HawkEye 360 — Third Quarter 2026 Earnings Summary

Financial Performance:

• Revenue reached $59.3 million for the quarter ended September 30, 2026, an 84% increase year-over-year from $32.2 million.
• International revenue hit a record $23.3 million, up 76% year-over-year and 11% sequentially from $21.0 million in the second quarter.
• The company reported a net loss of $(0.2) million for the quarter, compared to net income of $1.7 million in the prior-year period.
• Adjusted EBITDA (non-GAAP) was $13.3 million for the quarter, compared to $9.6 million in the prior-year period.
• Net cash provided by operating activities was $9.6 million for the quarter, compared to $4.0 million in the prior-year period.
• Free Cash Flow (non-GAAP) was $137.0 thousand for the quarter, compared to a negative $(6.0) million in the prior-year period.
• Backlog stood at $300.3 million as of September 30, 2026, up from $292.2 million as of June 30, 2026.
• Cash and cash equivalents increased to $494.85 million as of September 30, 2026, from $92.69 million as of December 31, 2025.
• Long-term debt was eliminated, dropping from $46.32 million as of December 31, 2025, to zero as of September 30, 2026.
• Total liabilities decreased to $97.66 million as of September 30, 2026, from $148.86 million as of December 31, 2025.
• Stockholders' equity turned positive at $805.29 million as of September 30, 2026, compared to a deficit of $(106.50) million as of December 31, 2025.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance was raised to a range of $225 million to $227 million.
• Full-year 2026 non-GAAP Adjusted EBITDA guidance was raised to a range of $38 million to $40 million.
• The company noted that a reconciliation of the non-GAAP Adjusted EBITDA outlook to GAAP measures is not available due to uncertainty in items such as stock-based compensation, changes in fair value of warrant liabilities, and depreciation and amortization.

Business Segments and Product Lines:

• Signed $54 million in new multi-year contract awards with 11 allied partners and nations.
• Secured a contract award under the National Reconnaissance Office's Commercial Radio Frequency Capability Augmentation program, becoming the first commercial provider to move from test-and-evaluation studies to an operational augmentation contract.
• Established a formal collaboration with Leonardo to integrate RF capabilities into its space architecture, including reserved capacity for European areas of interest delivered through Italian ground stations and EU-based cloud infrastructure.
• Partnered with ERA of the Czech Republic to serve as an international processing partner for radar products derived from RF data.
• Established HawkEye 360 Luxembourg, S.à r.l., the company's first European subsidiary, to support expanded operations in the European Union.
• Launched Clusters 15 and 16 in October, the first satellites built for simultaneous RF collection and mission data downlink.
• Secured launch opportunities through 2028 to maintain constellation continuity.
• Subsequent to the quarter, signed $135 million in global contracts, including over $70 million dedicated to follow-on European contract awards.

Market and Competitive Landscape:

• Management highlighted strong momentum and significant traction in international growth for signals intelligence data and analytics.
• The company is expanding its support for European Ministries of Defense, intelligence agencies, and allied partners to strengthen sovereign defense capabilities.
• The NRO contract award marks a milestone in transitioning commercial RF data providers into operational roles for U.S. national security missions.

Risks and Challenges:

• The press release references forward-looking statements subject to risks and uncertainties detailed in the Company's Form 10-Q for the quarter ended September 30, 2026, including factors beyond the Company's control that could affect financial results.
• Actual GAAP financial results may be significantly impacted by uncertain or uncontrollable items such as stock-based compensation, changes in fair value of warrant liabilities, and depreciation and amortization.
• The company operates in a competitive and rapidly changing environment where new risks may emerge.

Management Commentary and Tone:

• CEO John Serafini expressed satisfaction with the third-quarter results, citing strong momentum and tangible financial results from international expansion.
• Management indicated that international expansion is expected to continue and highlighted opportunities in front of the company.
• The tone regarding constellation expansion was positive, noting the successful establishment of communications with all six satellites across Clusters 15 and 16.

Other Key Points:

• The company completed its Initial Public Offering (IPO), resulting in the conversion of all redeemable convertible preferred stock (Series A through E) to common stock and the conversion of warrant liabilities to additional paid-in-capital.
• Proceeds from the IPO were $478.4 million, with offering costs of $40.6 million.
• The company repaid $49.5 million in term loans during the nine months ended September 30, 2026.
• Stock-based compensation for the nine months ended September 30, 2026, was $17.2 million.
• The company reported a net loss of $(24.4) million for the nine months ended September 30, 2026, compared to net income of $1.7 million in the prior-year period.
• Adjusted EBITDA for the nine months ended September 30, 2026, was $27.7 million, compared to $21.2 million in the prior-year period.
• Free Cash Flow for the nine months ended September 30, 2026, was negative $(1.8) million, compared to negative $(18.0) million in the prior-year period.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $18.0 million, compared to $1.1 million in the prior-year period.