HAWK 8-K

HawkEye 360, Inc. (HAWK)

8-K 2026-08-13 For: 2026-08-13

View Original

Added on August 13, 2026


450 Springpark Place, Suite 500 Herndon, Virginia						20170
(Address of Principal Executive Offices)						(Zip Code)


Exhibit No.			Description
99.1			Press release issued by the Company on A ugust 13 , 2026
104			The cover page from the Company’s Form 8-K filed on August 13, 2026, formatted in Inline XBRL.


	As of June 30, 2026		As of December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	503,355	$	92,686
Contract accounts receivable	45,868		32,320
Contract accounts receivable from related parties	—		20,969
Other accounts receivable	415		21
Inventory	4,275		4,025
Contract assets	12,550		4,639
Contract assets from related parties	—		4,748
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
Liabilities, mezzanine equity and stockholders’ equity (deficit)
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	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
Long term contract liabilities	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:
Redeemable, convertible preferred stock Series A – $0.0001 par value, 0 and 24,947,154 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 24,947,154 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively	$	—	$	34,174
Redeemable, convertible preferred stock Series B – $0.0001 par value, 0 and 11,574,841 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 11,574,841 shares issued and outstanding at June 30, 2026, and December 31, 2025, respectively	—		66,442


Redeemable, convertible preferred stock Series C – $0.0001 par value, 0 and 6,960,439 shares authorized at June 30, 2026, and December 31, 2025, respectively, and, 0 and 6,960,439 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	—		48,761
Redeemable, convertible preferred stock Series D – $0.0001 par value, 0 and 12,857,720 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 12,857,720 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	—		136,715
Redeemable, convertible preferred stock Series D-1 –$0.0001 par value, 0 and 6,085,161 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 6,085,161 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	—		58,894
Redeemable, convertible preferred stock Series E – $0.0001 par value, 0 and 14,578,457 shares authorized at June 30, 2026, and December 31, 2025, respectively, and 0 and 5,567,364 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively	—		102,600
Total mezzanine equity	$	—	$	447,586
Stockholders’ equity (deficit):
Common stock - $.0001 par value, 2,000,000,000 shares authorized and 97,960,719 shares issued and outstanding at June 30, 2026 and 111,000,000 shares authorized and 4,168,374 shares issued and outstanding at December 31, 2025.	$	10	$	2
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


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Revenue	$	48,441	$	23,168	$	93,382	$	41,053
Revenue from related parties	1,369		3,458		6,226		8,575
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)		—		(5,701)		—
Loss from extinguishment of debt	(2,729)		—		(2,729)		—
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)		—		(255)		—
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	—		(945)		—		—
Net income (loss) attributable to common shareholders	$	(4,353)	$	112	$	(13,891)	$	(1,083)
Net income (loss) per share of common stock, basic	$	(0.07)	$	0.02	$	(0.39)	$	(0.15)
Net income (loss) per share of common stock, diluted	$	(0.07)	$	0.01	$	(0.39)	$	(0.15)
Weighted-average shares outstanding, basic	61,924,756		7,392,011		35,290,038		7,312,496
Weighted-average shares outstanding, diluted	61,924,756		12,225,610		35,290,038		7,312,496


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Net income (loss)	$	(15,278)	$	1,611	$	(24,267)	$	20
Adjusted for:
Interest income	(2,869)		(948)		(3,669)		(1,854)
Interest expense	919		17		2,251		35
Income tax expense	275		—		255		—
Depreciation and amortization	8,643		5,856		16,356		10,856
Stock-based compensation	7,516		1,000		9,849		1,830
Acquisition costs(1)	817		—		1,592		—
One-time costs related to IPO(2)	1,512		—		3,585		—
Settlements, net of related legal expenses(3)	—		182		50		257
Change in fair value of contingent and deferred consideration	600		—		1,230		—
Change in fair value of warrant liabilities	2,178		116		4,471		537
Loss on extinguishment of debt	2,729		—		2,729		—
Adjusted EBITDA	$	7,042	$	7,834	$	14,432	$	11,681


	Six months ended June 30,
	2026		2025
Supplemental disclosures of cash flow information
Cash paid for interest	$	1,198	$	—
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		—
Non-cash investing and financing activities
Conversion of warrant liabilities to additional paid-in-capital , including those settled in the IPO	8,737		—
Conversion of redeemable convertible preferred stock to common stock	465,654		—
Reclassification of deposits to satellites, property and equipment	20,922		—
Fixed assets in accounts payable at period end	2,041		—
Payment of offering costs, including underwriting commissions, in accounts payable at period end	3,131		—
Interest paid in kind	189		—


	Three months ended June 30,				Six months ended June 30,
(in thousands)	2026		2025		2026		2025
Net cash provided by (used in) operating activities	11,629		$	4,597	8,355		$	(2,881)
Purchases of satellites, property, and equipment	(6,240)		(5,945)		(10,295)		(9,139)
Free Cash Flow	$	5,389	$	(1,348)	$	(1,940)	$	(12,020)