Voyager Technologies (NYSE:VOYG) used its fourth-quarter and full-year 2025 earnings call to highlight accelerating demand in its defense and national security business, a growing backlog, and increased investment plans for 2026 as the company scales after its first year as a public company.
Backlog growth and a higher 2026 revenue outlook
Chairman and CEO Dylan Taylor said 2025 marked a transition “from building the platform to rapidly scaling it,” adding that Voyager is “meaningfully raising” its 2026 revenue guidance based on a record backlog. The company ended 2025 with backlog of $266 million, which management described as 33% higher year-over-year and a 41% sequential increase from the third quarter.
Fourth-quarter and full-year results
For the fourth quarter, De Sousa reported net sales increased 24% year-over-year, driven by execution in defense and national security. Adjusted EBITDA was a loss of $21.8 million, compared to a loss of $6.3 million in the prior-year quarter, which he attributed to investments in innovation, talent acquisition, and corporate infrastructure. Adjusted EPS was a loss of $0.37, compared with a loss of $2.09 a year earlier, with the CFO noting comparability reflected a higher share count following the IPO.
For the full year, net sales increased 15% year-over-year, or 33% excluding the planned wind down of a legacy NASA services contract within Space Solutions. Full-year adjusted EBITDA was a loss of $69.9 million versus a loss of $30 million last year, and adjusted EPS was a loss of $2.05 versus a loss of $5.72.
Segment trends: defense surge, Space Solutions reset
Voyager’s defense and national security segment continued to drive results. Fourth-quarter defense and national security net sales increased 63% year-over-year, while full-year segment net sales grew 59%. De Sousa said growth was driven by the Next Generation Interceptor (NGI) program, classified programs, and acquired business contributions. Segment adjusted EBITDA remained negative, reflecting higher R&D and talent investments.
Space Solutions was affected by the expected conclusion of a multi-year NASA services contract. Space Solutions net sales declined 29% year-over-year in the fourth quarter and 36% for the full year, which management attributed primarily to the planned wind down of that contract. Despite the revenue decline, fourth-quarter segment adjusted EBITDA improved to $2.3 million from $1.2 million, which De Sousa said reflected favorable mix and disciplined cost management. Management said it expects Space Solutions to “return to growth” in 2026 now that the wind down is behind it, though executives characterized that growth as modest compared with defense and national security.
Growth investments: innovation, manufacturing, and energetics
Taylor emphasized innovation as a core strategy, noting Voyager increased innovation spending in 2025—including customer-funded and internally funded R&D—to over 20% of revenue. He said the company expects to “accelerate” innovation spend going forward to strengthen competitive advantages and pursue a larger opportunity set.
For 2026, management outlined investments linked to anticipated demand. De Sousa said gross margin for the year is expected to be in the mid-teens, reflecting investments in manufacturing capacity ahead of accelerated growth. He also said internally funded R&D is expected to increase to approximately 20% of net sales, and capital expenditures excluding Starlab are expected to be $60 million to $70 million.
A major 2026 manufacturing initiative is the Voyager American Defense Complex in Colorado. Taylor said the company recently broke ground on the 150,000-square-foot facility intended for advanced manufacturing, operations, and testing, designed to support high-volume production of military-grade components, propulsion systems, and energetics.
The call also focused on the acquisition of Estes Energetics, now Voyager Energetics. Taylor described energetics and propulsion inputs as essential to interceptors, solid rocket motors, and propulsion architectures, and positioned the acquisition as supporting supply chain sovereignty and domestic manufacturing capacity. Management said it expects the acquisition to strengthen vertical integration and support programs aligned with “Golden Dome,” while also improving throughput and “margin durability” as certain defense programs move from development toward production.
Starlab milestones, reservations, and timing expectations
Voyager repeatedly pointed to Starlab as a “transformational growth engine” and said the platform’s commercial payload capacity is fully reserved. Taylor said Starlab completed a commercial critical design review with NASA during 2025 and has achieved 31 program milestones to date, generating $183 million in milestone-based cash receipts since inception under NASA’s Commercial LEO Development Phase 1 award. In the fourth quarter alone, Voyager reported $10 million of Starlab-related NASA milestone cash receipts, though it does not generate revenue in Voyager’s quarterly results.
On timing, Taylor said he expects NASA’s RFP for the second phase of the Commercial LEO Development (CLD) program to be released soon and reiterated that the downselect decision is anticipated within calendar year 2026. Executives also said Voyager owns “just up north of” 60% of Starlab following fundraising, estimating roughly 61% while noting they could provide a precise figure later.
De Sousa said the company is planning for Starlab to be “cash neutral” in 2026, with cash outflows funded by a combination of dilutive and non-dilutive capital sources at the joint venture level, including NASA’s CLD program and other government entities, as well as capital markets. He also noted there was $6 million of backlog associated with Starlab, which he said arrived earlier than expected.
Voyager ended 2025 with $491 million in cash and access to $213 million in credit facilities, totaling “well over” $700 million in liquidity, which management said supports both acquisitions and organic investment. Executives also said the company’s raised 2026 outlook reflects demand signals across propulsion, advanced electronics, communications, sensing, data processing, and energetics, while noting that “record backlog” does not include potential upside from certain Golden Dome-related opportunities that have not yet been publicly awarded.
About Voyager Technologies (NYSE:VOYG)
We are an innovation-driven defense technology and space solutions company. Our company was purpose-built to address issues at the forefront of defense, national security and space industries and we have organized our business to reflect this goal. We strive to solve complex challenges to fortify national security, protect critical assets and unlock new frontiers for human progress and economic development. We are committed to developing and delivering an array of transformative, mission-critical solutions to customers enabled by our advanced technology, analytics and space infrastructure capabilities.
