Voyager Technologies (VOYG) Q2 2025 earnings summary

Executive summary

• Achieved record Q2 net sales of $46 million, up 25% year-over-year, driven by 85% growth in Defense and National Security.

• Completed IPO in June, raising $409.4–$440 million in net proceeds and establishing a $200 million credit facility.

• Advanced Starlab program with four NASA milestones completed and $22.5 million in cash receipts in Q2, $42.5 million YTD.

• Acquired LEOcloud and Optical Physics Company to expand space-based cloud and optical navigation capabilities.

• Ended quarter debt-free with $468.9–$469 million in cash and $669 million in total liquidity.

Financial highlights

• Q2 2025 revenue/net sales: $45.7–$46 million, up 24.6–25% year-over-year.

• Adjusted EBITDA loss of $(9.1) million for Q2.

• Adjusted EPS loss of $(0.60) for Q2; net loss per share $(1.23); net loss attributable to shareholders $(31.4)–$(36.6) million.

• Gross margin for Q2 was 18–19.7%.

• Free cash flow for Q2 was $(27.2) million.

Outlook and guidance

• FY2025 net sales/revenue expected at $165–$170 million, 15–18% year-over-year growth.

• Adjusted EBITDA guidance for 2025 is $(63)–$(60) million.

• Second half 2025 revenue expected to be ~$87 million, 9% sequential growth.

• Backlog as of June 30, 2025, was $170–$170.9 million, with $90.3 million funded.

• Sequential improvement in gross profit and adjusted EBITDA margins expected in H2.