Voyager Technologies, Inc. Class A (VOYG)
NYSE:VOYG
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Voyager Technologies, Inc. Class A
(NYSE:VOYG)
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Rating:49Neutral
Price Target:
$32.00
▲(2.20% Upside)
Action:ReiteratedDate:03/10/26
The score is held back primarily by weak financial performance (zero gross profit in 2025, widening losses, and worsening cash burn) and negative technical momentum. This is partially offset by a constructive earnings call with raised 2026 revenue guidance, strong backlog/pipeline, and solid liquidity, while valuation provides limited support due to ongoing losses and no stated dividend.
Positive Factors
Backlog & Revenue Guidance
A record $266M backlog and a raised 2026 sales guide provide durable multi-quarter revenue visibility and support management's target growth runway. This underpins longer-term demand conversion, enabling capacity planning and de-risking near-term revenue execution versus pure pipeline hopes.
Negative Factors
Collapse in Gross Profit & Widening Losses
A zero gross profit year is a fundamental red flag: it suggests adverse cost, mix or accounting shifts that break unit economics. Even with top-line growth, converting to sustainable profitability will require restoring gross margins, a multiquarter operational challenge with real cash-flow consequences.
Read all positive and negative factors
Positive Factors
Negative Factors
Backlog & Revenue Guidance
A record $266M backlog and a raised 2026 sales guide provide durable multi-quarter revenue visibility and support management's target growth runway. This underpins longer-term demand conversion, enabling capacity planning and de-risking near-term revenue execution versus pure pipeline hopes.
Read all positive factors
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.70B
Dividend YieldN/A
Average Volume (3M)1.67M
Price to Earnings (P/E)―
Beta (1Y)1.74
Revenue Growth15.42%
EPS Growth-37.39%
CountryUS
Employees514
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.37
Shares Outstanding53,389,835
10 Day Avg. Volume1,561,468
30 Day Avg. Volume1,674,104
Financial Highlights & Ratios
PEG Ratio-2.78
Price to Book (P/B)27.39
Price to Sales (P/S)63.16
P/FCF Ratio-51.12
Enterprise Value/Market Cap0.99
Enterprise Value/Revenue10.05
Enterprise Value/Gross Profit78.34
Enterprise Value/Ebitda-19.26
Forecast
1Y Price Target
$37.63Price Target Upside20.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-2.43
Revenue Forecast (FY)$241.42M
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:Mar 09, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Positive
The call was constructive and growth-focused: management highlighted material commercial progress (record backlog, pipeline, guidance raise), strong liquidity, strategic acquisitions and technical milestones (Starlab CDR, NGI CDR, IP achievements), and a deliberate investment program to scale production and R&D. However, near-term profitability and margins are under pressure from accelerated IRAD, talent and infrastructure investments, Space Solutions revenue declines due to a wind-downed NASA contract, and Starlab not yet producing recurring commercial revenue. Management positioned the losses as intentional, front-loaded investments tied to visible long-term demand and reiterated clear long-term margin and growth targets.Positive Updates
Raised 2026 Revenue Guidance
Management raised full-year 2026 net sales guidance to $225,000,000–$255,000,000, representing 35%–53% year-over-year growth, citing record pipeline and backlog as the basis for the raise.
Negative Updates
Widening Adjusted EBITDA Losses
Adjusted EBITDA for Q4 was a loss of $21,800,000 versus a loss of $6,300,000 prior-year Q4 (worsened by $15.5M). Full-year adjusted EBITDA loss widened to $69,900,000 from $30,000,000 the prior year, reflecting significant upfront investments in innovation, talent, and corporate infrastructure.
Read all updates
Q4-2025 Updates
Positive
Negative
Raised 2026 Revenue Guidance
Management raised full-year 2026 net sales guidance to $225,000,000–$255,000,000, representing 35%–53% year-over-year growth, citing record pipeline and backlog as the basis for the raise.
Read all positive updates
Company Guidance
The company raised 2026 revenue guidance to $225.0–$255.0 million (up 35%–53% YoY) off a record backlog of $266.0 million (33% YoY; +41% sequential) and a record pipeline (including ~$1.6 billion tied to Golden Dome opportunities); FY2025 net sales grew 15% YoY (33% ex-wind‑down), Defense & National Security grew 59% YoY, and Q4 net sales were +24% YoY (Defense Q4 +63% YoY). Management expects 2026 gross margin in the mid‑teens, internally funded R&D/IRAD to be ~20% of net sales, and CapEx ex‑Starlab of $60–$70 million; they are guiding to an EBITDA loss in 2026 while targeting longer‑term 25% organic CAGR, 30%–35% gross margins, mid‑teens adjusted EBITDA margin (ex‑Starlab) and low‑teens free cash flow margin (ex‑Starlab). Liquidity at year‑end was $491.0 million cash plus $213.0 million credit (gt;700M total), FY2025 adjusted EBITDA loss was $69.9 million (Q4 adj. EBITDA loss $21.8M), FY adj. EPS was -$2.05 (Q4 -$0.37), Starlab has completed 31 milestones to date with $183.0M of NASA cash receipts (11 milestones and $10.0M in 2025), its commercial payload is fully reserved, and Starlab is projected at scale to generate ~$4.0 billion revenue and ~$1.5 billion free cash flow annually.Voyager Technologies, Inc. Class A Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 166.42M | 144.18M | 136.06M |
| Gross Profit | 21.34M | 34.91M | 27.79M |
| EBITDA | -86.68M | -38.94M | -1.34M |
| Net Income | -104.81M | -62.07M | -25.44M |
Balance Sheet | |||
| Total Assets | 1.05B | 247.60M | 188.89M |
| Cash, Cash Equivalents and Short-Term Investments | 491.33M | 55.93M | 30.28M |
| Total Debt | 466.80M | 98.22M | 86.33M |
| Total Liabilities | 620.92M | 187.67M | 158.60M |
| Stockholders Equity | 383.72M | 23.79M | -12.47M |
Cash Flow | |||
| Free Cash Flow | -205.62M | -108.20M | -32.59M |
| Operating Cash Flow | -60.94M | -25.50M | -15.38M |
| Investing Cash Flow | -261.61M | -27.77M | 11.60M |
| Financing Cash Flow | 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 | $6.70M | ― | ― | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | $1.70B | -100.29 | -25.05% | ― | 15.42% | -37.39% | |
45 Neutral | $7.91M | -0.37 | -48.82% | ― | 71.59% | 98.71% | |
42 Neutral | $24.91M | -209.02 | 664.41% | ― | 15.77% | 46.22% | |
41 Neutral | $4.95M | -0.02 | -32.29% | ― | -29.45% | -328.35% |
* 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.