Voyager Technologies (VOYG) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $53 million, up 51% sequentially and 15.5% year-over-year, driven by transition of development programs into production and strong defense demand.

• Bookings reached a record $113 million, resulting in a 2.1x book-to-bill ratio and backlog grew to $336 million, providing strong visibility into 2026 and 2027.

• Completed the acquisition of Astrobotic for up to $300 million, expanding participation in the lunar economy and strengthening leadership in space infrastructure.

• Raised full-year 2026 revenue guidance to $275 million–$305 million, representing 66%–84% growth over last year, reflecting strong execution and integration of Astrobotic.

• Starlab program secured over $500 million in commercial reservations and achieved key NASA milestones.

Financial highlights

• Q2 2026 revenue: $53 million, up 51% sequentially and 15.5% year-over-year.

• Adjusted EBITDA loss of $38 million for Q2, ahead of internal expectations despite continued investment and integration costs.

• Gross profit for Q2 was $4.5 million, with gross margin at 8% and expected to rise to 17% in Q3 and above 20% in Q4.

• Ended quarter with $373.4 million in cash, $212 million in borrowing capacity, and total liquidity of $585.5 million.

• Free cash flow for Q2 was negative $72.8 million, impacted by increased CapEx and innovation spend.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $275 million–$305 million, up 66%–84% year-over-year.

• Astrobotic expected to contribute $40 million–$50 million in 2026; annualized run rate for Astrobotic projected at $60 million–$70 million.

• Revenue expected to accelerate in H2, with 40% in Q3 and 60% in Q4.

• Internally funded R&D/IRAD to be about 20% of full-year revenue.

• CapEx (excluding Starlab) expected at $70 million–$80 million for 2026.