Voyager Technologies — Q3 2026 Earnings Summary

Financial Performance:

• Q3 2026 net sales reached $89 million, a 124% year-over-year increase and 68% sequential increase.
• Nine months ended September 30, 2026, net sales totaled $177 million, up 48% year-over-year.
• Q3 2026 bookings were $116 million, a 135% year-over-year increase, resulting in a 1.3x Book-to-Bill ratio.
• Backlog ended Q3 2026 at a record $742 million, up 293% year-over-year and 121% sequentially; $347 million of this increase was attributed to the Astrobotic acquisition.
• Gross profit for Q3 2026 was $10.2 million, compared to $6.1 million in the prior-year period.
• Gross margin was 11.5% in Q3 2026, down from 15.4% in the prior-year period, but improved by 310 basis points sequentially from Q2 2026.
• Net loss attributable to Voyager Technologies, Inc. for Q3 2026 was $55.7 million ($0.91 per share), compared to $16.3 million ($0.28 per share) in the prior-year period.
• Non-GAAP adjusted loss for Q3 2026 was $52.8 million ($0.87 per share).
• Non-GAAP Adjusted EBITDA loss for Q3 2026 was $44.9 million.
• Total liquidity at quarter-end was $815.7 million, including $553.6 million in cash and cash equivalents.
• Convertible notes, net, stood at $841.1 million as of September 30, 2026, compared to $447.6 million as of December 31, 2025.
• Innovation spend for Q3 2026 was 49.3% of net sales on a consolidated basis, and 36.9% excluding Starlab.

Guidance and Future Outlook:

• Full-year 2026 revenue guidance raised to $285 million–$305 million, representing expected year-over-year growth of approximately 72%–84%.
• Management cites record backlog and continued bookings momentum as drivers for the raised guidance.
• Starlab program has approximately $700 million in signed commercial reservations, up from approximately $500 million last quarter.
• NASA released the Commercial LEO Destination Phase 2 RFP in early October, with submissions due December 2026 and an award anticipated in spring 2027.
• Griffin-1 acceptance testing was completed, advancing preparations for a late-2026 launch.

Business Segments and Product Lines:

• Defense and Space Technologies segment generated $88.8 million in net sales for Q3 2026, up 121.5% year-over-year.
• Starlab Space Stations segment generated $0 in net sales for Q3 2026.
• Voyager secured a $298 million NASA award through Astrobotic, expanding the lunar backlog.
• Voyager was awarded a multi-million dollar contract for an agentic AI spectrum operations platform.
• Voyager secured multiple biopharmaceutical research mission management contracts for the International Space Station.
• Voyager announced a strategic partnership with Anduril to deliver advanced defense technologies.
• Starlab achieved 39 milestones and generated $212.5 million in cumulative milestone cash receipts since inception, including $1.5 million in Q3 2026.

Market and Competitive Landscape:

• Voyager operates at the convergence of defense, national security, and space markets.
• The company notes accelerating demand for its technologies in defense and national security solutions.
• Commercial demand is growing for biopharmaceutical research mission management on the International Space Station.
• The Commercial LEO Destination Phase 2 RFP marks a major milestone in NASA's transition toward commercial space stations.

Risks and Challenges:

• Gross margin decreased year-over-year primarily due to investments in manufacturing capacity and strategic programs.
• Operating losses increased, reflecting higher investment in technology development, expanded operational capabilities, and integration of acquired businesses.
• Forward-looking statements are subject to risks including ability to integrate acquisitions, obtain and retain contracts, changes in government spending, competitor activities, and regulatory changes.
• Risks include the unpredictable environment of space, customer concentration with the U.S. government, and compliance with data privacy and cybersecurity regulations.

Management Commentary and Tone:

• Dylan Taylor, Chairman and CEO, stated the company delivered an "exceptional quarter" with record revenue, bookings, and backlog driven by accelerating demand and execution.
• Taylor noted the record backlog provides "meaningful multi-year revenue visibility."
• Management described Voyager as a "differentiated technology platform" investing ahead of demand to scale capabilities.
• The tone reflects confidence in sustained growth and substantial shareholder value supported by a strong balance sheet and growing customer commitments.
• General B. Chance Saltzman (U.S. Space Force Ret.) was appointed Chairman of Voyager's Board of Advisors to provide strategic counsel.

Other Key Points:

• The Astrobotic acquisition contributed $347 million to the Q3 2026 backlog.
• Voyager completed Griffin-1 acceptance testing.
• The company reported $116 million in bookings for the quarter, the strongest in Company history.
• Trailing twelve-month bookings reached $329 million.
• The company has $262.1 million of available revolver capacity.
• Non-GAAP financial measures including Adjusted EBITDA, Adjusted Net Loss Per Share, and Free Cash Flow are presented alongside GAAP results.