Voyager Technologies, Inc. (VOYG)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$174.2M

Net income, last twelve months

-$137.0M

Earnings per share

-$2.34

Gross margin

10.9%

Operating margin

-88.5%

Net margin

-78.6%

Free cash flow

-$287.5M

Return on equity

-42.1%

Market value

$1.6B

Cash

$373.4M

Debt

$448.9M

Debt to equity

1.38

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 3 August 2026.

• Record quarterly net sales. Net sales were $52.7 million, up about 51% from the first quarter. Management attributed the growth to defense and national security execution and recent acquisitions.
• Full-year revenue guidance raised. Management raised 2026 revenue guidance, citing record quarterly revenue, record bookings, defense demand, the Astrobotic acquisition and operational execution.
• Net loss and per-share loss. Net loss attributable to Voyager was $(46.5) million, or $(0.79) per share. The non-GAAP adjusted loss was $(41.0) million, or $(0.70) per share.
• Six-month net sales up 9.7%. Net sales for the six months ended June 30, 2026 were $88.0 million, against $80.2 million a year earlier.
• Defense and Space sales rose 15.5%. Defense and Space Technologies net sales were $53.2 million in the quarter, up from $46.1 million, a 15.5% increase year over year.
• Six-month Defense and Space growth. Six-month Defense and Space Technologies net sales were $89.3 million, up 9.6% from $81.5 million in the prior-year period.
• Starlab spend with no revenue. Starlab Space Stations reported no net sales in either period. Its innovation spend was $24.8 million in the quarter, against $30.5 million a year earlier.
• Record bookings and 2.1x ratio. Bookings were $113.0 million, the strongest bookings quarter in company history, giving a book-to-bill ratio of 2.1x.
• Record backlog of $335.5 million. Backlog reached a record $335.5 million, which the company said provides increasing visibility into future revenue growth.
• Golden Dome awards of $84.3 million. The company reported $84.3 million in Golden Dome awards across multiple customers, programs of record and technology platforms during the quarter.
• Agentic AI spectrum program award. The awarded platform is a next-generation system supporting autonomous mission systems and AI-enabled decision support, according to the company.
• Gross profit down year over year. Gross profit was $4.5 million, down from $8.2 million a year earlier, as cost of sales rose to $48.3 million from $37.5 million.
• Higher overhead and R&D spending. SG&A rose to $43.7 million from $30.2 million. R&D was $7.3 million against $0.5 million, and amortization of acquired intangibles was $4.9 million.
• Adjusted EBITDA loss from Starlab. Adjusted EBITDA was $(37.5) million, which management attributed mainly to the scaling of Starlab and ongoing investments to support future growth.

Revenue by segment

As the company reports it in the segment note of its annual report.

By region, FY2025

Company events

The newest 8-K filings of 15 held.

Every filing

The newest filings with the SEC of 58 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Trades by members of the House

From each member's periodic transaction report.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

283 funds held it at 30 Jun 2026: 146 added and 55 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Lockheed Martin Corp. (LMT): revenue $79.1B, market value $145.6B
• Rocket Lab Corp. (RKLB): revenue $769.1M, market value $35.1B
• Kratos Defense & Security Solutions, Inc. (KTOS): revenue $1.5B, market value $7.7B
• Firefly Aerospace Inc. (FLY): revenue $287.0M, market value $3.3B
• Redwire Corp. (RDW): revenue $426.3M, market value $2.2B

What the company does

Voyager Technologies is a defense technology and space solutions company that serves national security, space exploration and commercial space customers. It was founded in 2019 and has grown through 12 acquisitions. Its work spans communications and intelligence systems, missile-defense-enabling technologies, propulsion and energetics, in-space infrastructure and space mission services. It reports three segments: Defense & National Security, Space Solutions and Starlab Space Stations. As of 31 December 2025 it employed approximately 800 people across 14 locations.

How the business is organised

The company says it acts both as a prime contractor and as a merchant supplier or subcontractor. It chooses opportunities based on solution fit, capital efficiency, program risk and the probability of winning. For the year ended 31 December 2025, Defense & National Security made up approximately 72.1% of net sales and Space Solutions approximately 27.9%. Starlab Space Stations does not generate revenue from customers and is not expected to in the near term.

The filing describes overlap between segments. Starlab draws on the mission design and space science experience of Space Solutions. The company is also developing edge computing units for defense and space that run Palantir's operating system.

Defense & National Security

This segment makes controllable solid propulsion for missile programs, including hypersonic applications. The 2025 acquisition of Estes Energetics added domestic production of energetic materials, including black powder.

- signals intelligence and analytics software, strengthened by the August 2025 acquisition of ElectroMagnetic Systems, Inc.; - radiation-hardened laser and radio frequency communications systems, which the filing says have a failure-free record of over 275 flight years in space; - sun sensors, star trackers, space cameras and inertial measurement units; - electric and chemical propulsion for spacecraft maneuvering, added through the acquisition of ExoTerra Resources, LLC.

Space Solutions

Space Solutions provides hardware, software, engineering services and mission operations for space missions. It built the power propulsion units used on NASA's Double Asteroid Redirect Test spacecraft. It also operates the Bishop Airlock, a permanent, privately owned module attached to the International Space Station (ISS), under contracts with NASA, the ESA and commercial customers.

Through Nanoracks, the company says it is the largest commercial user of the ISS in the world. It reports having deployed over 330 satellites and overseen more than 1,000 customer missions for organizations in over 35 nations and territories. Its Space Acceleration Measurement System has collected over one trillion acceleration measurements since 2001.

Starlab

It is being developed through Starlab Space LLC, a joint venture in which Voyager held a 61.9% ownership interest as of 31 December 2025. Airbus, Mitsubishi, MDA Space and Palantir are equity partners. Hilton, Northrop Grumman and The Ohio State University are strategic partners, and the company has a launch contract with SpaceX's Starship.

Development is funded in part by a NASA grant under a Space Act Agreement, which the filing does not treat as revenue. The company says it anticipates a launch in 2029. NASA's procurement has two phases, and the company says only three bidders currently hold funded NASA contracts for Phase II.

Who it sells to and how it is paid

The customers are the United States government, commercial customers and international customers. As of 31 December 2025, approximately 86.3% of funded backlog related to the United States government, which the filing treats as one customer. Contracts are cost plus, firm fixed-price, or time and materials, and they run from under 12 months to multiple years. Customers can generally cancel contracts for convenience.

Competition, rules and people

In defense, the company names Northrop Grumman, Raytheon Technologies and L3Harris as competitors, along with newer defense technology companies. In Space Solutions it names Rocket Lab and Redwire as component competitors and also competes with other ISS payload service providers. For Starlab, it is one of three NASA-funded competitors in the Commercial Low Earth Orbit Destinations program. The filing says many competitors are substantially larger.

The business is subject to the Federal Acquisition Regulations, the International Traffic in Arms Regulations and the Export Administration Regulations. It is also subject to review by the Committee on Foreign Investment in the United States and to security clearance requirements for classified programs.

Headcount grew from approximately 500 to approximately 800 during 2025, mainly through acquisitions. The company relies on scientists, engineers and senior managers, and pays through base salary, annual cash incentives and equity awards.

*From Voyager Technologies's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm)*

From the company's 10-K.