Voyager Technologies (VOYG) Q4 2025 earnings summary

Executive summary

• Achieved strong growth in 2025, the first year as a public company, with record net sales of $166.4 million, up 15% year-over-year, and a record backlog of $266 million entering 2026, up 33% year-over-year.

• Defense and National Security segment grew 59% year-over-year, driven by Next Generation Interceptor (NGI) and classified programs.

• Completed several strategic acquisitions, notably Estes Energetics, enhancing vertical integration and capabilities in missile defense, propulsion, and space infrastructure.

• Starlab achieved major milestones, including commercial critical design review, ten NASA milestones, and full reservation of commercial payload capacity, with $56 million in NASA milestone proceeds.

• Raised over $1 billion through IPO and convertible note, significantly strengthening liquidity for innovation and growth.

Financial highlights

• Q4 net sales increased 24% year-over-year to $46.7 million, driven by defense and national security segment.

• Full-year net sales rose 15% year-over-year to $166.4 million; excluding NASA contract wind-down, growth was 33%.

• Adjusted EBITDA loss of $21.8 million in Q4 and $69.9 million for the year, reflecting increased R&D and talent investments.

• Adjusted EPS loss of $0.37 in Q4 and $2.05 for the year, improved from prior year due to higher share count post-IPO.

• Ended 2025 with $491 million in cash and $213 million in credit facilities, totaling over $700 million in liquidity.

Outlook and guidance

• Raised 2026 net sales guidance to $225–$255 million, representing 35%–53% year-over-year growth.

• Gross margin for 2026 expected in the mid-teens due to investments in manufacturing capacity.

• Internally funded R&D to increase to ~20% of net sales, focused on mission-critical capabilities.

• Targeting 25% organic growth CAGR, 30%–35% gross margins, mid-teen adjusted EBITDA margin (ex-Starlab), and low-teen free cash flow margin (ex-Starlab) long-term.

• Starlab expected to be cash neutral in 2026, with diversified funding sources and full commercial capacity reserved.