HawkEye 360 Earnings Rise After Record Q3
HawkEye 360 earnings rose after a record Q3 and management raised full-year revenue and adjusted-EBITDA guidance, likely shifting analyst models.
KEY TAKEAWAYS
- Q3 revenue was $59.3 million, up 84% year over year.
- Management raised full-year revenue guidance to $225 million-$227 million and adjusted EBITDA to $38 million-$40 million.
- Backlog stood at $300.3 million and bookings implied a book-to-bill near 1.1.
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HawkEye 360 said on Nov. 12, 2026, that it posted a record third quarter and raised full-year revenue and adjusted-EBITDA guidance after citing the ISA acquisition and stronger international sales, while reporting improved cash generation.
Record Quarter Results
HawkEye 360 Inc. (HAWK) reported third-quarter revenue of $59.3 million, up 84% year over year from $32.2 million, marking its highest quarterly sales. Adjusted EBITDA, a non-GAAP measure of earnings before interest, taxes, depreciation, and amortization, rose to $13.3 million from $9.6 million a year earlier. The company posted a GAAP net loss of $0.2 million, compared with net income of $1.7 million in the prior-year quarter.
Operating cash flow turned positive at $9.6 million, more than double the prior-year period, while free cash flow was positive at $137,000, reversing a negative $6.0 million a year earlier. Management highlighted the improved cash generation as a sign of advancing financial discipline.
International revenue reached $23.3 million for the quarter ended Sept. 30, 2026, up 76% year over year and 11% sequentially from the prior quarter’s $21.0 million. This growth in overseas sales contributed significantly to the overall revenue increase.
Backlog, Bookings, and Balance Sheet
Backlog rose modestly to $300.3 million as of Sept. 30, 2026, from $292.2 million three months earlier, reflecting steady contract commitments. The company booked $67.3 million during the quarter, implying a book-to-bill ratio of about 1.1, indicating it secured slightly more business than it recognized in revenue.
HawkEye 360 ended the quarter with $494.9 million in cash and cash equivalents and no debt. Management said this liquidity provides flexibility to fund operations and near-term investments.
The company raised its full-year 2026 revenue guidance to $225 million–$227 million, up from $215 million–$220 million, and adjusted-EBITDA guidance to $38 million–$40 million from $30 million–$36 million. The revised outlook reflects third-quarter results and sustained customer demand.
Management identified the ISA acquisition and stronger international sales as primary revenue drivers. Excluding ISA, revenue grew approximately 24% year over year, supporting the decision to raise the full-year targets.
