What factors drove the changes in Voyager Technologies's revenue and profit?

What does Voyager Technologies do and what are its main business segments?

Did Voyager Technologies beat or miss consensus estimates last quarter?

What is Voyager Technologies's latest dividend and current dividend yield?

What is the market's earnings forecast for Voyager Technologies next quarter?

What guidance did Voyager Technologies's management provide for the next earnings period?

What is the revenue and EPS growth rate for Voyager Technologies year over year?

What were the key takeaways from Voyager Technologies's earnings call?

- **Revenue Growth Acceleration**: 2026 guidance raised to $225M-$255M (35%-53% YoY), driven by Defense & National Security segment with 59% YoY growth in 2025.
- **Strategic Acquisitions and Integration**: $1B+ raised to acquire Estes Energetics and ExoTerra, vertically integrating missile defense supply chain and reducing dependency on foreign suppliers.
- **Starlab Commercialization**: Fully reserved commercial payload capacity with $183M in NASA cash receipts; targeting $4B annual revenue post-2029 launch.
- **Investment in Innovation**: R&D spend at 20% of revenue, advancing AI, space-based radar, and lunar infrastructure technologies.
- **Financial Strength**: $700M+ liquidity, with CapEx and R&D investments tied to $1.8B pipeline and 35%+ CAGR target.


**【CEO Summary Section】**
- **Record Growth and Strategic Acquisitions**: CEO Dylan Taylor highlighted 2025 as a transformative year with Defense & National Security segment growing 59% YoY, driven by Next Generation Interceptor (NGI) and classified programs. The company raised $1B+ through IPO and convertible notes, enabling acquisitions like Estes Energetics and ExoTerra to vertically integrate missile defense capabilities.
- **Backlog and Guidance**: 2026 revenue guidance raised to $225M-$255M (35%-53% YoY growth), supported by $266M backlog. Emphasis on Golden Dome programs, which account for $1.6B of the $1.8B pipeline, and Starlab's fully reserved commercial payload capacity.
- **Investment in Innovation**: R&D spend as % of revenue increased to 20%, with focus on AI, space-based radar, and extraterrestrial manufacturing. New partnerships with universities and VISTA ecosystem to accelerate commercial space economy.
- **Starlab Milestones**: Completed 31 program milestones, securing $183M in NASA cash receipts. Anticipate RFP release for CLD Phase 2 in Q2 2026, with selection expected by end of year.

**【CFO Financial Commentary】**
- **Q4 2025 Results**: Net sales $112.3M (24% YoY growth), Adjusted EBITDA loss $21.8M (wider due to R&D and infrastructure investments). Full year net sales $384.3M (15% YoY growth), Adjusted EBITDA loss $69.9M.
- **2026 Guidance**: Revenue $225M-$255M, gross margin mid-teens, R&D spend ~$75M (20% of revenue). CapEx $60M-$70M (excluding Starlab) for manufacturing expansion. Target EBITDA positive by end of 2027, free cash flow positive by 2028.
- **Liquidity**: $491M cash, $213M credit facilities, total liquidity >$700M. Starlab JV structure limits Voyager's capital exposure, with diversified funding from NASA, international partners, and capital markets.

**【Q&A Highlights】**
- **Revenue Guidance Rationale**: Strong demand across propulsion, energetics, and advanced electronics; record pipeline ($1.8B) and backlog ($266M). 63% of Defense segment growth from new acquisitions.
- **Starlab Timeline**: RFP release in Q2 2026, selection by end of year. 100% commercial payload capacity reserved, with $4B annual revenue and $1.5B free cash flow potential post-2029 launch.
- **Government Shutdown Impact**: Minimal impact on 2025 results; anticipate Q1 2026 muted revenue due to delayed orders, with acceleration through the year.
- **Space Solutions Recovery**: NASA services contract wind-down complete; expect growth in 2026 from mission management services and lunar infrastructure opportunities.
- **Golden Dome Execution**: $6M backlog from Golden Dome programs; anticipate additional awards in 2026. Voyager American Defense Complex (150K sq ft) to support high-volume production of missile defense systems.


