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.
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
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 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 27, 2026 today | SC 13G | $12.78 | awaiting T+20 | — | $13.52 (+5.79%) |
Sep 17, 2026 5w ago | Insider Cluster | $16.27 $12.44 | ▲ +23.54% | ▲ +23.75% | $13.52 (+16.90%) |
Sep 15, 2026 6w ago | Press Release | $16.49 $12.98 | ▼ −21.29% | ▼ −24.26% | $13.52 (−18.01%) |
Aug 18, 2026 10w ago | Press Release | $21.89 $16.37 | ▼ −25.24% | ▼ −24.25% | $13.52 (−38.24%) |
Jun 22, 2026 18w ago | 8-K | $22.28 $18.69 | ▲ +16.11% | ▲ +15.97% | $13.52 (+39.32%) |
May 21, 2026 22w ago | 8-K | $29.63 $22.23 | ▼ −24.99% | ▼ −25.32% | $13.52 (−54.37%) |
May 7, 2026 24w ago | EFFECT | $34.00 $25.91 | ▼ −23.79% | ▼ −26.93% | $13.52 (−60.24%) |
May 6, 2026 24w ago | 3 | $34.00 $25.91 | ▼ −23.79% | ▼ −26.93% | $13.52 (−60.24%) |
May 6, 2026 24w ago | 3 | $34.00 $25.91 | ▼ −23.79% | ▼ −26.93% | $13.52 (−60.24%) |
May 6, 2026 24w ago | 3 | $34.00 $25.91 | ▼ −23.79% | ▼ −26.93% | $13.52 (−60.24%) |
US Market Status
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