Voyager Technologies, Inc./DE (VOYG) Company Report

Voyager Technologies, Inc. priced an upsized $435.0 million aggregate principal amount of 0.75% convertible senior notes due 2030.
The notes have an initial conversion price of approximately $30.98 per share, representing a 30.0% premium over the last reported sale price of $23.83 per share on November 6, 2025.
A portion of the proceeds will be used to support organic growth, strategic acquisitions, and to repurchase shares.
The company entered into capped call transactions with an initial cap price of approximately $59.58 per share, which is a 150.0% premium over the November 6, 2025 sale price, intended to offset dilution.
On November 12, 2025, $27.7 million of the net proceeds were used to repurchase 1,162,477 shares of Class A common stock, and $131.1 million funded a prepaid forward stock purchase transaction for 5,503,464 shares.

Nov 12, 2025, 11:47 PM

8-K

Voyager Reports Q3 2025 Financial Results and Strategic Updates

VOYG

Earnings

M&A

Guidance Update

Voyager reported Q3 2025 revenue of $40 million, which was flat year-over-year, with Adjusted EBITDA of ($17.7 million) and Adjusted EPS of ($0.22). The Defense and National Security segment saw 31% revenue growth to $29 million, while Space Solutions revenue declined 41% to $12 million due to the anticipated wind-down of a legacy NASA services contract.
The company continued its strategic M&A activities, acquiring ElectroMagnetic Systems and the IP of BridgeComm Technologies, making a minority investment in artificial intelligence platform Latent AI, and announcing the post-quarter acquisition of ExoTerra Resource.
Progress was made on the Starlab program with two milestones completed in Q3 2025, generating $4 million in NASA cash receipts, contributing to a total of 27 milestones and $174 million in NASA cash receipts to date.
As of September 30, 2025, Voyager maintained a strong liquidity position with $413 million in cash and no outstanding debt, along with a $200 million undrawn credit facility. The company reaffirmed its 2025 revenue guidance of $165-170 million, expecting to be towards the high end of this range, and provided an Adjusted EBITDA guidance of ($63-60 million).

Nov 4, 2025, 2:00 PM

Presentation

Voyager Reports Q3 2025 Results and Updates Full-Year Guidance

VOYG

Earnings

Guidance Update

M&A

Voyager (VOYG) reported Q3 2025 revenue of $40 million, which was flat year-over-year but increased 15% when adjusted for the planned wind-down of a NASA services contract. The Defense and National Security segment revenue grew 31% year-over-year.
The company reported a Q3 2025 adjusted EBITDA loss of $17.7 million and an adjusted EPS loss of $0.22.
VOYG's backlog expanded 10% sequentially to $189 million in Q3 2025, with bookings totaling $49 million for a 1.25 book-to-bill ratio. The company maintains a strong balance sheet with $413 million in cash and no debt as of September 30, 2025.
For the full fiscal year 2025, Voyager expects revenue to be near the upper end of the $165 million to $170 million guidance range and reiterates adjusted EBITDA between negative $60 million and $63 million. Strategic initiatives include the advancement of the Starlab project and recent acquisitions of EMSI and Exotera, which are expected to drive significant growth and be accretive in 2026.

Nov 4, 2025, 2:00 PM

Transcript

Voyager Technologies Reports Q3 2025 Results, Updates Guidance, and Details Strategic Acquisitions

VOYG

Earnings

Guidance Update

M&A

Voyager Technologies reported Q3 2025 revenue of $40 million, which was flat year-over-year but up 15% excluding a planned NASA services contract wind-down, with defense and national security revenue increasing 31%. Bookings totaled $49 million, resulting in a 1.25 book-to-bill ratio, and backlog expanded 10% sequentially to $189 million.
For Q3 2025, the company reported an Adjusted EBITDA loss of $17.7 million and an Adjusted EPS loss of $0.22. As of September 30, 2025, Voyager maintained a strong financial position with $413 million in cash, no debt, and $613 million in total liquidity.
During and after the quarter, Voyager completed strategic acquisitions including Bridgecom's optical communications technology, Electromagnetic Systems (EMSI) for radar AI software, and Exotera for electric propulsion systems, alongside a minority investment in Latent AI to enhance its technology stack and support growth.
The Starlab joint venture achieved two additional development milestones in Q3 2025, receiving $4 million in cash from NASA, bringing the total to 27 milestones and $174 million in NASA funding. The Critical Design Review (CDR) for Starlab is scheduled for December 2025, with a Phase 2 contract award anticipated in early 2026.
For fiscal year 2025, Voyager expects revenue to be near the upper end of its $165-$170 million guidance range, representing approximately 18% year-over-year growth, and reiterates an Adjusted EBITDA between negative $60 million and $63 million.

