Education
About Us
Working with TipRanks
Follow Us
Voyager Technologies, Inc. Class A (VOYG)
NYSE:VOYG
Top Page
Voyager Technologies, Inc. Class A
(NYSE:VOYG)
Select Model
Select Model
Rating:49Neutral
Price Target:
$27.00
▲(1.35% 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 Visibility
A record $266M backlog and raised 2026 guidance provide durable revenue visibility and support scaling. Backlog growth (33% YoY, 41% sequential) indicates contracted work and pipeline conversion that can sustain multi-quarter revenue expansion independent of short-term market swings.
Strong Liquidity & Capital Raised
Substantial liquidity (> $700M) and successful 2025 capital raises materially extend runway to fund manufacturing scale-up, IRAD, and Starlab milestones without immediate reliance on spot markets. This reduces near-term funding risk and supports execution of multi-year investments.
Strategic Acquisitions & Vertical Integration
Targeted M&A and vertical integration strengthen onshore supply, expand addressable defense opportunities and improve production control. Combined with planned manufacturing build-out, this enhances durable competitive advantages in defense supply chains and onshore production demand.
Negative Factors
Profitability Deterioration
A drop to zero gross profit and steep net losses show the core economics remain impaired despite revenue growth. Sustained operating losses mean scaling revenue alone won't guarantee durable profitability without material margin improvement or restructuring of cost mix.
Heavy Cash Burn & Negative FCF
Persistent negative OCF and deeply negative FCF reflect that operations and capex are consuming cash. Ongoing cash burn increases reliance on external financing or dilution, constraining resilience to execution delays and raising the bar for achieving self-sustaining cash generation.
Starlab Funding & Execution Risk
Starlab’s substantial long-term upside is conditional: it currently produces no recurring commercial revenue and needs additional funding despite NASA milestones. The JV structure reduces direct Voyager exposure but creates timing and financing risk that can stress capital and execution if milestones or JV funding lag.
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.59B
Dividend YieldN/A
Average Volume (3M)1.20M
Price to Earnings (P/E)―
Beta (1Y)0.98
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees514
SectorIndustrials
Sector Strength72
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-0.37
Shares Outstanding53,789,215
10 Day Avg. Volume1,012,504
30 Day Avg. Volume1,201,186
Financial Highlights & Ratios
PEG Ratio-1.00
Price to Book (P/B)27.39
Price to Sales (P/S)63.16
P/FCF Ratio-51.12
Enterprise Value/Market Cap1.05
Enterprise Value/Revenue9.99
Enterprise Value/Gross Profit83.60
Enterprise Value/Ebitda-17.33
Forecast
1Y Price Target
$42.50Price Target Upside59.53% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.2
Revenue Forecast (FY)$231.73M
Voyager Technologies, Inc. Class A Business Overview & Revenue Model
Company DescriptionVoyager 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, Inc. Class A Earnings Call Summary
Earnings Call Date:Mar 09, 2026
(Q4-2025)
| Next Earnings Date:Aug 10, 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.Q4-2025 Updates
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.
Strong Backlog and Pipeline
Total backlog entering 2026 of $266,000,000 (Dylan: ~33% year-over-year increase) with the CFO noting a 41% sequential increase from the prior quarter, providing improved revenue visibility for 2026.
Defense & National Security Outperformance
Defense and National Security segment delivered significant growth: full-year net sales up 59% year-over-year and Q4 net sales up 63% year-over-year, driven by Next Generation Interceptor, classified programs, and contributions from acquisitions.
Solid Liquidity Position and Capital Raised
Ended the year with $491,000,000 in cash and access to $213,000,000 in credit facilities (total liquidity > $700,000,000). Management raised over $1,000,000,000 in 2025 through IPO and a follow-on convertible note to strengthen funding for growth.
Starlab Technical & Commercial Progress
Starlab completed commercial Critical Design Review with NASA, achieved 31 program milestones to date (11 in 2025), generated $183,000,000 of NASA milestone cash receipts since inception (including $10,000,000 in Q4), and reported that commercial payload capacity is fully reserved; Voyager holds just north of ~60% ownership in the JV (management estimate ~61%).
Strategic Acquisitions and Vertical Integration
Completed acquisitions including Estes Energetics (renamed Voyager Energetics) and Exotera to strengthen vertical integration across propulsion, energetics, and advanced electronics—management says Estes adds >$1B of opportunity to pipeline and improves onshore production/supply chain control.
Innovation Investment and IP Progress
Innovation spend (customer + internally funded R&D) exceeded 20% of revenue in 2025; IRAD planned to be ~20% of net sales in 2026. Notable technical achievements: throttable propulsion CDR for NGI, AI-enabled edge computing, patented extraterrestrial manufacturing method, and dust-repellent coating that reached the Moon.
Improved EPS Comparability Despite Higher Share Count
Adjusted EPS improved (full year) to a loss of $2.05 versus a loss of $5.72 prior year, reflecting progress in scaling despite higher share count after the IPO (Q4 adjusted EPS loss of $0.37 vs. $2.90 prior year).
