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Annual Overview
| Metric | FY23 | FY24 | FY25 |
|---|---|---|---|
| Revenue | 136.06M | 144.18M▲ | 166.42M▲ |
| Net Income | -25.44M | -62.07M▼ | -104.81M▼ |
| EPS | -$3.65 | -$7.01▼ | -$2.89▲ |
| Free Cash Flow | -32.59M | -108.21M▼ | -205.62M▼ |
| Capex | 17.21M | 82.7M▲ | 144.67M▲ |
| Diluted Shares | 12.75M | 12.75M▼ | 40.21M▲ |
| Net Debt Issuance | -35.28M | -46.48M▼ | 395.58M▲ |
| Net Equity Issuance | — | — | — |
| SBC | 2.71M | 3.76M▲ | 18.92M▲ |
Analyst Consensus
Estimate Revisions
Estimates stable
Earnings Track Record
Beat estimates 2 of last 5 quarters
Avg surprise: -16.3%
Growth
Ownership
Data from SEC 13F filings · Reported September 30, 2023
Earnings Calendar
Next earnings
November 2, 2026
Last earnings
August 3, 2026
AI Summary
Voyager Technologies, Inc. operates within the defense sector, focusing on the development and deployment of photonics-based solutions for directed energy weapons. Their technologies are positioned at the vanguard of defense strategies, leveraging light for precision engagement and targeting, which could play a transformative role in future military capabilities.
Voyager Technologies is operating in a niche but rapidly growing sector driven by increased defense spending and technological advancements in directed energy systems. Given the escalating global security tensions and the Pentagon's open interest in novel defense technologies, Voyager could see substantial contract growth. The company may gain a competitive edge if it can demonstrate superior efficacy and integration of its solutions in existing military platforms, potentially leading to key contracts or partnerships in the defense industry. The recent revenue growth, up approximately 15% in FY2025 after a 6% increase the prior year, signals demand traction in Voyager’s photonic solutions.
Despite being in a promising sector, Voyager Technologies is severely hampered by structural financial issues. The company's persistent net losses, ballooning from $25 million in FY2023 to over $104 million in FY2025, point to unsustainable financial management. Negative free cash flow has worsened dramatically to over $205 million, indicating potential liquidity issues ahead. The sharply declining gross margins—from 24.2% to 18.0%—suggest pricing pressure or increased production costs that could erode future profitability further.
Voyager's financials highlight significant challenges. Revenue shows an upward trajectory, rising from $136 million to $166 million over three years, yet profitability remains elusive. Operating losses have worsened, leading to a net margin of -63% in FY2025. The company's finances are strained with substantial negative free cash flow, almost doubling year over year, and a high debt-to-equity ratio of 1.09 reflecting leveraged operations. Current valuation ratios, including a P/S ratio of 9.5, indicate that investors are paying a premium without proportional profit indicators.
Voyager Technologies appears overvalued relative to its earnings prospects, especially given its negative EBITDA and cash flow situation. Comparing the P/S ratio of 9.5 to peers suggests a rich valuation, considering the lack of profitability. The market might already price in optimistic expectations around defense contracts and technological breakthroughs, keeping the stock in a precarious position unless such outcomes materialize.
Voyager faces several specific risks: heavy reliance on government contracts susceptible to political and budgetary changes, technological failure risks as projects are untested at scale, and supply chain vulnerabilities due to reliance on sophisticated, potentially scarce optical components. Geopolitical tensions could add variability, impacting product deployment and contract stability.
Investors should keep a close watch on upcoming defense contracts or announcements by the U.S. Department of Defense that could act as immediate catalysts for Voyager. Any significant internal technological breakthrough or successful demonstration of photonic solutions during field exercises would be a fundamental positive. Moreover, any movement towards easing its cash burn or achieving break-even EBITDA could shift market sentiment positively.
Last updated: April 4, 2026
Voyager Technologies, Inc. operates within the defense sector, focusing on the development and deployment of photonics-based solutions for directed energy weapons. Their technologies are positioned at the vanguard of defense strategies, leveraging light for precision engagement and targeting, which could play a transformative role in future military capabilities.
Voyager Technologies is operating in a niche but rapidly growing sector driven by increased defense spending and technological advancements in directed energy systems. Given the escalating global security tensions and the Pentagon's open interest in novel defense technologies, Voyager could see substantial contract growth. The company may gain a competitive edge if it can demonstrate superior efficacy and integration of its solutions in existing military platforms, potentially leading to key contracts or partnerships in the defense industry. The recent revenue growth, up approximately 15% in FY2025 after a 6% increase the prior year, signals demand traction in Voyager’s photonic solutions.
