HawkEye 360, Inc. (HAWK)

Price$17.36Cached quoteAs of 2026-09-05 02:09 UTC

AI: Fair-priced

Price checkThe shares look fairly priced because strong growth offsets an expensive profit-based valuation.

Using 98.0 million shares, the quoted close implies a $1.61 billion market value. After subtracting $486.7 million of net cash, enterprise value—the value assigned to operations—is about $1.12 billion. That equals roughly 6.7 times trailing revenue and 5.1–5.2 times management's 2026 revenue forecast. It is also 31–37 times management's adjusted profit forecast, which excludes interest, taxes, depreciation and other items. That is demanding for a loss-making company, but rapid growth and cash temper the concern, supporting a fair-priced verdict.

Big pictureSales are surging, but steady profits and dependable cash generation have not arrived.

Revenue rose 74% in 2025 and doubled year over year during the first half of 2026 to $99.6 million. Yet the second quarter produced a $15.3 million net loss, versus $1.6 million of profit a year earlier. Free cash flow—cash left after operations and investment in satellites and equipment—was negative $1.9 million for the half, despite positive $5.4 million in the quarter. Government demand can resist consumer downturns, but contract awards, deliveries and funding decisions make quarterly results uneven.

Business strengthA large cash cushion and growing government demand reduce near-term financial risk.

HawkEye operates more than 30 satellites and sells specialized radio-signal intelligence to the United States and allied governments. Second-quarter international revenue rose 134% to $21.0 million. The balance sheet held $503.4 million of cash against $16.7 million of debt, while current assets exceeded current liabilities by nearly ten times. Backlog—contracted work expected to become revenue—was $292.2 million. However, it fell from $302.7 million at year-end, can include cancellable work, and $100 million of $105.3 million in firm remaining obligations came from one long-term customer.

What could change the storyReliable contract conversion and lasting cash profits would justify a higher valuation.

The valuation assumes management reaches $215–$220 million of 2026 revenue and converts growth into recurring cash profit. Several positive free-cash-flow quarters and rising firm obligations would strengthen that case; continued cost growth or weak award conversion would undermine it. The initial public offering supplied $437.5 million net, funding $49.5 million of debt repayment and a $7.5 million acquisition payment. Reported common shares rose sharply, mostly through preferred-share conversion, while 18.4 million new offering shares and 3.7 million warrant-settlement shares expanded ownership. First-half stock compensation of $9.8 million remains a dilution signal.

AI: News

Second-quarter growth and lossRevenue jumped, but a larger loss showed that rapid growth is not yet producing steady profits.

On August 13, HawkEye reported second-quarter revenue of $49.8 million, up 87%, and international revenue of $21.0 million, up 134%. However, net income reversed from a $1.6 million profit to a $15.3 million loss, while management's adjusted profit measure slipped to $7.0 million from $7.8 million. The shares closed 6.5% lower the next session. That timing suggests investors may have focused on profit quality, but it does not establish causation.

Operational intelligence contractA new national-security contract moved HawkEye from testing toward recurring operational use.

On August 18, the National Reconnaissance Office awarded HawkEye a commercial radio-frequency data contract supporting United States national-security missions. The award followed three study phases and made HawkEye the first commercial provider moved into an operational augmentation role under this program. That progression validates the service and could support follow-on work, but the contract value was not disclosed. The shares fell 5.5% that day; timing alone cannot show the announcement caused the move.

International awards exceed milestoneLarge overseas awards broadened demand beyond the United States, though some value remains optional.

On June 8, HawkEye reported more than $100 million of international awards and contract-option value across eight customers and programs. The total combined immediate bookings, multi-year contracts and options, so it should not be treated as guaranteed near-term revenue. Even so, the geographic spread supports the bull case that allied governments increasingly want commercial space-based intelligence. Actual value depends on customers funding options and HawkEye converting awards into profitable revenue.

Share unlock and index entryLegacy shares became tradable early, while planned index membership created a competing source of demand.

On August 31, HawkEye confirmed that shares held by officers, directors and substantially all legacy holders would become eligible for public sale on September 2. It also announced preliminary Russell 2000 inclusion effective September 21, subject to final review. The unlock increased potential selling supply, while index membership could require index-tracking funds to buy shares. The stock declined about 13% from the announcement-day close through September 10, but that timing is only consistent with supply pressure, not proof of causation.

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Revenue

2024

2025

Net income

2024

2025

Free cash flow

2024

2025

Total cash / debt

CashTotal debt

2024

2025

Financial statements

	2025	2024
Revenue	$117.7M	$67.6M
Research & development	$28.9M	$24.8M
Operating expenses	$112.9M	$81.9M
Operating income	−$4.9M	−$34.7M
Operating margin	−4.16%	−51.34%
EBITDA	$18.7M	−$9.5M
EBITDA margin	15.87%	−14.06%
Net income	$10	−$5,000
Net profit margin	0.00%	−0.01%
Basic EPSper basic share	-$0.11	-$0.34
Diluted EPSper diluted share	$0.01	-$5.00

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈9.82%of listed shares

DEWALT DAVID G9.62M shares · May 8, 2026

View holders

Top 20 reported holders of HAWK
Holder	% owned
DEWALT DAVID G	≈9.82%9.62M shares
Insight Holdings Group, LLC	9.26%9.07M shares
NightDragon Growth I, L.P.	≈6.09%5.97M shares
Spoto Mark	≈4.80%4.7M shares
FMR LLC	2.68%2.63M shares
ADAGE CAPITAL PARTNERS GP, L.L.C.	2.68%2.62M shares
Point72 Asset Management, L.P.	2.34%2.29M shares
NightDragon Growth II, L.P.	≈2.16%2.11M shares
Longaeva Partners L.P.	1.63%1.6M shares
ALLIANCEBERNSTEIN L.P.	1.27%1.24M shares
PRICE T ROWE ASSOCIATES INC /MD/	1.22%1.19M shares
Capital International Investors	0.81%790.92K shares
Jupiter Topco LLC	0.78%764.62K shares
PRINCIPAL FINANCIAL GROUP INC	0.75%734.16K shares
Invesco Ltd.	0.74%720.88K shares
LBP AM SA	0.72%707.18K shares
Capital Research Global Investors	0.71%700K shares
BAMCO INC /NY/	0.71%694.91K shares
MASSACHUSETTS FINANCIAL SERVICES CO /MA/	0.68%668.31K shares
CITADEL ADVISORS LLC	0.65%641.4K shares

Percentages use 97.96M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 4 ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys4$770.0K disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 8, 2026Form 4/A	Finelli Francis AlphonseDirector	BuyCommon Stock · indirect	10.0K	$26.00	$260.0K	10.0K
May 8, 2026Form 4/A	Finelli Francis AlphonseDirector	BuyCommon Stock	5.0K	$26.00	$130.0K	40.0K
May 8, 2026Form 4	Finelli Francis AlphonseDirector	BuyCommon Stock · indirect	9.6K	$26.00	$250.0K	9.6K
May 8, 2026Form 4	Finelli Francis AlphonseDirector	BuyCommon Stock	5.0K	$26.00	$130.0K	40.0K

Review ownership filings at SEC.gov ↗

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HawkEye 360, Inc. (HAWK)

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