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olivLaw · US equity research

Voyager Technologies, Inc. VOYG

Guided Missiles & Space Vehicles & Parts · SIC 3760 · Vertical: Guided Missiles & Space Vehicles & Parts (SIC 3760)

20.33USD−11.92% · 1 dayClose 05 Nov 2026

Voyager Technologies is a defense technology and space solutions company active in solid propulsion, electronics, signals intelligence and space infrastructure, including the commercial Starlab space station. It grew revenue to 166.4 million USD in 2025 and raised 2026 guidance to between 275 and 305 million USD, supported by rising defense demand.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 05 Nov 2026, Voyager Technologies, Inc. (VOYG) stock was 20.33 USD (−11.92% on the day), with beta 3.06, 52-week range 17.99–51.77 USD. Latest reported quarter (Q3 2026): revenue of 88.7 m USD (+124.1% YoY), net income of -55.7 m USD, diluted EPS -0.91 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
P/E (TTM)
unavailable
Diluted EPS TTM -2.97 · TTM to 30 Sept 2026
E/P (TTM)
-14.60%
TTM to 30 Sept 2026
Dividend yield
unavailable
Beta (2y)
3.06
Volatility (1y) 91%
52-week range
17.9951.77

Price history

Loading chart…

Technical reading

RSI (14)
29.2
oversold (≤ 30)
Bollinger (20, 2)
21.90 – 28.92
below the lower band · %B -0.22 · band width 27.6%
SMA 50 / 200
29.94 / 31.52
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-1.84 / -1.68
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−34.2%−5.9%−28.2 pp—
3 months−46.9%−4.6%−42.3 pp—
6 months−20.6%+0.2%−20.9 pp—
Year to date−22.2%+7.4%−29.7 pp—
1 year−22.7%+8.2%−30.9 pp−2.6%
3 yearsunavailable+68.4%unavailable+75.3%
5 yearsunavailable+56.5%unavailable—
Max drawdown (1y)
−60.7%
28 May 2026 → 05 Nov 2026
Max drawdown (5y)
−68.1%
11 Jun 2025 → 19 Nov 2025
Compound annual growth (5y)
unavailable
S&P 500 +9.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q3 2026 · 30 Sept 2026

Revenue
88.7 m USD
+124.1% YoY
Net income
-55.7 m USD
unavailable YoY
Diluted EPS
-0.91
unavailable YoY
net / operating
-62.8% / -69.8%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26Q3 '26
Revenue37.7 m34.5 m45.7 m39.6 m46.7 m35.2 m52.7 m88.7 m
Cost of revenue27.6 m28.9 m37.5 m33.5 m36.7 m36.8 m48.3 m78.5 m
Gross profit—5.6 m8.2 m6.1 m—-1.5 m4.5 m10.2 m
Research & development—4.0 m502.0 k3.0 m—7.5 m7.3 m16.3 m
SG&A18.5 m26.3 m30.2 m25.1 m35.5 m31.4 m43.7 m47.8 m
Operating income-11.8 m-26.3 m-24.1 m-24.0 m-34.0 m-44.6 m-51.4 m-61.9 m
Depreciation & amortisation4.0 m2.6 m2.7 m ≈3.1 m ≈5.0 m6.0 m7.2 m ≈10.0 m ≈
Interest expense3.0 m2.7 m2.5 m200.0 k1.4 m2.1 m1.9 m2.7 m
Pre-tax income-11.3 m-27.9 m-33.0 m-20.1 m-31.8 m-42.7 m-50.9 m-62.1 m
Income tax-1.9 m48.0 k81.0 k-1.8 m1.2 m3.2 m-2.2 m-3.7 m
Net income-9.0 m-26.9 m-31.4 m-16.3 m-30.2 m-44.0 m-46.5 m-55.7 m
Diluted EPS-0.68 ≈-2.30-1.23-0.28-0.52 ≈-0.75-0.79-0.91
Operating cash flow-5.5 m-14.4 m-16.5 m ≈-15.1 m ≈-15.0 m-39.7 m-44.3 m ≈-29.7 m ≈
Capex29.9 m27.0 m30.9 m ≈38.7 m ≈48.1 m51.1 m35.5 m ≈28.2 m ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year202320242025
Revenue136.1 m144.2 m166.4 m
Revenue YoYunavailable+6.0%+15.4%
Net income-25.4 m-62.1 m-104.8 m
Net income YoYunavailableunavailableunavailable
Diluted EPS-3.65-7.01-2.89
Diluted EPS YoYunavailableunavailableunavailable
net %-18.7%-43.1%-63.0%
Free cash flow-32.6 m-108.2 m-205.6 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
491.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
429.5 m USD
Total assets
1.1 bn USD
Debt / equity
unavailable
Current ratio
4.37x
ROE
unavailable
ROA
-16.1%
FCF margin
-123.6%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
136.1 m
2024
144.2 m
2025
166.4 m

