HawkEye 360 (HAWK) Q2 2026 Earnings Call: Revenue Up 87%, Outlook Maintained
Source Tradingkey
Key Takeaways
- Q2 2026 revenue rose 87% year over year to $49.8 million. Organic revenue growth was 33% after excluding the Innovative Signal Analysis, or ISA, acquisition.
- International revenue reached a record $21.0 million, up 134% organically. U.S. revenue increased 63% to $28.8 million, including $14.4 million from ISA.
- Adjusted EBITDA was $7.0 million, representing a 14% margin, while free cash flow improved to $5.4 million. The company reported a net loss of $15.3 million.
- Backlog increased to $292 million at June 30, 2026, from $285 million at March 31. Management said $82 million of backlog is scheduled for recognition in the second half of 2026.
- HawkEye 360 maintained its 2026 outlook for revenue of $215 million to $220 million and adjusted EBITDA of $30 million to $36 million.
- The IPO generated approximately $437.5 million in net proceeds. Quarter-end cash totaled $503 million, and a new $125 million revolving credit facility remained undrawn.
Core Financial Results
| Metric | Q2 2026 | Change / Commentary |
|---|---|---|
| Revenue | $49.8 million | Up 87% year over year |
| Organic revenue growth | — | 33% year over year, excluding ISA |
| International revenue | $21.0 million | Up 134% year over year, entirely organic |
| U.S. revenue | $28.8 million | Up 63%; included $14.4 million from ISA |
| Net income (loss) | $(15.3) million | Compared with net income of $1.6 million in Q2 2025 |
| Adjusted EBITDA | $7.0 million | 14% margin; compared with $7.8 million a year earlier |
| Free cash flow | $5.4 million | Compared with $(1.3) million in Q2 2025 |
| Backlog | $292 million | Up from $285 million at March 31, 2026 |
| Cash and cash equivalents | $503 million | As of June 30, 2026 |
| IPO net proceeds | Approximately $437.5 million | From the sale of 18.4 million common shares |
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