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Voyager Technologies, Inc. Class A
(NYSE:VOYG)
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Rating:49Neutral
Price Target:
$26.00
▼(-23.39% Downside)
Action:Reiterated
Date:09/29/26
The score is held down primarily by weak financial performance (widening losses, zero gross profit in 2025, and worsening negative operating/free cash flow). Earnings call signals are meaningfully constructive—raised revenue guidance, record bookings/backlog, and an improving gross margin trajectory—but the technical setup is still weak and valuation is hard to anchor due to negative earnings, keeping the overall profile balanced but risk-tilted.
Positive Factors
Record bookings and backlog
Record bookings and a backlog of $336 million provide meaningful revenue visibility into 2026 and 2027. A 2.1x book-to-bill ratio indicates demand is replenishing orders faster than revenue is being recognized, supporting continued scaling if execution remains effective.
Negative Factors
Persistent losses and cash burn
Large net losses and deeply negative operating and free cash flow show that growth is not yet self-funding. Continued cash consumption increases reliance on external financing and leaves less flexibility if program execution, customer timing or margin improvement falls short of expectations.
Read all positive and negative factors
Positive Factors
Negative Factors
Record bookings and backlog
Record bookings and a backlog of $336 million provide meaningful revenue visibility into 2026 and 2027. A 2.1x book-to-bill ratio indicates demand is replenishing orders faster than revenue is being recognized, supporting continued scaling if execution remains effective.
Read all positive factors
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.64B
Dividend YieldN/A
Average Volume (3M)2.37M
Price to Earnings (P/E)―
Beta (1Y)3.54
Revenue Growth10.63%
EPS Growth-28.03%
CountryUS
Employees800
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-2.34
Shares Outstanding56,209,190
10 Day Avg. Volume1,371,111
30 Day Avg. Volume2,374,286
Financial Highlights & Ratios
PEG Ratio-0.34
Price to Book (P/B)3.98
Price to Sales (P/S)9.17
P/FCF Ratio-7.42
Enterprise Value/Market Cap1.26
Enterprise Value/Revenue11.80
Enterprise Value/Gross Profit180.91
Enterprise Value/Ebitda-17.75
Forecast
1Y Price Target
$47.25Price Target Upside39.22% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)-3.08
Revenue Forecast (FY)$291.49M
Voyager Technologies, Inc. Class A Business Overview & Revenue Model
Company Description
Voyager Technologies, Inc. operates as a defense technology and space solutions company in the United States, Europe, the Middle East, and internationally. It operates through three segments: Defense & National Security, Space Solutions, and Starl...
Voyager Technologies, Inc. Class A Earnings Call Summary
Earnings Call Date:Aug 03, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 02, 2026
Earnings Call Sentiment Positive
The earnings call communicated strong positive operational momentum: record revenue, record bookings, record backlog, a raised full-year revenue guide, strategic acquisition (Astrobotic) and strengthened liquidity. These achievements were balanced against ongoing investment-driven pressure on profitability (adjusted EBITDA loss of $38M), uneven margin recovery early in the year, and timing/recognition uncertainty for recent acquisitions and NASA-related programs (Astrobotic/CLPS and Starlab). Overall, the company emphasized durable demand, diversified wins across platforms and a clear pathway to margin improvement as volumes scale, while acknowledging near-term margin and timing risks tied to investment cadence and customer procurement schedules.Positive Updates
Record Revenue
Revenue reached a record $53.0M in Q2 2026, increasing 51% sequentially and 15% year-over-year as development programs transitioned into production.
Negative Updates
Adjusted EBITDA Loss
Adjusted EBITDA was a loss of $38M in Q2 2026. Although modestly better than internal expectations, the company remains unprofitable on an adjusted EBITDA basis for the quarter.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Revenue
Revenue reached a record $53.0M in Q2 2026, increasing 51% sequentially and 15% year-over-year as development programs transitioned into production.
