Voyager Technologies (VOYG) TD Cowen 47th Annual Aerospace & Defense Conference summary

Strategy and growth

• Public since June 2025; targets 25% organic CAGR from the IPO through 2030, with M&A focused on adding technologies, IP, teams and products rather than acquired revenue.

• R&D spend is ~20% of revenue; long-run CapEx is expected to remain low as a share of revenue, with 2026 an exception due to Golden Dome-related investment.

• Balance sheet includes over $400 million cash and $200 million of undrawn credit facilities; 13 acquisitions completed to date.

• Operations span Starlab, defense and national security, and space solutions; Starlab is a separately managed JV whose financials are consolidated, with ownership currently ~60% and a stated intent not to fall below 55%.

Starlab development and commercial outlook

• Single-module, commercial-off-the-shelf design uses TRL 8–9 technology; management expects lower execution risk, cost and time to market than modular approaches.

• Planned single launch on SpaceX Starship in 2029 would put full capacity in orbit quickly, ahead of the ISS deorbit planned for 2030.

• Per-station estimates: $4 billion annual revenue and $1.5 billion annual free cash flow over a ~30-year life; first-station cost $3 billion, with later stations estimated at $2 billion after non-recurring engineering.

• NASA’s fully funded CLD phase-one award is $218 million; 27 milestones have been completed on time, with ~35 in phase one. Phase-two RFP was expected imminently, with a decision within six months of release.

• NASA’s FY2026 budget request allocated $2.1 billion for the program in 2026–2030; management expects slightly less than half to support its effort. Revenue mix is estimated at 50% astronaut time and 50% payload activity, with NASA taking ~25% of capacity.

Defense and national security

• Throttleable solid rocket motor technology developed for the NGI roll-control system is positioned for broader interceptor and Golden Dome applications; management cited ~400% better maneuverability and 10x interceptor range versus existing technologies, at lower cost.

• Estes Energetics acquisition expanded capabilities from critical chemicals to small solid rocket motors; a Pueblo, Colorado, weapons factory broke ground, with applications including 155-mm artillery rounds.

• Engagements span weapons manufacturers seeking second sources or new technology; shared compute, processing and software controls can serve both space and defense programs.

• International space work includes ISS research mission management for universities and commercial entities; management expects to build U.S. energetic-material production capacity, including black powder, coming out of 2026.