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Supersonic Launch Play Lands a $17.5M Vote of ConfidenceJune 2, 2026 8:35 AM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc. (NYSE: FJET)CAPE CANAVERAL, Fla., June 2, 2026 /CNW/ -- USA News Group News Commentary - The space trade has rarely been louder. With SpaceX reportedly targeting a public listing at a valuation ranging into the trillions, capital has poured into nearly every adjacent name with a credible launch or in-space-services story, rerating the sector as a whole rather than picking single winners. In that environment, the companies that stand out are the ones doing something structurally different from the crowd of small-satellite builders and rocket startups. Starfighters Space, Inc. (NYSE American: FJET) is one of the few pursuing launch from a fleet of crewed, flight-ready supersonic jets — and it just attracted a $17.5 million institutional vote of confidence to scale that platform. Starfighters operates what it describes as the world's only commercial fleet of flight-ready MACH 2+ supersonic aircraft, flying from NASA's Kennedy Space Center on Florida's Space Coast. Rather than launching everything vertically from a pad, the company's architecture uses its F-104 aircraft as a reusable airborne carrier platform — carrying a rocket to high altitude and speed before release. The model targets the small, responsive end of the launch market: microgravity research, satellite deployment, hypersonic and defense testing, and rapid mission turnaround.See how the supersonic launch model stacks up against the field — view the full Starfighters Space briefing here.The financing and what it funds
In a May 22, 2026 announcement, Starfighters disclosed a roughly $17.5 million strategic equity investment led by global institutional investors, structured through a definitive securities purchase agreement and expected to close on or about May 27, 2026, subject to customary conditions. The company said it intends to direct the capital toward operational expansion, infrastructure development, and continued advancement of its STARLAUNCH platform — including launch-readiness initiatives, mission-execution capabilities, and broader space-launch operations."This financing represents a strong endorsement of our platform and long-term strategy," said Tim Franta, Chief Executive Officer of Starfighters Space. The company framed the raise as a milestone in its transition from operational-capability development toward scaled commercial execution across multiple space-access markets.The roadmap attached to the raise is specific. Near-term milestones include continued STARLAUNCH I mission activity and procurement scaling, alongside STARLAUNCH II development with a targeted space-demonstration flight timeline over the next 18 to 24 months — subject to regulatory approvals and program execution. For a company that listed on NYSE American only at the end of 2025, putting institutional capital behind a defined demonstration timeline is the kind of step that moves a story from concept toward cadence.The structure of the raise matters as much as the headline number. By bringing in institutional investors through a definitive securities purchase agreement rather than a retail-heavy placement, Starfighters is signaling the kind of backer it wants on the register as it scales — capital that tends to underwrite multi-quarter development programs rather than trade around single news events. For a micro-cap whose share price has swung hard on milestone flow, a more stable institutional base can matter to how the next phase of the story is funded and received. The company has framed the timing deliberately: secure the capital first, then carry out the operational and infrastructure build-out that a demonstration-flight campaign requires.It is also worth keeping the company's stage in view. Starfighters is still early in commercializing its model, and the capital is explicitly tied to launch readiness and infrastructure rather than to revenue already booked. That is normal for a pre-commercial launch company, but it means the investment case rests on execution against the roadmap, not on current financial results — a distinction investors in early-stage space names need to hold onto as the sector's broader rerating pulls valuations along with it.Why the supersonic-launch angle matters now
Starfighters has also been deepening its research footprint. The company recently expanded its partnership with Mu-g Technologies on parabolic-flight testing and a coordinated response to a NASA Request for Information for Parabolic Flight Services, work centered on Mu-g's modified Dassault Falcon 50 alongside Starfighters' F-104 operations. That ties FJET more directly into the microgravity-research and supersonic-testing niches that larger players tend to underserve. According to market commentary, the stock has been volatile around this news flow, with a sharp 30-day move higher even as its year-to-date performance remained negative — a reminder that small-cap space names trade on sentiment and milestones as much as fundamentals.The strategic logic rests on three converging tailwinds the company itself points to: government demand for responsive launch and test capacity, growth in the commercial space segment, and the public-market access that came with its listing. Whether the supersonic-jet model proves out commercially is still unproven — the demonstration flights ahead are the real test — but the differentiation is genuine. Few commercial aerospace companies are pursuing an air-launch architecture based on crewed MACH 2+ aircraft.Air-launch is not a new idea in the abstract — carrying a vehicle aloft before release can cut the energy a rocket needs to reach orbit and open up more flexible launch windows and azimuths than a fixed pad allows. What sets the Starfighters approach apart is the use of a fleet of high-performance crewed jets as the carrier element, drawing on an aircraft platform with a long operational heritage. The pitch to customers is responsiveness: the ability to support frequent, smaller missions — microgravity experiments, technology demonstrations, hypersonic and defense test articles — without competing for slots on the heavy-lift manifests that dominate the vertical-launch market. If the model works at cadence, it occupies a niche the sector's larger players have largely left open.Want the full STARLAUNCH roadmap and milestone timeline? Explore the Starfighters Space breakdown here.Four space names investors are watching alongside Starfighters
FJET sits at the speculative, pre-commercial end of a sector where even the established names are still scaling. The broader peer group shows how much momentum is behind launch and in-space services right now — and how uneven the results can be from one quarter to the next.Virgin Galactic Holdings, Inc. (NYSE: SPCE) is the closest architectural analogue in the group — a commercial human-spaceflight company built around an air-launch model, in which a carrier aircraft lifts a crewed spaceplane to altitude before release, conceptually similar to the airborne-carrier approach at the heart of Starfighters' platform. In its first-quarter 2026 update, Virgin Galactic said it had moved the first of its new Delta-class SpaceShips from its assembly hangar to its test-and-launch hangar, with ground testing underway, and reported a narrowed net loss of roughly $65 million versus about $84 million a year earlier as it works through the final quarters of its pre-revenue phase.CEO Michael Colglazier said the company remains "on track to commence flight testing in Q3 and spaceflight in Q4 of this year," with a second SpaceShip already in fabrication and roughly 650 founding astronauts holding advanced bookings for flight windows in 2027 and early 2028. SPCE has been one of the sector's sharpest movers on the SpaceX-IPO narrative — a momentum dynamic FJET shareholders will recognize — and, like Starfighters, its investment case rests on converting a defined flight-test timeline into commercial cadence rather than on current revenue.Rocket Lab Corporation (NASDAQ: RKLB) is the bellwether for the small-launch-plus-space-systems model. Per its Q1 2026 results, Rocket Lab delivered record quarterly revenue of $200.3 million, up 63.5% year over year, with backlog of more than $2.2 billion and GAAP gross margins of 38.2%. Founder and CEO Peter Beck noted the company topped $200 million in a quarter for the first time, and guided Q2 revenue to $225–240 million. Its space-systems unit now out-earns its launch business — a maturation path smaller players aspire to.Intuitive Machines, Inc. (NASDAQ: LUNR) focuses on lunar access and infrastructure. The company reported record first-quarter 2026 revenue of $186.7 million — nearly triple the prior year, driven largely by its Lanteris Space Systems acquisition — along with its first positive Adjusted EBITDA of $2.7 million and a record quarter-end backlog of $1.1 billion, up $842 million from year-end 2025. New awards in the quarter totaled $428.9 million, and the company was contracted by the U.S. Space Force under the Andromeda IDIQ, which carries an anticipated ceiling value of $6.2 billion. LUNR illustrates how a government-anchored backlog can underwrite a high-growth space story — the same kind of public-and-defense demand Starfighters is targeting at a smaller scale.Voyager Technologies (NYSE: VOYG) rounds out the group on the defense-and-stations side. In its Q1 2026 results, the company raised full-year 2026 revenue guidance to $230–255 million on a record backlog of $275.3 million, up 54% year over year, and in late May was awarded a $16.5 million DARPA "Burn n' Go" Phase 2 contract for advanced solid-rocket-motor propulsion technology. Voyager's mix of missile-defense work, propulsion, and commercial space-station ambitions through Starlab speaks to the same government-demand thesis underpinning the launch and test markets Starfighters is chasing.Across all four, the common thread is the one driving interest in FJET: a sector being repriced on the SpaceX-IPO narrative, government demand for responsive launch and test capacity, and a market willing to pay up for differentiated access to space. The difference is scale and stage — these peers are scaling proven businesses, while Starfighters is funding its way toward first commercial demonstration.What to watch from here
For Starfighters specifically, the catalysts now cluster around execution against the roadmap the financing is meant to fund. Confirmation of the closing of the $17.5 million investment is the first checkpoint; from there, investors will watch STARLAUNCH I mission activity and procurement scaling, progress on STARLAUNCH II toward the targeted demonstration flight in the next 18–24 months, and any further development of the Mu-g parabolic-flight and NASA RFI work.None of this changes the fundamental reality that FJET is an early-stage company whose commercial model is still to be proven in flight, in a sector prone to sharp sentiment-driven swings. But the combination of a differentiated launch architecture, a Kennedy Space Center operating base, fresh institutional capital, and a sector-wide rerating gives the story more runway than most micro-cap space names enjoy at this stage. The demonstration flights ahead will tell investors whether the supersonic-launch thesis converts from concept into cadence.Stay ahead of the next STARLAUNCH milestone — get updates and the full Starfighters Space story here.About Starfighters Space
Starfighters Space, Inc. (NYSE American: FJET) is an aerospace company operating a commercial fleet of flight-ready MACH 2+ supersonic aircraft from NASA's Kennedy Space Center in Florida. Through its STARLAUNCH platform, the company is developing an aircraft-based, reusable launch architecture targeting satellite deployment, microgravity missions, defense applications, and space testing.TRACK THE TREND WITH EAGLE EYE:
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info @therooster-2873Disclaimer / DisclosureNothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by USA News Group on behalf of MIQ. MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. The owner/operator of MIQ currently owns shares of Starfighters Space, Inc. that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg  View original content:https://www.prnewswire.com/news-releases/supersonic-launch-play-lands-a-17-5m-vote-of-confidence-302788160.htmlSOURCE USA News Group Original: Supersonic Launch Play Lands a $17.5M Vote of Confidence

Rocket and satellite shares rally in premarket trade after SpaceX IPO filingMay 26, 2026 6:35 AM
IH Market News Shares of space and satellite companies surged in premarket trading on Tuesday, extending the sector’s recent rally following SpaceX’s public filing for what is expected to become the largest initial public offering ever launched. Redwire (NYSE:RDW) climbed 15% ahead of the opening bell, while MDA Space (NYSE:MDA) advanced 13%. Aerospace and satellite firms extend sector momentum Firefly Aerospace (NASDAQ:FLY) gained 11% in premarket activity, while Intuitive Machines (NASDAQ:LUNR) rose 8.6%. Meanwhile, AST SpaceMobile (NASDAQ:ASTS) added 6.4%, and both York Space Systems (NYSE:YSS) and Voyager Technologies (NYSE:VOYG) moved 7.5% higher. Shares of Satellogic (NASDAQ:SATL) gained 5.2%, while EchoStar (NASDAQ:SATS) rose 4.2%. SpaceX filing continues to fuel investor enthusiasm The broader sector has been gaining momentum since SpaceX officially filed for its anticipated IPO, an event widely expected to become the largest stock market debut on record. Redwire Corporation stock price MDA Space stock price Firefly Aerospace stock price Intuitive Machines stock price AST SpaceMobile stock price York Space Systems stock price Voyager Technologies stock price Satellogic stock price EchoStar stock price Original: Rocket and satellite shares rally in premarket trade after SpaceX IPO filing