Read all positive updates
Company Guidance
Voyager raised its 2026 revenue guidance to $275–$305 million (about 66%–84% year‑over‑year), explicitly including roughly $40–$50 million of Astrobotic revenue for 2026; management said the second half will accelerate with ~40% of second‑half revenue in Q3 and ~60% in Q4, expects mid‑teens full‑year gross margin (Q3 ≈17%, Q4 >20%), plans internally funded R&D at ~20% of revenue, and CapEx (ex‑Starlab) of $70–$80 million. The upgrade is supported by record Q2 bookings of $113 million (2.1x book‑to‑bill), record backlog of $336 million, Q2 revenue of $53 million (up 51% sequentially, 15% YoY) and an adjusted EBITDA loss of $38 million; quarter‑end liquidity was $429 million cash plus ~$212 million borrowing capacity (total ≈$641 million) and a $50 million credit‑facility expansion.Voyager Technologies, Inc. Class A Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 174.23M | 166.42M | 144.18M | 136.06M |
| Gross Profit | 11.36M | 21.34M | 34.91M | 27.79M |
| EBITDA | -115.84M | -89.56M | -38.94M | -1.34M |
| Net Income | -136.97M | -104.81M | -62.07M | -25.44M |
Balance Sheet | ||||
| Total Assets | 1.01B | 1.05B | 247.60M | 188.89M |
| Cash, Cash Equivalents and Short-Term Investments | 373.44M | 491.33M | 55.93M | 30.28M |
| Total Debt | 491.06M | 466.80M | 98.22M | 86.33M |
| Total Liabilities | 632.69M | 620.92M | 187.67M | 158.60M |
| Stockholders Equity | 325.71M | 383.72M | 23.79M | -12.47M |
Cash Flow | ||||
| Free Cash Flow | -287.53M | -205.62M | -108.20M | -32.59M |
| Operating Cash Flow | -114.07M | -60.94M | -25.50M | -15.38M |
| Investing Cash Flow | -296.85M | -261.61M | -27.77M | 11.60M |
| Financing Cash Flow | 315.47M | 757.82M | 78.96M | 1.93M |
Voyager Technologies, Inc. Class A Technical Analysis
Negative
33.94
Price Trends
30.94
Negative
32.28
Negative
31.72
Negative
Market Momentum
-1.35
Negative
44.17
Neutral
74.99
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For VOYG, the sentiment is Negative. The current price of 33.94 is above the 20-day moving average (MA) of 26.67, above the 50-day MA of 30.94, and above the 200-day MA of 31.72, indicating a bearish trend. The MACD of -1.35 indicates Negative momentum. The RSI at 44.17 is Neutral, neither overbought nor oversold. The STOCH value of 74.99 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for VOYG.
Voyager Technologies, Inc. Class A Risk Analysis
Voyager Technologies, Inc. Class A disclosed 89 risk factors in its most recent earnings report. Voyager Technologies, Inc. Class A reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Voyager Technologies, Inc. Class A Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $11.10B | 29.44 | 18.00% | 0.34% | 15.65% | 78.52% | |
75 Outperform | $51.69B | 25.75 | 10.17% | 1.78% | 7.33% | 15.31% | |
57 Neutral | $4.72B | -153.61 | -2.01% | 3.82% | 7.85% | 22.99% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | $6.41B | -21.67 | -6.64% | ― | 84.44% | -541.91% | |
54 Neutral | $7.71B | 239.03 | 1.14% | ― | 25.50% | 86.96% | |
49 Neutral | $1.64B | -11.29 | -33.05% | ― | 10.63% | -28.03% |
* General Sector Average
VOYG
Voyager Technologies, Inc. Class A
26.43
-2.23
-7.78%
AVAV
AeroVironment
126.11
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LHX
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277.61
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KTOS
Kratos Defense
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MRCY
Mercury Systems
77.54
-0.24
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MOG.A
Moog
350.67
145.04
70.53%
Voyager Technologies, Inc. Class A Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Voyager Technologies Issues Convertible Notes to Enhance Flexibility
Positive
Sep 28, 2026
On September 28, 2026, Voyager Technologies, Inc. issued $402.5 million of 0% Convertible Senior Notes due 2032 in a private Rule 144A offering, including full exercise of a $52.5 million option, with the notes convertible into Class A common stoc...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Voyager Recasts Segments into Defense and Space Technologies
Neutral
Aug 14, 2026
Voyager Technologies, Inc. has recast its historical segment reporting to reflect a new structure that, effective in the first quarter of 2026, combines its Defense and National Security and Space Solutions units into a single Defense and Space Te...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.