HAWK HawkEye 360, Inc.
Executive Summary
HawkEye 360, a commercial space-based SIGINT provider, filed Amendment No. 2 to its S-1 for an IPO of 16,000,000 shares at an estimated $24-$26 per share. The company has shown strong growth (revenue $117.7M in 2025, up 74% YoY) and achieved net income of $2.7M in 2025. Net proceeds of ~$363M (at midpoint) will be used to repay $48.6M in debt, make a $7.5M deferred payment for its ISA acquisition, and for general corporate purposes.
Key Financial Metrics
Actionable Insight
The IPO provides a strong capital base to fund growth and pay down debt. Monitor post-IPO execution on backlog conversion and U.S. government contract renewals. The stock may attract interest due to rapid revenue growth and recent profitability.
Key Facts
- IPO of 16,000,000 shares, estimated price range $24-$26 per share, listed on NYSE under HAWK
- Revenue grew 74% YoY to $117.7M in 2025, net income of $2.7M (vs. loss of $29.0M in 2024)
- Adjusted EBITDA of $24.8M in 2025, backlog of $302.7M as of Dec 31, 2025
- Net proceeds of ~$363M (at midpoint) used to repay $48.6M in debt and $7.5M ISA deferred payment
- U.S. Government customers accounted for 61% of 2025 revenue; top 3 customers 66%
Financial Impact
~$363M net IPO proceeds, $49.8M debt repayment, $7.5M ISA payment
Risk Factors
- Dependence on U.S. government contracts (61% of revenue)
- Customer concentration (top 3 customers 66% of revenue) and limited operating history
- Potential for reduced government spending or policy changes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| S-1/A Filing (Primary) | 0001628280-26-029373 |
| Exhibit: exhibit102-sx1a2.htm | 0001628280-26-029373 |
| Exhibit: exhibit231-sx1a2.htm | 0001628280-26-029373 |
| Exhibit: exhibit232-sx1a2.htm | 0001628280-26-029373 |
| Document: 0001628280-26-029373-index-headers.html | 0001628280-26-029373 |
| Document: 0001628280-26-029373-index.html | 0001628280-26-029373 |
| Document: 0001628280-26-029373.txt | 0001628280-26-029373 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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May 21, 2026
19d ago
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8-K
| $29.63 $31.97 | ▲ +7.90% | ▲ +6.30% | $26.29 (−11.27%) |
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May 7, 2026
4w ago
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EFFECT
| $34.00 $33.69 | ▼ −0.91% | ▼ −2.42% | $26.29 (−22.68%) |
|
May 7, 2026
4w ago
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3
| $34.00 $33.69 | ▼ −0.91% | ▼ −2.42% | $26.29 (−22.68%) |
|
May 7, 2026
4w ago
|
3
| $34.00 $33.69 | ▼ −0.91% | ▼ −2.42% | $26.29 (−22.68%) |
|
May 7, 2026
4w ago
|
3
| $34.00 $33.69 | ▼ −0.91% | ▼ −2.42% | $26.29 (−22.68%) |
|
May 7, 2026
4w ago
|
3
| $34.00 $33.69 | ▼ −0.91% | ▼ −2.42% | $26.29 (−22.68%) |
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May 1, 2026
5w ago
|
S-1/A
| — | awaiting T+5 | — | — |
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Apr 27, 2026
6w ago
|
S-1/A
| $0.0500 $0.0400 | ▼ −20.00% | ▼ −20.68% | $26.29 (+52480.00%) |
US Market Status
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