Shares of HawkEye 360 fell 8% on Friday after the satellite data company reported a wider-than-expected loss for the second quarter, as rising operational costs and competitive pressures weighed on profitability.
The Virginia-based firm, which provides geospatial intelligence and maritime domain awareness services, disclosed a net loss of $15.2 million for Q2, compared with a loss of $12.1 million in the same period last year. Revenue declined 5% year-over-year to $28.7 million, missing analyst estimates of $30.5 million.
HawkEye 360 attributed the loss to higher-than-anticipated costs, including investments in its satellite constellation and software development. The company also noted increased competition in the geospatial analytics market, which has pressured pricing and margins.
Analysts at William Blair downgraded the stock to