Voyager Technologies, Inc.(VOYG)-20260310-2025 Q4 Earnings call transcript

- **Revenue Growth**: Defense & National Security segment up 31% YoY, driven by missile defense programs. Total revenue $40M, up 15% YoY (excl. NASA phase-down).
- **Strategic Acquisitions**: ExoTerra (electric propulsion) and BridgeComm (optical comms) enhance space-based interceptor and secure comms capabilities. Latent AI investment advances Edge AI for mission-critical decision-making.
- **Starlab Milestones**: $174M in NASA funding, 27 milestones completed. 2029 launch on track, targeting $4B annual revenue post-ISS decommission.
- **Financial Strength**: $413M cash, no debt. Backlog up 10% QoQ to $189M, 2025 revenue near upper end of $165-170M guidance.
- **Government Shutdown Impact**: Minimal impact on 2026 backlog, Starlab Phase 2 RFP expected late 2025/early 2026.


**【CEO Summary Section】**
- **Revenue Growth**: Total revenue of $40 million, up 15% YoY (excluding NASA contract wind-down). Defense & National Security segment grew 31% YoY, driven by missile defense programs.
- **Strategic Acquisitions**: Acquired ExoTerra (electric propulsion) and BridgeComm (optical comms), enhancing capabilities in space-based interceptors and secure communications. Invested in Latent AI for Edge AI optimization.
- **Starlab Progress**: Completed 2 milestones, totaling $174M in NASA funding. Critical Design Review scheduled for December 2025. Starlab expected to generate $4B annual revenue post-launch in 2029.
- **M&A Strategy**: Focused on high-impact tech acquisitions (e.g., EMSI for radar AI) to deepen platform and compete for high-value defense programs.

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA loss of $17.7M (vs. $8.8M YoY), driven by R&D and talent investments. Backlog increased 10% QoQ to $189M, with 2025 revenue expected near upper end of $165-170M guidance.
- **Balance Sheet Strength**: $413M cash, $200M undrawn credit, no debt. fortress balance sheet supports M&A and growth.
- **Segment Performance**: Defense & National Security segment EBITDA loss of $2M, Space Solutions segment loss of $0.6M (due to NASA contract phase-down).

**【Q&A Key Highlights】**
- **Starlab & Government Shutdown**: Critical Design Review on track for December 2025. Government shutdown could delay Phase 2 RFP but no impact on 2026 backlog expectations.
- **ExoTerra Impact**: Acquired propulsion tech to support Golden Dome space-based interceptors. ExoTerra brings U.S.-sourced manufacturing and Hall-effect thrusters, enhancing defense and commercial satellite capabilities.
- **NGI Program Momentum**: NGI revenue up 130% YoY, with CDR passed in Q2. Low-rate production expected in late 2026, supported by Lockheed Martin partnership.
- **Space Solutions Growth**: NASA services contract winding down, but new opportunities (e.g., Starlab) expected to drive Space Solutions growth in 2026+.
- **M&A Synergies**: Acquisitions (e.g., EMSI, ExoTerra) bring accretive EBITDA and margin expansion, with 2026 financial impact to be detailed at Investor Day.


Actual	-0.6	-0.22	-0.37
Forecast	-0.3362	-0.3414	-0.3693
Surprise	-78.47%	+35.56%	-0.19%

Actual	45.67M	39.59M	46.65M
Forecast	35.42M	39.68M	48.02M
Surprise	+28.96%	-0.24%	-2.86%

VOYG

VOYG fundamentals

VOYG Q4 2025 Earnings

Earnings Call

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VOYG

VOYG fundamentals

VOYG Q4 2025 Earnings

Earnings Call

VOYG Earnings Call Summary for Q4/20259:00 AM on Mar 10, 2026

VOYG Earnings Call Summary for Q3/20259:00 AM on Nov 4, 2025

VOYG Earnings Call Summary for Q2/2025 Mar 25, 2026

You can ask Aime