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Voyager Technologies, Inc. Class A
(NYSE:VOYG)
Select Model
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Rating:58Neutral
Price Target:
$35.00
▲(3.12% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial performance (sharp profitability deterioration and worsening cash burn), despite strong top-line momentum and an improved balance-sheet profile. Offsetting this, the stock shows solid technical strength and the latest earnings call was constructive with raised revenue guidance, record bookings/backlog, and an improving margin trajectory, though near-term profitability and program timing risks remain meaningful.
Positive Factors
Strong revenue, bookings and backlog growth
Accelerating revenue, record bookings and a growing backlog provide stronger visibility into future sales and indicate improving commercial traction. The 2.1x book-to-bill ratio supports continued revenue conversion across 2026 and 2027, strengthening the foundation for scale.
Negative Factors
Persistent cash burn
Deeply negative operating and free cash flow show that Voyager is not yet funding its operations and investment program internally. Continued cash consumption increases reliance on financing and leaves execution of the growth plan dependent on converting backlog into profitable cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong revenue, bookings and backlog growth
Accelerating revenue, record bookings and a growing backlog provide stronger visibility into future sales and indicate improving commercial traction. The 2.1x book-to-bill ratio supports continued revenue conversion across 2026 and 2027, strengthening the foundation for scale.
Read all positive factors
Voyager Technologies, Inc. Class A (VOYG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.07B
Dividend YieldN/A
Average Volume (3M)1.51M
Price to Earnings (P/E)―
Beta (1Y)3.81
Revenue Growth10.63%
EPS Growth-28.03%
CountryUS
Employees800
SectorGeneral
Sector StrengthN/A
IndustryAerospace & Defense
Share Statistics
EPS (TTM)-2.34
Shares Outstanding55,270,493
10 Day Avg. Volume956,372
30 Day Avg. Volume1,505,851
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$49.00Price Target Upside44.37% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering9
EPS Forecast (FY)-3.09
Revenue Forecast (FY)$287.46M
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 09, 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
31.25
Negative
Market Momentum
-0.21
Positive
45.57
Neutral
7.41
Positive
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 33.10, above the 50-day MA of 31.25, and equal to the 200-day MA of ―, indicating a neutral trend. The MACD of -0.21 indicates Positive momentum. The RSI at 45.57 is Neutral, neither overbought nor oversold. The STOCH value of 7.41 is Positive, 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 | $11.78B | 31.03 | 18.00% | 0.32% | 15.65% | 78.52% | |
69 Neutral | $47.75B | 25.68 | 9.41% | 1.94% | 7.29% | 10.75% | |
59 Neutral | $4.96B | -165.33 | -2.01% | 3.82% | 7.85% | 22.99% | |
58 Neutral | $2.07B | -15.13 | -33.05% | ― | 10.63% | -28.03% | |
57 Neutral | $8.98B | 280.40 | 1.14% | ― | 25.50% | 86.96% | |
56 Neutral | $7.35B | -23.32 | -6.05% | ― | 140.89% | -448.13% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
VOYG
Voyager Technologies, Inc. Class A
35.41
6.81
23.81%
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148.78
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255.74
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48.20
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MRCY
Mercury Systems
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MOG.A
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369.61
178.68
93.58%
Voyager Technologies, Inc. Class A Corporate Events
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...
Business Operations and StrategyPrivate Placements and Financing
Voyager Technologies Expands Credit Facility to $250 Million
Positive
Jul 8, 2026
On July 6, 2026, Voyager Technologies, Inc. and its subsidiaries entered into a Fourth Amendment to their existing credit agreement, originally dated May 30, 2025, with a lender group led by JPMorgan Chase Bank, N.A. The amendment increases the ag...
Business Operations and StrategyRegulatory Filings and Compliance
Voyager Technologies Completes Redomestication to Texas Corporation
Neutral
Jun 18, 2026
On June 18, 2026, Voyager Technologies, Inc. completed a redomestication, converting from a Delaware corporation into a Texas corporation pursuant to a previously approved plan of conversion, with the company now governed by the Texas Business Org...
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.