VOYG · Voyager Technologies, Inc.

Voyager Technologies kicked off 2026 with robust operational momentum, reporting first-quarter net sales of $35.2 million in line with expectations and bookings of $45.2 million that drove a book-to-bill ratio of 1.3. The standout achievement was a record backlog of $275.3 million, reflecting a 54% year-over-year increase, fueled by strong demand in defense and space technologies, including multiple Golden Dome program awards and a NASA private astronaut mission to the ISS. This backlog surge underpins the company's raised full-year 2026 revenue guidance to $230-255 million, signaling 39-53% growth over the prior year and execution on its growth strategy. Despite the revenue stability, profitability reflected heavy investments, with a GAAP net loss of $44.0 million ($0.75 per share) and non-GAAP adjusted loss of $35.8 million ($0.61 per share), alongside Adjusted EBITDA of -$33.3 million. These losses stem primarily from scaling the Starlab program, which achieved four NASA milestones and received $24.0 million in funding, and elevated innovation spend at 48% of net sales excluding Starlab (151% consolidated). The Defense and Space Technologies segment drove all Q1 sales and orders, supported by programs like Next Generation Interceptor and Golden Dome, with the groundbreaking of the 150,000-square-foot Voyager American Defense Complex in Pueblo, Colorado, positioning the company for high-volume production of propulsion systems and energetics. A robust balance sheet with $429.4 million in cash and $641.4 million total liquidity, including $212 million revolver capacity, affords flexibility for innovation, M&A, and program execution amid sustained budget momentum and national security priorities. Management, led by CEO Dylan Taylor, emphasized historic demand from the Department of War and alignment with Pentagon goals to rebuild the domestic defense base.