SpaceX IPO Set to Lift the Whole Space Sector -- And One NYSE American Operator Just Stepped Into a Capability NASA Has Asked Industry to RebuildMay 22, 2026 10:19 AM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc.USA News Group News Commentary —CAPE CANAVERAL, Fla., May 22, 2026 /CNW/ --  Key Takeaways: A Yahoo Finance segment yesterday laid out how the looming SpaceX IPO is set to act as "rocket fuel" for space ETFs and the broader space economy, with the June Nasdaq listing aiming to raise as much as US$75 billion at a US$1.75 trillion valuation — what would be the largest IPO in history. [1][2] Starfighters Space, Inc. (NYSE American: FJET) announced a signed MOU with Mu-G Technologies, LLC and a joint response to a NASA Armstrong Flight Research Center Request for Information for Parabolic Flight Services — a capability the U.S. has gone without domestically. [3] Starfighters will host Mu-G's Dassault Falcon 50 at Midland International Air & Space Port in Texas for modification, flight testing, and FAA certification work. [3] The combined offering covers four flight environments at one site: microgravity, reduced gravity, hyper-gravity (from the Falcon 50), and the supersonic regime from Starfighters' F-104 fleet. [3] Four other publicly traded space names — Intuitive Machines, Inc. (NASDAQ: LUNR), Rocket Lab Corporation (NASDAQ: RKLB), Redwire Corporation (NYSE: RDW), and Voyager Technologies, Inc. (NYSE: VOYG) — are all posting record backlogs into the same sector lift.The Yahoo Finance segment that ran yesterday made the case directly: when SpaceX hits the public market, the rest of the sector goes with it. ETF.com president Dave Nadig walked through the funds and the broader public space exposure that stands to benefit from what is shaping up to be the largest IPO in history. [1] SpaceX confidentially filed its S-1 with the SEC on April 1, 2026, and its public registration is expected to land on EDGAR between May 18 and May 22 — possibly the same week as the Starfighters–Mu-G announcement. The targeted June Nasdaq listing aims to raise as much as US$75 billion at a US$1.75 trillion valuation. [2]Against that backdrop, Starfighters Space, Inc. (NYSE American: FJET) announced yesterday a signed Memorandum of Understanding with Mu-G Technologies, LLC and a joint response to a NASA Armstrong Flight Research Center Request for Information for Parabolic Flight Services. The RFI targets companies that can rebuild the country's commercial microgravity capability — a capability the U.S. has gone without since the last domestic operator exited the market. [3]Under the MOU, Starfighters will host Mu-G's Dassault Falcon 50 at the Midland International Air & Space Port in Texas, where the aircraft will be modified to conduct parabolic test flights and worked through FAA certification. Starfighters provides ground support, chase plane and data collection, expert pilot integration, and safety and regulatory alignment. The combined offering covers four flight environments at one site: microgravity from the Falcon 50, reduced gravity and hyper-gravity from the same parabolic profiles, and the supersonic regime from Starfighters' F-104s. The NASA RFI specifically asks for "novel or non-traditional flight platforms." [3]Starfighters CEO Tim Franta and Mu-G founder Robert S. Ward have known each other for nearly thirty years through the Space Coast aerospace community. Franta took over as CEO in February 2026. [4] Starfighters already flies revenue missions for Lockheed Martin, Space Florida, and the U.S. Air Force Research Laboratory.  On May 7, it added two senior Blue Origin engineers to lead STARLAUNCH operations. Four Other Names Riding the Same WaveIntuitive Machines, Inc. (NASDAQ: LUNR) — On May 14, the Houston lunar lander company reported record Q1 2026 revenue of US$186.7 million, nearly triple the prior-year quarter, and a record backlog of US$1.1 billion. [5] The same day, it announced a definitive agreement to acquire UK-based Goonhilly Earth Station and COMSAT, adding 44 antennas to its space-to-Earth network. On May 18, it added two prime contracts worth a combined US$20 million to operate NASA's Lunar Reconnaissance Orbiter Camera and the ShadowCam instrument. [6] Roth Capital lifted its target to US$50 on May 14; Canaccord raised its target to US$41 a day later. [7]Rocket Lab Corporation (NASDAQ: RKLB) — Q1 2026 revenue of US$200.3 million, up 63.5% year-over-year, and a record backlog of US$2.2 billion. On May 7, Rocket Lab announced the largest launch contract in its history with a confidential customer covering five Neutron and three Electron launches through 2029. That followed a US$190 million block buy signed in March with the U.S. Department of War for 20 hypersonic test flights of Rocket Lab's HASTE vehicle under MACH-TB 2.0. [8] Cantor Fitzgerald has flagged Neutron's upcoming first flight as a "major catalyst." [9]Redwire Corporation (NYSE: RDW) — The most direct thematic comparable to today's Starfighters–Mu-G news. Redwire operates nine active payload facilities on the International Space Station, including PIL-BOX, its pharmaceutical manufacturing platform that supported a cancer therapy investigation by Aspera Biomedicines in Q1. [10] On May 6, Redwire reported Q1 2026 revenue of US$97 million, up 57.9% year-over-year, and a record contracted backlog of US$498.1 million. The flagship win for the quarter was selection as one of 14 vendors on the U.S. Space Force's US$1.8 billion Andromeda IDIQ for next-generation geosynchronous reconnaissance and surveillance spacecraft. [10]Voyager Technologies, Inc. (NYSE: VOYG) — Lead developer of Starlab, the proposed commercial replacement for the ISS, in a joint venture with Airbus, Mitsubishi, and MDA Space. On its May 5 earnings call, Voyager reported a record backlog of US$275.3 million and raised its 2026 revenue guidance to US$230–US$255 million.  In April, NASA selected Voyager for its seventh Private Astronaut Mission to the ISS, named VOYG-1, no earlier than 2028. [11] Voyager ended the quarter with US$429.4 million in cash, and management has said Starlab is already 130% subscribed on commercial payload capacity. Where Starfighters FitsCompared to the others, Starfighters is a smaller-cap name. But it is one of the few publicly traded operators that owns a flying fleet of supersonic aircraft today, with real revenue from real customers. The Mu-G expansion adds a second dimension to the story: with the Falcon 50 going through modification, certification, and training at Midland under Starfighters' wing, the partnership positions both companies as contenders in a North American commercial microgravity market that does not currently exist domestically and that NASA has specifically asked industry to fill. As always, investors should do their own research and consult a qualified financial advisor before making any decision.For more information on Starfighters Space, Inc., visit: https://usanewsgroup.com/fjet-landingContact:
USA News Group
info @therooster-2873Sources:[1] https://finance.yahoo.com/video/spacex-ipo-set-bolster-space-180000761.html[2] https://www.ibtimes.com/spacex-files-largest-ipo-ever-while-absorbing-494-billion-loss-its-xai-merger-3802915[3] https://ir.starfightersspace.com/news-events/press-releases[4] https://www.stocktitan.net/sec-filings/FJET/8-k-starfighters-space-inc-reports-material-event-3234f73ec472.html[5] https://investors.intuitivemachines.com/news-events/latest-news[6] https://www.stocktitan.net/news/LUNR/intuitive-machines-announces-two-prime-lunar-reconnaissance-2ixwizlwwxtf.html[7] https://247wallst.com/investing/2026/05/15/canaccord-just-hiked-intuitive-machines-price-target-to-41-nasa-moon-base-golden-dome-power-bull-case/[8] https://www.cnbc.com/2026/05/08/rocket-lab-rklb-q1-earnings-2026.html[9] https://www.tipranks.com/news/rocket-lab-stock-price-forecast-2026-what-financial-analysts-expect-right-now[10] https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000060/exhibit991redwire03312026e.htm[11] https://www.nasa.gov/news-release/nasa-selects-voyager-for-seventh-private-mission-to-space-station/DISCLAIMER / DISCLOSURE:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by USA News Group on behalf of MIQ. MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. The owner/operator of MIQ currently owns shares of Starfighters Space, Inc. that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.Logo: https://mma.prnewswire.com/media/2838876/5656770/USA_News_Group_Logo.jpg  View original content:https://www.prnewswire.com/news-releases/spacex-ipo-set-to-lift-the-whole-space-sector--and-one-nyse-american-operator-just-stepped-into-a-capability-nasa-has-asked-industry-to-rebuild-302780201.htmlSOURCE USA News Group Original: SpaceX IPO Set to Lift the Whole Space Sector -- And One NYSE American Operator Just Stepped Into a Capability NASA Has Asked Industry to Rebuild

