VOYGNYSEGuided Missiles & Space Vehicles & PartsUS GAAP · USD

Voyager Technologies, Inc./TX

Voyager Technologies, Inc. is a U.S.-based defense and space technology company organized around three segments: Defense & National Security, Space Solutions, and Starlab Space Stations. The company develops mission-critical hardware, software, and engineering services for government, commercial, and international customers across defense systems, spacecraft subsystems, mission services, and commercial space infrastructure.

Revenue166m USD
+15.4 %y/y
Operating profit (EBIT)-108m USD
−124.0 %y/y
EBIT margin-65.2%
−31.6 ppy/y
Net income-105m USD
−68.9 %y/y
Free cash flow-206m USD
−90.0 %y/y

Fiscal year 2025 · change from previous year

Development 2023–2025

-200-1000100200m USD2023: 136 m USD2023: EBIT -14 m USD20232024: 144 m USD2024: EBIT -48 m USD20242025: 166 m USD2025: EBIT -108 m USD2025166-108
RevenueOperating profit (EBIT)

Business

Share of revenue
Defense & National Security solutions55 %

Mission-critical defense systems, communications, guidance, navigation, and signals intelligence.

Space Solutions hardware and services45 %

Spacecraft components, engineering services, mission management, and space science systems.

Starlab Space Stations0 %

Commercial space station development and related program funding through the Starlab joint venture.

Customers

Voyager sells primarily to the U.S. Government, including NASA and defense customers, through both prime and subcontractor roles. It also serves commercial and international space customers that need spacecraft hardware, mission services, and space infrastructure capabilities. Starlab is a long-duration program aimed at government-backed and commercial users of low-Earth orbit infrastructure.

U.S. Government and defense agencies

Buys defense systems, communications, guidance, navigation, and intelligence capabilities for mission programs.

NASA and civil space programs

Funds Starlab development and purchases space infrastructure, science systems, and mission services.

Commercial space operators

Buys spacecraft components, mission management, and space technology for orbital missions.

International space customers

Uses Voyager’s hardware and mission services for cross-border space programs and partnerships.

Strategy

Voyager is building integrated defense and space offerings that combine hardware, software, analytics, and mission services. A central priority is to deepen its role from component supplier to mission-enabling partner while advancing Starlab as a commercial successor to the ISS. The company also emphasizes acquisition integration and scaling manufacturing and engineering capabilities to support larger programs.

Build integrated mission solutionsShort term

Customers want partners that can deliver across the full mission lifecycle, not just parts.

Develop StarlabMedium term

Starlab is the company’s long-term commercial space infrastructure opportunity.

Scale operations and manufacturingMedium term

Larger programs require more production capacity, engineering depth, and program execution.

Geography

Q3/2026

Voyager is headquartered in the United States and generates most of its revenue from U.S. government customers. The company also serves commercial and international customers, giving it exposure to global space programs and cross-border partnerships. Its Starlab program is structured as a U.S.-led global joint venture with international equity partners.

United States97 %
Other countries (US filing)2.9 %

Share of the revenue the company reports by geography.

Risks

Voyager depends on government spending, long-cycle space programs, and successful execution of technically complex contracts, which can create volatility in demand and timing. It also faces cybersecurity, supply chain, and integration risks because its products and services rely on sensitive systems, third-party vendors, and acquired businesses. Starlab adds program-development risk because it must secure funding, meet milestones, and eventually transition from development to revenue generation.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Customer concentration in government programs1Program execution and technical delivery risk2Cybersecurity and data protection risk3Starlab development and funding risk4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Customer concentration in government programsImpact: HighLikelihood: Medium

    A large share of sales comes from the U.S. Government, making demand sensitive to budgets and procurement timing.

    Exposure: U.S. Government and NASA programs

  2. Program execution and technical delivery riskImpact: HighLikelihood: Medium

    Defense and space contracts require precise performance, schedule discipline, and integration across hardware and software.

    ExposureDefense systemsSpace missionsStarlab
  3. Cybersecurity and data protection riskImpact: HighLikelihood: Medium

    The company relies on IT systems, proprietary data, and third-party networks that can be disrupted or breached.

    ExposureInternal systemsVendorsAcquired businesses
  4. Starlab development and funding riskImpact: HighLikelihood: Medium

    The commercial space station is still under development and depends on milestone funding and future customer adoption.

    Exposure: NASA-funded development and JV execution

Accounting

Judgemental items
Revenue recognition on defense and space contracts

Different contract types recognize revenue differently and can shift results between periods.

Impact: Affects quarterly revenue timing and reported gross profit

Government grant accounting

NASA funding for Starlab is recorded as grant assistance rather than revenue.

Impact: Affects R&D expense and construction-in-progress presentation

Goodwill and acquired intangibles

Acquisitions create amortization and impairment risk if expected benefits change.

Impact: Affects operating expense and balance sheet carrying values

Valuation of financial instruments and equity securities

Fair value estimates can create non-cash gains or losses.

Impact: Affects other income and net earnings

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026