Voyager Technologies (VOYG) investor relations material

Executive summary

• Completed IPO in June 2025, raising between $400M and $440M in net proceeds, and established a $200M credit facility, ending the quarter debt-free with $468.9M in cash and $669M in total liquidity.

• Achieved record Q2 net sales of $46M, up 25% year-over-year, driven by 85% growth in the Defense and National Security segment.

• Advanced Starlab project with four NASA milestones completed and $22.5M in milestone payments in Q2.

• Acquired LEOcloud and Optical Physics Company to expand technology stack and market reach.

• Operating in a $179B addressable market with a $3.6B qualified opportunity pipeline.

Financial highlights

• Q2 2025 revenue reached $46M, a 25% increase year-over-year; Defense and National Security segment revenue up 85% to $35.2M, while Space Solutions revenue declined 45% to $11.1M.

• Adjusted EBITDA loss was $(9.1)M for Q2, slightly higher than the prior year due to strategic investments.

• Adjusted EPS loss improved to $(0.60) from $(1.29) in the prior year, reflecting IPO-related dilution.

• Gross margin for Q2 was approximately 19.7%, down from 25% a year ago.

• Free cash flow for Q2 was $(27.2)M, impacted by Starlab CapEx and innovation spend.

Outlook and guidance

• FY25 revenue expected between $165M–$170M, representing 15–18% year-over-year growth; adjusted EBITDA guidance is $(63)M to $(60)M.

• Second half 2025 revenue anticipated at $87M midpoint, 9% sequential growth over first half.

• Backlog as of June 30, 2025, was $170.9M, with $90.3M funded and 65.5% concentrated in three customers.

• Management expects continued investment in Starlab and expansion of defense offerings.

• Defense and National Security segment projected to outpace Space Solutions, with long-term growth of ~35%.