Voyager Technologies, Inc. Class A ((VOYG)) has held its Q3 earnings call. Read on for the main highlights of the call.
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Voyager Technologies, Inc. recently held its earnings call, revealing a blend of positive achievements and notable challenges. The company reported strong growth in its Defense and National Security segment and reinforced its strategic position through acquisitions. However, it faced hurdles with a significant adjusted EBITDA loss and a decline in the Space Solutions segment. Despite these challenges, Voyager remains optimistic about its future, supported by a robust pipeline and strategic advancements in the Starlab project.
Strong Revenue Growth
Voyager Technologies reported a 15% increase in total revenue when adjusting for the planned wind down of the NASA services contract. The Defense and National Security segment was a standout performer, with revenue surging by 31% year-over-year, highlighting the company’s strength in this area.
Robust Pipeline and Backlog
The company boasts a robust pipeline valued at $3.6 billion in qualified opportunities. Additionally, its backlog expanded by 10% sequentially, reaching $189 million, indicating a strong foundation for future growth.
Strategic Acquisitions and Investments
Voyager has been active in strategic acquisitions and investments, acquiring BridgeComm’s optical communications technology and making a minority investment in Latent AI. The acquisition of ElectroMagnetic Systems and ExoTerra further strengthens its technology stack in radar analytics and electric propulsion systems.
Starlab Milestones Achieved
The Starlab project continues to make significant progress, with Voyager completing two additional development milestones. This achievement resulted in $4 million in milestone-based cash receipts from NASA, contributing to the completion of 27 milestones under a $218 million funded Space Act Agreement.
Fortress Balance Sheet
Voyager maintains a strong financial position, with $413 million in cash, $200 million in available credit, and no debt. This solid balance sheet provides the company with the flexibility to pursue strategic opportunities.
Adjusted EBITDA Loss
The company reported an adjusted EBITDA loss of $17.7 million for the third quarter, compared to a loss of $8.8 million last year. This increase in loss is attributed to planned investments in innovation and infrastructure.
Flat Overall Revenue
Total revenue for the third quarter was $40 million, remaining flat year-over-year due to the planned wind down of a legacy NASA services contract.
Space Solutions Segment Decline
Revenue in the Space Solutions segment declined to $11.7 million, primarily due to the phase down of the NASA services contract, reflecting a year-over-year decrease.
Forward-Looking Guidance
Voyager Technologies provided an optimistic outlook for the future, expecting to reach the upper end of its full-year revenue guidance of $165 to $170 million, representing an 18% increase year-over-year. The company is actively pursuing strategic M&A opportunities to enhance its technology stack, with recent acquisitions of BridgeComm and ExoTerra. The Starlab project is set to achieve its next major milestone, the critical design review, in December 2025.
In conclusion, Voyager Technologies’ earnings call highlighted a mix of achievements and challenges. While the company faces hurdles with adjusted EBITDA losses and a decline in the Space Solutions segment, its strong growth in the Defense and National Security segment, strategic acquisitions, and robust pipeline provide a positive outlook. The company’s solid financial position and strategic advancements in the Starlab project further bolster its future prospects.