HawkEye 360 Q2 Earnings Call Highlights

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.

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. 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. “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