NYSE: HAWK
HawkEye 360, Inc.CIK 0001750704 · SIC 7374 · Computer Processing & Data Preparation
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HAWK posts -$15.3M net loss in first quarter as public company despite revenue doubling to $49.8M
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HawkEye 360 files for IPO, plans to sell 16M shares at $25.00 each to raise $400M gross
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 48,441 | 23,168 | 93,382 | 41,053 |
| Revenue from related parties | 1,369 | 3,458 | 6,226 | 8,575 |
| Total revenue | 49,810 | 26,626 | 99,608 | 49,628 |
| Operating expenses: | ||||
| Direct cost of sales, excluding depreciation and amortization | 14,850 | 4,988 | 30,930 | 9,859 |
| Indirect cost of sales and other expenses, excluding depreciation and amortization | 4,608 | 321 | 8,948 | 669 |
| Selling, general and administrative | 25,011 | 8,805 | 43,122 | 16,740 |
| Research and development | 8,244 | 5,860 | 17,415 | 12,766 |
| Depreciation and amortization | 8,643 | 5,856 | 16,356 | 10,856 |
| Total operating expenses | 61,356 | 25,830 | 116,771 | 50,890 |
| Income (loss) from operations | (11,546) | 796 | (17,163) | (1,262) |
| Other income (expense): | ||||
| Interest income | 2,869 | 948 | 3,669 | 1,854 |
| Interest expense | (919) | (17) | (2,251) | (35) |
| Loss from changes in fair value of financial liabilities | (2,778) | — | (5,701) | — |
| Loss from extinguishment of debt | (2,729) | — | (2,729) | — |
| Other income (expense), net | 100 | (116) | 163 | (537) |
| Total other income (expense), net | (3,457) | 815 | (6,849) | 1,282 |
| Income (loss) before benefit for income taxes | (15,003) | 1,611 | (24,012) | 20 |
| Income tax expense | (275) | — | (255) | — |
| Net income (loss) | (15,278) | 1,611 | (24,267) | 20 |
| Preferred stock dividend | 10,925 | (554) | 10,376 | (1,103) |
| Income allocated to participating securities | — | (945) | — | — |
| Net income (loss) attributable to common shareholders | (4,353) | 112 | (13,891) | (1,083) |
| Net income (loss) per share of common stock, basic | (0.07) | 0.02 | (0.39) | (0.15) |
| Net income (loss) per share of common stock, diluted | (0.07) | 0.01 | (0.39) | (0.15) |
| Weighted-average shares outstanding, basic | 61,924,756 | 7,392,011 | 35,290,038 | 7,312,496 |
| Weighted-average shares outstanding, diluted | 61,924,756 | 12,225,610 | 35,290,038 | 7,312,496 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except per share and share amounts)
| Description | As of June 30, 2026 | As of December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 503,355 | 92,686 |
| Contract accounts receivable | 45,868 | 32,320 |
| Contract accounts receivable from related parties | — | 20,969 |
| Other accounts receivable | 415 | 21 |
| Inventory | 4,275 | 4,025 |
| Contract assets | 12,550 | 4,639 |
| Contract assets from related parties | — | 4,748 |
| Prepaid expenses and other current assets | 6,689 | 9,183 |
| Total current assets | 573,152 | 168,591 |
| Long-term assets: | ||
| Satellites, property and equipment, net | 131,497 | 110,873 |
| Intangibles, net | 32,251 | 35,973 |
| Goodwill | 117,958 | 116,866 |
| Operating lease right-of-use-assets | 15,672 | 15,403 |
| Deposits | 26,032 | 35,932 |
| Restricted cash | 4,987 | 4,587 |
| Other long-term assets | 2,673 | 1,715 |
| Total long-term assets | 331,070 | 321,349 |
| Total assets | 904,222 | 489,940 |
| Liabilities, mezzanine equity and stockholders’ equity (deficit) | ||
| Current liabilities: | ||
| Accounts payable | 14,394 | 18,486 |
| Accrued expenses and other current liabilities | 18,274 | 5,017 |
| Accrued compensation payable | 7,648 | 10,511 |
| Contract liabilities | 14,639 | 3,262 |
| Current tax payable | 286 | — |
| Current portion of operating lease liabilities | 3,266 | 3,437 |
| Total current liabilities | 58,507 | 40,713 |
| Long-term liabilities: | ||
| Long-term debt, net of unamortized debt issuance cost | — | 46,315 |
| Long term contract liabilities | 18,985 | 19,892 |
| Other liabilities | 17,558 | 23,800 |
| Deferred tax liabilities | 945 | 977 |
| Warrant liabilities | — | 4,267 |
| Operating lease liabilities, net of current portion | 13,409 | 12,893 |
| Total long-term liabilities | 50,897 | 108,144 |
| Total liabilities | 109,404 | 148,857 |
| Commitments and contingencies – Note 15 | ||
| Mezzanine equity: | ||
| Redeemable, convertible preferred stock Series A $0.0001 par value, 0 and 24,947,154 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 24,947,154 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively | — | 34,174 |
