Voyager Technologies (VOYG) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue was $39.6–$40 million, flat year-over-year, with 31% growth in Defense and National Security offset by a 41% decline in Space Solutions due to a planned NASA contract wind-down.

• Net loss for Q3 was $16.3 million, or $(0.28) per share; adjusted loss was $12.9 million, or $(0.22) per share, with higher costs and IPO-related expenses.

• Completed IPO in June 2025, raising $409.4 million in net proceeds, strengthening the balance sheet to $413 million in cash and $613 million in total liquidity, with no debt.

• Starlab program advanced with two NASA milestones completed in Q3, $4 million in NASA cash receipts, and $173.7–$174 million in total NASA milestone funding to date.

• Strategic acquisitions of ElectroMagnetic Systems, ExoTerra Resource, and investments in BridgeComm and Latent AI expanded AI, propulsion, and communications capabilities.

Financial highlights

• Gross profit for Q3 2025 was $6.1 million, down from $9.3 million in Q3 2024; adjusted EBITDA was $(17.7) million, reflecting increased innovation and Starlab ramp-up.

• Free cash flow for Q3 was $(49.9) million, impacted by higher innovation and program spend, especially for Starlab.

• Bookings reached $49 million, with a book-to-bill ratio of 1.25; backlog expanded to $188.6–$189 million, up 10% sequentially.

• Adjusted loss per share for Q3 was $(0.22); Q3 2025 gross margin was 15.4%.

• Innovation spend was 18–19% of net sales (excluding Starlab) and 125% on a consolidated basis.

Outlook and guidance

• FY 2025 revenue expected at the high end of $165–$170 million, up ~18% year-over-year; growth would be mid-30% excluding NASA contract impact.

• Adjusted EBITDA for FY 2025 guided between $(63) million and $(60) million.

• Backlog at September 30, 2025, was $188.6–$189 million, supporting confidence for Q4 and 2026 growth.

• Management expects continued investment in R&D, expansion of manufacturing, and increased operating expenses as the business scales.

• Confident in entering 2026 with backlog well above $200 million and strong growth prospects, especially from recent acquisitions.