Voyager Technologies (VOYG) Q3 2026 earnings summary

Executive summary

• Q3 net sales reached $88.7M, bookings $116M and backlog $742.1M, all records; bookings rose 135% and sales 124% YoY.

• Backlog and bookings momentum supported raising FY26 revenue guidance to $285M–$305M; backlog included $347M of acquired Astrobotic backlog.

• Growth reflected defense demand and Astrobotic contributions, alongside continued investment in production capacity, innovation and strategic programs.

Financial highlights

• Q3 net sales were $88.7M vs. $39.6M YoY; gross profit was $10.2M vs. $6.1M.

• Q3 net loss attributable to common shareholders was $55.7M vs. $16.3M; adjusted EBITDA loss was $44.9M vs. $17.7M, and adjusted loss per share was $0.87 vs. $0.25.

• 9M net sales were $176.7M vs. $119.8M; net loss attributable to common shareholders was $146.2M vs. $74.6M, and adjusted EBITDA loss was $115.7M vs. $48.1M.

• Q3 free cash flow was negative $47.8M vs. negative $49.9M; 9M free cash flow was negative $187.4M vs. negative $100.7M.

Outlook and guidance

• FY26 revenue guidance rose to $285M–$305M, implying 72%–84% YoY growth; the lower end increased by $10M.

• FY26 gross margin is expected in the low double digits; internally funded R&D in the mid-teens as a share of revenue; CapEx of $70M–$80M excluding Starlab.

• Long-term targets excluding Starlab include 30%–35% organic revenue CAGR for 2024–2030, 30%–35% gross margin, adjusted EBITDA margin in the mid-teens and free cash flow margin in the low teens.

• Management expects positive adjusted EBITDA exiting Q4 2027 and positive free cash flow in 2028; Astrobotic is expected to generate $150M–$200M of 2027 revenue.