Nov 4, 2025, 2:00 PM

Transcript

Voyager Technologies Announces Q3 2025 Financial Results

VOYG

Earnings

Guidance Update

M&A

Voyager Technologies reported net sales of $39.6 million for the third quarter of 2025, which was flat year over year, and incurred a net loss of $(16.3) million or $(0.28) loss per share. The non-GAAP adjusted loss per share was $(0.22).
The company expects its FY 2025 revenue to be towards the high-end of its guidance range of $165 million to $170 million.
Total backlog increased to $188.6 million as of September 30, 2025, driven by a 1.25 Book-to-Bill ratio.
The Defense and National Security segment's net sales grew 31% year over year to $28.5 million in Q3 2025.
Voyager strengthened its portfolio with the acquisitions of ElectroMagnetic Systems, Inc. and ExoTerra Resource (post Q3), and made strategic investments in next-generation communications and artificial intelligence.

Nov 3, 2025, 9:15 PM

8-K

Starlab Adds Space Applications Services as Partner and Investor

VOYG

New Projects/Investments

M&A

Starlab Space LLC announced on September 30, 2025, that Space Applications Services, a Belgium-based leader in space engineering, has joined as a joint venture partner and investor.
This partnership expands Starlab's global footprint and extends capabilities for its customers, with Space Applications Services contributing deep experience in space systems, mission operations, and payload integration.
The collaboration will also include Space Applications Services' Space Innovation Laboratories in Europe, aiming to build the research community and scientific payload pipeline for Starlab's orbital laboratory.
This addition further positions Starlab, a joint venture that includes Voyager Technologies (NYSE: VOYG), as one of the most advanced Commercial LEO Destination programs in development.

Sep 30, 2025, 10:02 PM

Press Release

Voyager Technologies' Starlab Joint Venture Selects Vivace for Space Station Structure Manufacturing

VOYG

New Projects/Investments

Product Launch

Starlab Space LLC, a joint venture that includes Voyager Technologies (NYSE: VOYG), has selected Vivace Corporation to manufacture the primary structure for its next-generation commercial space station.
The aluminum-based structure, described as one of the largest single spaceflight structures ever developed, will be built at Vivace's facility in New Orleans, La., with additional development and testing support from the Michoud Assembly Facility.
This agreement marks a major milestone in Starlab's development, moving towards its Critical Design Review in December, and aims to ensure continued human presence in low-Earth orbit for scientific research and commercial applications.

Sep 24, 2025, 12:00 PM

Press Release

Voyager Technologies Completes IPO and Amends Corporate Documents

VOYG

Voyager Technologies, Inc. completed its initial public offering on June 12, 2025, issuing an aggregate of 14,200,645 shares of Class A Common Stock at $31.00 per share.
The IPO resulted in $440.2 million in gross proceeds to the company.
In connection with the IPO, the company filed its amended and restated certificate of incorporation and its amended and restated bylaws became effective on June 12, 2025.
The company's capital structure includes 450,000,000 shares of common stock (comprising 400,000,000 Class A Common Stock and 50,000,000 Class B Common Stock) and 50,000,000 shares of preferred stock. Holders of Class A Common Stock are entitled to one (1) vote per share, while holders of Class B Common Stock are entitled to fifteen (15) votes per share.

Jun 12, 2025, 12:00 AM

8-K

Earnings Transcripts

Quarterly earnings call transcripts for Voyager Technologies, Inc./DE.

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