Voyager Technologies, Inc. (VOYG)

Price$33.94Cached quoteAs of 2026-09-05 11:40 UTC

AI: Overvalued

Price checkValuation assumes strong execution despite heavy investment, losses, and meaningful financing complexity.

Voyager Technologies is NYSE-listed under VOYG. The market value is roughly twelve times trailing sales, while enterprise value — equity value plus debt minus cash — is about eight times the midpoint of management’s 2026 revenue guidance. Those are demanding multiples for a company still reporting sizable net and adjusted EBITDA losses. The premium can work if backlog converts quickly and margins improve materially; without that operating leverage, today’s valuation leaves limited room for program delays, cost overruns, or weaker government spending.

Big pictureBacklog and guidance are accelerating, but cash burn and acquisition spending remain substantial.

Second-quarter revenue reached a record $52.7 million, bookings were $113.0 million, backlog — booked work not yet recognized as revenue — rose to $335.5 million, and management lifted 2026 revenue guidance to $275 million-$305 million. Yet first-half operating cash use was $84.0 million, with another $55.6 million of net capital spending after grants. Cash and equivalents were $373.4 million at quarter-end, before the July Astrobotic closing used $96.1 million of cash. The cushion is substantial, but continued heavy investment can erode it quickly.

Business strengthDefense demand and lunar assets broaden growth, while current profitability remains clearly negative.

The core Defense and Space Technologies segment benefits from U.S. government demand, missile-defense work, propulsion, electronics, and a growing lunar portfolio. Revenue visibility is improving through record backlog and new awards. However, segment adjusted EBITDA — a profit measure before interest, taxes, depreciation and selected adjustments — was negative in the first half, and Starlab produced no segment sales while consuming development spending. Government contracting is also cyclical: budget timing, milestone payments, fixed-price program costs, and mission schedules can shift revenue and cash flow sharply between quarters.

What could change the storyFaster margin improvement could justify the premium; persistent burn or dilution would weaken it.

A bull case needs 2027 growth to remain roughly 40% or better, backlog conversion to stay strong, and operating losses to move decisively toward breakeven as recent acquisitions scale. A bear case is growth slipping below roughly 25%, Starlab and manufacturing spending keeping annual cash burn above $100 million, or fixed-price programs absorbing more cost. The $460 million convertible notes can become equity under specified conditions, and Astrobotic consideration includes issued shares plus contingent cash-and-equity payments, so dilution remains a real valuation risk.

AI: News

GOEX production restartsVoyager says its GOEX facility resumed domestic black-powder production after modernization and vertical-integration work.

On September 8, Voyager said GOEX Industries at Camp Minden, Louisiana, is producing black powder again after modernization. The company describes GOEX as the only domestic source of black powder and other critical chemicals used across many U.S. munitions. The restart strengthens Voyager’s energetics exposure and could support defense-industrial-base demand, but the company did not disclose revenue, margin, or volume effects, so the near-term financial contribution remains unclear.

Space Force communications winA new Space Force award expands Voyager’s role in resilient military satellite communications.

On August 10, Voyager announced a U.S. Space Force Space Systems Command contract to develop space-to-space communications capabilities for a resilient Department of Defense data architecture. The work includes a flight-ready waveform design intended for multiple orbital environments. The announcement reinforces Voyager’s defense-electronics positioning and provides another path into scaled national-security programs, although the company did not disclose the contract value, leaving its direct impact on backlog and revenue difficult to quantify.

Record quarter, higher guidanceRecord quarterly sales and bookings drove higher guidance, while losses and investment spending stayed heavy.

On August 3, Voyager reported second-quarter revenue of $52.7 million, bookings of $113.0 million, backlog of $335.5 million, and increased full-year revenue guidance to $275 million-$305 million. It also reported a $46.5 million net loss and negative adjusted EBITDA of $37.5 million. Cash and equivalents ended the quarter at $373.4 million. The results strengthened the growth case, but they also showed that converting demand into durable profitability and positive free cash flow remains unfinished work.

Astrobotic closes with NASA awardsVoyager completed Astrobotic and gained major NASA lunar awards, materially expanding its Moon strategy.

On July 13, Voyager announced completion of the Astrobotic acquisition alongside two newly awarded NASA lunar lander missions totaling about $298 million. The deal adds landers, rovers, lunar power infrastructure, and rocket capabilities to Voyager’s portfolio. SEC disclosures show the closing consideration included substantial cash and more than two million Class A shares, with additional contingent consideration possible. Strategically, this increases lunar-market exposure; financially, it raises integration, execution, cash-use, and dilution risks.

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Revenue

2023

2024

2025

Net income

2023

2024

2025

Free cash flow

2023

2024

2025

Total cash / debt

CashTotal debt

2023

2024

2025

Financial statements

	2025	2024	2023
Revenue	$166.4M	$144.2M	$136.1M
Gross profit	$29.9M	$34.9M	$27.8M
Gross margin	17.95%	24.22%	20.42%
Research & development	$19.0M	$13.0M	$18.5M
Operating expenses	$138.4M	$83.4M	$42.0M
Operating income	−$108.5M	−$48.4M	−$14.2M
Operating margin	−65.20%	−33.60%	−10.42%
EBITDA	−$95.1M	−$34.8M	−$3.9M
EBITDA margin	−57.13%	−24.17%	−2.85%
Net income	−$104.8M	−$62.1M	−$25.4M
Net profit margin	−62.98%	−43.05%	−18.70%
Basic EPSper basic share	-$2.89	-$6.59	-$3.50
Diluted EPSper diluted share	-$2.89	-$7.01	-$3.65

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

6.93%of listed shares

BlackRock, Inc.3.71M shares · Jun 30, 2026

View holders

Top 20 reported holders of VOYG
Holder	% owned
BlackRock, Inc.	6.93%3.71M shares
Senvest Management, LLC	5.53%2.97M shares
WELLINGTON MANAGEMENT GROUP LLP	4.30%2.31M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.14%2.22M shares
STATE STREET CORP	4.06%2.17M shares
Innovation X Venture Partners, LLC	≈3.89%2.09M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.38%1.81M shares
Tema ETFs LLC	2.53%1.35M shares
FRONTIER CAPITAL MANAGEMENT CO LLC	2.51%1.34M shares
Tidal Investments LLC	2.46%1.32M shares
Jupiter Topco LLC	1.97%1.06M shares
VOYA INVESTMENT MANAGEMENT LLC	1.96%1.05M shares
VAN ECK ASSOCIATES CORP	1.78%951.68K shares
ALLIANCEBERNSTEIN L.P.	1.68%901.31K shares
Capital International Investors	1.63%875.53K shares
Mirae Asset Global Investments Co., Ltd.	1.63%872.04K shares
UBS Group AG	1.58%845.53K shares
GEODE CAPITAL MANAGEMENT, LLC	1.57%842.35K shares
BANK OF NOVA SCOTIA	1.50%805.89K shares
MORGAN STANLEY	1.21%648.59K shares

Percentages use 53.6M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$3.13M disclosed value

Sells (SEC code S)0$0.00 disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 12, 2025Form 4	Smith Robert MarshallPRESIDENT, SPACE SOLUTIONS	BuyClass A Common Stock	967	$31.00	$30.0K	967
Jun 11, 2025Form 4	Innovation X Venture Partners, LLCOther	BuyClass A Common Stock	100.0K	$31.00	$3.10M	2.09M

Review ownership filings at SEC.gov ↗

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Voyager Technologies, Inc. (VOYG)

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