Inside the Joint NASA Proposal That Could Bring Microgravity Flight Back to North AmericaMay 20, 2026 9:15 AM
PR Newswire (Canada) Issued on behalf of Starfighters Space, Inc.A supersonic test operator and a parabolic flight specialist are joining forces on a NASA bid that could reopen a microgravity capability the U.S. has gone without.CAPE CANAVERAL, Fla., May 20, 2026 /CNW/ -- USA News Group News Commentary — For decades, if a researcher wanted to expose an experiment to a few seconds of true weightlessness without paying for a rocket, the answer was a parabolic flight. The aircraft climbs, the pilot pushes over the top, and for about 20 to 30 seconds, everything inside the cabin floats. Astronauts have trained in those aircraft. Researchers have tested space-bound experiments, hardware, and life sciences protocols in them. NASA has flown microgravity science there for years. There is one problem in 2026: there is no longer a commercial parabolic flight service operating anywhere in North America. The U.S. lost that capability in recent years, and researchers who need it have been forced to look overseas or wait. Today's announcement out of Cape Canaveral lays out how that gap might be closed.Two Companies, One Hangar, and a NASA RFIThe company behind the announcement is Starfighters Space, Inc. (NYSE American: FJET), the operator of what its own filings describe as the world's fastest fleet of commercial supersonic aircraft. From its primary base at the Shuttle Landing Facility at NASA's Kennedy Space Center, the company flies modified F-104 jets at sustained Mach 2+ speeds for defense and aerospace customers including Lockheed Martin, Space Florida, and the U.S. Air Force Research Laboratory. [1]Today's news takes a different turn. Under a newly signed Memorandum of Understanding, Starfighters will host Mu-G Technologies, LLC and its Dassault Falcon 50, which will be modified to conduct parabolic test flights, at Starfighters' second operating site, the Midland International Air & Space Port in Texas, for flight testing and FAA certification work. The two companies will also jointly respond to a NASA Armstrong Flight Research Center Request for Information for Parabolic Flight Services — a solicitation aimed at companies that can rebuild the country's commercial microgravity capability. The eventual home base for Mu-G's commercial microgravity flights has not yet been determined. [2]The arrangement is more than a real estate deal. Starfighters will provide ground support, chase plane and data collection, expert pilot integration, and safety and regulatory alignment while Mu-G works the Falcon 50 through FAA certification for commercial parabolic missions. The Midland co-location gives the partnership a tangible operational footprint for the testing phase and a credible base from which to jointly pursue the NASA RFI. [2]A Thirty-Year Working RelationshipThis partnership did not start last quarter. Starfighters CEO Tim Franta and Mu-G founder Robert S. Ward have known each other for close to thirty years, a relationship traced through the Space Coast aerospace community in Florida. Franta took over as Starfighters CEO in February 2026 after the resignation of founder Rick Svetkoff, and has been steering the company through its commercialization phase. [3]"I am excited to be working with Tim again and the team at Starfighters to help both restore and expand our nation's access to safe, reliable, high-quality, and long-duration reduced-gravity parabolas to assist critical research and development programs," Ward said in the announcement. Franta echoed the logic: "By bringing Mu-G's Falcon 50 into our Midland facility, we are creating a single location where researchers and customers will be able to access both microgravity and supersonic test environments. Responding jointly to NASA's Request is the next step in building that offering into something the agency and the broader research community can rely on." [2]Why Microgravity Capability MattersMicrogravity research is not exotic science fiction. It is increasingly where real commercial work happens. Pharma and biotech companies use the absence of gravity-driven sedimentation in microgravity environments to grow purer protein crystals and study drug mechanisms — work that typically scales up to the International Space Station after initial validation on shorter-duration parabolic flights. Materials scientists use reduced gravity to study how alloys solidify without convection currents. Defense and aerospace engineers use parabolic profiles to test sensors, fluid systems, and components destined for space before committing to a full launch.The combined offering Starfighters and Mu-G are pitching to NASA covers four flight environments at one site: microgravity from the Falcon 50, reduced gravity and hyper-gravity from the same parabolic profiles, and the supersonic regime from Starfighters' F-104s. The NASA RFI specifically asks for "novel or non-traditional flight platforms." The expansion also builds on the strategic framework Starfighters and Mu-G first announced in March 2026. [4]A Sector Catching a Fresh TailwindThe timing is not accidental. The commercial space sector is in the middle of its most aggressive expansion in decades, and the May 20 announcement lands against a backdrop of capital flowing back to space names.SpaceX confidentially filed its S-1 with the SEC on April 1, 2026, and its public registration is expected to land on EDGAR between May 18 and May 22 — possibly the same week as the Starfighters announcement. The targeted June Nasdaq listing aims to raise as much as US$75 billion at a US$1.75 trillion valuation, which would make it the largest IPO in history. [5] Every other publicly traded space name has felt the lift, alongside tailwinds from the Trump administration's Golden Dome missile defense program, the Department of War's expanded hypersonic test budget, and NASA's new Moon Base initiative announced in March.Four Names Riding the Same WaveStarfighters is far from the only publicly traded company chasing this opportunity. A look at the broader cohort of NYSE- and Nasdaq-listed space companies posting recent catalysts shows just how busy the sector has become.Intuitive Machines, Inc. (Nasdaq: LUNR)The Houston-based lunar lander company has had one of the louder months in the sector. On May 14, Intuitive Machines reported record Q1 2026 revenue of US$186.7 million — nearly triple the prior-year quarter — and a record backlog of US$1.1 billion. [6] Hours later, the company announced a definitive agreement to acquire UK-based Goonhilly Earth Station and COMSAT, adding 44 antennas to its space-to-Earth network. On May 18, it followed up with two new prime contracts totaling US$20 million to operate NASA's Lunar Reconnaissance Orbiter Camera and the ShadowCam instrument. [7] Roth Capital lifted its price target to US$50 on May 14, and Canaccord raised its target to US$41 a day later. [8]Rocket Lab Corporation (Nasdaq: RKLB)If there is a benchmark for what a scaled commercial space launch company can look like outside SpaceX, Rocket Lab is currently it. The Long Beach–based launch and space systems company reported Q1 2026 revenue of US$200.3 million — up 63.5% year-over-year — and a record backlog of US$2.2 billion. [9] On May 7, it announced the largest launch contract in its history with a confidential customer: five Neutron and three Electron launches through 2029. That came just weeks after a separate US$190 million block buy signed in March with the U.S. Department of War, covering 20 hypersonic test flights of Rocket Lab's HASTE vehicle under the MACH-TB 2.0 program. [10] Cantor Fitzgerald has flagged the upcoming first flight of the new Neutron rocket as a "major catalyst." [11]Redwire Corporation (NYSE: RDW)Redwire is one of the most direct thematic comparables to today's announcement, because the company is already deeply embedded in microgravity research. On May 6, Redwire reported Q1 2026 revenue of US$97 million, up 57.9% year-over-year, and a record contracted backlog of US$498.1 million. [12] Redwire operates 11 active payload facilities on the International Space Station — including PIL-BOX, its pharmaceutical manufacturing platform that supported a cancer therapy investigation by Aspera Biomedicines in Q1. Its flagship win for the quarter was selection as one of 14 vendors on the U.S. Space Force's US$1.8 billion Andromeda IDIQ for next-generation geosynchronous reconnaissance and surveillance spacecraft. [13]Voyager Technologies, Inc. (NYSE: VOYG)Voyager is the lead developer of Starlab, the proposed commercial replacement for the International Space Station, in a joint venture with Airbus, Mitsubishi, and MDA Space. On its May 5 earnings call, Voyager reported a record backlog of US$275.3 million and raised its full-year 2026 revenue guidance to US$230–US$255 million. [14] In April, NASA selected Voyager for its seventh Private Astronaut Mission to the ISS, named VOYG-1, scheduled for no earlier than 2028. [15] The company ended the quarter with US$429.4 million in cash, and management has said Starlab is already 130% subscribed on commercial payload capacity. [14]Where Starfighters FitsCompared to the others, Starfighters is a smaller-cap name. But it is one of the few publicly traded operators that owns a flying fleet of supersonic aircraft today, with real revenue from real customers — Lockheed Martin, Space Florida, and the U.S. Air Force Research Laboratory among them. The April 30 announcement opening its F-104 fleet as a commercial aerodynamic test platform set the stage. The May 7 hiring of two senior Blue Origin engineers to lead STARLAUNCH operations signaled the company is staffing up for execution. [16]Today's Mu-G expansion adds a second dimension to the story. With the Falcon 50 going through modification, certification, and training at Midland under Starfighters' wing, the partnership positions both companies to be contenders in a North American commercial microgravity market that does not currently exist domestically and that NASA has specifically asked industry to fill. The RFI is a Request for Information, not a Request for Proposals, so the agency is still gathering information rather than awarding work. But the joint response puts Starfighters at the table for what could become a significant procurement.The Bottom LineThe commercial space sector has more momentum than it has had in decades. SpaceX is heading to a record IPO. Rocket Lab, Intuitive Machines, Redwire, and Voyager are all posting record backlogs. NASA is funding new lunar missions, new commercial space stations, and now new commercial microgravity flight services. Against that backdrop, Starfighters Space, Inc. (NYSE American: FJET) is positioning itself to be the company that fills two specific gaps at once: commercially available supersonic test capacity for defense and aerospace customers, and a domestic commercial parabolic flight service for the broader research community. Today's Mu-G announcement is the next concrete step toward both. As always, investors should do their own research and consult a qualified financial advisor before making any decision.For more information on Starfighters Space, Inc., visit: https://usanewsgroup.com/fjet-landingContact:USA News Group
info @therooster-2873Sources:[1] https://finance.yahoo.com/news/starfighters-space-demonstrates-commercial-supersonic-130000515.html
[2] https://ir.starfightersspace.com/news-events/press-releases
[3] https://www.stocktitan.net/sec-filings/FJET/8-k-starfighters-space-inc-reports-material-event-3234f73ec472.html
[4] https://starfightersspace.com/starfighters-partners-with-mu-gtech-for-microgravity-flights/
[5] https://www.ibtimes.com/spacex-files-largest-ipo-ever-while-absorbing-494-billion-loss-its-xai-merger-3802915
[6] https://investors.intuitivemachines.com/news-events/latest-news
[7] https://www.stocktitan.net/news/LUNR/intuitive-machines-announces-two-prime-lunar-reconnaissance-2ixwizlwwxtf.html
[8] https://247wallst.com/investing/2026/05/15/canaccord-just-hiked-intuitive-machines-price-target-to-41-nasa-moon-base-golden-dome-power-bull-case/
[9] https://www.globenewswire.com/news-release/2026/05/07/3290605/0/en/rocket-lab-s-biggest-launch-deal-yet-confidential-customer-books-multiple-neutron-and-electron-launches.html
[10] https://www.cnbc.com/2026/05/08/rocket-lab-rklb-q1-earnings-2026.html
[11] https://www.tipranks.com/news/rocket-lab-stock-price-forecast-2026-what-financial-analysts-expect-right-now
[12] https://www.sec.gov/Archives/edgar/data/0001819810/000181981026000060/exhibit991redwire03312026e.htm
[13] https://www.fool.com/earnings/call-transcripts/2026/05/08/redwire-rdw-q1-2026-earnings-call-transcript/
[14] https://www.businesswire.com/news/home/20260504054092/en/Voyager-Reports-First-Quarter-2026-Financial-Results-Reports-1Q-Record-Backlog-Increases-2026-Revenue-Guidance
[15] https://www.nasa.gov/news-release/nasa-selects-voyager-for-seventh-private-mission-to-space-station/
[16] https://finance.yahoo.com/sectors/technology/articles/starfighters-space-adds-blue-origin-130000983.htmlDISCLAIMER / DISCLOSURE:Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a digital media distribution and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). This article is being distributed by USA News Group on behalf of MIQ. MIQ has been paid a fee for Starfighters Space, Inc. advertising and digital media from Creative Direct Marketing Group ("CDMG"). There may be 3rd parties who may have shares of Starfighters Space, Inc. and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this article or email as the basis for any investment decision. The owner/operator of MIQ currently owns shares of Starfighters Space, Inc. that were purchased in the open market and reserves the right to buy and sell, and will buy and sell shares of Starfighters Space, Inc. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company; no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been reviewed and approved on behalf of Starfighters Space, Inc. by CDMG; this is a digital media distribution.While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our article is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.FORWARD-LOOKING STATEMENTS:This publication contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this publication include that demand for U.S. aerodynamic and hypersonic test infrastructure will continue to accelerate; that Starfighters Space, Inc.'s F-104 platform will provide testing capabilities at the cadence and conditions described; that the Company's expansion to Midland, Texas will proceed as planned; that the Company will retain and grow its existing customer base; that comparable companies will perform as expected. The forward-looking information contained herein is provided for the purpose of assisting the reader to understand the Company's business, however such information may not be appropriate for other purposes. Risks that could change or prevent these statements from coming to fruition include changing governmental laws and policies; the Company's ability to obtain and retain necessary licensing; political and competitive risks; failure of forecasts and assumptions to come to fruition; and other unforeseen circumstances. The publisher of this article does not take responsibility for the accuracy of any statements made by the issuing company or its representatives. Readers are cautioned not to place undue reliance on these forward-looking statements, and the publisher undertakes no obligation to update or revise any forward-looking statements except as required by applicable law.Logo : https://mma.prnewswire.com/media/2838876/5979886/USA_News_Group_Logo.jpg View original content to download multimedia:https://www.prnewswire.com/news-releases/inside-the-joint-nasa-proposal-that-could-bring-microgravity-flight-back-to-north-america-302777423.htmlSOURCE USA News Group Original: Inside the Joint NASA Proposal That Could Bring Microgravity Flight Back to North America

