Voyager Technologies, Inc. Class A (VOYG) AI Stock Analysis

• Market Cap: $1.75B
• Dividend Yield: N/A
• Average Volume (3M): 1.54M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.01
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 514
• Sector: Industrials
• Sector Strength: 72
• Industry: Aerospace & Defense
• EPS (TTM): -0.22
• Shares Outstanding: 53,789,215
• 10 Day Avg. Volume: 1,021,015
• 30 Day Avg. Volume: 1,539,808
• PEG Ratio: -0.56
• Price to Book (P/B): 58.49
• Price to Sales (P/S): 22.81
• P/FCF Ratio: -30.39
• Enterprise Value/Market Cap: 0.79
• Enterprise Value/Revenue: 11.60
• Enterprise Value/Gross Profit: 69.89
• Enterprise Value/Ebitda: -22.46
• 1Y Price Target: $38.80
• Price Target Upside: 31.70% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): -1.11
• Revenue Forecast (FY): $215.66M

• Rating: 53 Neutral
• Price Target: $27.00 ▼(-8.35% Downside)

Voyager Technologies, Inc. has a mixed outlook. The most significant factor is its financial instability, with rising losses and high leverage. However, the company shows potential with strong growth in key segments and strategic acquisitions. Technical indicators suggest short-term bullish momentum, but valuation concerns persist due to ongoing losses.

Positive Factors

Defense and National Security Growth

Strong growth in the Defense and National Security segment highlights Voyager's competitive positioning and ability to capture market share in a critical industry, ensuring sustained revenue streams from government contracts.

Strategic Acquisitions

Strategic acquisitions enhance Voyager's technology stack, providing competitive advantages in radar analytics and electric propulsion, which can drive long-term growth and innovation.

Robust Pipeline and Backlog

A strong pipeline and expanded backlog indicate future revenue potential and stability, as Voyager secures long-term projects that will support sustained business growth.

Negative Factors

Adjusted EBITDA Loss

Significant EBITDA losses suggest operational inefficiencies and financial strain, which could impact Voyager's ability to invest in growth and innovation over the long term.

High Leverage

High leverage limits financial flexibility and increases risk, potentially affecting Voyager's ability to fund operations and strategic initiatives without incurring additional debt.

Negative Cash Flow

Negative cash flow indicates operational challenges and reliance on external financing, which could hinder Voyager's ability to sustain operations and invest in future growth.

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 Starlab Space Stations. The Defense & National Security segment provides defense systems, such as missile defense interceptors, kill vehicles, and hypersonic missiles and reentry systems; signal intelligence systems, including software solutions that deliver critical intelligence to the modern warfighter; communication technologies comprising radiation-hardened laser and RF communications systems and advanced electro-optical and digital systems; and guidance, navigation, and control systems consisting of sun sensors, star trackers, and inertial measurement units, as well as artificial intelligence powered edge computing products. The Space Solutions segment offers advanced space technology systems, such as in-space propulsion systems with applications for orbital servicing, manufacturing, and deep space exploration; space infrastructure, including software solutions that deliver critical intelligence to the modern warfighter; and space science and mission management products. The Starlab Space Stations segment operates a commercial space station and provides continued permanent human presence in space. It serves defense, national security, and space industries. The company was formerly known as Voyager Space Holdings, Inc. and changed its name to Voyager Technologies, Inc. in February 2025. Voyager Technologies, Inc. was incorporated in 2019 and is headquartered in Denver, Colorado.

How the Company Makes Money

Voyager Technologies generates revenue through a combination of government contracts, commercial sales, and subscription-based services. The company primarily earns money by securing contracts with defense and aerospace agencies, which often involve long-term agreements for software development and support. Additionally, Voyager offers its products on a subscription basis, providing ongoing revenue from clients who require continuous access to its technology solutions. Strategic partnerships with other technology firms and defense contractors also contribute to its revenue, as these collaborations can lead to joint projects and expanded market reach.

Voyager Technologies, Inc. Class A Financial Statement Overview

Summary

Voyager Technologies, Inc. faces significant financial challenges with rising losses and negative cash flows. While there is some revenue growth and increased equity, high leverage and negative margins indicate financial instability. The reliance on external financing raises concerns about sustainability.

Income Statement

Voyager Technologies, Inc. demonstrates a significant challenge in profitability, evidenced by a worsening Net Profit Margin from -18.7% to -43.0% and a decline in EBIT margin. Revenue growth is modest at 6.0%, but the increasing losses suggest operational inefficiencies.

Balance Sheet

The company's Debt-to-Equity ratio is high at 1.75, indicating substantial leverage, but there is a positive increase in Stockholders' Equity, showing some improvement in financial structure. The Equity Ratio is relatively low at 22.7%, suggesting limited asset backing by equity.

Cash Flow

Free Cash Flow has deteriorated by 232.0%, highlighting severe cash outflows, while Operating Cash Flow to Net Income ratio remains negative, reflecting operational cash challenges. The company relies heavily on financing activities to sustain operations.

Breakdown	TTM	Dec 2024	Dec 2023
Income Statement
Total Revenue	119.77M	144.18M	136.06M
Gross Profit	19.89M	34.91M	27.79M
EBITDA	-61.89M	-38.94M	-1.34M
Net Income	-74.59M	-62.07M	-25.44M
Balance Sheet
Total Assets	727.80M	247.60M	188.89M
Cash, Cash Equivalents and Short-Term Investments	413.32M	55.93M	30.28M
Total Debt	10.51M	98.22M	86.33M
Total Liabilities	109.31M	187.67M	158.60M
Stockholders Equity	590.86M	23.79M	-12.47M
Cash Flow
Free Cash Flow	-142.53M	-108.20M	-32.59M
Operating Cash Flow	-45.96M	-25.50M	-15.38M
Investing Cash Flow	-88.84M	-27.77M	11.60M
Financing Cash Flow	492.07M	78.96M	1.93M

Voyager Technologies, Inc. Class A Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VCIG	75 Outperform	$4.91M	―	―	―	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
VOYG	53 Neutral	$1.75B	-17.27	―	―	―	―
HYFM	45 Neutral	$8.98M	-0.14	-30.93%	―	-26.84%	-0.16%
DFLI	38 Underperform	$47.83M	-0.13	―	―	18.24%	24.49%
XPON	38 Underperform	$8.55M	-1.12	-35.47%	―	109.37%	99.34%