Voyager Technologies (VOYG) investor relations material

Vision and strategy

• Focused on delivering mission-critical technologies for defense, national security, and space markets, leveraging a differentiated, innovation-driven, and capital-light business model.

• Targeting a 25% organic revenue CAGR, with additional upside from strategic M&A and the commercialization of Starlab.

• Positioned to capitalize on expanding government and commercial demand, with a robust acquisition pipeline and a proven track record of integrating new capabilities.

• Leadership team with deep industry experience and a history of successful acquisitions and value creation.

Starlab space station initiative

• Starlab is designed as a privately owned, commercial successor to the ISS, transitioning from science-only to a commercial microgravity market.

• Majority of Starlab's capex is funded by external, non-dilutive sources, including NASA, sovereign funds, and customer pre-buys.

• Starlab targets large addressable markets in drug formation, data centers, semiconductors, and more, with projected run-rate revenue of $4B and free cash flow of $1.5B annually post-launch.

• Projected to break even in 2030, with infrastructure-like cash flows over a 30-year useful life.

Financial guidance and performance

• Excluding Starlab, 2025 revenue is expected at the high end of $165–$170M, with 2026 guidance of $220–$250M.

• Organic revenue CAGR of 25% through 2030, with defense & national security at 35% CAGR and space solutions at 11% CAGR.

• Gross profit margin expected to expand from 24% in 2024 to 30–35% by 2030, with significant operating leverage and a clear path to profitability.

• Adjusted EBITDA projected to turn positive by 2027, and free cash flow positive by 2028.

• Strong balance sheet with $460M cash and $200M credit facility to support organic growth and M&A.