The Defense Industrial Base Is Ramping at a Generational Pace -- and a Florida Air-Launch Operator Just Built the Engineering Layer to Fit Into ItMay 19, 2026 8:35 AM
PR Newswire (US) Issued on behalf of Starfighters Space, Inc.Record backlogs, raised guidance, Department of War strategic investments in propulsion capacity, multi-year framework agreements, and a $1 trillion-plus defense procurement environment are defining 2026. Starfighters Space (NYSE American: FJET) just engaged Integrated Launch Solutions to add launch, range, licensing and mission integration depth to its STARLAUNCH pathway as the U.S. defense and commercial space markets converge into a single capacity-constrained opportunity.CAPE CANAVERAL, Fla., May 19, 2026 /PRNewswire/ -- USA News Group News Commentary — Strip away the press cycle and the defining feature of the 2026 defense and space landscape is straightforward: the customer is no longer the constraint. The Pentagon has the funding, the program authority, and the political mandate. The senior primes have the order book. What the entire system now needs is delivery capacity — the production lines, the integration engineering, the range coordination, the licensing throughput, and the operational tempo required to convert backlog into hardware on the ramp. That is the structural backdrop for the latest move from Starfighters Space, Inc. (NYSE American: FJET), the Cape Canaveral-based operator of the world's fastest fleet of commercial supersonic aircraft. The Company announced it has engaged Integrated Launch Solutions, Inc. ("ILS") to provide engineering and technical integration support as Starfighters advances the STARLAUNCH pathway from design and analysis toward flight and launch services. [1]ILS will serve as an extension of the Starfighters team, providing subject matter expertise across mission design, analysis, and simulation; systems engineering and technical integration; regulatory and safety compliance; and range integration. [1] The work is expected to support program planning, requirements definition, trajectory analysis, licensing strategy, range coordination and related integration activities. The ILS resource pool brings experience from Boeing, Lockheed Martin, United Launch Alliance, SpaceX and the U.S. Air Force, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers.For more information on Starfighters Space, read the entire USA News Group Report"STARLAUNCH is a pathway, and the pathway depends on execution," said Tim Franta, Chief Executive Officer of Starfighters Space, in the announcement. He framed the engagement as adding "process discipline and execution capacity required to expedite space launch development from concept through flight readiness." [1] The ILS work layers on top of the appointments earlier this month of Jose Arias as Vice President, Space Operations, and Catrina L. Medeiros as Director, STARLAUNCH Operations — both senior leaders drawn from Blue Origin's New Glenn program. [2]What makes this move materially significant is not the engagement itself — it is the scale of the demand environment Starfighters is building into. Across the senior aerospace and defense complex, Q1 2026 prints have been defined by record backlogs and explicit commentary on capacity expansion as the binding constraint.RTX Corporation (NYSE: RTX) reported Q1 2026 sales of $22.1 billion on April 21, 2026, up 9% versus the prior year and up 10% organically. [3] Raytheon booked $6.6 billion of awards in the quarter, including over $600 million for Patriot equipment to the Netherlands and more than $400 million from the U.S. Army for lower-tier air and missile defense sensors, with an additional $900 million in awards for Standard Missile and Tomahawk. Munitions output grew over 40% year-over-year, and Raytheon posted its 12th consecutive quarter of material growth. [4] CEO Chris Calio described five "landmark framework agreements" Raytheon signed with the Department of War for Tomahawk, AMRAAM, and the Standard Missile family — agreements management said would, once finalized, provide firm demand signals to support production ramps "well above existing rates over the next decade." [4] RTX raised its full-year 2026 outlook for adjusted sales and adjusted EPS on the print.L3Harris Technologies, Inc. (NYSE: LHX) reported Q1 2026 revenue of $5.74 billion on April 30, 2026 — up 12% year-over-year, with organic revenue growth of 15% — and posted contractual backlog of $40.7 billion, with a book-to-bill ratio for the quarter of 1.4. [5] Management raised full-year EPS guidance to $11.40 to $11.60. [6] In April, the Company closed a $1.0 billion strategic investment from the Department of War in its Missile Solutions (MSL) business, structured as a convertible preferred security to convert into equity at IPO. [5][6] The funds are earmarked for expanding and modernizing solid rocket motor production facilities in Camden, Arkansas; Huntsville, Alabama; and Orange, Virginia — facilities critical to manufacturing PAC-3, THAAD, Tomahawk, and Standard Missile systems. The carve-out missile entity has been named Axyv following a confidential S-1 filing, with the IPO targeting the second half of 2026. [6] L3Harris also disclosed the Hypersonic and Ballistic Tracking Space Sensor (HBTSS) successfully demonstrated tracking against a hypersonic target. [7]The Boeing Company (NYSE: BA) reported Q1 2026 revenue of $22.2 billion on April 22, 2026, with the Defense, Space & Security segment posting revenue of $7.6 billion — up 21% year-over-year — and operating margins improving to 3.1%. [8] During the quarter, Defense, Space & Security signed a seven-year framework agreement to expand PAC-3 Seeker production and announced a strategic partnership with Rheinmetall to offer the MQ-28 Ghost Bat to Germany. [8] In April 2026, the Boeing-built Space Launch System core stage rocket propelled the successful Artemis II mission to the Moon. [9] Backlog at Defense, Space & Security grew to a record $86 billion, with 27% representing orders from customers outside the U.S. On the earnings call, management noted higher demand in defense given increased operational tempo, framing it as a natural offset to potential commercial MRO weakness. [10]Voyager Technologies, Inc. (NYSE: VOYG) — a defense and space technology company best known for leading development of Starlab, the commercial space station being developed as a replacement for the ISS — has been positioning aggressively in the defense and national security segments. The Company priced its IPO at $31 per share in June 2025, raising $383 million, and saw shares close at $56.48 on the day of its public debut. [11] In its Q1 2026 print reported May 4, 2026, Voyager delivered net sales of $35.2 million and grew total backlog to a record $275.3 million, up 54% year-over-year, with first-quarter bookings of $45.2 million and a book-to-bill ratio of 1.3. [12] On the strength of that backlog, the Company raised its 2026 revenue guidance to a range of $230 million to $255 million, representing 39% to 53% year-over-year growth. [12] Voyager ended the quarter with $429.4 million in cash and total liquidity of $641.4 million. Starlab achieved four NASA milestones and received $24.0 million in NASA funding during the period. [12] Voyager also secured NASA's seventh Private Astronaut Mission in April 2026, designated VOYG-1, with launch targeted no earlier than 2028, and was awarded a contract with Raytheon to develop advanced technologies for the Standard Missile interceptor program. [13]What is most striking about RTX, L3Harris, Boeing's defense business, and Voyager is that none of these stories sits in isolation. They reflect a single thesis: in 2026, the U.S. defense industrial base is being asked to ramp production at a pace it has not been asked to deliver since the Cold War, and the bottleneck has moved from contract availability to integration capacity, range and licensing throughput, and operational tempo.For more information on Starfighters Space, read the entire USA News Group ReportThat is the gap Starfighters Space is positioning to address.The Asset, the Bench, and the Process Layer Now Behind STARLAUNCHStarfighters Space operates a fleet of seven modified F-104 supersonic aircraft from NASA's Kennedy Space Center, configured to act as a first-stage lifting platform that can carry payloads up to 45,000 feet for air launch to space. [1] The Company is the operator of the largest fleet of MACH 2+ capable aircraft in the world, and the only commercial operator capable of flying payloads at sustained MACH 2+ with the capability to launch those payloads to space. Its customer base includes Lockheed Martin, Meggitt, Space Florida, and the U.S. Air Force Research Laboratory.STARLAUNCH 1 is being developed as a sub-orbital vehicle designed to support short-duration microgravity missions and to serve as a pathfinder for future air-launched concepts. The Company has reported wind tunnel testing that demonstrated clean separation from the aircraft platform, followed by a Critical Design Review process. [1] Starfighters' Wind Tunnel in the Sky service uses the F-104 to fly as an airborne wind tunnel — a single 45-minute mission generates the equivalent of approximately 20 traditional 30-second ground wind tunnel runs, compressing what would otherwise take about ten days in a fixed-facility into less than an hour. [2]The ILS engagement now adds a deep bench of launch, range, licensing and mission integration experience, with prior work supporting the U.S. Air Force, the National Reconnaissance Office, NASA and commercial customers. [1] The recent Blue Origin appointments — Jose Arias and Catrina L. Medeiros — bring direct New Glenn program experience and, in Mr. Arias's case, a documented track record of compressing integration cycle time from 76 days to 13 days at Blue Origin. [2]This is what the assembly of an operationally proven team looks like when the underlying market is the U.S. defense, civil, and commercial space economy in a record-spending environment. The senior primes have signaled the demand. The Department of War has signaled the dollars. The framework agreements are in place. The bottleneck is execution.Starfighters Space (NYSE American: FJET) is building, in real time, the operational stack required to be one of the names that closes the gap.For more information on Starfighters Space, Inc. (NYSE American: FJET), visit usanewsgroup.com/fjet-landingCONTACT:USA News Group

