HawkEye 360: The Post-IPO Selloff Has Created A Compelling Entry Point

HawkEye 360 is initiated at Buy, with a $21.3 FY 2026 price target, implying 13% upside after a significant post-IPO pullback. HAWK's Q1 revenue surged 116.5% YoY to $49.8M, driven by strong international adoption and a $285M backlog supporting future growth visibility. Profitability remains mixed due to capital intensity, but adjusted EBITDA nearly doubled YoY; liquidity is robust with $110.7M in cash and equivalents. Key risks include government procurement delays and competition from peers like Planet Labs and Spire Global, but strong sector tailwinds support the thesis. Founded in 2015 and went public just over a month ago, HawkEye 360 ( HAWK ) is a new debut with exposure to the defense intelligence space.