Long-Term Financial Targets
Management reiterated long-term targets: ~25% organic growth CAGR, gross margins of 30%–35%, mid-teens adjusted EBITDA margin (ex-Starlab), and low-teens free cash flow margin (ex-Starlab). Starlab, once in orbit, is projected to generate $4B of annual revenue and $1.5B of annual free cash flow.
Planned Manufacturing Scale-Up (Voyager American Defense Complex)
Broke ground on the Voyager American Defense Complex (150,000 sq ft) to support onshore high-volume production of military-grade components, propulsion systems, and energetics; 2026 CapEx (ex-Starlab) guided to $60,000,000–$70,000,000 to scale production.
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.
Space Solutions Revenue Decline
Space Solutions net sales declined 29% year-over-year in Q4 and 36% year-over-year for the full year, driven primarily by the planned wind-down of a legacy low-margin NASA services contract; segment profitability only modestly recovered (Q4 adjusted EBITDA improved to $2,300,000 from $1,200,000).
Near-Term Profitability and Margin Pressure
Management is guiding to an EBITDA loss in 2026 and expects gross margin in 2026 to be in the mid-teens due to targeted investments and build-out of manufacturing capacity, indicating margin compression in the near term while investing for scale.
Starlab Not Yet Revenue-Producing and Funding Needs
Starlab currently does not generate recurring commercial revenue (only $6,000,000 backlog tied to Starlab noted), will ramp capital spending in 2026, and is expected to be funded via a mix of NASA milestones, international/government support, JV Series A and other dilutive/nondilutive capital; management expects Starlab to be cash-neutral at the JV level in 2026 but will still require external funding and reduces Voyager's capital exposure via the JV.
Q4 and Full-Year EPS Still Negative
Adjusted EPS remains negative (Q4 -$0.37; full year -$2.05), even though improving versus the prior year, reflecting ongoing losses while the company invests for future growth and the effect of a higher share count post-IPO.
Execution Sensitivities and External Risks
Business is highly tied to defense procurement cycles (NGI, Golden Dome and other programs) and broader geopolitical-driven demand; prolonged government uncertainty (e.g., shutdown) muted Q4 and may compress near-term revenue timing (management expects Q1 2026 revenue to be somewhat muted while orders accelerate through the year).
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
Strong top-line momentum and improved capitalization/leverage are positives, but the core economics are weak: gross profit fell to zero in 2025, losses widened materially, and operating and free cash flow were deeply negative and deteriorated, elevating execution and funding risk.Income Statement
Revenue growth accelerated meaningfully in 2025 (up ~39% vs. low-single-digit growth in 2024), showing improving commercial traction. However, profitability deteriorated sharply: net losses widened to about -$105M in 2025 from about -$62M in 2024, and net margins remained deeply negative (roughly -63% in 2025). Gross profit also fell to zero in 2025 (vs. ~24% gross margin in 2024), suggesting a significant cost/mix or accounting shift that materially weakened the earnings profile.22
Negative
Balance Sheet
The balance sheet shows a large step-up in scale in 2025 (assets to ~$1.05B from ~$248M in 2024) and equity expanded to ~$384M from ~$24M, improving capitalization versus the prior year. Leverage also normalized substantially with debt-to-equity improving to ~1.2x in 2025 from ~4.1x in 2024, though absolute debt increased sharply to ~$467M. Returns remain weak with negative return on equity in 2025, indicating that the larger capital base is not yet translating into profits.38
Negative
Cash Flow
Cash generation remains a key weakness. Operating cash flow stayed negative and worsened to about -$61M in 2025 (from about -$26M in 2024), indicating the core business is still consuming cash. Free cash flow was deeply negative and deteriorated to about -$206M in 2025 (from about -$108M in 2024), pointing to heavy investment and/or working-capital needs on top of operating losses, increasing reliance on financing to fund growth.18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|
Income Statement | |||
| Total Revenue | 166.42M | 144.18M | 136.06M |
| Gross Profit | 0.00 | 34.91M | 27.79M |
| EBITDA | -108.50M | -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 Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.56M | ― | ― | ― | ― | ― | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
49 Neutral | $1.59B | -100.29 | -25.05% | ― | ― | ― | |
44 Neutral | $4.85M | -0.23 | -32.29% | ― | -26.84% | -0.16% | |
44 Neutral | $31.65M | -0.75 | 219.79% | ― | 18.24% | 24.49% | |
42 Neutral | $6.93M | 2.99 | -48.82% | ― | 109.37% | 99.34% |
* Industrials Sector Average
VOYG
Voyager Technologies, Inc. Class A
28.33
-21.17
-42.77%
HYFM
Hydrofarm Holdings Group
1.06
-2.38
-69.24%
DFLI
Dragonfly Energy Holdings Corp
2.67
-8.33
-75.73%
XPON
Expion360, Inc.
0.71
-0.20
-21.98%
VCIG
VCI Global Limited
3.00
-21,960.61
-99.99%
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.