Voyager Technologies, Inc. Class A (VOYG)
NYSE:VOYG
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Voyager Technologies, Inc. Class A
(NYSE:VOYG)
Select Model
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Rating:60Neutral
Price Target:
$50.00
▲(59.69% Upside)
Action:Reiterated
Date:06/05/26
The score is held back primarily by weak financial performance—widening losses, zero gross profit in 2025, and significantly negative operating/free cash flow—despite strong technical momentum and an earnings call that highlighted raised guidance, record backlog, and robust liquidity. Valuation remains constrained by losses, while the Astrobotic deal is a modest positive with dilution/integration risk.
Positive Factors
Strong revenue growth & record backlog
Sustained top-line momentum and a materially larger backlog provide durable revenue visibility across multiple programs. Elevated guidance and backlog reduce near-term demand risk, support production scale-up planning, and underpin multi-quarter revenue growth assuming execution of booked contracts.
Negative Factors
Worsening cash burn
Persistently negative operating and free cash flow signals the core business consumes cash even after scale-up, increasing reliance on financing to fund growth. Over several quarters this raises execution risk, constrains flexibility for opportunistic investments, and can pressure credit terms if losses persist.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue growth & record backlog
Sustained top-line momentum and a materially larger backlog provide durable revenue visibility across multiple programs. Elevated guidance and backlog reduce near-term demand risk, support production scale-up planning, and underpin multi-quarter revenue growth assuming execution of booked contracts.
Read all positive factors
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.46B
Dividend YieldN/A
Average Volume (3M)2.39M
Price to Earnings (P/E)―
Beta (1Y)2.18
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. Volume3,124,844
30 Day Avg. Volume2,388,045
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 Cap1.22
Enterprise Value/Revenue17.93
Enterprise Value/Gross Profit221.80
Enterprise Value/Ebitda-30.76
Forecast
1Y Price Target
$44.22Price Target Upside41.24% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)-3.05
Revenue Forecast (FY)$241.17M
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 |
|---|---|---|---|---|---|---|---|
72 Outperform | $11.51B | 40.98 | 14.06% | 0.46% | 13.79% | 37.64% | |
69 Neutral | $57.35B | 33.21 | 8.87% | 1.61% | 5.79% | 9.31% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
62 Neutral | $6.68B | -468.61 | -0.96% | ― | 8.95% | 78.82% | |
60 Neutral | $2.46B | -19.89 | -25.84% | ― | 12.59% | -27.81% | |
60 Neutral | $10.97B | 351.92 | 1.26% | ― | 21.82% | 34.38% | |
50 Neutral | $9.28B | -40.41 | -6.41% | ― | 116.86% | -467.25% |
* Industrials Sector Average
VOYG
Voyager Technologies, Inc. Class A
41.55
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-16.06%
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Voyager Technologies, Inc. Class A Corporate Events
Business Operations and StrategyM&A TransactionsPrivate Placements and Financing
Voyager Technologies to Acquire Astrobotic in Stock-Funded Merger
Positive
Jun 4, 2026
Voyager Technologies, Inc. announced that on June 1, 2026, it entered into a merger agreement to acquire 100% of Astrobotic Technology, Inc., paying a portion of the purchase price in newly issued Class A common stock. The closing, expected in the...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Voyager Technologies Shareholders Approve Texas Redomestication Plan
Neutral
Jun 1, 2026
Voyager Technologies, Inc. held its 2026 annual meeting of stockholders on May 29, 2026, with approximately 67.93% of total voting power represented, and shareholders elected Gabe Finke, Marian Joh and Matthew Kuta as Class I directors to serve un...
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.