📈 Price History

Ratio Health

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📊 Sector Averages

About

Voyager Technologies, Inc. operates as a defense technology and space solutions company in the United States, Europe, the Middle East, and internationally.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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📊 Quick Scorecard

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⭐ Superinvestors Holding VOYG

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Manager	Shares	Value	% of Fund	Period
Steve Cohen Point72 Asset Management	148.8K	$3.5M	0.00%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Mixed → Stable 4 quarters analysed

Q2 2025

Mixed

up 25% year-over-year,' 'defense and national security segment grew 85%,' 'fortress balance sheet with $460 million in cash, $200 million in available credit, and no debt.' They provided detailed figures and milestones without hedging.

Q3 2025

Mixed

1.25 book-to-bill, 10% sequential backlog increase) and described the quarter as 'very successful' with 'strong revenue growth' and 'solid earnings performance'. They also detailed specific strategic milestones and acquisition rationale.

Q4 2025

Mixed

'super excited', 'tremendous opportunities') and provided specific growth figures (59% defense segment growth, revenue guidance raised to $225M-$255M, record backlog of $266M). They emphasized strong demand signals and raised guidance despite a prolonged government shutdown.

Q1 2026 latest

Mixed

'record backlog', 'significant traction', and 'major win'. They provided specific figures: backlog $275M (up 54% YoY), bookings $45M (1.3 book-to-bill), raised FY2026 revenue guidance to $230M-$255M.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis strengthens significantly after this call. Record backlog ($275M) and strong bookings ($45M, 1.3 book-to-bill) validate demand for Voyager's missile defense and space technologies, particularly Golden Dome and Standard Missile programs. The raised FY2026 revenue guidance (+38-53% YoY) shows management confidence, though back-half weighted revenue profile requires execution. Margins remain suppressed due to upfront investment, but clear path to improvement as production scales. Key watch items: conversion of record backlog into revenue in H2 2026, Starlab CLD phase 2 decision (expected summer), and margin expansion trajectory. The Anduril announcement adds further upside to Golden Dome exposure.

AI-generated concall tone analysis · Updated 2026-06-09 · Not investment advice

🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Record backlog $275M, raised 2026 guidance to $230M-$255M, Golden Dome wins.

Revenue & Profitability

Q1 2026 net sales were $35 million, modestly up year-over-year. Adjusted EBITDA was a loss of $33 million, and adjusted EPS was a loss of $0.61. Bookings totaled $45 million, resulting in a book-to-bill ratio of 1.3 and a record backlog of $275 million (up 54% YoY). The company raised its full-year 2026 revenue guidance to $230–$255 million, representing 38%–53% year-over-year growth.

Outlook

Management sees strong and growing demand across missile defense, national security, and commercial space markets. The pipeline exceeds $5 billion, with significant opportunities tied to programs of record like Golden Dome. They expect revenue to accelerate sequentially each quarter, with about 67% of full-year revenue weighted to the second half. The company is also optimistic about NASA's CLD and lunar initiatives.

Growth Drivers

Key growth levers include awards under the Golden Dome architecture (including space-based interceptors with Anduril), the Standard Missile interceptor contract with Raytheon, additional work on Next Generation Interceptor, and Starlab (commercial space station) with over 130% of commercial capacity spoken for. The company also sees growth from lunar initiatives through its investment in Max Space.

Balance Sheet & CapEx

Capital expenditures, excluding Starlab, are expected to be approximately $60–$70 million in 2026, directed toward scaling domestic production, advanced electronics, propulsion capacity, and infrastructure tied to multi-year programs. The company broke ground on an expansion of its Colorado facility and launched a new facility in Long Beach, California. AI investments are expected to accelerate manufacturing and reduce go-to-market timelines.

Margins

Full-year 2026 gross margin is expected to be in the mid-teens, reflecting investment ahead of growth. Q2 gross profit is expected to be low- to mid-single digits, improving to mid-to-high teens in Q3 and mid-20s in Q4. Management targets long-term gross margins of 30%–35% and mid-teens adjusted EBITDA margins excluding Starlab, with low-teens free cash flow margins as the platform scales.

Key Risks

Risks include customer schedule delays (especially for second-half revenue), potential changes in NASA's CLD path and funding, planned program wind-downs (e.g., SpaceDock II and Airbus SDR contract), and dependence on government contracts. The company noted that all backlog is funded, but the high second-half revenue concentration introduces execution risk.

Generated by AI · Q1 2026 results · Not investment advice

📊 Analysis Methodology

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