Voyager Reports Record Third Quarter 2026 Revenue, Bookings and Backlog
Voyager Technologies, Inc./TX (VOYG) filed an SEC Form 8-K — Results of Operations and Financial Condition. Voyager Reports Record Third Quarter 2026 Revenue, Bookings and Backlog Revenue increases 124% year-over-year and 68% sequentially; Raises full-year 2026 revenue guidance to $285 million–$305 million DENVER, November 2, 2026 /Business Wire/ -- Voyager Technologies, Inc. [NYSE: VO
How this was made
The 30-second read
Why it matters
The raised guidance provides a fresh catalyst that could drive the stock higher in the near term.
Market read
The earnings beat and raised guidance make Voyager a short‑term buying candidate, while signaling strength in the broader defense/space sector.
What to watch
Integration risk from the Astrobotic acquisition and margin compression from increased innovation spend.
Voyager Reports Record Third Quarter 2026 Revenue, Bookings and Backlog Revenue increases 124% year-over-year and 68% sequentially; Raises full-year 2026 revenue guidance to $285 million–$305 million
Record revenue, bookings and backlog, along with raised full-year revenue guidance, were offset by a wider net loss, lower gross margin and substantial operating and free-cash-flow use.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net sales, three months ended September 30, 2026 (in thousands)GAAP | $88.72M | 68% | 124.1 % |
| Net sales, nine months ended September 30, 2026 (in thousands)GAAP | $176.7M | – | 47.5 % |
| Cost of sales, three months ended September 30, 2026 (in thousands)GAAP | 78.48M | – | – |
| Cost of sales, nine months ended September 30, 2026 (in thousands)GAAP | 163.6M | – | – |
| Gross profit, three months ended September 30, 2026 (in thousands)GAAP | 10.23M | – | – |
| Gross profit, nine months ended September 30, 2026 (in thousands)GAAP | 13.14M | – | – |
| Gross margin, third quarter 2026GAAP | 11.5% | improved by 310 basis points | – |
| Selling, general, and administrative expense, three months ended September 30, 2026 (in thousands)GAAP | 47.85M | – | – |
| Selling, general, and administrative expense, nine months ended September 30, 2026 (in thousands)GAAP | 122.9M | – | – |
| Research and development expense, three months ended September 30, 2026 (in thousands)GAAP | 16.35M | – | – |
| Research and development expense, nine months ended September 30, 2026 (in thousands)GAAP | 31.19M | – | – |
| Amortization of acquired intangibles, three months ended September 30, 2026 (in thousands)GAAP | 7.94M | – | – |
| Amortization of acquired intangibles, nine months ended September 30, 2026 (in thousands)GAAP | 17.03M | – | – |
| Loss from operations, three months ended September 30, 2026 (in thousands)GAAP | −$61.90M | – | – |
| Loss from operations, nine months ended September 30, 2026 (in thousands)GAAP | −$158.0M | – | – |
| Net loss attributable to Voyager Technologies, Inc., three months ended September 30, 2026 (in thousands)GAAP | −$55.68M | – | – |
| Net loss attributable to Voyager Technologies, Inc., nine months ended September 30, 2026 (in thousands)GAAP | −$146.2M | – | – |
| Basic net loss per common share, three months ended September 30, 2026GAAP | $ (0.91) | – | – |
| Diluted net loss per common share, three months ended September 30, 2026GAAP | $ (0.91) | – | – |
| Basic net loss per common share, nine months ended September 30, 2026GAAP | $ (2.47) | – | – |
| Diluted net loss per common share, nine months ended September 30, 2026GAAP | $ (2.47) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026 (in thousands)non-GAAP | −$44.90M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026 (in thousands)non-GAAP | −$115.7M | – | – |
| Adjusted net loss attributable to common shareholders, three months ended September 30, 2026 (in thousands)non-GAAP | −$52.83M | – | – |
| Adjusted net loss per common share, three months ended September 30, 2026non-GAAP | $ (0.87) | – | – |
| Adjusted net loss attributable to common shareholders, nine months ended September 30, 2026 (in thousands)non-GAAP | −$129.6M | – | – |
| Adjusted net loss per common share, nine months ended September 30, 2026non-GAAP | $ (2.19) | – | – |
| Net cash used in operating activities, three months ended September 30, 2026 (in thousands)GAAP | −$29.70M | – | – |
| Net cash used in operating activities, nine months ended September 30, 2026 (in thousands)GAAP | −$113.7M | – | – |
