Voyager Technologies, Inc./DE (VOYG)·Q2 2025 Earnings Summary

Executive Summary

• Revenue beat but EPS missed: Q2 revenue rose 24.6% YoY to $45.674M, exceeding S&P Global consensus by ~$10.2M, while adjusted EPS of $(0.60) missed a $(0.26) consensus; drivers were 85% YoY growth in Defense & National Security (NGI and a large classified program) offset by Space Solutions decline from a NASA contract wind-down . Consensus from S&P Global: Revenue $35.49M*, EPS $(0.262)*.
• Balance sheet strength and funding: Ended Q2 debt-free with $468.9M cash and $668.9M total liquidity including an undrawn $200M revolver; IPO net proceeds were ~$409.4M, enabling organic and inorganic growth .
• Starlab execution and cash inflows: Achieved four NASA milestones in Q2 with $22.5M cash receipts; management sees ~$30M additional milestone receipts in 2H and confirms $218M total NASA Space Act funding to date .
• FY25 outlook set: Revenue $165–$170M and adjusted EBITDA $(63)–$(60)M, with sequential improvement in gross profit and adjusted EBITDA margins in 2H and Q4 > Q3, implying ~9% 2H sequential revenue growth vs 1H; ex-NASA services wind-down, revenue growth would be 29–33% YoY .
• Catalysts: Continued NGI ramp (>$50M FY25 revenue vs $24M FY24), potential awards on additional missile defense programs, Starlab CDR targeted for December 2025, and M&A additions (OPC, LEO Cloud) broadening content and capabilities .

What Went Well and What Went Wrong

What Went Well

• Defense & National Security outperformance: Segment net sales +85% YoY to $35.2M driven by NGI and an undisclosed program; management highlighted passing CDR for the NGI roll control subsystem and a successful hot-fire test, de-risking technology and supporting further content wins .
• Liquidity and deleveraging: “We enter the second half of 2025 with a differentiated, debt-free balance sheet, with total liquidity of $669 million…” — CEO Dylan Taylor . Term loan repaid; ended Q2 with $468.9M cash and an undrawn $200M revolver .
• Starlab progress and funding: “In the second quarter alone, we achieved four key development milestones resulting in $22,500,000 in cash receipts from NASA… 25 milestones completed to date” — CEO Dylan Taylor .

What Went Wrong

• Profitability still negative: Adjusted EBITDA loss widened YoY to $(9.066)M; free cash flow was $(27.194)M in Q2 as Starlab-driven capex continued; GAAP diluted EPS was $(1.23), with press release noting non-recurring IPO-related costs and $7.8M debt extinguishment costs within “Other” adjustments .
• Space Solutions headwind: Segment net sales fell 45% YoY to $11.1M due to the planned wind-down of a multiyear NASA services contract; management expects the drag to persist into 2H and early 2026 before returning to growth .
• Elevated innovation spend mix: Innovation spend was 84.6% of net sales (driven largely by Starlab), while “innovation spend excluding Starlab” was 17.8% of net sales; this supports future growth but weighs on near-term profitability .

Financial Results

Headline results vs prior year and prior quarter

Notes: “calc” indicates values computed directly from reported figures (citations next to inputs).

Results vs S&P Global consensus

Values marked with * are from S&P Global; “Primary EPS” reflects adjusted EPS conventions. Values retrieved from S&P Global.

Segment performance

KPIs and balance sheet

Guidance Changes

Management added that excluding the NASA services contract wind-down, FY25 revenue growth would be 29–33% YoY .

Earnings Call Themes & Trends

Management Commentary

• “We delivered strong growth this quarter… record quarterly net sales of $45.7 million… achieved critical milestones [at Starlab]… generated 85% net sales growth in the Defense and National Security segment.” — Dylan Taylor, CEO .
• “We ended the quarter with $469,000,000 in cash, debt free and with access to an undrawn $200,000,000 revolving credit facility.” — Phil De Sousa, CFO .
• “As we look out this year, we anticipate [NGI] revenue to… increase to about $50,000,000 on a full year basis… [and] continue to increase sequentially in the second half.” — Phil De Sousa, CFO .
• “We achieved four additional key development milestones [on Starlab] and received approximately $23,000,000 in milestone-based cash payments… anticipate about another $30,000,000 of milestone receipts [in 2H].” — Phil De Sousa, CFO .

Q&A Highlights

• NGI trajectory and content: FY25 NGI revenue guided to ~$50M (vs $24M FY24) with Q2 at ~$11M; passing CDR/hot-fire is unlocking follow-on missile defense content; expect a brief plateau during design wrap before ramping into low- then high-rate production (2027+) .
• Classified program lift: An undisclosed prime program contributed ~$14M in Q2 revenue; expected to moderate in 2H but with potential for enhancement .
• Starlab phasing and CLD: Targeting Starlab CDR around December 2025; CLD RFP expected before year-end with selection in 2026; funding appears robust in outer years per latest budget developments .
• Space Solutions drag timing: NASA services wind-down will weigh more in 2H than 1H; management anticipates improvement post-early 2026 .
• AI/ISR strategy: Deepening partnership with Palantir (including “Vista” edge compute with NVIDIA) and potential software/ISR M&A to expand capabilities and recurring revenue opportunities .

Estimates Context

• Q2 2025 vs S&P Global consensus: Revenue $45.674M vs $35.488M* (beat by ~$10.2M); Primary/Adjusted EPS $(0.60) vs $(0.262)* (miss by ~$0.34). Number of estimates: 4 for both revenue and EPS*. Values marked with * are from S&P Global; Values retrieved from S&P Global.

Implications: Street models likely move higher on Defense & National Security trajectory (NGI and classified program), but EPS revisions may be mixed given sustained opex/innovation spend and Starlab-capex phasing.

Key Takeaways for Investors

• Near-term growth engine intact: Defense & National Security is scaling (NGI and broader missile defense content), evidenced by 85% YoY segment growth and confirmed FY25 NGI revenue doubling; watch for additional program insertions and production inflections over 2026–2027 .
• Profitability trough dynamics: Despite a strong revenue beat, adjusted EPS missed as innovation/organizational investments and Starlab capex/free cash flow weighed; management expects sequential gross margin and adjusted EBITDA margin improvement in 2H with Q4 strongest .
• Balance sheet is a differentiator: ~$669M total liquidity and no debt provide ample runway for capacity, R&D, and accretive M&A (OPC, LEO Cloud already expanding platform scope and content per missile defense and space compute) .
• Starlab milestones meaningfully defray cash use: $22.5M in Q2 receipts and ~$30M targeted for 2H support ongoing development; CDR in Dec-2025 is a key milestone; CLD award path in 2026 is a major medium-term catalyst .
• Mixed segment mix near term: Space Solutions headwinds from NASA services wind-down will likely persist through early 2026; consider underlying growth ex-wind-down (management frames 29–33% FY25 growth on that basis) .
• Trading setup: Positive revenue momentum and program milestones vs continued losses/FCF outflow and execution risk scaling propulsion to high-rate production; watch for incremental contract wins, NGI production timing, and CLD RFP milestones as stock catalysts .
• Risk checks: Scale-up/manufacturing execution (throttable propulsion), M&A integration, budget/externalities (NASA mix shifts), and export-control complexities in international expansion .

Citations

• Q2 2025 8-K Earnings Press Release, including financial statements, guidance, segment data, backlog, and KPIs: .
• Q2 2025 Earnings Call Transcript, management commentary and Q&A detail: .

S&P Global estimates are noted with asterisks and described above. Values retrieved from S&P Global.