Despite being in a promising sector, Voyager Technologies is severely hampered by structural financial issues. The company's persistent net losses, ballooning from $25 million in FY2023 to over $104 million in FY2025, point to unsustainable financial management. Negative free cash flow has worsened dramatically to over $205 million, indicating potential liquidity issues ahead. The sharply declining gross margins—from 24.2% to 18.0%—suggest pricing pressure or increased production costs that could erode future profitability further.
Voyager's financials highlight significant challenges. Revenue shows an upward trajectory, rising from $136 million to $166 million over three years, yet profitability remains elusive. Operating losses have worsened, leading to a net margin of -63% in FY2025. The company's finances are strained with substantial negative free cash flow, almost doubling year over year, and a high debt-to-equity ratio of 1.09 reflecting leveraged operations. Current valuation ratios, including a P/S ratio of 9.5, indicate that investors are paying a premium without proportional profit indicators.
Voyager Technologies appears overvalued relative to its earnings prospects, especially given its negative EBITDA and cash flow situation. Comparing the P/S ratio of 9.5 to peers suggests a rich valuation, considering the lack of profitability. The market might already price in optimistic expectations around defense contracts and technological breakthroughs, keeping the stock in a precarious position unless such outcomes materialize.
Voyager faces several specific risks: heavy reliance on government contracts susceptible to political and budgetary changes, technological failure risks as projects are untested at scale, and supply chain vulnerabilities due to reliance on sophisticated, potentially scarce optical components. Geopolitical tensions could add variability, impacting product deployment and contract stability.
Investors should keep a close watch on upcoming defense contracts or announcements by the U.S. Department of Defense that could act as immediate catalysts for Voyager. Any significant internal technological breakthrough or successful demonstration of photonic solutions during field exercises would be a fundamental positive. Moreover, any movement towards easing its cash burn or achieving break-even EBITDA could shift market sentiment positively.
Voyager Technologies, Inc. operates within the defense sector, focusing on the development and deployment of photonics-based solutions for directed energy weapons.
Voyager Technologies, Inc. is in the Defense layer of the photonics supply chain. Directed energy weapons and defense photonics applications
In FY2025, Voyager Technologies, Inc. reported a net loss of $104.81M.
Companies in the same supply chain layer as Voyager Technologies, Inc. include AeroVironment, Inc., AgEagle Aerial Systems, Inc., Astronics Corporation, BAE Systems plc, and CACI International Inc.
Voyager Technologies, Inc. is expected to report around November 2, 2026.
Analysis updated April 2026
Voyager Technologies (NYSE: VOYG) announced a $350 million convertible senior notes offering on 25 September 2026. The notes are expected to provide capital that management plans to use for growth initiatives and acquisition opportunities. The financing introduces convertible debt into Voyager Technologies’ capital structure, which may affect future dilution and leverage decisions. The new $350 million convertible senior notes plan sits alongside other shifts our research has found around...
Voyager Technologies Shares Slide After Massive Debt Offering
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Voyager Technologies has had a strong past month in the market, yet the latest valuation checks suggest the stock does not screen as a clear bargain at its current level. For investors, the recent share price strength sits against a low overall value score that points to a fuller valuation. Voyager Technologies has returned 45.5% over the past month, which puts extra focus on whether the current price fairly reflects its prospects. New contract work with the U.S. Space Force and progress on...
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Moby summary of Voyager Technologies, Inc.'s Q2 2026 earnings call
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The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
Voyager Technologies (VOYG) has closed its roughly US$300 million acquisition of Astrobotic Technology just as the target secured a new US$298 million NASA contract for two lunar lander missions, reshaping the company’s exposure to Moon focused projects. See our latest analysis for Voyager Technologies. Despite the fresh NASA and defense contract wins, Voyager Technologies’ share price has fallen 27.92% over the past 30 days and 12.51% over the past week, while the 1 year total shareholder...
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The space company is bulking up with a company that just signed a major deal with NASA.
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Voyager Technologies isn't the best-known space stock. It just made a move that could change that.
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The New York Stock Exchange (NYSE) provides a daily pre-market update directly from the NYSE Trading Floor. Access today's NYSE Pre-market update for market insights before trading begins.
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