$HAWK

HawkEye 360, Inc.

CIK:0001750704|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
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)	0	(5,701)	0
Loss from extinguishment of debt	(2,729)	0	(2,729)	0
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)	0	(255)	0
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	0	(945)	0	0
Net loss attributable to common stockholders, basic	(4,353)	112	(13,891)	(1,083)
Net loss attributable to common stockholders, diluted	$ (4,353)	$ 173	$ (13,891)	$ (1,083)
Net loss per share, basic (in dollars per share)	$ (0.07)	$ 0.02	$ (0.39)	$ (0.15)
Net loss per share, diluted (in dollars per share)	$ (0.07)	$ 0.01	$ (0.39)	$ (0.15)
Weighted-average shares outstanding, basic (shares)	61,924,756	7,392,011	35,290,038	7,312,496
Weighted-average shares outstanding, diluted (shares)	61,924,756	12,225,610	35,290,038	7,312,496
Nonrelated Party
Total revenue	$ 48,441	$ 23,168	$ 93,382	$ 41,053
Related Party
Total revenue	$ 1,369	$ 3,458	$ 6,226	$ 8,575

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income (loss)	$ (24,267)	$ 20
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	0
Fair value gain on revaluation of contingent consideration	(270)	0
Loss from extinguishment of debt	2,729	0
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	0	(12)
Changes in operating assets and liabilities, net of effect of acquisitions:
Other accounts receivable	(394)	(6)
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	0
Accrued expenses and other liabilities	2,653	(2,215)
Deferred tax liabilities	(32)	0
Accrued compensation payable	(2,863)	0
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	0	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)	0
Exercise of warrants	202	0
Exercise of stock options	3,647	27
Proceeds from common stock in initial public offering	478,400	0
Payment of offering costs, including underwriting commissions	(37,770)	0
Repayment of term loans	(49,453)	0
Proceeds from issuance of preferred stock	18,774	0
Payment of preferred stock issuance costs	(706)	0
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
Supplemental disclosures of cash flow information
Cash paid for interest	1,198	0
Operating cash outflows – payment on operating leases	2,725	1,703
Operating lease right-of-use assets obtained in exchange for lease liabilities	2,430	0
Conversion of warrant liabilities to additional paid-in-capital , including those settled in the IPO	8,737	0
Conversion of redeemable convertible preferred stock to common stock	465,654	0
Reclassification of deposits to satellites, property and equipment	20,922	0
Fixed assets in accounts payable at period end	2,041	0
Payment of offering costs, including underwriting commissions, in accounts payable at period end	3,131	0
Interest paid in kind	189	0
Nonrelated Party
Changes in operating assets and liabilities, net of effect of acquisitions:
Contract accounts receivable	(13,548)	(6,356)
Contract assets	(4,907)	(511)
Related Party
Changes in operating assets and liabilities, net of effect of acquisitions:
Contract accounts receivable	20,969	(1,401)
Contract assets	$ 1,212	$ 1,087

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 503,355

$ 92,686

Contract accounts receivable

45,868

53,289

Other accounts receivable

415

Inventory

4,275

4,025

Contract assets

12,550

9,387

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

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 - current

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

Contract liabilities - long-term

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:

Total mezzanine equity

^[1]

447,586

Stockholders’ equity (deficit):

Common stock - $.0001 par value, 111,000,000 shares authorized and 5,590,142 shares issued and outstanding as of March 31, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding as of December 31, 2025.

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

Series A

Mezzanine equity:

Total mezzanine equity

34,174

Series B

Mezzanine equity:

Total mezzanine equity

66,442

Series C

Mezzanine equity:

Total mezzanine equity

48,761

Series D

Mezzanine equity:

Total mezzanine equity

136,715

Series D-1

Mezzanine equity:

Total mezzanine equity

58,894

Series E

Mezzanine equity:

Total mezzanine equity

102,600

Nonrelated Party

Current assets:

Contract accounts receivable

45,868

32,320

Contract assets

12,550

4,639

Related Party

Current assets:

Contract accounts receivable

20,969

Contract assets

$ 0

$ 4,748

[1]	Refer to Condensed Consolidated Balance Sheets and Note 8 - Mezzanine Equity and Stockholders Equity for details of the classes of historic preferred shares.