| Free cash flow, three months ended September 30, 2026 (in thousands)non-GAAP | −$47.75M | – | – |
| Free cash flow, nine months ended September 30, 2026 (in thousands)non-GAAP | −$187.4M | – | – |
| Innovation spend, three months ended September 30, 2026 (in thousands)other | $43.78M | – | – |
| Innovation spend as a percentage of net sales, three months ended September 30, 2026other | 49.3 % | – | – |
| Innovation spend excluding Starlab Space Stations as a percentage of net sales, three months ended September 30, 2026other | 36.9 % | – | – |
| Innovation spend, nine months ended September 30, 2026 (in thousands)other | $150.9M | – | – |
| Innovation spend excluding Starlab Space Stations, nine months ended September 30, 2026 (in thousands)other | $78.56M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Defense and Space Technologies, three months ended September 30, 2026Increasing demand for defense and national security solutions and contributions from recent acquisitions. | $88.79M | – | 121.5 % |
| Starlab Space Stations, three months ended September 30, 2026Starlab had achieved 39 milestones and generated $212.5 million in cumulative milestone cash receipts since inception, including $1.5 million during the third quarter. | — | – | — |
| Defense and Space Technologies, nine months ended September 30, 2026Increasing demand for defense and national security solutions and contributions from recent acquisitions, partially offset by the wind-down of lower-margin space service contracts. | $178.1M | – | 46.5 % |
| Starlab Space Stations, nine months ended September 30, 2026The program has approximately $700 million in signed commercial reservations, up from approximately $500 million reported last quarter. | — | – | — |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
full-year 2026 outlook
- Revenue$285 million–$305 million
- Noteexpected year-over-year growth of approximately 72%–84%
What drove it
- Third-quarter bookings were $116 million, compared with $49 million in the third quarter of 2025, representing year-over-year growth of approximately 135%.
- Trailing twelve-month bookings reached $329 million.
- Backlog was $742 million, compared with $336 million at June 30, 2026, and $266 million at December 31, 2025.
- Backlog included $347 million added due to the Astrobotic acquisition.
- Voyager secured a $298 million NASA award through Astrobotic, expanding lunar backlog.
- Gross margin reflected investments in manufacturing capacity and strategic programs to support customer demand across defense, national security and space markets.
- Management cited the favorable impact of revenue growth driven operating leverage for the sequential gross-margin improvement.
- The Company announced an Anduril strategic partnership to deliver advanced defense technologies.
- Voyager was awarded multi-million dollar contracts for an agentic AI spectrum operations platform and multiple biopharmaceutical research mission management contracts to the International Space Station.
Concerns
- Gross margin was 11.5%, compared with 15.4% in the prior-year period.
- Loss from operations was $ (61,903) in the third quarter of 2026, compared with $ (24,043) in the prior-year period.
- Net loss attributable to Voyager Technologies, Inc. was $ (55,680) in the third quarter of 2026, compared with $ (16,273) in the prior-year period.
- Adjusted EBITDA was $ (44,899) in the third quarter of 2026, compared with $ (17,693) in the prior-year period.
- Free cash flow was $ (47,751) in the third quarter of 2026 and $ (187,374) for the nine months ended September 30, 2026.
- Innovation spend excluding Starlab Space Stations as a percentage of net sales was 36.9% in the third quarter of 2026, compared with 18.9% in the prior-year period.
- Convertible notes, net were $841.1 million, exceeding cash and cash equivalents of $553.6 million.
What to watch
- Execution against full-year 2026 revenue guidance of $285 million–$305 million.
- Conversion of the $742 million backlog and $329 million of trailing twelve-month bookings into revenue.
- Gross-margin recovery through manufacturing efficiency, program execution and operating leverage.
- The late-2026 Griffin-1 launch preparation milestone.
- Commercial LEO Destination Phase 2 submissions due in December 2026 and an award anticipated in spring 2027.
