, which are non-GAAP financial measures. The Company defines Adjusted EBITDA as net loss before interest, taxes, depreciation, and amortization, further adjusted to remove the impact of stock-based compensation, acquisition-related costs, offering-related costs, settlements, and change in fair value of warrant liabilities. The Company defines Free Cash Flow as net cash used in operating activities less purchases of satellites, property, and equipment. The Company uses Adjusted EBITDA and Free Cash Flow in conjunction with other GAAP measures to evaluate the effectiveness of its business strategies, make strategic decisions, and communicate with its board of directors and investors concerning its financial performance. The Company uses these non-GAAP financial measures to assess its financial performance because they allow the Company to compare its operating performance on a consistent basis across periods by removing the effects of its capital structure (such as varying levels of interest expense and income), asset base (such as depreciation and capital expenditures) and other items (such as non-recurring or non-cash costs) that impact the comparability of financial results from period to period. The Company believes that the presentation of these non-GAAP financial measures will provide useful information to investors and analysts in assessing its financial performance and results of operations across reporting periods by excluding items it does not believe are indicative of its core operating performance. Net loss is the U.S. GAAP measure most directly comparable to Adjusted EBITDA. Net cash used in operating activities is the U.S. GAAP measure most directly comparable to Free Cash Flow. Reconciliations of these non-GAAP measures to the most comparable GAAP measures are presented below under the headings "Reconciliation of Net Loss to Adjusted EBITDA" and "Reconciliation of Net Cash Used In Operating Activities to Free Cash Flow." The Company's non-GAAP financial measures should not be considered as an alternative to the most directly comparable U.S. GAAP financial measure. You are encouraged to evaluate each of these adjustments and the reasons management considers them appropriate for supplemental analysis. In evaluating Adjusted EBITDA and Free Cash Flow, you should be aware that in the future the Company may incur expenses that are the same as or similar to some of the adjustments in such presentation. The Company's presentation of these non-GAAP financial measures should not be construed as an inference that its future results will be unaffected by unusual or non-recurring items. The Company may modify the presentation of Adjusted EBITDA and Free Cash Flow in the future, and any such modification may be material. Adjusted EBITDA and Free Cash Flow have important limitations as analytical tools, and you should not consider these non-GAAP financial measures in isolation or as a substitute for analysis of its operating results as reported under U.S. GAAP. Adjusted EBITDA and Free Cash Flow may be defined differently by other companies in its industry and may not be comparable to similarly titled measures of other companies, thereby diminishing their utility. Other Key MetricBacklog is a key measure of our business. Our backlog supports predictable revenue expansion through a recurring model, enabling forward revenue visibility. Management uses backlog to more effectively forecast the Company's future business and results, which supports decisions around capital allocation. It also helps the Company identify future growth or operating trends that may not otherwise be apparent. The Company also believes backlog is useful for investors in forecasting the Company's future results and understanding the growth of its business. Our backlog represents the portion of legally binding contracts that are expected to result in future revenue. Backlog may also include change orders for any contracts that have been formally contracted. This includes firm contracts that contain remaining performance obligations, including the cancellable portion of the contract value for contracts that provide the customer with a right to terminate for convenience without incurring a substantive termination penalty. Backlog also can include up to the remaining ceiling on single award IDIQ contracts where no task orders have been issued. Backlog excludes the value of unexercised options to extend contracts, the value of multi-award IDIQ contracts, and the value of any contracts, or a portion thereof, where management deems execution to be unlikely to result in revenue due to customer-specific or other factors. Forward-Looking Statements This press release includes forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding the Company's liquidity and financial flexibility, the Company's expanding international presence, the Company continuing to scale the business and growing customer demand, are forward-looking statements and represent the Company's views as of the date of this press release. The words "will," "expects," "plans," "could," "would," "believes," "anticipates," "intends," "may," "continue," "estimate," or similar expressions are intended to identify forward-looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to a number of assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control that could affect its financial results. These risks and uncertainties are detailed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Quarterly Report on Form 10-Q filed with the SEC on June 18, 2026 and other filings that the Company makes from time to time with the SEC, which are available on the SEC's website at sec.gov. Moreover, the Company operates in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for management to predict all risks, nor can the Company assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements the Company may make. In light of these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in any forward-looking statements. Except as required by law, the Company is under no obligation to update these forward-looking statements subsequent to the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements. Reconciliation of Net Loss to Adjusted EBITDAThe following table presents a reconciliation of Net Income (loss), the most directly comparable financial measure presented in accordance with U.S. GAAP, to Adjusted EBITDA: Reconciliation of Net Cash Used in Operating Activities to Free Cash FlowThe following table presents a reconciliation of net cash (used in) provided by operating activities, the most directly comparable financial measure presented in accordance with U.S. GAAP, to Free Cash Flow: View original content to download multimedia:https://www.prnewswire.com/news-releases/hawkeye-360-announces-first-quarter-2026-financial-results-302805884.html