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VOYG

Voyager Technologies, Inc.

VOYG

Voyager Technologies, Inc. • NYSE
$22.48 ▲ 2.18% (+0.48)
Market Cap $1.34 B
52w High $73.95
52w Low $17.41
Dividend Yield 0%
P/E -12.56
Volume 731.87K
Outstanding Shares 59.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $39.587M ▼ $30.133M ▼ $-16.273M ▲ -41.107% ▲ $-0.28 ▲ $-12.935M ▲
Q2-2025 $45.674M ▲ $32.347M ▲ $-31.382M ▼ -68.709% ▲ $-0.64 ▼ $-27.071M ▼
Q1-2025 $34.507M ▲ $31.874M ▲ $-26.938M ▼ -78.065% ▼ $-0.59 ▼ $-21.88M ▼
Q1-2024 $30.216M $18.101M $-14.823M -49.057% $-0.35 $-8.355M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $413.32M ▼ $727.796M ▲ $109.315M ▲ $590.859M ▲
Q2-2025 $468.925M ▲ $685.34M ▲ $102.521M ▼ $554.716M ▲
Q1-2025 $175.488M ▲ $365.462M ▲ $190.685M ▲ $144.42M ▲
Q1-2024 $30.279M $0 $49.863M $-49.863M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-20.019M ▲ $-15.061M ▲ $-62.65M ▼ $22.111M ▼ $-55.605M ▼ $-53.758M ▼
Q2-2025 $-33.065M ▼ $-16.549M ▼ $-17.217M ▼ $327.101M ▲ $293.437M ▲ $-47.444M ▼
Q1-2025 $-27.929M ▼ $-14.354M ▼ $-8.97M ▼ $142.854M ▲ $119.558M ▲ $-41.324M ▼
Q1-2024 $-14.952M $-7.906M $-5.4M $24.54M $11.224M $-23.956M

Five-Year Company Overview

Income Statement

Income Statement Voyager is still in an early revenue stage, with sales quite small and basically flat over the last two years. The company is generating a positive but thin gross profit, yet its operating losses have widened as spending on people, technology, and growth has stepped up. Profitability has moved further into the red, suggesting Voyager is prioritizing building capabilities and contracts over short‑term earnings. The path to meaningful scale and stable profits is still ahead of them, not behind them.

Balance Sheet

Balance Sheet The balance sheet is modest in size but has strengthened, with total assets and cash both rising, likely helped by external funding and the SPAC/IPO process. Debt is present and has inched higher, so leverage is a real consideration, though equity has also grown. Overall, Voyager has more resources to execute its strategy than it did a year ago, but it does not yet have the kind of fortress balance sheet that would fully offset the risks of a capital‑intensive, long‑cycle business.

Cash Flow

Cash Flow Voyager is using cash rather than generating it. Operating cash flow is negative, showing the business is not yet self‑funding, and free cash flow is even more negative because of increased investment in equipment and long‑term projects. This pattern is typical of a company building out major space and defense platforms, but it also means continued dependence on capital markets, contracts, or partners to support operations and growth. The key watch point is whether future contract wins and scale begin to narrow this cash burn over time.

Competitive Edge

Competitive Edge Voyager sits in attractive niches at the intersection of defense and space, with capabilities that span propulsion, spacecraft, data, and services. Through a string of acquisitions, it has assembled a broad portfolio and can act both as a prime contractor and as a specialized supplier, which gives it flexibility in how it competes and wins work. Partnerships with large, established players and agencies—covering space stations, launch, robotics, and data analytics—add credibility and access to major programs. The flip side is that Voyager faces powerful incumbents, long government procurement cycles, and integration risk from its roll‑up strategy, so its strong positioning still needs to be validated by consistent execution and contract performance.

Innovation and R&D

Innovation and R&D Innovation is at the core of Voyager’s story. The company is pushing advanced solid propulsion for next‑generation missiles, modular spacecraft platforms, and AI‑driven “edge” computing for satellites and defense systems. Its Starlab commercial space station is a flagship project that, if delivered successfully, could become a major differentiator and long‑term revenue engine, but it is also technically complex and capital heavy. Voyager’s model leans heavily on both in‑house R&D and acquired technologies, which can accelerate innovation but also raises the bar for integrating teams and roadmaps into a coherent, focused product strategy.

Summary

Voyager Technologies is an ambitious, early‑stage space and defense platform company: revenue is still small and not yet growing meaningfully, losses and cash burn are widening, but the asset base and cash position have improved after going public. Strategically, the company has assembled a notable set of technologies and partnerships that span propulsion, spacecraft, ISR, AI, and commercial space stations, giving it a broad opportunity set in high‑priority national security and space markets. The investment story now hinges on execution—turning its innovation pipeline and contract backlog into sustainable, scaled programs while managing leverage, cash usage, and the complexity of integrating many acquired businesses. Uncertainty remains high, but so does the potential impact if Voyager successfully delivers on its roadmap and secures a durable role in the evolving space and defense ecosystem.

NEWS

November 24, 2025 · 9:00 AM UTC

Voyager Announces Participation in Key Investor Conferences

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November 20, 2025 · 4:05 PM UTC

Starlab, Developer of Commercial Space Stations, Secures Strategic Investment from Janus Henderson

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November 20, 2025 · 9:00 AM UTC

Voyager Acquires Estes Energetics, Securing Critical American Propulsion Capacity

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November 12, 2025 · 4:01 PM UTC

Voyager and Infleqtion Partner to Launch Quantum Era in Space

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November 7, 2025 · 12:12 AM UTC

Voyager Technologies, Inc. Prices Upsized $435.0 Million Convertible Senior Notes Offering

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