SEC (XBRL)· 10 Mar 2026verified

Cost of revenue
2023
108.3 m
2024
109.3 m
2025
136.5 m

SEC (XBRL)· 10 Mar 2026verified

Gross profit
2023
27.8 m ≈
2024
34.9 m ≈
2025
29.9 m ≈

SEC (XBRL)· 10 Mar 2026derived

SG&A
2023
54.0 m
2024
62.6 m
2025
117.1 m

SEC (XBRL)· 10 Mar 2026verified

Operating income
2023
-14.2 m
2024
-48.4 m
2025
-108.5 m

SEC (XBRL)· 10 Mar 2026verified

Depreciation & amortisation
2023
10.3 m
2024
13.6 m
2025
13.4 m

SEC (XBRL)· 10 Mar 2026verified

EBITDA
2023
-3.9 m ≈
2024
-34.8 m ≈
2025
-95.1 m ≈

SEC (XBRL)· 10 Mar 2026derived

Interest expense
2023
10.6 m
2024
12.0 m
2025
6.8 m

SEC (XBRL)· 10 Mar 2026verified

Pre-tax income
2023
-24.9 m
2024
-67.3 m
2025
-112.8 m

SEC (XBRL)· 10 Mar 2026verified

Income tax
2023
341.0 k
2024
-1.7 m
2025
-440.0 k

SEC (XBRL)· 10 Mar 2026verified

Net income
2023
-25.4 m
2024
-62.1 m
2025
-104.8 m

SEC (XBRL)· 10 Mar 2026verified

Diluted EPS
2023
-3.65
2024
-7.01
2025
-2.89

SEC (XBRL)· 10 Mar 2026verified

Weighted average diluted shares
2023
12.8 m
2024
12.7 m
2025
40.2 m

SEC (XBRL)· 10 Mar 2026verified

Balance sheet · USD

Cash
2023
30.3 m
2024
55.9 m
2025
491.3 m

SEC (XBRL)· 10 Mar 2026verified

Receivables
2023
—
2024
15.4 m
2025
29.8 m

SEC (XBRL)· 10 Mar 2026verified

Inventories
2023
—
2024
1.5 m
2025
3.8 m

SEC (XBRL)· 10 Mar 2026verified

Current assets
2023
—
2024
101.6 m
2025
581.3 m

SEC (XBRL)· 10 Mar 2026verified

Property, plant & equipment, net
2023
—
2024
49.4 m
2025
164.3 m

SEC (XBRL)· 10 Mar 2026verified

Goodwill
2023
—
2024
46.5 m
2025
157.7 m

SEC (XBRL)· 10 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
34.7 m
2025
99.0 m

SEC (XBRL)· 10 Mar 2026verified

Total assets
2023
—
2024
247.6 m
2025
1.1 bn

SEC (XBRL)· 10 Mar 2026verified

Accounts payable
2023
—
2024
22.8 m
2025
27.4 m

SEC (XBRL)· 10 Mar 2026verified

Current liabilities
2023
—
2024
87.4 m
2025
133.0 m

SEC (XBRL)· 10 Mar 2026verified

Total liabilities
2023
—
2024
187.7 m
2025
620.9 m

SEC (XBRL)· 10 Mar 2026verified

Equity
2023
-92.6 m
2024
-66.0 m
2025
429.5 m

SEC (XBRL)· 10 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
-15.4 m
2024
-25.5 m
2025
-60.9 m

