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

• Market Cap: $2.09B
• Dividend Yield: N/A
• Average Volume (3M): 1.63M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.95
• 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: 1,834,736
• 30 Day Avg. Volume: 1,634,481
• PEG Ratio: -0.56
• Price to Book (P/B): 138.22
• Price to Sales (P/S): 22.81
• P/FCF Ratio: -30.39
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 12.98
• Enterprise Value/Gross Profit: 78.18
• Enterprise Value/Ebitda: -25.12
• 1Y Price Target: $42.33
• Price Target Upside: 21.08% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): -1.17
• Revenue Forecast (FY): $231.68M

• Rating: 58 Neutral
• Price Target: $36.00 ▲(2.97% Upside)

The score is held back primarily by weak financial performance (deepening losses and deteriorating free cash flow, with high leverage). Technicals are a key positive with strong momentum and price above major moving averages, while valuation is constrained by negative earnings. The latest earnings call is moderately supportive due to improving backlog/pipeline and guidance momentum, but the larger EBITDA loss tempers confidence.

Positive Factors

Robust Backlog & Pipeline

A $189M backlog and $3.6B qualified pipeline provide multi‑quarter revenue visibility and a steady opportunity funnel. This underpins durable top‑line growth potential, supports capacity planning and prioritization of R&D, and reduces near‑term revenue cyclicality if execution holds.

Defense Segment Momentum

A 31% YoY increase in Defense & National Security revenue indicates strong product fit in a high‑barrier, sticky market. Government contracts typically offer longer tenure and predictable renewals, which can anchor recurring revenue, improve utilization rates, and support scale economies over the medium term.

Proprietary IP (extraterrestrial manufacturing)

A patent for microgravity crystal manufacturing strengthens technical differentiation in optical communications and creates a potential moat. Planned ISS validation in 2026 indicates a commercialization pathway; proprietary materials and processes can enable premium products and long‑term licensing or mission‑critical deployments.

Negative Factors

Worsening Profitability

A -43% net margin reflects structural unprofitability that undermines self‑funding and scalability. Persistent negative margins force management to prioritize margin recovery via pricing, cost reductions, or repositioning; failure to restore margins could necessitate external capital and dilute long‑term returns.

Severe Free Cash Flow Decline

A 232% drop in free cash flow materially weakens the company’s internal funding capacity for operations, R&D and M&A. Sustained negative FCF increases dependence on external financing, raises liquidity and refinancing risks, and limits strategic flexibility during industry downturns.

Elevated Leverage and Low Equity Backing

High leverage and low equity backing increase financial vulnerability to rate shocks or revenue misses, constrain bidding on large government contracts that require balance‑sheet strength, and raise borrowing costs. This reduces strategic optionality and amplifies downside risks over the medium term.

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

Weak profitability and cash generation: net margin deteriorated to -43.0% and free cash flow fell sharply (-232%). Balance sheet shows high leverage (Debt-to-Equity 1.75) despite an increase in equity, indicating elevated financial risk.

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	73 Outperform	$18.75M	―	―	―	―	―
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
VOYG	58 Neutral	$2.09B	―	―	―	―	―
HYFM	45 Neutral	$7.56M	-0.11	-30.93%	―	-26.84%	-0.16%
XPON	42 Neutral	$8.27M	-1.12	-35.47%	―	109.37%	99.34%
DFLI	38 Underperform	$45.05M	-0.12	―	―	18.24%	24.49%