Voyager Technologies (VOYG) investor relations material

Executive summary

• Achieved record backlog of $275.3 million, up 54% year-over-year, driven by $45 million in Q1 bookings and major contract wins in missile defense and space programs, including Golden Dome and Raytheon Standard Missile.

• Raised 2026 revenue guidance to $230–$255 million, representing 38–53% year-over-year growth, reflecting strong demand and improved revenue visibility.

• Continued strategic investments in infrastructure, manufacturing, advanced electronics, and innovation to support scaling production and execution on key defense and space programs.

• Starlab program advanced with four new NASA milestones and $24 million in milestone payments; over 130% of commercial demand capacity already spoken for.

• Announced selection for NASA's seventh Private Astronaut Mission and planned VOYG-1 mission to ISS, further validating commercial space mission capabilities.

Financial highlights

• Q1 2026 net sales were $35.2 million, up 2.1% year-over-year and in line with plan.

• Bookings totaled $45 million, resulting in a book-to-bill ratio of 1.3.

• Adjusted EBITDA loss of $33.3 million, reflecting deliberate investment in R&D and infrastructure.

• Adjusted EPS loss of $0.61 per share; net loss attributable to shareholders was $44 million.

• Ended Q1 with $429 million in cash and $212 million in credit facilities, totaling $641 million in liquidity.

Outlook and guidance

• 2026 sales guidance raised to $230–$255 million, up 38–53% year-over-year, driven by record backlog and strong demand.

• Gross margin for 2026 expected in the mid-teens due to ongoing investment ahead of growth.

• Internally funded R&D to increase to ~20% of sales; capital expenditures (excluding Starlab) projected at $60–$70 million.

• Targeting 25% organic revenue growth, 30–35% gross margins, and mid-teens adjusted EBITDA margins (excluding Starlab) long-term.

• Starlab expected to generate ~$4 billion annual revenue and $1.5 billion annual free cash flow once operational.