Voyager Technologies (VOYG) Q1 2026 earnings summary

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 defense and space, including Golden Dome and Raytheon Standard Missile programs.

• Net sales for Q1 2026 were $35.2 million, up 2.1% year-over-year, supported by increased U.S. sales and new program launches.

• 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, innovation, and capacity, including manufacturing expansion and advanced electronics, to support scaling production and execution on key programs.

• Advanced Starlab program with four new NASA milestones and $24 million in milestone payments; selected for NASA's seventh Private Astronaut Mission.

Financial highlights

• Q1 2026 net sales were $35.2 million, up 2.1% year-over-year, with adjusted EBITDA loss of $33.3 million and adjusted EPS loss of $0.61 per share.

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

• Gross loss was $1.5 million, with gross margin turning negative due to higher cost of sales and program input costs.

• Net loss attributable to shareholders was $44.0 million for Q1 2026.

• Ended Q1 with $429.4 million in cash and $212 million in credit facilities, totaling $641.4 million in liquidity.

Outlook and guidance

• 2026 sales guidance raised to $230–$255 million, up 38–53% year-over-year, with gross margin expected in the mid-teens and improving as production scales.

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

• Management expects continued increases in costs and capital expenditures as operations scale and Starlab develops.

• 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.