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

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

- **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.


Voyager Technologies, Inc. (VOYG) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

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Cost of Financing Services

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Operating Expenses

Selling, General and Administrative Expenses

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Loss on Disposal of Assets

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Net Income

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VOYG

VOYG fundamentals

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