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.
Voyager expects full-year revenue toward the upper end of its $165–$170 million guidance range, driven by strong defense backlog and strategic acquisitions.
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