SEC (XBRL)· 10 Mar 2026verified

Capex
2023
17.2 m
2024
82.7 m
2025
144.7 m

SEC (XBRL)· 10 Mar 2026verified

Free cash flow
2023
-32.6 m ≈
2024
-108.2 m ≈
2025
-205.6 m ≈

SEC (XBRL)· 10 Mar 2026derived

Investing cash flow
2023
11.6 m
2024
-27.8 m
2025
-261.6 m

SEC (XBRL)· 10 Mar 2026verified

Financing cash flow
2023
1.9 m
2024
79.0 m
2025
757.8 m

SEC (XBRL)· 10 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
15.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
input data missing
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
10.4%
computed by olivLawTTM to 30 Sept 2026
EBITDA margin
-73.3%
computed by olivLawTTM to 30 Sept 2026
EBIT margin
-86.0%
computed by olivLawTTM to 30 Sept 2026
Net margin
-79.0%
computed by olivLawTTM to 30 Sept 2026
FCF margin
-130.6%
computed by olivLawTTM to 30 Sept 2026

Returns

ROE
-38.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROA
-15.2%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
ROIC
unavailable
input data missing
ROCE
-14.1%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
-23.8x
computed by olivLawTTM to 30 Sept 2026

Liquidity

Current ratio
2.9x
computed by olivLawbalance sheet at 30 Sept 2026
Quick ratio
2.9x
computed by olivLawbalance sheet at 30 Sept 2026
Cash ratio
2.4x
computed by olivLawbalance sheet at 30 Sept 2026

Cash

Operating cash flow
-128.7 m USD
computed by olivLawTTM to 30 Sept 2026
Capital expenditure
163.0 m USD
computed by olivLawTTM to 30 Sept 2026
Free cash flow
-291.7 m USD
computed by olivLawTTM to 30 Sept 2026
FCF conversion
unavailable
insufficient data
Cash conversion
unavailable
insufficient data

Efficiency

Days sales outstanding
49 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days inventory outstanding
13 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Days payables outstanding
63 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Cash conversion cycle
-2 days
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
Earnings yield
-14.6%
computed by olivLawTTM to 30 Sept 2026
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 16.7% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

20.33 USD

05 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
insufficient data
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
-38.7%
computed by olivLawTTM to 30 Sept 2026 · balance sheet at 30 Sept 2026
Net margin
-79.0%
computed by olivLawTTM to 30 Sept 2026
Revenue growth (YoY)
15.4%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

30/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Sept 2026
Latest balance sheet date: 30 Sept 2026
Source: SEC (XBRL)published 03 Nov 2026
verified 375derived 26

Score by group

17% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption

no valuation method could be computed

Multiple comparisons use the SIC vertical: Guided Missiles & Space Vehicles & Parts (SIC 3760)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-79.0%33 (vs peers)38%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet-23.8x0 (on a fixed band)38%
Current ratio · Balance sheet2.9x100 (on a fixed band)25%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet40/100 · 2/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial33/100 · 1/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Voyager Technologies, Inc./TX (VOYG). Latest full fiscal year: 2025; data up to 2026-09-30.

Figures computed from the financial statements: revenue 166.4 m USD in 2025; YoY growth 15.4%; net margin -79.0%; ROE -38.7%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Current ratio: 2.9x

What contradicts it

  • Interest coverage: -23.8x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Guided Missiles & Space Vehicles & Parts (SIC 3760) · same industry (4-digit SIC) · compared with 6 companies

Multiples and returns vs the median

P/E
—
vertical median —
EV/EBITDA
—
vertical median —
P/S
—
vertical median 6.3x
P/B
—
vertical median 1.9x
ROE
-38.7%
vertical median -12.9%
below median
Net margin
-79.0%
vertical median -36.9%
below median
EBIT margin
-86.0%
vertical median -37.6%
below median
Revenue YoY
15.4%
vertical median 14.4%
above median (+7.1%)
Net debt/EBITDA
—
vertical median —
Dividend yield
—
vertical median —

