Voyager Technologies, Inc.

voyagertechnologies.com

What Do They Do?

Builds missile-defense and intelligence systems for government customers, and spacecraft hardware and mission services for government and commercial space customers.

How Do They Make Money?

Government and commercial customers pay for contracted products and services; many long-term projects use milestone payments tied to progress, while some products or services are paid for after customer acceptance or receipt.

revenue

Segment	Share	Revenue
Defense and National Security	74%
Space Solutions	29%
Starlab Space Stations	0.0%

Who Are Their Customers?

U.S. and international government customers and commercial customers buy defense and space technology, infrastructure and mission services. Voyager works as a prime contractor or supplier/subcontractor, and some U.S.-government-funded work is contracted through an intermediary.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 69% from one customer

Do Revenues Turn Into Profits?

No. It lost $104.8M in FY2025.

Operating income, FY2025

−65% of revenue

▲ +124% (Loss) vs FY2024 (−$48.4M, −34%)

Net income, FY2025

−63% of revenue

▲ +69% (Loss) vs FY2024 (−$62.1M, −43%)

Free cash flow, FY2025

−124% of revenue

▲ +90% (Loss) vs FY2024 (−$108.2M, −75%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +15%; vs $45.7M in Q2 FY2025
Net income: ▲ +48% (Loss); vs −$31.4M in Q2 FY2025

Aug 3, 2026 Raises revenue guidance and completes Astrobotic acquisition Raised full-year 2026 revenue guidance to $275 million to $305 million, representing 66% to 84% year-over-year growth, and completed the Astrobotic acquisition.

Growing. Revenue grew 22% in 2 years, from $136.1M in FY2023 to $166.4M in FY2025, about 11% a year.

Revenue over time

Defense and National Security Space Solutions Starlab Space Stations

$200M$100M$0

FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Northrop Grumman, Raytheon Technologies, L3Harris, Rocket Lab, and Redwire

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