HawkEye 360, Inc. (HAWK) Stock Price & How to Invest

HawkEye 360 operates a commercial radio-frequency intelligence constellation. Its satellites fly in clusters of three, which lets the company triangulate the origin of a signal rather than just detect it, and the product line is built around that geolocation: RFGeo-style detections of maritime VHF and radar emitters, GNSS and GPS interference mapping, air defense radar monitoring, and communications mapping. Clusters 13 and 14 went up in the first quarter of 2026 and took the fleet to roughly 42 spacecraft. Customers are almost entirely governmental, including the National Reconnaissance Office, the National Geospatial-Intelligence Agency, the U.S. Navy in the Indo-Pacific, NASA, and a growing set of allied ministries of defense. The December 2025 acquisition of Innovative Signal Analysis pushed the company further into the analytics and wide-area surveillance software layer that sits on top of the raw detections. Headcount is about 395.

The investment picture is a high-growth defense-tech listing priced for continued acceleration. Revenue over the trailing twelve months was roughly $144 million, up roughly 74%, and first-quarter 2026 revenue of roughly $49.8 million more than doubled year over year, with international revenue of roughly $20.9 million growing faster than the U.S. base. Adjusted EBITDA is positive at roughly $7.4 million for the quarter while GAAP results and free cash flow are still negative, because the constellation and the launch cadence consume cash. At roughly $25 per share and a market capitalization near $2.5 billion, the stock trades around 17 times trailing revenue, and it has already traveled from roughly $35.73 in May to roughly $17.02 in July before recovering, so the trading range says more about the market's uncertainty than the fundamentals do. Backlog of roughly $285 million ticked down from roughly $302.7 million at the end of 2025, which is the single line most worth tracking.

Customer concentration is severe: the National Reconnaissance Office, the National Geospatial-Intelligence Agency, and a handful of allied ministries account for the bulk of revenue, and the NRO award signed in December 2025 runs only 23 months, so renewal risk is dated and specific. Backlog fell to roughly $285 million from roughly $302.7 million at the end of 2025, meaning the company burned through more contract value than it booked in the quarter. GAAP net loss widened to roughly $9.0 million and free cash flow was roughly negative $7.3 million, and the launch cadence that drives the growth story is exactly what keeps cash flow negative. Cash of roughly $106.1 million as of March 31, 2026 preceded the roughly $435.9 million of IPO proceeds and a new roughly $125 million revolver maturing in 2031, so liquidity is comfortable for now but tied to continued capital-markets access. The stock listed on May 7, 2026 at roughly $26 and has traded between roughly $17.02 and roughly $35.73 since, and post-IPO lockup expirations plus a roughly 17x trailing revenue multiple mean a single missed quarter moves the price hard.

8 analysts publish price targets on HAWK, averaging $35.62 against a $25.19 price as of August 2026, or +41.4%. The published targets run from $25.00 to $41.00, a moderate spread, and the ratings split 8 buy, 1 hold, 0 sell. Over the last six months there have been 0 raises and 1 cut among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full HAWK forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on HawkEye 360, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Allied defense budgets outside the U.S. intelligence community. International revenue reached roughly $20.9 million in the first quarter of 2026, up roughly 157% year over year, and the company disclosed over roughly $100 million of new international contract awards in 2026. The most optimistic published target, $41.00, assumes this works close to its best case.

The case against. Customer concentration is severe: the National Reconnaissance Office, the National Geospatial-Intelligence Agency, and a handful of allied ministries account for the bulk of revenue, and the NRO award signed in December 2025 runs only 23 months, so renewal risk is dated and specific. The most pessimistic target, $25.00, is roughly what HAWK is worth if this bites instead.

Read the full bull and bear case on HAWK, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see HawkEye 360, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$144.5 million, up ~74% year over year
• Revenue (Q1 2026): ~$49.8 million, up ~117%; international ~$20.9 million
• Adjusted EBITDA (Q1 2026): ~$7.4 million, up ~92%
• Net income (TTM): ~negative $7.4 million; Q1 2026 net loss ~$9.0 million
• Backlog: ~$285 million at March 31, 2026, from ~$302.7 million at year-end 2025
• Market capitalization: ~$2.5 billion at ~$25 per share, roughly ~17x trailing revenue

HawkEye 360 completed its NYSE IPO on May 7, 2026, selling roughly 18.4 million shares at roughly $26 for roughly $435.9 million in proceeds, and it has roughly 98 million shares outstanding. Second-quarter 2026 results are scheduled for August 13, 2026, which makes the first-quarter figures above the most recent audited-cadence datapoints. The multiple is set on trailing revenue that is doubling, so the number people actually argue about is what 2027 revenue looks like if allied awards keep converting into backlog.

Other names that sit close to HAWK: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get HAWK exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so HAWK sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where HAWK fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

HawkEye 360 is a fast-growing, government-funded RF intelligence operator carrying a roughly 17x trailing revenue multiple, which leaves the story dependent on international awards continuing to land on schedule.

Whether HAWK is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is HAWK a buy or a sell?, and where the stock could go from here in the HAWK stock forecast.

For income investors, whether HAWK pays a dividend and how the payout looks is covered in does HAWK pay a dividend? And to weigh HAWK against a peer, read the full side-by-side comparisons: HAWK vs RF and HAWK vs BKSY.