US Market News
2月前
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@voyagertechnologies.com Original: Voyager Reports First Quarter 2026 Financial Results, Reports 1Q Record Backlog, Increases 2026 Revenue Guidance
US Market News
3月前
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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View source version on businesswire.com: https://www.businesswire.com/news/home/20260309679346/en/
Investor contact:
investors@voyagertechnologies.com
Media contact:
Dana Carroll, VP Marketing & Communications
dana.carroll@voyagertechnologies.com
Original: Voyager Reports Fourth Quarter and Full Year 2025 Financial Results, Enters 2026 with Record Backlog, Increases 2026 Revenue Guidance
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