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
LMTLockheed Martin Corporation133.1 bn20.580.2%8.2%+5.6%+26% / +29%
RKLBRocket Lab Corp27.5 bn—-7.9%-21.5%+38.0%+9% / +950%
KTOSKratos Defense & Security Solutions, Inc.6.3 bn269.40.8%1.3%+18.5%−56% / +75%
FLYFirefly Aerospace Inc.2.5 bn—-238.4%-126.6%+163.0%−14% / unavailable
RDWRedwire Corporation1.5 bn—-17.8%-52.4%+10.3%+12% / +142%
MNTSMomentus Inc.37.3 m—-68.3%-927.7%−47.5%−86% / −100%
VOYGVoyager Technologies, Inc.——-38.7%-79.0%+15.4%−23% / unavailable

1- and 3-year price returns: for VOYG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).

In brief

Voyager Technologies is a defense technology and space solutions company active in solid propulsion, electronics, signals intelligence and space infrastructure, including the commercial Starlab space station. It grew revenue to 166.4 million USD in 2025 and raised 2026 guidance to between 275 and 305 million USD, supported by rising defense demand.13

SWOT

Strengths

  • The company has a diversified technology portfolio across defense and space, with heritage from decades of spaceflight.1
  • Backlog and liquidity reserves are high, giving flexibility for long programs.23
  • Integrated acquisitions and a prime contractor role give a varied position in the supply chain.1

Weaknesses

  • The company has reported net losses since its founding and expects losses to continue for some years.1
  • Customer concentration on the US government is very high, and fixed-price contracts can generate unforeseen costs.12
  • The limited operating history makes revenue forecasting difficult.1

Opportunities

  • If defense and space budgets keep growing, Voyager could convert more bids into contracts.13
  • Starlab could become a major revenue source if selected in NASA's phase two competition.1
  • The Astrobotic acquisition could extend the space infrastructure platform.2

Threats

  • Reduced or delayed government funding could directly affect the company's contracts.1
  • Larger competitors could have superior resources for development and sales.1
  • Failure to meet contract obligations could lead to penalties or lost contracts.1

Risks

  • Dependence on the US governmenthigh

    Almost all of the funded backlog comes from the US government, making revenue sensitive to budgets and political decisions.2

  • Persistent net losseshigh

    The company has reported losses every year since 2019 and expects to keep incurring them.13

  • Fixed-price contractsmedium

    Unforeseen costs on fixed-price contracts could reduce margins or produce losses.1

  • Starlab executionhigh

    If Starlab misses its schedule or budget, the impact on cash flow could be significant.1

  • Acquisition integrationmedium

    Recent acquisitions may face integration difficulties, which could affect operating results.12

Investment thesis

What would need to be true (bull case)

  • Rising revenue and 2026 guidance, together with record backlog, suggest sustained demand in defense and space.23
  • If Starlab meets its goals, the company could earn long-term revenue from a unique orbital infrastructure.1
  • Its positioning in propulsion, energetics and intelligence may allow participation in priority defense programs.1

What would break the thesis

  • Repeated net losses and heavy innovation spending could pressure liquidity in the coming period.13
  • Dependence on a single customer could make revenue vulnerable to budget or political changes.2
  • Starlab relies on external funding and an ambitious schedule, and delays could be costly.1

What to watch

  • Delivery of 2026 revenue guidance between 275 and 305 million USD2026
  • Evolution of funded backlog and book-to-bill ratioQ3 2026
  • Outcome of NASA's competition for phase two of the ISS replacement2027
  • Starlab progress toward the detailed design reviewnext 10-K

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (03 Nov 2026), 8-K (02 Nov 2026 · results).

