Voyager Technologies (VOYG) investor relations material

Deal rationale and strategic fit

• Acquisition accelerates the vision to build a leading U.S. lunar infrastructure platform, expanding capabilities in lunar delivery, mobility, power, and infrastructure, and enabling end-to-end lunar mission capabilities including delivery, power, and habitation.

• Astrobotic's technology and customer relationships complement existing strengths, creating a differentiated, integrated lunar platform and supporting national goals for a permanent American presence on the Moon by 2028, aligning with NASA's Artemis program.

• The deal positions the combined entity to address NASA's growing lunar ambitions, participate in critical programs like CLPS and Moon Base II, and aligns with the Ignition announcement.

• Diversified, complementary technology portfolio enhances ability to provide critical infrastructure for lunar missions and expands operational scope to include lunar mission management, surface delivery, power distribution, and resource production.

• Integration creates a vertically integrated lunar platform addressing NASA Moon Base requirements and establishes a foundation for continuous American presence on the Moon.

Financial terms and conditions

• Total potential enterprise value up to $300 million, with $162 million delivered at closing (cash and equity), $9 million debt assumed, and up to $129 million in earn-out based on performance milestones.

• Guaranteed purchase price is about 2.9x 2025 revenue, within historic range of 1x–3x based on 2027E revenue.

• Earn-out milestones are tied to revenue growth, NASA awards, and operational execution on missions.

• Payment to be made in a combination of cash and stock.

• Expected to be accretive to earnings in 2027, excluding M&A and non-cash purchase accounting amortization costs.

Synergies and expected cost savings

• Revenue synergies are the primary value driver, with opportunities in procurement, engineering collaboration, and back office streamlining.

• Minimal overlap with existing offerings, unlocking significant revenue potential in untapped lunar markets and enabling integration of lunar landers, power systems, and reusable rockets.

• Integration expected to scale the business without significant additional back office costs, enhancing profitability.

• Accelerated investment planned to scale lunar and reusable rocket programs.

• Revenue growth and cost synergies anticipated to create significant leverage and long-term value.