Voyager Technologies, Inc. released its financial results for the third quarter ended September 30, 2025, highlighting growth in its defense and national security operations alongside continued investment in its commercial space initiatives. The company reaffirmed its full-year guidance at the upper end of its previous projections, demonstrating confidence in its financial trajectory.
Net sales for the quarter reached $39.6 million, driven primarily by the Defense and National Security segment, which grew 31 percent year-over-year. Voyager also reported a total backlog of $188.6 million, with a book-to-bill ratio of approximately 1.25, suggesting that new contracts continue to outpace revenue recognition.
The company reported a net loss of $16.3 million, or $0.28 per share, while on a non-GAAP basis, the adjusted loss stood at $12.9 million, or $0.22 per share. Adjusted EBITDA was reported at –$17.7 million, reflecting heavy investment in long-term projects such as the Starlab commercial space station.
Voyager ended the quarter with $413.3 million in cash and equivalents, providing total available liquidity of $613.3 million when combined with its undrawn revolving credit facility. The company remains free of long-term debt and continues to emphasize financial flexibility as a core strength.
Defense and National Security Segment
The Defense and National Security segment was Voyager’s strongest performer, recording $28.5 million in net sales, up $6.7 million from the prior year. This 31 percent increase was attributed to major progress on classified and open U.S. defense programs, including contributions to the Next Generation Interceptor project.
This segment has become a central pillar of Voyager’s growth strategy. The company has described its defense and security operations as being well aligned with U.S. strategic priorities, supported by a growing backlog that reached nearly $189 million by the end of the quarter.
Space Solutions Segment
Voyager’s Space Solutions division, which provides mission-enabling technologies such as propulsion systems, satellite software, and spacecraft engineering services, reported $11.7 million in revenue, a decrease of 41 percent compared to the same period in 2024.
The decline was largely expected, following the scheduled completion of a multi-year service contract with NASA. Although the end of this contract temporarily reduced revenue, Voyager emphasized its ongoing commitment to advancing its space infrastructure and systems engineering capabilities.
Starlab Space Station Program
The Starlab program, Voyager’s flagship commercial space station initiative developed in partnership with Airbus and supported by NASA funding, continued to make progress during the quarter.
Voyager achieved two additional NASA milestones in Q3, earning $4 million in milestone payments. This brings the total number of completed milestones to 27, with cumulative proceeds reaching $173.7 million since the project’s inception. The Starlab program is not expected to generate direct revenue in the near term but remains a cornerstone of Voyager’s long-term vision for commercial space operations and private orbital infrastructure.
Backlog and Contract Growth
Voyager’s total backlog at the end of the quarter stood at $188.6 million, of which $88.2 million was fully funded through signed contracts. A book-to-bill ratio of 1.25 indicates that Voyager secured new orders at a rate faster than its revenue recognition during the same period.
This expanding backlog provides visibility into future revenue, particularly in the defense sector, where multi-year contracts are common and government partnerships tend to yield sustained demand for mission-critical systems.
Investment and Innovation
Innovation and research spending continued to represent a significant portion of Voyager’s operating costs. Excluding Starlab, innovation spending equaled 19 percent of quarterly net sales; including Starlab, it represented 125 percent – reflecting the company’s ongoing commitment to long-term technology development.
During the quarter and subsequent period, Voyager made two notable acquisitions and additional strategic investments:
- Acquisition of ElectroMagnetic Systems, Inc., enhancing Voyager’s expertise in defense-grade electromagnetic and propulsion technologies.
- Acquisition of ExoTerra Resource, a propulsion and resource utilization company specializing in high-efficiency thrusters and small satellite systems.
- Minority investments in BridgeComm Technologies, focused on optical communication, and Latent AI, a company developing artificial intelligence solutions for space and defense systems.
These moves reinforce Voyager’s strategy to integrate advanced communications, autonomy, and propulsion technologies into its portfolio, supporting both defense contracts and space exploration infrastructure.
Liquidity and Financial Position
Voyager ended the quarter with $413.3 million in cash and cash equivalents, complemented by an additional $200 million in revolving credit capacity, resulting in total available liquidity of $613.3 million.
The company remains debt-free in terms of long-term borrowings or convertible notes. This balance sheet strength enables Voyager to pursue organic growth opportunities while maintaining the flexibility to engage in further acquisitions or partnerships without relying on external financing.
Outlook
Voyager reaffirmed its full-year 2025 revenue guidance at the upper end of its prior range, between $165 million and $170 million. Adjusted EBITDA is projected between –$63 million and –$60 million, consistent with prior expectations.
The outlook assumes continued contract momentum in defense, stable funding in the U.S. government’s Department of Defense budget, and successful integration of recent acquisitions. Voyager acknowledged potential risks related to budget timing, regulatory changes, and competition but expressed confidence in achieving long-term profitability as new projects mature.
Strategic Positioning
Voyager’s third-quarter performance illustrates a clear pivot toward national security and defense markets, where growth has been consistent and profitable. Although short-term headwinds exist in the Space Solutions division, these are offset by the company’s long-term investments in space infrastructure, including the Starlab initiative.
The acquisitions in propulsion and AI strengthen Voyager’s technology base and expand its ability to serve both government and commercial customers. With ample liquidity and no long-term debt, Voyager maintains the financial strength to invest aggressively while sustaining its innovation agenda.
Industry Context
The results position Voyager within a rapidly evolving space and defense ecosystem increasingly characterized by dual-use technologies. These technologies – applicable to both civilian and military domains – are reshaping how companies operate across the space economy.
Voyager’s integration of defense systems, commercial space ventures, and AI-driven solutions places it among a new generation of aerospace and defense companies bridging government missions with private-sector innovation. The company’s strategy aligns with broader trends toward commercialization of space and the growing role of private industry in national security capabilities.
Summary
Voyager Technologies’ third-quarter 2025 performance demonstrates steady growth in its defense operations and continued progress in its commercial space ambitions. While the company remains in a loss-making phase due to high levels of investment in innovation and infrastructure, its strong liquidity, expanding backlog, and strategic acquisitions position it for sustained long-term growth.
With the Starlab space station and a robust defense portfolio, Voyager is emerging as a hybrid aerospace entity bridging government and commercial frontiers. Its ability to maintain momentum through 2025 will depend on contract execution, cost management, and the broader trajectory of the defense and space markets.
Reference: Voyager Technologies
