HawkEye 360’s November 13, 2026, quarterly filing shows how acquired operations and international radio-frequency data sales contributed to its third-quarter revenue growth. Revenue for the three months ended September 30 reached US$59.3 million, compared with US$32.2 million a year earlier.
The Form 10-Q separates the company’s U.S. and international performance. U.S. revenue rose to approximately US$36.0 million from US$18.9 million. International revenue increased to US$23.3 million from US$13.3 million.
Different Sources of Growth
The U.S. increase included US$19.5 million from the acquisition of Innovative Signal Analysis, known as ISA. A US$2.5 million decrease in government and other revenue, associated with lower radio-frequency data sales, partly offset that contribution. The international increase came primarily from stronger radio-frequency data sales to new and existing customers.
Those figures distinguish the acquired business contribution from the expansion of the international data business. They also describe the composition of the reported 84% total revenue increase, rather than treating that percentage as a measure of satellite-data demand alone.
Direct costs excluding depreciation and amortization rose to US$17.1 million from US$5.5 million. The filing attributes much of the increase to additional personnel, largely connected with ISA, and higher stock-based compensation. Those costs represented 29% of revenue, compared with 17% in the prior-year quarter.
How the Satellite Service Works
HawkEye 360 detects and locates radio transmissions using satellites flying in three-spacecraft clusters. Its technology description explains that the system processes collected signals on the ground and delivers data through subscriptions and customer interfaces. The service is aimed at defense, intelligence, and security users.
Multiple receivers can observe the same emitter from different positions. Differences in signal arrival time or measured frequency help determine where that transmitter is located. Processing then characterizes the emission and places it alongside other observations, allowing users to examine activity over time.
The resulting products can support maritime monitoring, radar observation, and the detection of interference affecting satellite navigation. This commercial service model is part of the space-based radio-frequency intelligence market: customers purchase information derived from orbital measurements, with collection and analysis operated by the supplier.
Financial Results and Additional Satellites
The company’s November 12 earnings announcement reported a US$0.2 million quarterly net loss, compared with US$1.7 million of net income a year earlier. Adjusted earnings before interest, taxes, depreciation, and amortization reached US$13.3 million, compared with US$9.6 million. That adjusted measure excludes specified expenses and is separate from net income.
Operating cash flow was US$9.6 million. Free cash flow, defined by the company after purchases of satellites, property, and equipment, was US$137,000. The gap reflects the investment spending included in that calculation.
HawkEye 360 reported a US$300.3 million backlog at September 30 and raised its full-year revenue forecast to US$225 million–US$227 million. Its adjusted EBITDA forecast became US$38 million–US$40 million. These are management projections for the full year.
The company also reported establishing communications with all six satellites in Clusters 15 and 16 after their October launches. Commissioning precedes their addition to operational service; HawkEye 360 expects the clusters to increase revisit frequency and collection capacity.
