10-Q · May 5, 2026
Voyager Technologies reported Q1 2026 results showing revenues of $35.25 million, slightly up 2.1% year-over-year but below the expectation of $37.02 million, while EPS improved to -$0.61 from consensus -$0.63.…
Earnings analysis · 10-Q
VOYG earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Voyager delivered Q2 revenue of $52.746 million, up 15.5% year over year and ahead of the provided $49.497 million consensus estimate, while its adjusted EPS loss of $0.70 was narrower than the $0.93 estimated loss.…
Read full summary
Voyager delivered Q2 revenue of $52.746 million, up 15.5% year over year and ahead of the provided $49.497 million consensus estimate, while its adjusted EPS loss of $0.70 was narrower than the $0.93 estimated loss. However, gross margin compressed to 8.45%, operating loss widened to $51.408 million, and free cash flow remained negative $72.829 million amid substantial Starlab and manufacturing investment. Backlog and liquidity improved, but the filing contains no numeric guidance and management expects operating expenses and capital spending to continue increasing.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.7
What stood out
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Revenue rebounded sequentially
Q2 net sales rose 15.5% year over year to $52.746 million from $45.674 million and increased 50.7% sequentially from $34.996 million in Q1 2026. The reported adjusted loss per share was $0.70, improving from a $0.75 loss in Q1.
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Backlog expanded materially
Funded backlog rose to $189.008 million at June 30, 2026 from $146.105 million at December 31, 2025, while total backlog increased to $335.512 million from $265.590 million. Management expects to convert 62.1% of funded backlog into revenue during the remainder of 2026.
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Large cash and revolver liquidity
Liquidity was $585.5 million at quarter-end, comprising $373.4 million of cash and cash equivalents plus $212.1 million of available revolver capacity. The company had no amounts drawn under its credit facility at June 30.
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Government-led segment revenue growth
Defense and Space Technologies revenue grew $7.147 million year over year to $53.211 million, led by a $7.1 million increase in U.S. government net sales. Firm-fixed-price sales increased to $31.264 million from $17.965 million.
What to watch
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Margins compressed sharply
Gross profit fell 45.7% to $4.457 million despite the 15.5% revenue increase, reducing gross margin to 8.45% from 17.97% a year earlier. Cost of sales increased 28.9% to $48.289 million, driven by sales volume and program mix.
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Losses widened as investment accelerated
Operating loss more than doubled to $51.408 million from $24.137 million, and net loss attributable to Voyager widened 48.1% to $46.490 million. SG&A increased 44.4% to $43.672 million and R&D rose to $7.336 million from $0.502 million.
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Cash burn and capex remain heavy
Q2 operating cash outflow was $44.315 million and free cash flow was negative $72.829 million, although better than Q1 negative free cash flow of $90.927 million. Gross capex was $35.536 million, equal to 67.4% of quarterly revenue.
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Debt and long-term funding need
The company had $460.0 million of 0.75% convertible notes outstanding at June 30, 2026, with a $448.903 million net carrying amount. It also reported an accumulated deficit of $476.4 million and said it will need additional funding to meet long-term strategic plans.
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Government concentration risk
Customer concentration remains substantial: 87.7% of funded backlog was tied to the U.S. government at June 30, 2026. Government budget restrictions, spending shifts or shutdowns could delay or reduce procurement.
Management's outlook
The 10-Q provides no quantitative revenue or EPS outlook. Management says it expects cost of sales, operating expenses and capital expenditures to increase as it scales manufacturing, expands its portfolio and continues Starlab development; it also states existing cash, cash from operations and revolver access should meet working-capital and capex needs for the next 12 months.
Earlier filings 3
10-K · March 10, 2026
Voyager positions itself as an integrated defense and commercial-space engineering company with three segments (Defense & National Security, Space Solutions, Starlab) and grew revenue to $166.4 million for the year…
10-Q · August 5, 2025
Voyager reported Q2 net sales of $45,674,000 (up from $36,653,000 a year earlier) and generated a net loss attributable to the company of $31,382,000 (net loss $33,065,000). The company materially strengthened its…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.