Voyager Technologies (VOYG) Registration Filing summary

Company overview and business model

• Innovation-driven defense technology and space solutions provider with three segments: Defense & National Security, Space Solutions, and Starlab Space Stations.

• Flexible business model serving as both prime contractor and merchant supplier to government and commercial clients.

• Key partners and customers include NASA, Lockheed Martin, Palantir, U.S. Air Force, and Sierra Space.

• Growth strategy leverages organic expansion, strategic acquisitions (seven since 2019), and integration of software with hardware.

• Starlab, a commercial space station, is being developed through a global joint venture with Airbus, Mitsubishi, MDA Space, and Palantir.

Financial performance and metrics

• 2024 revenue: $144.2 million; Q1 2025 revenue: $34.5 million.

• Net loss for 2024: $65.6 million; Q1 2025 net loss: $27.9 million.

• Adjusted EBITDA for 2024: $(30.0) million; Q1 2025: $(21.4) million.

• Cash and cash equivalents as of March 31, 2025: $175.5 million.

• Backlog as of March 31, 2025: $93.1 million funded, $179.2 million total.

• Free cash flow for 2024: $(53.3) million; Q1 2025: $(23.3) million.

Use of proceeds and capital allocation

• Estimated net proceeds of $274.2 million (or $316.4 million if underwriters' option exercised) based on $27.50/share IPO price.

• Proceeds to fund strategic growth initiatives, R&D, capital asset acquisitions, potential M&A, working capital, and repayment of indebtedness.

• Plans to partially draw on a new $200 million revolving credit facility to repay existing term loan.