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Voyager Technologies (VOYG) investor relations material
Voyager Technologies Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary4 Nov, 2025
Executive summary
Q3 2025 revenue was $39.6–$40 million, flat year-over-year, with 31% growth in Defense and National Security offset by a 41% decline in Space Solutions due to a planned NASA contract wind-down.
Net loss for Q3 was $16.3 million, or $(0.28) per share; adjusted loss per share was $(0.22), reflecting higher costs and IPO-related expenses.
Starlab advanced with two NASA milestones completed in Q3, $4 million in NASA cash receipts, and $173.7–$174 million in total milestone funding to date.
Strategic acquisitions of ElectroMagnetic Systems, ExoTerra Resource, BridgeComm, and Optical Physics Company enhanced AI, propulsion, and communications capabilities.
IPO in June 2025 raised $409.4 million in net proceeds, strengthening the balance sheet and converting all preferred stock and promissory notes to common equity.
Financial highlights
Gross profit for Q3 2025 was $6.1 million (down from $9.3 million in Q3 2024); adjusted EBITDA was $(17.7) million, reflecting increased innovation and Starlab ramp-up.
Free cash flow for Q3 was $(49.9) million, impacted by higher innovation and program spend, especially for Starlab.
Bookings totaled $49 million (book-to-bill ratio 1.25), and backlog expanded to $188.6–$189 million.
Cash and cash equivalents at September 30, 2025, were $413–$413.3 million, with $613 million in total liquidity including an undrawn $200 million credit facility.
Q3 2025 gross margin was 15.4% (down from 23.6% in Q3 2024); innovation spend was 18–19% of net sales (excluding Starlab).
Outlook and guidance
FY 2025 revenue expected at the high end of $165–$170 million guidance, up ~18% year-over-year; mid-30% growth excluding NASA contract impact.
Adjusted EBITDA guidance for FY 2025 is $(63)–$(60) million, with Q4 margins expected to improve modestly.
Backlog as of September 30, 2025, was $188.6–$189 million, supporting confidence for Q4 and exceeding $200 million entering 2026.
Strategy for durable Defense segment growth?
Starlab's path to commercial revenue?
How will significant cash balance be deployed?
Starlab Series A raise: investor type and timeline?
How do recent acquisitions deepen tech stack?
Voyager's specific role in Golden Dome architecture?
Starlab Series A funding progress and investors?
Exotera's role in Golden Dome SBI awards?
Next steps for nuclear propulsion integration
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Next Voyager Technologies earnings date
Q4 202520 Mar, 2026
Next Voyager Technologies earnings date
Q4 202520 Mar, 2026
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