Voyager Reports First Quarter 2026 Financial Results, Reports 1Q Record Backlog, Increases 2026 Revenue GuidanceMay 4, 2026 4:15 PM
Business Wire Voyager Technologies, Inc. [NYSE: VOYG] (“Voyager” or the “Company”), today announced financial results for the first quarter 2026. Based on accelerating and record backlog of $275.3 million, Voyager is increasing its 2026 revenue guidance to be in the range of $230 million to $255 million. Business and Financial Performance Highlights Strong start to 2026 with a record Backlog of $275.3 million, an increase of 54% year over year 1Q Bookings of $45.2 million, Book-to-Bill ratio 1.3 Strong momentum continued into early 2Q, evidenced by multiple Golden Dome program awards and recent NASA award of Private Astronaut Mission to ISS Delivered 1Q net sales of $35.2 million Robust balance sheet, including $429.4 million in cash and cash equivalents, and total liquidity of $641.4 million, including $212 million available capacity under our revolver Raising 2026 Revenue guidance range to $230 million to $255 million, a significant acceleration of 39-53% over last year, underscoring execution of our growth strategy "We achieved a new record backlog with strong bookings across all of our core technologies," said Voyager Technologies Chairman & CEO Dylan Taylor. "The scale of demand being signaled by the Department of War is historic, with Golden Dome now framed as a generational, multi-domain investment and a clear directive to industry to expand domestic production of propulsion systems, energetics, and munitions components. The groundbreaking of the Voyager American Defense Complex in Pueblo, Colorado this quarter — a 150,000-square-foot advanced manufacturing facility designed for high-volume production of solid rocket motors, propulsion systems, and energetic materials — is a direct response to that demand signal and positions us as a critical node in the domestic defense industrial base the Pentagon is urgently working to rebuild." "Our Defense and Space Technologies segment remains a powerful growth engine, fueled by strong customer engagement and new business wins across several key missile defense programs, in addition to continued execution on the Next Generation Interceptor. Voyager is deeply aligned with the highest-priority national security objectives, driving a new record backlog that grew to $275 million," continued Taylor. "Additionally, NASA recently selected Voyager for its seventh private astronaut mission to the International Space Station, VOYG-1, a milestone that reflects the trust our customers place in us and the depth of our human spaceflight capabilities, all while Starlab achieved four additional NASA milestones. "Our strong liquidity position of $641.4 million enables us to increase innovation spend to a record level, with a focus on highly visible opportunities such as Golden Dome, next-generation space-domain maneuverability, advanced mission-critical electronics, and AI-accelerated manufacturing, while M&A remains a top priority. "With a record backlog, sustained budget momentum, mission urgency, and a growing domestic manufacturing capability, we are extremely well positioned to significantly accelerate our revenue growth relative to last year." Business and Financial Performance Results Voyager began 2026 with strong operational momentum, delivering first-quarter bookings of $45.2 million, exceeding expectations, and a book-to-bill ratio of 1.3, reflecting continued demand across its portfolio. Net sales of $35.2 million were in line with expectations, while total backlog reached a record $275.3 million, up 54% year over year, providing strong visibility into future revenue. Innovation is a foundational pillar of our long-term strategy and a key differentiator across the defense, national security and space sectors. For the three month ended March 31, 2026, innovation spend was 48% of net sales, excluding Starlab, and 151% on a consolidated basis. See Table 5 for additional details. Profitability reflects continued investment in long-term growth initiatives, including the ramp-up of Starlab program activities and increased spending on innovation. For the quarter, we reported a net loss of $(44.0) million, or $(0.75) per share, and a non-GAAP adjusted loss of $(35.8) million, or $(0.61) per share. Non-GAAP Adjusted EBITDA was $(33.3) million, primarily driven by the scaling of Starlab and ongoing investments to support future growth. Voyager maintains a strong financial position, ending the quarter with $429.4 million in cash and cash equivalents and total liquidity of $641.4 million, including $212 million available capacity under our revolver. This robust balance sheet provides significant flexibility to fund strategic growth initiatives, support program execution, and invest in innovation while maintaining disciplined capital management. Defense and Space Technologies Segment Highlights Voyager’s Defense and Space Technologies segment delivers a diversified portfolio of mission-critical capabilities across strategic systems, advanced electronics, spectrum dominance, mission management, and space infrastructure. The segment supports key national security and space programs with strengths in propulsion and energetics, sensing and ISR, communications, AI/ML-enabled data exploitation, and guidance, navigation, and control. Orders for the three months ended March 31, 2026 were $45.2 million, as we continue to experience strong demand for defense and national security programs, including multiple programs of record tied to the U.S. Golden Dome initiative. Net sales for the three months ended March 31, 2026 were $35.2 million, in-line with our expectations, driven by strategic growth including acquisitions completed in the later part of last year, offset by the planned wind-down of a NASA services contract. Starlab Space Stations Segment Highlights Our Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the International Space Station. While Starlab does not generate revenue today, nor is expected to generate revenue in the near term, we have received significant funding from NASA under our Space Act Agreement. In the first quarter of 2026, Starlab achieved four key milestone and received $24.0 million in cash from NASA, highlighting strong progress and continued momentum. Business Outlook for the Full Year 2026 For the full year 2026, we increased our guidance range to $230 million to $255 million. This outlook underscores the resilience of our business model and reflects the successful execution of its growth strategy and supported by our new backlog record. The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission. Conference Call and Live Webcast Voyager Technologies, Inc. will host its first quarter 2026 earnings conference call Tuesday, May 5, 2026, at 9 a.m. ET. Hosting the call to review results will be Dylan Taylor, Chairman & Chief Executive Officer; Phil De Sousa, Chief Financial Officer; and Adi Padva, Senior Vice President, Corporate Development and Investor Relations. A live webcast of the call will be made available on the Events & Presentations section of Voyager’s Investor Relations website at investors.voyagertechnologies.com. The earnings release and presentation will be posted to the Investor Relations website prior to the call. A replay of the call will be available approximately one hour after the call through the archived webcast on the Events & Presentations section of Voyager’s Investor Relations website. Audio Replay An audio replay of the event will be archived on the Investor Relations section of the Company's website at https://investors.voyagertechnologies.com. About Voyager Technologies, Inc. Voyager Technologies, Inc. is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. For more information visit: voyagertechnologies.com. Non-GAAP Financial Measures Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non-GAAP financial measures have limitations as analytical and comparative tools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, adjusted earnings per share and free cash flow, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted earnings per share and free cash flow supplementally. Adjusted EBITDA We consider Adjusted EBITDA to be a useful, supplemental, measure of our operating performance. We use Adjusted EBITDA to supplement GAAP measures in evaluating the performance of our business and the effectiveness of our strategies, to make budgeting decisions, make certain compensation decisions, and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures. In addition, we believe Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as they remove the impact of our capital structure and other items not indicative of our core operating performance from operating results. We define EBITDA as net loss attributable to Voyager Technologies, Inc. plus (less) finance and interest expense, provision for income tax expense (benefit), and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation, business acquisition costs, restructuring charges, impairment losses, income (loss) attributable to noncontrolling interests, and other items we do not believe are indicative of our core operating performance, including incremental organizational costs attributable to our initial public offering, changes in the fair value of earnout liabilities, and foreign exchange gain/loss. Free Cash Flow We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures. We believe that while expenditures and dispositions of property, plant and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measures do not deduct the payments required for debt service and other contractual obligations or payments. We define free cash flow as the sum of our cash (used in) provided by operating activities less our net capital expenditures. The net capital expenditures of the Company are defined as the gross capital expenditures for the purchase of property and equipment less the grant funding we received in order to make such purchases. Based on the nature of government grants for purposes of funding capital expenditures on our Starlab program, these grants are pass through for purposes of making capital expenditures as they are directly used to source funding on capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies. Adjusted Earnings Per Share We consider adjusted earnings per share to be a useful, supplemental measure of our operations on a per share basis adjusting for items that are considered either non-operational or significant infrequent expenses or that are sources of income that are not recurring to the business on a frequent basis. We define adjusted earnings per share as the net income/loss attributable to common stockholders adjusted for stock-based compensation, business acquisition costs, restructuring, deferred income tax expense, and other items mainly related to financing expenses and other individually immaterial items divided by our diluted basis number of weighted average shares outstanding during the period. Since the adjustments made for presentational purposes do not impact the tax basis of the Company, the adjustments have been presented on a tax free basis. Innovation Spend We are focused on delivering innovative solutions to the defense, national security and space end markets, and research and development is at the core of our business. We believe innovation spend and innovation spend excluding Starlab provide our management and investors useful measures of our aggregate spend on research and development type activities in support of our customers’ needs and our future growth. However, innovation spend is an operating metric, not a financial measure calculated or presented in accordance with GAAP, and companies in our industry may calculate innovation spend or similar operating metrics differently than we do. We define innovation spend as research and development costs associated with IRS Section 174 categorization, as well as spend on designated development programs. Development programs are defined as initiatives that, when developed, will expand the Company’s product offerings under a customer funded arrangement. Innovation spend is comprised of various costs recognized in cost of sales and research and development costs within the consolidated statements of operations, as well as certain costs capitalized within property and equipment, net on our consolidated balance sheets. We define innovation spend excluding Starlab as innovation spend, minus the portion of innovation spend attributable to Starlab Space Stations. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Voyager’s financial outlook, anticipated financial and operational performance and liquidity, including without limitation, long-term cash generation, and other projections. The words “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither promises nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from those indicated by those statements including, but not limited to: our ability to generate, sustain and manage our growth given our limited operating history in an evolving industry; factors out of our control that affect our success and revenue growth; our ability to generate a sustainable order rate for our products and services and develop new technologies to meet customer needs; our compliance with development contracts with third-parties and losses from fixed price contracts; our history of losses and ability to achieve profitability; risks related to Starlab; the unpredictable environment of space; our customer concentration and risks with contracting with the U.S. government; risk related to our international operations, currency fluctuations and political or economic instability in markets in which we operate; risks related to our compliance with new or existing data privacy, cybersecurity and other applicable regulations; our inability to adequately enforce and protect our intellectual property; our ability to consummate future acquisitions on satisfactory terms or effectively integrate acquired operations; and other important factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2026, as any such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and our investor relations site at investors.voyagertechnologies.com. The forward-looking statements included in this announcement are only made as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law. Website Disclosure Investors and others should note that we announce material financial and operational information to our investors using press releases, SEC filings and public conference calls and webcasts, as well as our investor relations site at investors.voyagertechnologies.com. We may also use our website as a distribution channel of material information about the company. In addition, you may automatically receive email alerts and other information about Voyager when you enroll your email address by visiting the “Investor Email Alerts” option under the Resources tab on investors.voyagertechnologies.com. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited, in thousands, except share and per share amounts)     March 31, 2026   December 31, 2025 ASSETS Current assets:       Cash and cash equivalents $ 429,361     $ 491,329   Accounts receivable, net   12,163       29,819   Contract assets   35,796       29,786   Inventories   5,720       3,825   Prepaid expenses and other current assets   25,664       26,541   TOTAL CURRENT ASSETS   508,704       581,300   Property and equipment, net   191,433       164,286   Operating lease right-of-use assets   41,900       18,164   Intangible assets, net   94,749       98,982   Goodwill   157,674       157,674   Other assets   29,259       30,048   TOTAL ASSETS $ 1,023,719     $ 1,050,454           LIABILITIES AND EQUITY       Current liabilities:       Accounts payable $ 19,851     $ 27,386   Contract liabilities   16,919       24,338   Operating lease liabilities   6,757       5,831   Accrued expenses and other current liabilities   67,726       75,472   TOTAL CURRENT LIABILITIES   111,253       133,027   Operating lease liabilities, non-current   36,296       13,336   Contract liabilities, non-current   7,903       7,899   Convertible notes, net   448,268       447,634   Deferred tax liabilities   12,021       8,858   Other long-term liabilities   3,506       10,167   TOTAL LIABILITIES $ 619,247     $ 620,921   Class A common stock: $0.0001 par value per share; 400,000,000 shares authorized; 54,855,919 shares issued and 53,350,242 shares outstanding at March 31, 2026, 400,000,000 shares authorized, 54,546,859 shares issued, and 53,383,859 shares outstanding at December 31, 2025   5       5   Class B common stock: $0.0001 par value per share; 50,000,000 shares authorized, 5,758,566 shares issued and outstanding at March 31, 2026; 50,000,000 shares authorized and 5,758,566 shares issued and outstanding at December 31, 2025   1       1   Additional paid-in capital   823,076       797,438   Treasury stock, at cost   (35,880 )     (27,702 ) Accumulated other comprehensive loss   (64 )     (95 ) Accumulated deficit   (429,910 )     (385,927 ) Total Voyager Technologies, Inc. equity   357,228       383,720   Noncontrolling interests   47,244       45,813   TOTAL EQUITY   404,472       429,533   TOTAL LIABILITIES AND EQUITY $ 1,023,719     $ 1,050,454   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except share and per share amounts)     Three Months Ended   March 31, 2026   March 31, 2025 Net sales $ 35,246     $ 34,507   Cost of sales   36,792       28,922   Gross (loss) profit   (1,546 )     5,585   Operating expenses:       Selling, general, and administrative   31,357       26,286   Research and development   7,511       4,040   Amortization of acquired intangibles   4,233       1,548   Loss from operations $ (44,647 )   $ (26,289 ) Other income (expense):       Finance and interest expense, net   (2,114 )     (2,729 ) Other income, net   4,043       1,137   Loss before income taxes   (42,718 )     (27,881 ) Income tax expense   3,226       48   Net loss   (45,944 )     (27,929 ) Net loss attributable to noncontrolling interests   (1,961 )     (991 ) Net loss attributable to Voyager Technologies, Inc.   (43,983 )     (26,938 ) Less: dividends accrued on preferred stock   —       6,001   Net loss available to common shareholders   (43,983 )     (32,939 )         Net loss per common share:       Basic $ (0.75 )   $ (2.30 ) Diluted $ (0.75 )   $ (2.30 ) Weighted-average shares outstanding:       Basic   58,339,505       14,339,521   Diluted   58,339,505       14,339,521   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands)     Three Months Ended   March 31, 2026   March 31, 2025 Cash Flows from Operating Activities:       Net loss $ (45,944 )   $ (27,929 ) Adjustments to reconcile net loss to net cash used in operating activities:       Depreciation and amortization   6,033       2,602   Stock-based compensation   4,112       1,723   Amortization of operating lease right-of-use assets   1,205       670   Amortization of debt issuance costs and other non-cash interest expense   994       1,291   Deferred taxes   3,163       65   Non-cash services acquired   4,375       10,115   Other   (77 )     (73 ) Change in operating assets and liabilities, net of acquisitions:       Accounts receivable   14,054       7,528   Prepaid expenses and other current assets   (2,231 )     (3,165 ) Contract assets   (6,010 )     (1,227 ) Inventories   (1,895 )     284   Other assets   596       (485 ) Accounts payable   (4,280 )     (10 ) Contract liabilities   (7,415 )     (5,258 ) Accrued expenses   (5,319 )     252   Operating lease liabilities   (1,055 )     (756 ) Other liabilities   (18 )     19   Net cash used in operating activities $ (39,712 )   $ (14,354 )         Cash Flows from Investing Activities:       Purchases of property and equipment   (51,116 )     (26,970 ) Grant funding for property and equipment   24,034       18,000   Acquisition working capital settlement   (5,837 )     —   Net cash used in investing activities $ (32,919 )   $ (8,970 )         Cash Flows from Financing Activities:       Proceeds from the exercise of stock options   3,643       114   Proceeds from the issuance of Common stock, net   —       43,161   Proceeds from the issuance of Class C preferred stock, net   —       99,449   Sale of noncontrolling interest   7,039       —   2024 convertible note   —       130   Net cash provided by financing activities $ 10,682     $ 142,854           Effect of foreign exchange on cash and cash equivalents $ (19 )   $ 28   Net (decrease) increase in cash and cash equivalents   (61,968 )     119,558   Cash and cash equivalent at the beginning of the period   491,329       55,930   Cash and cash equivalents at the end of the period $ 429,361     $ 175,488   TABLE 1 - NET SALES (Unaudited, in thousands)     Three Months Ended   Change   March 31, 2026   March 31, 2025   Year over Year   % Net Sales:               Defense and Space Technologies $ 36,157     $ 35,848     $ 309   0.9 % Starlab Space Stations   —       —       —   —   Total Net Sales, reportable segments   36,157       35,848       309   0.9 % Intersegment eliminations   (911 )     (1,341 )     430   (32.1 )% Total Net Sales $ 35,246     $ 34,507     $ 739   2.1 % TABLE 2 - ADJUSTED EBITDA (Unaudited, in thousands)       Three Months Ended (dollars in thousands) March 31, 2026   March 31, 2025 Net loss attributable to Voyager Technologies, Inc. $ (43,983 )   $ (26,938 ) Finance and interest expense, net   2,114       2,729   Depreciation and amortization   6,033       2,602   Income tax expense   3,226       48   EBITDA   (32,610 )     (21,559 ) Stock-based compensation   4,129       1,723   Business acquisition costs(1)   411       156   Restructuring(2)   744       418   Net loss attributable to noncontrolling interests   (1,961 )     (991 ) Interest income   (3,819 )     (1,085 ) Other(3)   (225 )     (18 ) Adjusted EBITDA $ (33,331 )   $ (21,356 ) ____________ (1) Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2) Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3) Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. TABLE 3 - FREE CASH FLOW (Unaudited, in thousands)     Three Months Ended (dollars in thousands) March 31, 2026   March 31, 2025 Net cash used in operating activities $ (39,712 )   $ (14,354 ) Purchases of property and equipment   (51,116 )     (26,970 ) Grant funding for property and equipment   24,034       18,000   Free cash flow $ (66,794 )   $ (23,324 ) TABLE 4 - ADJUSTED EARNINGS PER SHARE (Unaudited, in thousands)     Three Months Ended (dollars in thousands, except per share data) March 31, 2026   March 31, 2025 Net loss attributed to common shareholders $ (43,983 )   $ (32,939 ) Stock-based compensation   4,129       1,723   Business acquisition costs(1)   411       156   Restructuring(2)   744       418   Deferred income tax expense   3,163       (2 ) Other(3)   (225 )     (18 ) Adjusted net loss attributable to common shareholders   (35,761 )     (30,662 ) Adjusted net loss per common share $ (0.61 )   $ (2.14 ) ____________ (1) Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2) Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3) Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. TABLE 5 - INNOVATION SPEND (Unaudited, in thousands)     Three Months Ended (dollars in thousands) March 31, 2026   March 31, 2025 Qualified research and development under section 174 $ 45,040     $ 33,599   Development program innovation spend(1)   8,318       5,513   Innovation spend   53,358       39,112   Less: Starlab Space Stations innovation spend   36,571       29,378   Innovation spend excluding Starlab Space Stations $ 16,787     $ 9,734   Innovation spend as a percentage of net sales   151.4 %     113.3 % Innovation spend excluding Starlab Space Stations as a percentage of net sales   47.6 %       28.2 % ____________ (1) Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260504054092/en/ For additional media and information, please follow us:
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Dana Carroll, VP Marketing & Communications
dana.carroll@voyagertechnologies.com Original: Voyager Reports First Quarter 2026 Financial Results, Reports 1Q Record Backlog, Increases 2026 Revenue Guidance

