Strong International Growth Signal in Otherwise Steady Q1 Update

研报英文原文证据摘录

Strong International Growth Signal in Otherwise Steady Q1 Update

6 77 108 147 195 253of Defense electronic warfare program valued at up to $75MM. With Q1 already representing strong DomesticInternationalTotal Revenues $68$41 $72 $137 $160 $181 $204 $231 $118 $213 $268 $328 $399 $484

of Revenueprogress toward our '26E international target, HAWK would only need ~32% growth across Q2- %Domestic 61% 64% 60% 55% 51% 48%

International 39% 36% 40% 45% 49% 52%

Total Revenue 100% 100% 100% 100% 100% 100% 100%Q4:26 to hit our full-year international forecast of +67%, implying potential upside if recent award

Revenue Growth

Domestic 76% 91% 17% 13% 13% 13%momentum converts on schedule.

. InternationalTotal Revenues 72%74% 67%81% 41%26% 36%22% 32%22% 30%21%

Source: Company data, Jefferies estimates

Backlog Still Supports Visibility Despite Sequential Decline. Backlog was $285.0MM at quarter-

end vs $302.7MM at 2025 year-end. While down sequentially, backlog remains substantial relative

to quarterly revenue and supports our view that HAWK has strong forward visibility. In the

prospectus / pre-IPO framework, backlog was positioned as a key metric supporting predictable

revenue expansion through a recurring model, and the YE2025 backlog had grown materially from

$44.1MM in 2024 to $302.7MM in 2025. The sequential decline does not alter the thesis, particularly

given the international awards announced YTD.

Limited New Guidance; 2026 Outlook Deferred to Q2. HAWK did not provide a 2026 outlook with

Q1 results. The company will host its inaugural earnings call alongside Q2:26 results and provide its

2026 financial outlook at that time. As a result, the Q1 release is more of a confirmation of the IPO