| Redeemable, convertible preferred stock Series B $0.0001 par value, 0 and 11,574,841 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 11,574,841 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively | — | 66,442 |
| Redeemable, convertible preferred stock Series C $0.0001 par value, 0 and 6,960,439 shares authorized at June 30, 2026, and December 31, 2025, respectively, and, 0 and 6,960,439 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | 48,761 |
| Redeemable, convertible preferred stock Series D $0.0001 par value, 0 and 12,857,720 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 12,857,720 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | 136,715 |
| Redeemable, convertible preferred stock Series D-1 –$0.0001 par value, 0 and 6,085,161 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 6,085,161 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | 58,894 |
| Redeemable, convertible preferred stock Series E $0.0001 par value, 0 and 14,578,457 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 5,567,364 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | 102,600 |
| Total mezzanine equity | — | 447,586 |
| Stockholders’ equity (deficit): | ||
| Common stock $.0001 par value, 2,000,000,000 shares authorized and 97,960,719 shares issued and outstanding at June 30, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding at December 31, 2025. | 10 | 2 |
| Additional paid-in-capital | 964,916 | 39,336 |
| Accumulated deficit | (170,108) | (145,841) |
| Total stockholders' equity (deficit) | 794,818 | (106,503) |
| Total liabilities, mezzanine equity, and stockholders’ deficit | 904,222 | 489,940 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities | ||
| Net income (loss) | (24,267) | 20 |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation and amortization | 16,356 | 10,856 |
| Amortization of debt issuance costs and other noncash debt costs | 494 | 34 |
| Fair value loss on revaluation of warrants | 4,471 | 537 |
| Fair value loss on revaluation of deferred consideration | 1,500 | — |
| Fair value gain on revaluation of contingent consideration | (270) | — |
| Loss from extinguishment of debt | 2,729 | — |
| Stock-based compensation | 9,849 | 1,830 |
| Amortization of operating lease right-of-use assets | 2,161 | 2,164 |
| Realized gain (loss) on short-term investments | — | (12) |
| Changes in operating assets and liabilities, net of effect of acquisitions: | ||
| Contract accounts receivable | (13,548) | (6,356) |
| Contract accounts receivable from related parties | 20,969 | (1,401) |
| Other accounts receivable | (394) | (6) |
| Contract assets | (4,907) | (511) |
| Contract assets from related parties | 1,212 | 1,087 |
| Prepaid expenses and other assets | (9,573) | (1,317) |
| Operating lease liabilities | (2,085) | (2,118) |
| Accounts payable | (6,856) | (7,589) |
| Current tax payable | 286 | — |
| Accrued expenses and other liabilities | 2,653 | (2,215) |
| Deferred tax liabilities | (32) | — |
| Accrued compensation payable | (2,863) | — |
| Contract liabilities | 10,470 | 2,116 |
| Net cash provided by (used in) operating activities | 8,355 | (2,881) |
| Cash flows from investing activities | ||
| Proceeds from redemption of short-term investments | — | 39,716 |
| Purchase of satellites, property and equipment | (10,295) | (9,139) |
| Net cash provided by (used in) investing activities | (10,295) | 30,577 |
| Cash flows from financing activities | ||
| Payment of debt issuance cost | (85) | — |
| Exercise of warrants | 202 | — |
| Exercise of stock options | 3,647 | 27 |
| Proceeds from common stock in initial public offering | 478,400 | — |
| Payment of offering costs, including underwriting commissions | (37,770) | — |
| Repayment of term loans | (49,453) | — |
| Proceeds from issuance of preferred stock | 18,774 | — |
| Payment of preferred stock issuance costs | (706) | — |
| Net cash provided by (used in) financing activities | 413,009 | 27 |
| Net increase in cash, cash equivalents and restricted cash | 411,069 | 27,723 |
| Cash, cash equivalents and restricted cash, beginning of period | 97,273 | 71,766 |
| Cash, cash equivalents and restricted cash, end of period | 508,342 | 99,489 |
| Reconciliation of cash, cash equivalents and restricted cash | ||
| Cash and cash equivalents | 503,355 | 94,902 |
| Restricted cash | 4,987 | 4,587 |
| Total cash, cash equivalents and restricted cash at the end of the period | 508,342 | 99,489 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands except share and per share amounts); (in thousands, except per share and share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