..took a bite here, VOYG$ ...

Voyager Launches Center to Advance U.S. Space and National Security CapabilitiesMarch 12, 2026 2:45 PM
Business Wire
Voyager Technologies (NYSE: VOYG) announced a new facility in Long Beach, California – widely known as “Space Beach” – to expand the company’s ability to capture the significant demand signal across civil, national security and commercial space missions.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260312053891/en/Long Beach facility expands the company’s ability to capture the significant demand signal across civil, national security and commercial space missions.
"We are standing up capacity at Space Beach for one purpose: to deliver for our customers," said Matt Magaña, president, Space, Defense & National Security, Voyager. "We are moving fast from design to build, test and fielded capability, and this facility gives us access to world-class talent, a proven aerospace ecosystem and the collaborative energy of companies that are all pushing in the same direction.”


Voyager is actively collaborating with leading Space Beach companies, including Anduril Industries and True Anomaly, to meet customers’ rapidly growing needs. The new facility will support the development and production of technologies spanning advanced electronics and mission hardware, AI-enabled software and embedded systems, space infrastructure for LEO, lunar and deep space missions, next-generation propulsion and defense systems and integrated sensing, communications and autonomy technologies. By compressing design cycles through AI-driven digital engineering and automated manufacturing, Voyager is positioned to rapidly move from concept to fielded capability, delivering hardware and systems at the speed national security demands.


“We’re proud to welcome Voyager to our growing Space Beach ecosystem with a 140,000-square-foot facility advancing aerospace innovation, domestic manufacturing, and national security capabilities,” said Mayor Rex Richardson. “This investment brings high-skilled jobs, strengthens our local economy, and further establishes Long Beach as a national hub for the industries shaping our future.”


Long Beach has emerged as a national center of gravity for aerospace innovation, home to a rapidly growing network of space and defense companies, advanced manufacturers and engineering talent. The facility reinforces the city’s role, supporting supply chain resilience, domestic manufacturing and high-skilled job creation.


About Voyager Technologies


Voyager Technologies is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. For more information visit: voyagertechnologies.com and follow on LinkedIn and X.


Cautionary Statement Concerning Forward-Looking Statements:


This press release contains “forward-looking statements.” All statements, other than statements of historical fact, including those with respect to Voyager Space, Inc.’s (the “Company’s”) mission statement and growth strategy, are “forward-looking statements.” Although the Company’s management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve many risks and uncertainties, which could cause the Company’s future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Readers should not place any undue reliance on forward-looking statements since they involve these known and unknown uncertainties and other factors which are, in some cases, beyond the Company’s control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company’s current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260312053891/en/
Media Contact

Nora Ellish, The 10 Group USA for Voyager Technologies, Nora.Ellish@the10group.com


Original: Voyager Launches Center to Advance U.S. Space and National Security Capabilities

Voyager Reports Fourth Quarter and Full Year 2025 Financial Results, Enters 2026 with Record Backlog, Increases 2026 Revenue GuidanceMarch 9, 2026 4:25 PM
Business Wire
Voyager Technologies, Inc. (NYSE: VOYG) (“Voyager” or the “Company”), today announced financial results for the fourth quarter and full year 2025.


Based on record year-end 2025 Backlog of $265.6 million, Voyager is increasing its 2026 revenue guidance to be in the range of $225 million - $255 million.


Fourth Quarter and Full-Year 2025 Business Highlights



Delivered record fourth quarter net sales of $46.7 million, including 63% growth from the Defense and National Security segment



Net sales for the full year of $166.4 million up 15% year over year



Record year-end Total Backlog of $265.6 million, an increase of 33% over the prior year



Strengthened portfolio capabilities across propulsion, energetics, space infrastructure and defense systems, completing five strategic acquisitions, including ExoTerra Resource and Estes Energetics during the fourth quarter



Advanced development of Starlab, achieving ten NASA milestones in 2025 (four during the fourth quarter) and 31 milestones to date, receiving $56.0 million during 2025 and $183.2 million inception-to-date in cash milestone proceeds



Ended full year 2025 with total liquidity of $704.7 million, a 15% sequential quarterly increase



Incurred fourth quarter net loss of $(30.2) million and loss per share of $(0.52); non-GAAP adjusted loss of $(21.7) million and non-GAAP adjusted loss per share of $(0.37), full year net loss of $(116.1) million and loss per share of $(2.89); non-GAAP adjusted loss of $(82.4) million and non-GAAP adjusted loss per share of $(2.05)



Fourth quarter Non-GAAP Adjusted EBITDA of $(21.8) million, and full year of $(69.9) million



“2025 was a transformational year for Voyager. We successfully completed our IPO, delivered record fourth quarter revenue, and closed the year with record backlog and liquidity over $700 million. Demand across defense, national security and space continues to accelerate and we are investing to address that increasing demand,” said Voyager Technologies CEO Dylan Taylor.


Taylor continued, “The strategic acquisitions completed this year — particularly ExoTerra and Estes Energetics — significantly enhance our propulsion and energetics platform, deepen our vertical integration, and expand our ability to support Golden Dome missile defense programs, resilient space infrastructure, and mission-critical national security priorities. Starlab accomplished meaningful milestones, ending the year with the completion of our commercial Critical Design Review, validating the maturity of the program as we transition to full system procurement and development. With record backlog, enhanced capabilities, and ample liquidity, we are entering 2026 from a position of strength — focused on converting accelerating demand into sustained revenue growth and long-term shareholder value.”


Business Outlook for the Full Year 2026


For the full year 2026, Voyager now expects total net sales in the range of $225 million to $255 million, representing year-over-year growth in the range of 35% to 53%. This outlook underscores the resilience of our business model and reflects the successful execution of its growth strategy, including contributions from recently acquired businesses, while recognizing uncertainty in the near-term attributable to the government shutdown.


The foregoing estimates are forward-looking and reflect management’s view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under “forward-looking statements” below and in the Company’s filings with the Securities and Exchange Commission.


Business and Financial Performance Results


Voyager’s net sales for the three months ended December 31, 2025, were $46.7 million, up 24% year over year, and up 46% when adjusted for the planned wind-down of the NASA services contract within the Space Solutions segment. For the full year, achieved net sales of $166.4 million, up 15% year over year, and up 27% when adjusted for the planned wind-down of the NASA services contract within the Space Solutions segment.


Voyager’s Defense and National Security segment provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communication technologies, and guidance, navigation and control systems. For the three month ended December 31, 2025, the Defense and National Security segment net sales increased $13.7 million, or 63% year over year, to $35.7 million, primarily driven by progress on the Next Generation Interceptor (“NGI”) program and an undisclosed program. For the full year the Defense and National Security segment increased net sales 59% to $123.0 million.


Voyager’s Space Solutions segment operates at the forefront of space technology, specializing in mission enabling, reliable hardware, software and engineering services for space missions. For the three month ended December 31, 2025, the Space Solutions segment net sales declined $5.2 million, or 29% year over year, to $12.5 million primarily due to the anticipated conclusion of a multi-year service contract with NASA. For the full year the Space Solutions segment experienced decreased net sales of (36)% to $47.6 million.


Our Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the International Space Station. While Starlab does not generate revenue today, nor is expected to generate revenue in the near term, we have received significant funding from NASA under our Space Act Agreement. In the fourth quarter of 2025, Starlab achieved four key milestones and received $9.5 million in cash from NASA, highlighting strong progress and continued momentum.


Backlog


As of December 31, 2025, total backlog was $265.6 million, including $146.1 million of funded backlog from signed contracts with remaining work. Funded contracts represent definitized contracts for performance obligations from customers that contain the right to receive consideration in exchange for goods transferred to the customer. The unfunded portion (also referred to as unfunded contract options) includes contract options not yet exercised and potential work under Indefinite Delivery/Indefinite Quantity contracts.


Innovation Spend


Innovation is a foundational pillar of our long-term strategy and a key differentiator across the defense, national security and space sectors. For the three month ended December 31, 2025, innovation spend was 21.9% of net sales, excluding Starlab, and 132% on a consolidated basis. See Table 5 for additional details.


Conference Call and Live Webcast


Voyager Technologies, Inc. will host its fourth quarter 2025 earnings conference call Tuesday, March 10, 2026, at 9 a.m. ET. Hosting the call to review results will be Dylan Taylor, Chief Executive Officer; Phil De Sousa, Chief Financial Officer; and Adi Padva, Senior Vice President, Corporate Development and Investor Relations.


A live webcast of the call will be made available on the Events & Presentations section of Voyager’s Investor Relations website at investors.voyagertechnologies.com. The earnings release and presentation will be posted to the Investor Relations website prior to the call.


A replay of the call will be available approximately one hour after the call through the archived webcast on the Events & Presentations section of Voyager’s Investor Relations website.


Audio Replay


An audio replay of the event will be archived on the Investor Relations section of the Company's website at https://investors.voyagertechnologies.com.


About Voyager Technologies, Inc.


Voyager Technologies is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. For more information visit: voyagertechnologies.com and follow on LinkedIn and X.


Non-GAAP Financial Measures


Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non-GAAP financial measures have limitations as analytical and comparative tools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, adjusted earnings per share and free cash flow, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted earnings per share and free cash flow supplementally.


Adjusted EBITDA


We consider Adjusted EBITDA to be a useful, supplemental, measure of our operating performance. We use Adjusted EBITDA to supplement GAAP measures in evaluating the performance of our business and the effectiveness of our strategies, to make budgeting decisions, make certain compensation decisions, and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.


In addition, we believe Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as they remove the impact of our capital structure and other items not indicative of our core operating performance from operating results.


