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Sep 30, 2025
Voyager Technologies Inc Q3 2025 Earnings Report
Voyager Technologies reported a third-quarter net loss as it increased investment in innovation and scaled its defense segment.
Key Takeaways
Voyager Technologies posted a net loss in Q3 2025, driven by increased innovation spend and ramp-up of its Starlab program. While Space Solutions declined due to a planned NASA contract wind-down, the Defense and National Security segment delivered strong double-digit growth. The company maintained a strong liquidity position.
Reported net sales of $39.6 million with 31% YoY growth in Defense and National Security segment.
Posted a net loss of $16.3 million; adjusted net loss was $12.9 million.
Adjusted EBITDA was $(17.7) million, driven by ramping innovation and program investments.
Ended Q3 with $413.3 million in cash and $613.3 million in total liquidity.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Voyager expects full-year revenue toward the upper end of its $165–$170 million guidance range, driven by strong defense backlog and strategic acquisitions.
Positive Outlook
- FY 2025 revenue expected at high end of $165M–$170M range
- Backlog increased to $188.6 million with 1.25 book-to-bill
- Received $4 million in NASA milestone payments for Starlab
- Strong growth in Defense and National Security segment
- Maintains robust liquidity with $613.3 million available
Challenges Ahead
- Continued losses due to ramp in innovation and R&D investment
- Starlab not expected to generate near-term revenue
- Free cash flow negative due to capex and program spend
- SG&A expenses increased significantly YoY
Historical Earnings Impact
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Avg. Return Before/After Earnings
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