Voyager Technologies, Inc. Class A (VOYG)
NYSE:VOYG
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Voyager Technologies, Inc. Class A
(NYSE:VOYG)
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Rating:57Neutral
Price Target:
$35.00
▲(11.79% Upside)
Action:Reiterated
Date:05/14/26
The score is held back primarily by weak financial performance—widening losses, zero gross profit in 2025, and worsening negative operating/free cash flow. Technicals are supportive with a clear uptrend and positive momentum, while the earnings call adds optimism through raised guidance and record backlog but still highlights near-term margin and execution risks. Valuation remains constrained by negative earnings and no dividend yield.
Positive Factors
Record backlog & bookings momentum
Sustained large bookings and a record $275M backlog signal durable demand and multi-quarter revenue visibility. A book-to-bill >1 and strong Defense & Space bookings expand the program pipeline, improving the predictability of future revenue and supporting scale-up investments over the next 2–6 months.
Negative Factors
Persistent negative cash flow
Sustained and deepening negative operating and free cash flow indicate the core business is consuming cash even as revenue scales. Continued heavy cash burn increases dependency on external financing and elevates execution risk until the business achieves consistent positive operating cash conversion.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog & bookings momentum
Sustained large bookings and a record $275M backlog signal durable demand and multi-quarter revenue visibility. A book-to-bill >1 and strong Defense & Space bookings expand the program pipeline, improving the predictability of future revenue and supporting scale-up investments over the next 2–6 months.
Read all positive factors
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.04B
Dividend YieldN/A
Average Volume (3M)1.67M
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue Growth12.59%
EPS Growth-27.81%
CountryUS
Employees514
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-2.19
Shares Outstanding53,503,582
10 Day Avg. Volume1,561,468
30 Day Avg. Volume1,674,104
Financial Highlights & Ratios
PEG Ratio-0.38
Price to Book (P/B)3.98
Price to Sales (P/S)9.17
P/FCF Ratio-7.42
Enterprise Value/Market Cap1.03
Enterprise Value/Revenue12.58
Enterprise Value/Gross Profit155.62
Enterprise Value/Ebitda-21.58
Forecast
1Y Price Target
$37.63Price Target Upside20.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-2.97
Revenue Forecast (FY)$241.34M
Voyager Technologies, Inc. Class A Business Overview & Revenue Model
Company Description
Voyager Technologies, Inc. operates as a defense technology and space solutions company in the United States, Europe, the Middle East, and internationally. It operates through three segments: Defense & National Security, Space Solutions, and Starl...
Voyager Technologies, Inc. Class A Earnings Call Summary
Earnings Call Date:May 04, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum—record backlog, substantial bookings growth, strategic contract wins (Raytheon, Anduril) and higher full-year revenue guidance—backed by ample liquidity and deliberate capacity expansion. Near-term profitability and gross margins are under pressure due to heavy investments in R&D, manufacturing capacity and program readiness, and revenue is skewed to the second half of the year which raises execution/timing risk. Starlab progress and NASA milestones are positive but timing/funding uncertainty remains. On balance, the positive operational and backlog momentum and upgraded guidance outweigh near-term profitability and timing risks.Positive Updates
Record Backlog and Strong Bookings
Q1 bookings of $45M drove backlog to a record $275M, up 54% year-over-year, with a book-to-bill ratio of 1.3 and bookings momentum continuing into early Q2.
Negative Updates
Near-Term Profitability Pressure
Adjusted EBITDA loss for the quarter was $33M and adjusted EPS was a loss of $0.61 per share, reflecting deliberate investments in engineering, IRAD and infrastructure ahead of higher-volume production.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Backlog and Strong Bookings
Q1 bookings of $45M drove backlog to a record $275M, up 54% year-over-year, with a book-to-bill ratio of 1.3 and bookings momentum continuing into early Q2.
Read all positive updates
Company Guidance
Voyager raised 2026 revenue guidance to $230–$255 million (≈38%–53% YoY) after a strong Q1 that included $45 million of bookings (book-to-bill 1.3; bookings +232% YoY in Defense & Space Technologies), record backlog of $275 million (+54% YoY), and net sales of $35 million; Q1 adjusted EBITDA was a loss of $33 million (adjusted EPS -$0.61) with Defense & Space Tech adjusted EBITDA -$11.5 million. Management expects a front‑loaded ramp (≈33% of revenue in H1, ≈67% in H2) with Q2 revenue up sequentially (~37%–high‑40s% noted), full‑year gross margin in the mid‑teens (Q2 low‑mid single digits, Q3 mid‑high teens, Q4 mid‑20s), internally funded R&D rising to ~20% of sales (Q1 IRAD 17%; total innovation spend 48% ex‑Starlab), CapEx ex‑Starlab $60–$70 million, liquidity of $641 million ($429M cash + $212M credit), and long‑term targets of ~25% organic growth, 30%–35% gross margins, mid‑teens adjusted EBITDA margins and low‑teens free cash flow (ex‑Starlab); Starlab received $24 million in Q1 (inception‑to‑date milestone cash $207M) and is projected to eventually generate ~$4 billion revenue and ~$1.5 billion free cash flow annually when operational.Voyager Technologies, Inc. Class A Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 167.16M | 166.42M | 144.18M | 136.06M |
| Gross Profit | 13.51M | 21.34M | 34.91M | 27.79M |
| EBITDA | -97.44M | -86.68M | -38.94M | -1.34M |
| Net Income | -121.86M | -104.81M | -62.07M | -25.44M |
Balance Sheet | ||||
| Total Assets | 1.02B | 1.05B | 247.60M | 188.89M |
| Cash, Cash Equivalents and Short-Term Investments | 429.36M | 491.33M | 55.93M | 30.28M |
| Total Debt | 491.32M | 466.80M | 98.22M | 86.33M |
| Total Liabilities | 619.25M | 620.92M | 187.67M | 158.60M |
| Stockholders Equity | 357.23M | 383.72M | 23.79M | -12.47M |
Cash Flow | ||||
| Free Cash Flow | -255.12M | -205.62M | -108.20M | -32.59M |
| Operating Cash Flow | -86.30M | -60.94M | -25.50M | -15.38M |
| Investing Cash Flow | -240.75M | -261.61M | -27.77M | 11.60M |
| Financing Cash Flow | 580.85M | 757.82M | 78.96M | 1.93M |
Voyager Technologies, Inc. Class A Risk Analysis
Voyager Technologies, Inc. Class A disclosed 89 risk factors in its most recent earnings report. Voyager Technologies, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Voyager Technologies, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $5.21M | ― | ― | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $2.04B | -7.76 | -25.84% | ― | 12.59% | -27.81% | |
44 Neutral | $23.71M | -680.87 | 664.41% | ― | 6.76% | 56.18% | |
41 Neutral | $6.75M | -0.84 | -48.82% | ― | 36.79% | 98.35% | |
40 Underperform | $4.76M | -0.08 | -32.29% | ― | -30.80% | -317.49% |
* Industrials Sector Average
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.