We define EBITDA as net loss attributable to Voyager Technologies, Inc. plus (less) finance and interest expense, provision for income tax expense (benefit), and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation, business acquisition costs, restructuring charges, impairment losses, income (loss) attributable to noncontrolling interests, and other items we do not believe are indicative of our core operating performance, including incremental organizational costs attributable to our initial public offering, changes in the fair value of earnout liabilities, and foreign exchange gain/loss.


Free Cash Flow


We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.


We believe that while expenditures and dispositions of property, plant and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measures do not deduct the payments required for debt service and other contractual obligations or payments.


We define free cash flow as the sum of our cash (used in) provided by operating activities less our net capital expenditures. The net capital expenditures of the Company are defined as the gross capital expenditures for the purchase of property and equipment less the grant funding we received in order to make such purchases. Based on the nature of government grants for purposes of funding capital expenditures on our Starlab program, these grants are pass through for purposes of making capital expenditures as they are directly used to source funding on capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies.


Adjusted Earnings Per Share


We consider adjusted earnings per share to be a useful, supplemental measure of our operations on a per share basis adjusting for items that are considered either non-operational or significant infrequent expenses or that are sources of income that are not recurring to the business on a frequent basis. We define adjusted earnings per share as the net income/loss attributable to common stockholders adjusted for stock-based compensation, business acquisition costs, restructuring, and other items mainly related to financing expenses and other individually immaterial items divided by our diluted basis number of weighted average shares outstanding during the period. Since the adjustments made for presentational purposes do not impact the tax basis of the Company, the adjustments have been presented on a tax free basis.


Innovation Spend


We are focused on delivering innovative solutions to the defense, national security and space end markets, and research and development is at the core of our business. We believe innovation spend and innovation spend excluding Starlab provide our management and investors useful measures of our aggregate spend on research and development type activities in support of our customers’ needs and our future growth.


However, innovation spend is an operating metric, not a financial measure calculated or presented in accordance with GAAP, and companies in our industry may calculate innovation spend or similar operating metrics differently than we do. We define innovation spend as research and development costs associated with IRS Section 174 categorization, as well as spend on designated development programs. Development programs are defined as initiatives that, when developed, will expand the Company’s product offerings under a customer funded arrangement. Innovation spend is comprised of various costs recognized in cost of sales and research and development costs within the consolidated statements of operations, as well as certain costs capitalized within property and equipment, net on our consolidated balance sheets. We define innovation spend excluding Starlab as innovation spend, minus the portion of innovation spend attributable to Starlab Space Stations.


Forward-Looking Statements


This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. We intend all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Voyager’s financial outlook, anticipated financial and operational performance and liquidity, including without limitation, long-term cash generation, and other projections. The words “expect,” “expectation,” “believe,” “anticipate,” “may,” “could,” “intend,” “belief,” “plan,” “estimate,” “target,” “predict,” “likely,” “seek,” “project,” “model,” “ongoing,” “will,” “should,” “forecast,” “outlook” or similar terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither promises nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from those indicated by those statements including, but not limited to: our ability to generate, sustain and manage our growth given our limited operating history in an evolving industry; factors out of our control that affect our success and revenue growth; our ability to generate a sustainable order rate for our products and services and develop new technologies to meet customer needs; our compliance with development contracts with third-parties and losses from fixed price contracts; our history of losses and ability to achieve profitability; risks related to Starlab; the unpredictable environment of space; our customer concentration and risks with contracting with the U.S. government; risk related to our international operations, currency fluctuations and political or economic instability in markets in which we operate; risks related to our compliance with new or existing data privacy, cybersecurity and other applicable regulations; our inability to adequately enforce and protect our intellectual property; our ability to consummate future acquisitions on satisfactory terms or effectively integrate acquired operations; and other important factors discussed in the section entitled “Risk Factors” in our Annual Report on Form 10-K to be filed with the Securities and Exchange Commission (the “SEC”) , as any such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC’s website at www.sec.gov and our investor relations site at investors.voyagertechnologies.com.


The forward-looking statements included in this announcement are only made as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.


Website Disclosure


Investors and others should note that we announce material financial and operational information to our investors using press releases, SEC filings and public conference calls and webcasts, as well as our investor relations site at investors.voyagertechnologies.com. We may also use our website as a distribution channel of material information about the company. In addition, you may automatically receive email alerts and other information about Voyager when you enroll your email address by visiting the “Investor Email Alerts” option under the Resources tab on investors.voyagertechnologies.com.




CONSOLIDATED BALANCE SHEETS




(Unaudited, in thousands, except share and per share amounts)








 



 






December 31,








 






 






2025






 






 






 






2024






 








ASSETS








Current assets:






 






 






 








Cash and cash equivalents






$






491,329






 






 






$






55,930






 








Accounts receivable, net






 






29,819






 






 






 






15,360






 








Contract assets






 






29,786






 






 






 






17,304






 








Inventories






 






3,825






 






 






 






1,526






 








Prepaid expenses and other current assets






 






26,541






 






 






 






11,461






 








TOTAL CURRENT ASSETS






 






581,300






 






 






 






101,581






 








Property and equipment, net






 






164,286






 






 






 






49,439






 








Operating lease right-of-use assets






 






18,164






 






 






 






8,167






 








Intangible assets, net






 






98,982






 






 






 






34,684






 








Goodwill






 






157,674






 






 






 






46,515






 








Other assets






 






30,048






 






 






 






7,210






 








TOTAL ASSETS(1)






$






1,050,454






 






 






$






247,596






 








 






 






 






 








LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT)






 






 






 








Current liabilities:






 






 






 








Accounts payable






$






27,386






 






 






$






22,787






 








Contract liabilities






 






24,338






 






 






 






21,365






 








Operating lease liabilities






 






5,831






 






 






 






3,000






 








SMI promissory note, current






 






—






 






 






 






665






 








Accrued expenses and other current liabilities






 






75,472






 






 






 






39,594






 








TOTAL CURRENT LIABILITIES






 






133,027






 






 






 






87,411






 








Term loan, net






 






—






 






 






 






56,991






 








Operating lease liabilities, non-current






 






13,336






 






 






 






6,205






 








Contract liabilities, non-current






 






7,899






 






 






 






2,762






 








Convertible notes, net






 






447,634






 






 






 






7,435






 








Embedded derivatives






 






—






 






 






 






2,723






 








Deferred tax liabilities






 






8,858






 






 






 






112






 








SMI promissory note






 






—






 






 






 






23,928






 








Other long-term liabilities






 






10,167






 






 






 






102






 








TOTAL LIABILITIES(1)






$






620,921






 






 






$






187,669






 








Mezzanine equity:






 






 






 








Class A-1 redeemable preferred stock: $0.0001 par value; 0 shares authorized, issued and outstanding at December 31, 2025; 7,500,000 shares authorized and 6,967,720 shares issued and outstanding at December 31, 2024; redeemable at the option of the holder with a liquidation preference of $105,581 at December 31, 2024






$






—






 






 






$






93,496






 








Redeemable noncontrolling interests






 






—






 






 






 






32,431






 








Equity (Deficit):






 






 






 








Class A preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at December 31, 2025; 1 share authorized, issued, and outstanding at December 31, 2024; liquidation preference of $1 at December 31, 2024






 






—






 






 






 






—






 








Class B convertible preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at December 31, 2025; 4,400,000 shares authorized and 3,285,995 shares issued and outstanding at December 31, 2024; liquidation preference of $146,454 at December 31, 2024






 






—






 






 






 






132,835






 








Class C preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at December 31, 2025; 4,600,000 shares authorized and 1,537,818 shares issued and outstanding at December 31, 2024






 






—






 






 






 






63,464






 








Common stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at December 31, 2025; 375,000,000 shares authorized and 13,297,289 shares issued and outstanding at December 31, 2024






 






—






 






 






 






1






 








Class A common stock: $0.0001 par value per share; 400,000,000 shares authorized; 54,546,859 shares issued and 53,383,859 outstanding at December 31, 2025, 0 shares authorized, issued, and outstanding at December 31, 2024






 






5






 






 






 






—






 








Class B common stock: $0.0001 par value per share; 50,000,000 shares authorized; 5,758,566 shares issued and outstanding at December 31, 2025, 0 shares issued and outstanding at December 31, 2024






 






1






 






 






 






—






 








Additional paid-in capital






 






797,438






 






 






 






15,081






 








Treasury stock, at cost






 






(27,702






)






 






 






—






 








Accumulated other comprehensive (loss) income






 






(95






)






 






 






28






 








Accumulated deficit






 






(385,927






)






 






 






(281,113






)








Total Voyager Technologies, Inc. equity (deficit)






 






383,720






 






 






 






(69,704






)








Noncontrolling interests






 






45,813






 






 






 






3,704






 








TOTAL EQUITY (DEFICIT)






 






429,533






 






 






 






(66,000






)








TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT)






$






1,050,454






 






 






$






247,596






 









CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS




(Unaudited, in thousands, except share and per share amounts)










 



 






Three Months Ended






 






Years Ended








 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Net sales






$






46,651






 






 






$






37,712






 






 






$






166,419






 






 






$






144,180






 








Cost of sales






 






36,661






 






 






 






27,564






 






 






 






136,544






 






 






 






109,265






 








Selling, general, and administrative






 






35,452






 






 






 






18,512






 






 






 






117,085






 






 






 






62,570






 








Research and development






 






5,173






 






 






 






371






 






 






 






12,753






 






 






 






7,611






 








Impairment losses






 






—






 






 






 






—






 






 






 






—






 






 






 






3,594






 








Amortization of acquired intangibles






 






3,394






 






 






 






3,047






 






 






 






8,535






 






 






 






9,582






 








Loss from operations






$






(34,029






)






 






$






(11,782






)






 






$






(108,498






)






 






$






(48,442






)








Other income (expense):






 






 






 






 






 






 






 








Change in fair value of embedded derivatives






$






—






 






 






$






387






 






 






$






—






 






 






$






387






 








Loss on debt extinguishment






 






—






 






 






 






1,905






 






 






 






(7,804






)






 






 






(9,392






)








Finance and interest expense, net






 






(1,369






)






 






 






(2,987






)






 






 






(6,821






)






 






 






(12,016






)








Other income, net






 






3,589






 






 






 






1,173






 






 






 






10,351






 






 






 






2,127






 








Loss before income taxes






 






(31,809






)






 






 






(11,304






)






 






 






(112,772






)






 






 






(67,336






)








Income tax expense (benefit)






 






1,193






 






 






 






(1,926






)






 






 






(440






)






 






 






(1,708






)








Net loss






 






(33,002






)






 






 






(9,378






)






 






 






(112,332






)






 






 






(65,628






)








Net loss attributable to noncontrolling interests






 






(2,781






)






 






 






(418






)






 






 






(7,518






)






 






 






(3,556






)








Net loss attributable to Voyager Technologies, Inc.