The business

Voyager designs, develops and operates systems and infrastructure for defense, intelligence, civil and commercial missions, covering communications, intelligence, missile-defense-enabling technologies, advanced propulsion, energetics and space mission services.1 It works both as a prime contractor and as a merchant supplier or subcontractor, and has integrated twelve acquisitions since 2019.1 Recent deals include ExoTerra, Estes Energetics and, in July 2026, Astrobotic.12

The company runs three segments: Defense & National Security, Space Solutions and Starlab Space Stations, each combining in-house technology with acquisitions and partnerships.1 Voyager aims to offer capabilities that traditional defense and space suppliers serve poorly, as a smaller but specialized player.1 For 2026, it reported record bookings and a 2.1x book-to-bill ratio in the second quarter.3

Over the long term, a significant share of revenue and cash flow is expected from Starlab, which could succeed the ISS after its planned 2030 decommissioning.1 The project is developed through Starlab JV, in which Voyager holds a majority stake alongside Airbus, Mitsubishi, MDA Space and Palantir.12

Segments

Defense & National Security

This segment covers controllable solid propulsion for missile programs, vertically integrated energetics production, signals intelligence systems, radiation-hardened communications and guidance and navigation technology. Voyager supplies propulsion subsystems for Lockheed Martin's Next Generation Interceptor program.1

Space Solutions

The segment provides integrated space systems, in-space infrastructure and science mission services, including the Bishop Airlock attached to the ISS. Voyager describes itself as the largest commercial user of the ISS, with more than 1,000 customer missions.1

Starlab Space Stations

Starlab is a commercial space station under development, with estimated cost of 2.8 to 3.3 billion USD and launch planned for 2029. Funding comes from the 217.5 million USD NASA grant, partners and future capital, and plans include competing for NASA phase two funding.1

Market context

The US defense market shows a long-term growth trend, supported by a Department of Defense budget of about 839 billion USD for 2026.1 Space is becoming a growing priority for defense, and Voyager sees rising demand for commercial infrastructure in orbit.1

Market risk centers on dependence on the US government, which accounted for 87.7% of funded backlog at June 30, 2026.2 Budget changes, funding delays and customer concentration could affect the pace of contracts.12

Trends

  • Rising defense budgetstailwind

    Defense and national security spending has enjoyed bipartisan support in the US, which could support new contracts.1

  • Demand for commercial space infrastructuretailwind

    After the ISS is decommissioned, commercial customers will need new orbital destinations, and Starlab is positioned for that need.1

  • Dependence on government budgetsheadwind

    Delays in federal budgets or spending cuts could slow procurement and Voyager's programs.1

  • AI integration in defense and spacemixed

    Demand for AI intelligence systems and edge computing could open new contracts but requires continuous investment and successful integration.13

Competitive position

Voyager says many competitors are substantially larger and may have greater resources for development and sales.1 In space and defense it competes with established integrators and new entrants from the commercial space industry.1

In Starlab, Voyager competes for phase two of NASA's ISS replacement program, where only three potential bidders currently have funded contracts.1

  • Lockheed MartinLMT

    Customer and prime integrator for the Next Generation Interceptor program, where Voyager supplies propulsion subsystems.1

  • SpaceX

    Launch provider for Starlab and a competitor in commercial space services.1

  • Northrop GrummanNOC

    Strategic partner for Starlab and a provider of commercial launch services to NASA.1

  • PalantirPLTR

    Partner in Starlab JV and in Voyager's intelligence platform, so competition and cooperation overlap.1

News & filings

In the press

SEC filings

  • Quarterly report03 Nov 2026
  • Current report02 Nov 2026
    Results of operations · Financial statements and exhibits
  • Current report28 Sept 2026
    Material agreement · Creation of a direct financial obligation · Item 3.02 · Other events · Financial statements and exhibits
  • Current report14 Aug 2026
    Other events · Financial statements and exhibits
  • Quarterly report04 Aug 2026
  • Current report03 Aug 2026
    Results of operations · Financial statements and exhibits
  • Current report08 Jul 2026
    Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
  • Current report18 Jun 2026
    Item 3.03 · Amendments to articles or bylaws · Financial statements and exhibits
  • Current report04 Jun 2026
    Item 3.02
  • Current report01 Jun 2026
    Shareholder vote

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Voyager Technologies, Inc. · 10 Mar 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Voyager Technologies, Inc. · 04 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Voyager Technologies, Inc. · 03 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.