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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 Starlab Space Stations. The Defense & National Security segment provides defense systems, including solid propulsion subsystems; signal intelligence systems; space-qualified radiation-hardened laser and radio frequency (RF) communications systems and advanced electro-optical and digital systems comprising transceivers, mission-data transmitters, and command and data handling systems; guidance, navigation, and control systems that include sun sensors, star trackers, and inertial measurement units; artificial intelligence-powered edge computing products; and space maneuver. Its Space Solutions segment offers advanced space technology systems, such as in-space propulsion systems with applications for orbital servicing, manufacturing, and deep space exploration; space infrastructure, including the Bishop Airlock, a module attached to the ISS that enables movement of equipment, supplies, and payloads between the ISS and open space; and space science and mission management services, such as the Space Acceleration Measurement System (SAMS) on the ISS. The Starlab Space Stations segment operates a commercial space station and provides continued permanent human presence in space. It serves defense, national security, and space industries. The company was formerly known as Voyager Space Holdings, Inc. and changed its name to Voyager Technologies, Inc. in February 2025. Voyager Technologies, Inc. was incorporated in 2019 and is headquartered in Denver, Colorado.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $166M | $-90M | $-105M | $-206M | -24.4% | 15.4% | - |
| 2024 | $144M | $-39M | $-62M | $-108M | -103.6% | 6.0% | - |
| 2023 | $136M | $-1M | $-25M | $-33M | -84.0% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2023 | 2024 | 2025 |
|---|---|---|---|
| Total Revenue | 136.06 | 144.18 | 166.42 |
| Cost Of Revenue | 108.28 | 109.27 | 136.54 |
| Gross Profit | 27.79 | 34.91 | 29.88 |
| Operating Expense | 41.96 | 79.76 | 138.37 |
| Operating Income | -14.17 | -44.85 | -108.50 |
| EBITDA | -1.34 | -38.94 | -89.56 |
| EBIT | -14.27 | -55.32 | -105.95 |
| Pretax Income | -24.86 | -67.34 | -112.77 |
| Tax Provision | 0.34 | -1.71 | -0.44 |
| Net Income | -25.44 | -62.07 | -104.81 |
| Net Income Common Stockholders | -43.28 | -83.89 | -116.07 |
| Total Expenses | 150.24 | 189.03 | 274.92 |
| Interest Expense | 10.59 | 12.02 | 6.82 |
| Research And Development | -18.54 | 7.61 | 12.75 |
| Selling General And Administration | 54.04 | 62.57 | 117.08 |
| Normalized EBITDA | -0.05 | -26.34 | -81.75 |
| Normalized Income | -24.42 | -49.79 | -97.04 |
| Basic EPS | -0.77 | -1.48 | -2.89 |
| Diluted EPS | -0.82 | -1.58 | -2.89 |
| Tax Effect Of Unusual Items | -0.27 | -0.31 | -0.03 |
| Tax Rate For Calcs | 0.21 | 0.03 | 0 |
| Total Unusual Items | -1.29 | -12.60 | -7.80 |
| Total Unusual Items Excluding Goodwill | -1.29 | -12.60 | -7.80 |
| Net Income From Continuing Operation Net Minority Interest | -25.44 | -62.07 | -104.81 |
| Reconciled Depreciation | 12.93 | 16.38 | 16.39 |
| Reconciled Cost Of Revenue | 101.81 | 102.47 | 128.69 |
| Net Interest Income | -10.59 | -12.02 | -6.82 |
| Net Income From Continuing And Discontinued Operation | -25.44 | -62.07 | -104.81 |
| Total Operating Income As Reported | -14.17 | -48.44 | -108.50 |
| Diluted Average Shares | 56.55 | 56.55 | 40.21 |
| Basic Average Shares | 56.29 | 56.55 | 40.21 |
| Diluted NI Availto Com Stockholders | -46.55 | -89.30 | -116.07 |
| Average Dilution Earnings | -3.28 | -5.41 | 0 |
| Otherunder Preferred Stock Dividend | 3.28 | 5.41 | 0 |
| Preferred Stock Dividends | 17.84 | 21.82 | 11.26 |
| Minority Interests | -0.24 | 3.56 | 7.52 |
| Net Income Including Noncontrolling Interests | -25.20 | -65.63 | -112.33 |
| Net Income Continuous Operations | -25.20 | -65.63 | -112.33 |
| Other Income Expense | -0.09 | -10.47 | 2.55 |
| Other Non Operating Income Expenses | 1.19 | 2.13 | 10.35 |
| Special Income Charges | -1.29 | -12.99 | -7.80 |
| Other Special Charges | 1.29 | 9.39 | 7.80 |
| Write Off | 0 | 3.59 | 0 |
| Impairment Of Capital Assets | 0 | 3.59 | 0 |
| Gain On Sale Of Security | 0 | 0.39 | 0 |
| Net Non Operating Interest Income Expense | -10.59 | -12.02 | -6.82 |
| Interest Expense Non Operating | 10.59 | 12.02 | 6.82 |
| Depreciation Amortization Depletion Income Statement | 6.46 | 9.58 | 8.54 |
| Depreciation And Amortization In Income Statement | 6.46 | 9.58 | 8.54 |
| Amortization | 6.46 | 9.58 | 8.54 |
| Amortization Of Intangibles Income Statement | 6.46 | 9.58 | 8.54 |
| Operating Revenue | 136.06 | 144.18 | 166.42 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Voyager Technologies, Inc.this co. | VOYG | $1.5B | - | 3.95 | -24.4% | -16.76 |
| Hillman Solutions Corp. | HLMN | $1.6B | 45.50 | 1.32 | 3.3% | 9.50 |
| Power Solutions International, Inc. | PSIX | $1.5B | 13.55 | 8.64 | 63.8% | 14.40 |
| Proto Labs, Inc. | PRLB | $1.5B | 72.38 | 2.28 | 3.2% | 23.82 |
| The Greenbrier Companies, Inc. | GBX |
| $1.5B |
| 7.47 |
| 1.00 |
| 13.3% |
| 6.30 |
| SFL Corporation Ltd. | SFL | $1.5B | - | 1.57 | -2.8% | 9.50 |
| Tennant Company | TNC | $1.5B | 33.52 | 2.44 | 7.3% | 13.48 |
| Ameresco, Inc. | AMRC | $1.4B | 32.88 | 1.34 | 3.9% | 16.76 |
| Energizer Holdings, Inc. | ENR | $1.4B | 5.74 | 8.07 | 140.7% | 8.26 |
| Peer Median | - | 32.88 | 1.92 | 5.6% | 11.49 | |