Voyager Technologies (VOYG) TD Cowen 47th Annual Aerospace & Defense Conference summary

Business overview and strategy

• Focuses on addressing critical pain points in aerospace, defense, and space by innovating where incumbents are slow to adapt.

• Operates as a technology-driven, low-capital-intensity platform with high R&D investment (20% of revenue).

• Pursues organic growth (25% organic CAGR guided through 2030) and augments capabilities through targeted M&A, not just revenue acquisition.

• Maintains a strong balance sheet with over $400 million in cash and $200 million in undrawn credit facilities.

• Attracts high-caliber management and board talent from both industry and government.

Starlab commercial space station initiative

• Starlab is a joint venture with major international partners, aiming to replace the ISS by 2030 with a single-module, commercial off-the-shelf design.

• Launch planned for 2029 on SpaceX Starship, enabling full capacity and rapid monetization upon deployment.

• Unit economics: $4B annual revenue, $1.5B annual free cash flow, $3B build cost for the first station, with improved economics for future stations.

• NASA is expected to reserve about 25% of capacity; strong demand from commercial and international customers, with capacity nearly sold out.

• Starlab partners (Airbus, Mitsubishi, MDA, Palantir) bring both technology and international customer access; exclusivity agreements in place.

Competitive landscape and NASA programs

• Competes in NASA's Commercial LEO Development (CLD) program; initial competitors included Blue Origin, Northrop Grumman (now a partner), and Axiom Space.

• Next CLD phase will likely down-select to two providers, with $2.1B in NASA funding expected between 2026–2030.

• NASA will transition to buying commercial services post-certification, with Starlab already selling capacity to governments and commercial entities.