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

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- **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.


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