0001628280-26-030331
SEC filingVoyager's Q1 2026 net loss widened 64.5% YoY to $45.9M as a 27.2% surge in cost of sales and increased R&D investment drove a gross loss, despite a 2.1% revenue increase.
Voyager Technologies reported a net loss attributable to the company of $44.0 million for the first quarter of 2026, a 63.3% increase from the $26.9 million loss in the prior-year period. This deterioration occurred despite a modest 2.1% year-over-year increase in net sales to $35.2 million. The primary driver was a significant swing in gross profit, which fell from a $5.6 million profit in Q1 2025 to a $1.5 million loss in Q1 2026. Management attributed this to a $6.0 million increase in program input costs specifically associated with firm fixed-price programs, which grew as a proportion of the revenue mix.
Operating expenses further pressured the bottom line. Selling, general, and administrative (SG&A) expenses rose 19.3% to $31.4 million, fueled by $3.2 million in corporate headcount growth and $2.4 million in stock-based compensation expenses tied to the company's initial public offering awards. Research and development (R&D) costs, net of grant offsets, surged 85.9% to $7.5 million, reflecting increased investment in Strategic Systems. Amortization of acquired intangibles also jumped 173.4% to $4.2 million due to a full quarter of amortization from 2025 acquisitions. Consequently, the loss from operations deepened by 69.8% to $44.6 million. These operational losses were partially offset by a $2.9 million increase in other income, net, driven by higher interest income on increased cash holdings.
The company operates two reportable segments: Defense and Space Technologies and Starlab Space Stations. The Defense and Space Technologies segment, which now combines the former Defense and National Security and Space Solutions segments, generated net sales of $36.2 million, a marginal 0.9% increase year-over-year. Growth from new programs in the Voyager portfolio was largely offset by the conclusion of other programs during fiscal 2025. Segment profitability, as measured by Adjusted EBITDA, deteriorated sharply, with a loss of $11.5 million compared to a $1.1 million loss a year ago. This was driven by a $2.1 million increase in segment R&D expenses and $6.0 million in program cost growth.
The Starlab Space Stations segment generated no revenue, as expected in the near term. Its Adjusted EBITDA loss widened to $5.4 million from $2.8 million, primarily due to the continued build-out of labor operations and increased non-labor R&D efforts. The segment's development is partially funded by a NASA Space Act Agreement (SAA), from which it recognized $20.4 million in grant assistance offset against construction in progress during the quarter. Cumulatively, the program has earned $207.2 million of its $217.5 million grant.
Management's outlook is focused on converting its $275.3 million total backlog, of which $153.2 million is funded, with an expectation to recognize 71.2% of the funded portion as revenue in the remaining periods of 2026. The company acknowledges significant customer concentration risk, with the U.S. government representing 83.5% of funded backlog. Strategic priorities include continuing to invest in initiatives to improve operating leverage and scale production, with the goal of reducing production costs and improving profit margins over time. For the Starlab program, Voyager intends to explore all financing options, including customer pre-buys and capital markets financing, as it moves toward the planned operation of the commercial space station through its majority-owned joint venture. The company believes its $429.4 million in cash and equivalents, along with $212.1 million in available revolver capacity, provides sufficient liquidity for the next twelve months.
As of March 31, 2026, Voyager held $429.4M in cash and equivalents, down from $491.3M at year-end 2025. Total debt stood at $448.3M net carrying value of the 2030 Convertible Notes (principal $460M). Shareholders' equity was $357.2M, with an accumulated deficit of $429.9M. The company has access to a $200M revolving credit facility (undrawn) and a $20M Starlab credit facility (undrawn).
Voyager has $96.5M in purchase commitments: $90M for Starlab program services (cancellation penalty $13.5M) and $6.5M for other services through 2028. Remaining performance obligations total $153.2M, with $109.1M expected in 2026.
Capital expenditures were $51.1M, primarily for Starlab Space Stations ($37.8M) and Defense and Space Technologies ($12.8M). No share buybacks or dividends were disclosed. Debt activity includes $0.6M amortization of debt issuance costs on the 2030 Convertible Notes.
Two segments: Defense and Space Technologies (Q1 2026 revenue $36.2M, up 0.9% YoY) and Starlab Space Stations (no revenue). Segment Adjusted EBITDA: Defense ($11.5M loss), Starlab ($5.4M loss). Geographic mix: U.S. $32.0M, Europe $1.8M, Other $1.5M.
Operating cash outflow widened to $39.7M versus a $27.9M net loss, reflecting working-capital swings including a $14.1M accounts-receivable reduction and $7.4M contract-liability decline. Capex intensity rose sharply, with $51.1M property-and-equipment purchases only partially offset by $24.0M grant receipts, producing a $32.9M investing outflow. No share repurchases or dividends were paid. Financing provided just $10.7M, a steep drop from the $142.9M raised in the prior-year IPO and preferred-stock issuances. The company ended the quarter with $429.4M cash after a $62.0M net decrease. Anomalies include large non-cash items such as $4.4M services acquired and $3.2M deferred-tax benefit. Overall liquidity remains supported by the post-IPO cash balance, yet ongoing negative CFO and elevated growth capex signal continued external-funding needs.