 






(30,221






)






 






 






(8,960






)






 






 






(104,814






)






 






 






(62,072






)








Less: dividends accrued on preferred stock






 






(1






)






 






 






5,737






 






 






 






11,258






 






 






 






21,816






 








Net loss available to common shareholders






$






(30,220






)






 






$






(14,697






)






 






$






(116,072






)






 






$






(83,888






)








 






 






 






 






 






 






 






 








Net loss per common share:






 






 






 






 






 






 






 








Basic






$






(0.52






)






 






$






(1.68






)






 






$






(2.89






)






 






$






(6.59






)








Diluted






$






(0.52






)






 






$






(1.68






)






 






$






(2.89






)






 






$






(7.01






)








Weighted-average shares outstanding:






 






 






 






 






 






 






 








Basic






 






58,410,709






 






 






 






8,758,462






 






 






 






40,213,015






 






 






 






12,736,454






 








Diluted






 






58,410,709






 






 






 






8,758,462






 






 






 






40,213,015






 






 






 






12,746,454






 









CONSOLIDATED STATEMENTS OF CASH FLOWS




(Unaudited, in thousands)








 



 






Years Ended December 31,








 






 






2025






 






 






 






2024






 








Cash Flows from Operating Activities:






 






 






 








Net loss






$






(112,332






)






 






$






(65,628






)








Adjustments to reconcile net loss to net cash used in operating activities:






 






 






 








Depreciation and amortization






$






13,416






 






 






 






13,595






 








Impairment losses






 






—






 






 






 






3,594






 








Stock-based compensation






 






18,916






 






 






 






3,761






 








Amortization of operating lease right-of-use assets






 






2,976






 






 






 






2,782






 








Loss on debt extinguishment






 






7,804






 






 






 






9,392






 








Amortization of debt issuance costs and other non-cash interest expense






 






3,038






 






 






 






5,667






 








Reduction in fair value of earnout






 






—






 






 






 






(5,659






)








Deferred taxes






 






(478






)






 






 






(2,614






)








Non-cash services acquired






 






13,752






 






 






 






12,669






 








Other






 






667






 






 






 






(160






)








Change in operating assets and liabilities, net of acquisitions:






 






 






 








Accounts receivable






$






(5,156






)






 






 






(4,432






)








Prepaid expenses and other current assets






 






(4,943






)






 






 






101






 








Contract assets






 






(556






)






 






 






(1,485






)








Inventories






 






(341






)






 






 






1,576






 








Other assets






 






(4,228






)






 






 






(5,432






)








Accounts payable






 






4,073






 






 






 






(6,070






)








Contract liabilities






 






(6,657






)






 






 






7,408






 








Accrued expenses






 






12,084






 






 






 






8,554






 








Operating lease liabilities






 






(2,766






)






 






 






(2,829






)








Other liabilities






 






(212






)






 






 






(292






)








Net cash used in operating activities






$






(60,943






)






 






 






(25,502






)








 






 






 






 








Cash Flows from Investing Activities:






 






 






 








Purchases of property and equipment






$






(144,673






)






 






 






(82,703






)








Grant funding for property and equipment






 






50,400






 






 






 






54,930






 








Acquisitions, net of cash acquired






 






(151,834






)






 






 






—






 








Purchase of investments






 






(15,500






)






 






 






—






 








Net cash (used in) provided by investing activities






$






(261,607






)






 






 






(27,773






)








 






 






 






 








Cash Flows from Financing Activities:






 






 






 








Proceeds from Term Loan, net






$






—






 






 






 






57,922






 








Repayment of Term Loan






 






(64,420






)






 






 






(56,574






)








Borrowings from the credit facility






 






64,500






 






 






 






—






 








Repayments on the credit facility






 






(64,500






)






 






 






—






 








Proceeds from the issuance of Common stock, net






 






45,886






 






 






 






—






 








Proceeds from the issuance of Class B convertible preferred stock, net






 






—






 






 






 






—






 








Proceeds from the issuance of Class C preferred stock, net






 






116,047






 






 






 






66,598






 








Proceeds from the issuance of Class A common stock upon IPO, net of underwriting costs






 






409,406






 






 






 






—






 








Costs associated with initial public offering






 






(8,550






)






 






 






—






 








Sale of noncontrolling interest






 






81,720






 






 






 






13,425






 








Redemptions of redeemable noncontrolling interests






 






—






 






 






 






(10,739






)








Repayment of line of credit






 






—






 






 






 






—






 








Purchase of noncontrolling interest






 






(10,724






)






 






 






—






 








Redemptions of Class A-1 redeemable preferred stock






 






(3,044






)






 






 






—






 








Cash repayment of Preferred B dividends






 






(27,584






)






 






 






—






 








Costs associated with the credit facility






 






(3,311






)






 






 






—






 








Proceeds from convertible notes






 






460,000






 






 






 






10,097






 








Payments for debt issuance costs related to convertible note






 






(13,184






)






 






 






—






 








Payment of forward stock purchase transaction






 






(131,147






)






 






 






—






 








Share repurchases






 






(27,702






)






 






 






—






 








Purchase of Capped Call Option






 






(66,746






)






 






 






—






 








Other






 






1,176






 






 






 






(1,772






)








Net cash provided by financing activities






$






757,823






 






 






 






78,957






 








 






 






 






 








Effect of foreign exchange on cash and cash equivalents






$






126






 






 






 






(31






)








Net increase (decrease) in cash and cash equivalents






 






435,399






 






 






 






25,651






 








Cash and cash equivalent at the beginning of the period






 






55,930






 






 






 






30,279






 








Cash and cash equivalents at the end of the period






$






491,329






 






 






$






55,930






 









TABLE 1 - NET SALES




(Unaudited, in thousands)














 



 






Three Months Ended






 






Change






 






Years Ended






 






Change








 






December 31, 2025






 






December 31, 2024






 






Year over Year






 






%






 






December 31, 2025






 






December 31, 2024






 






Year over Year






 






%








Net Sales:






 






 






 






 






 






 






 






 






 






 






 






 






 






 






 








Defense and National Security






$






35,710






 






 






$






21,969






 






 






$






13,741






 






 






62.5






%






 






$






122,954






 






 






$






77,470






 






 






$






45,484






 






 






58.7






%








Space Solutions






 






12,464






 






 






 






17,665






 






 






 






(5,201






)






 






(29.4






)%






 






 






47,583






 






 






 






74,593






 






 






 






(27,010






)






 






(36.2






)%








Starlab Space Stations






 






—






 






 






 






—






 






 






 






—






 






 






—






 






 






 






—






 






 






 






—






 






 






 






—






 






 






—






 








Total Net Sales, reportable segments






 






48,174






 






 






 






39,634






 






 






 






8,540






 






 






21.5






%






 






 






170,537






 






 






 






152,063






 






 






 






18,474






 






 






12.1






%








Intersegment eliminations






 






(1,523






)






 






 






(1,922






)






 






 






399






 






 






(20.8






)%






 






 






(4,118






)






 






 






(7,883






)






 






 






3,765






 






 






(47.8






)%








Total Net Sales






$






46,651






 






 






$






37,712






 






 






$






8,939






 






 






23.7






%






 






$






166,419






 






 






$






144,180






 






 






$






22,239






 






 






15.4






%









TABLE 2 - ADJUSTED EBITDA




(Unaudited, in thousands)










 



 






Three Months Ended






 






Years Ended








(dollars in thousands)






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Net loss attributable to Voyager Technologies, Inc.






$






(30,221






)






 






$






(8,960






)






 






$






(104,814






)






 






$






(62,072






)








Finance and interest expense, net






 






1,369






 






 






 






2,987






 






 






 






6,821






 






 






 






12,016






 








Depreciation and amortization






 






4,975






 






 






 






4,000






 






 






 






13,415






 






 






 






13,595






 








Income tax expense (benefit)






 






1,193






 






 






 






(1,926






)






 






 






(440






)






 






 






(1,708






)








EBITDA






 






(22,684






)






 






 






(3,899






)






 






 






(85,018






)






 






 






(38,169






)








Stock-based compensation






 






3,527






 






 






 






1,073






 






 






 






18,917






 






 






 






3,761






 








Business acquisition costs(1)






 






2,450






 






 






 






27






 






 






 






3,372






 






 






 






282






 








Restructuring(2)






 






494






 






 






 






320






 






 






 






2,054






 






 






 






2,295






 








Impairment losses






 






—






 






 






 






—






 






 






 






—






 






 






 






3,594






 








Net loss attributable to noncontrolling interests






 






(2,781






)






 






 






(418






)






 






 






(7,518






)






 






 






(3,556






)








Interest income






 






(3,764






)






 






 






(489






)






 






 






(11,590






)






 






 






(1,875






)








Other(3)






 






934






 






 






 






(2,895






)






 






 






9,844






 






 






 






3,685






 








Adjusted EBITDA






$






(21,824






)






 






$






(6,281






)






 






$






(69,939






)






 






$






(29,983






)








________________



(1)






Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition.








(2)






Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines.








(3)






Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Other also contains debt extinguishment costs of $7.8 million for the year ended December 31, 2025, $9.4 million for the year ended December 31, 2024, and $1.9 million for the three months ended December 31, 2024. There were no debt extinguishment costs for the three months ended December 31, 2025.









TABLE 3 - FREE CASH FLOW




(Unaudited, in thousands)










 



 






Three Months Ended






 






Years Ended








(dollars in thousands)






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Cash used in operating activities






$






(14,979






)






 






$






(5,499






)






 






$






(60,943






)






 






$






(25,502






)








Purchases of property and equipment






 






(48,111






)






 






 






(29,943






)






 






 






(144,673






)






 






 






(82,703






)








Grant funding for property and equipment






 






8,550






 






 






 






25,200






 






 






 






50,400






 






 






 






54,930






 








Free cash flow






$






(54,540






)






 






$






(10,242






)






 






$






(155,216






)






 






$






(53,275






)









TABLE 4 - ADJUSTED EARNINGS PER SHARE




(Unaudited, in thousands)










 



 






Three Months Ended






 






Years Ended








 






December 31, 2025






 






December 31, 2024






 






December 31, 2025






 






December 31, 2024








Net loss attributable to common shareholders






$






(30,220






)






 






$






(14,697






)






 






$






(116,072






)






 






$






(83,888






)








Stock-based compensation






 






3,527






 






 






 






1,073






 






 






 






18,917






 






 






 






3,761






 








Business acquisition costs(1)






 






2,450






 






 






 






27






 






 






 






3,372






 






 






 






282






 








Restructuring(2)






 






494






 






 






 






320






 






 






 






2,054






 






 






 






2,295






 








Impairment losses






 






—






 






 






 






—






 






 






 






—






 






 






 






3,594






 








Deferred income tax expense






 






1,135






 






 






 






(2,106






)






 






 






(478






)






 






 






(2,614






)








Other(3)






 






934






 






 






 






(2,895






)






 






 






9,844






 






 






 






3,685






 








Adjusted net loss attributable to common shareholders






 






(21,680






)






 






 






(18,278






)






 






 






(82,363






)






 






 






(72,885






)








Adjusted net loss per common share






$






(0.37






)






 






$






(2.09






)






 






$






(2.05






)






 






$






(5.72






)








________________



(1)






Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition.








(2)






Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines.








(3)






Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Other also contains debt extinguishment costs of $7.8 million for the year ended December 31, 2025, $9.4 million for the year ended December 31, 2024, and $1.9 million for the three months ended December 31, 2024. There were no debt extinguishment costs for the three months ended December 31, 2025.









TABLE 5 - INNOVATION SPEND




(Unaudited, in thousands)










 



 






Three Months Ended






 






Years Ended December 31,








(dollars in thousands)






December 31, 2025






 






September 30, 2025






 






June 30, 2025






 






March 31, 2025






 






 






2025






 






 






 






2024






 








Capitalized research and development under section 174






$






55,335






 






 






$






44,080






 






 






$






32,658






 






 






$






33,599






 






 






$






165,672






 






 






$






105,206






 








Development program innovation spend(1)






 






6,436






 






 






 






5,277






 






 






 






5,989






 






 






 






5,513






 






 






 






23,215






 






 






 






22,024






 








Innovation spend






$






61,771






 






 






$






49,357






 






 






$






38,647






 






 






$






39,112






 






 






$






188,887






 






 






$






127,230






 








Less: Starlab Space Stations innovation spend






 






51,573






 






 






 






41,865






 






 






 






30,538






 






 






 






29,378






 






 






 






153,354






 






 






 






101,678






 








Innovation spend excluding Starlab Space Stations






$






10,198






 






 






$






7,492






 






 






$






8,109






 






 






$






9,734






 






 






$






35,533






 






 






$






25,552






 








Innovation spend as a percentage of net sales






 






132.4






%






 






 






124.7






%






 






 






84.6






%






 






 






113.3






%






 






 






113.5






%






 






 






88.2






%








Innovation spend excluding Starlab Space Stations as a percentage of net sales






 






21.9






%






 






 






18.9






%






 






 






17.8






%






 






 






28.2






%






 






 






21.4






%








17.7






%








________________



(1)






Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs.







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Original: Voyager Reports Fourth Quarter and Full Year 2025 Financial Results, Enters 2026 with Record Backlog, Increases 2026 Revenue Guidance