- Starlab commercialization progress, including approximately $700 million in signed commercial reservations.
Balance sheet and cash flow
- Cash and cash equivalents were $553.6 million at quarter-end.
- Total liquidity was $815.7 million, including $262.1 million of available revolver capacity.
- Convertible notes, net were $841.1 million.
- Cash and cash equivalents were $ 553,613 at September 30, 2026, compared with $ 491,329 at December 31, 2025.
- Total assets were $ 1,592,272 at September 30, 2026, compared with $ 1,050,454 at December 31, 2025.
- Total liabilities were $ 1,223,402 at September 30, 2026, compared with $ 620,921 at December 31, 2025.
- Total equity was $ 368,870 at September 30, 2026, compared with $ 429,533 at December 31, 2025.
- Purchases of property and equipment were $ (114,839) for the nine months ended September 30, 2026, compared with $ (96,562) in the prior-year period.
- Grant funding for property and equipment was $ 41,196 for the nine months ended September 30, 2026, compared with $ 41,850 in the prior-year period.
- Acquisitions, net of cash acquired were $ (121,596) for the nine months ended September 30, 2026, compared with $ (32,597) in the prior-year period.
- Net cash provided by financing activities was $ 371,289 for the nine months ended September 30, 2026, compared with $ 493,038 in the prior-year period.
- Proceeds from convertible notes were $ 402,500 for the nine months ended September 30, 2026.
- Purchase of capped call option was $ (52,526) for the nine months ended September 30, 2026.
Analysis
Voyager reported record third-quarter net sales of $ 88,715, up 124.1 % from $ 39,587 in the prior-year quarter. The release also stated that revenue increased 68% sequentially. Growth was concentrated in Defense and Space Technologies, where net sales were $ 88,790 and increased 121.5 %. Management attributed nine-month growth to increasing demand for defense and national security solutions and contributions from recent acquisitions, partially offset by the wind-down of lower-margin space service contracts.
Order activity and backlog were the central positive indicators. Third-quarter bookings were $116 million, compared with $49 million in the third quarter of 2025, while trailing twelve-month bookings reached $329 million. Backlog ended the quarter at $742 million, compared with $336 million at June 30, 2026 and $266 million at December 31, 2025. The backlog included $347 million from the Astrobotic acquisition, and the Company also cited a $298 million NASA award through Astrobotic.
Profitability remained under pressure despite the revenue acceleration. Gross profit rose to 10,231 from 6,090, but gross margin declined to 11.5% from 15.4% as the Company invested in manufacturing capacity and strategic programs. Gross margin improved by 310 basis points sequentially, which management attributed to operating leverage. Selling, general, and administrative expense, research and development expense, and amortization of acquired intangibles all increased from the prior-year quarter, and loss from operations widened to $ (61,903) from $ (24,043).
The bottom line and cash flow reflected continued growth investment and acquisition activity. Net loss attributable to Voyager Technologies, Inc. was $ (55,680), or $ (0.91) per diluted share, and Adjusted EBITDA was $ (44,899). Third-quarter free cash flow was $ (47,751), while nine-month free cash flow was $ (187,374). For the nine months, acquisitions, net of cash acquired were $ (121,596), purchases of property and equipment were $ (114,839), and grant funding for property and equipment was $ 41,196.
Liquidity was $815.7 million, including $553.6 million of cash and cash equivalents and $262.1 million of available revolver capacity. Convertible notes, net were $841.1 million. Management raised the lower end of full-year 2026 revenue guidance by $10 million to $285 million–$305 million, representing expected year-over-year growth of approximately 72%–84%. The revised outlook was linked to strong third-quarter performance, bookings momentum and visibility from backlog.
Management, verbatim
Voyager delivered another exceptional quarter, achieving record revenue, record bookings and record backlog, driven by accelerating demand for our technologies and exceptional execution. Our record backlog provides meaningful multi-year revenue visibility and raising our full-year guidance reflects this momentum.
Dylan Taylor, Chairman and CEO of Voyager Technologies
Voyager has emerged as a differentiated technology platform at the convergence of defense, national security and space, investing ahead of demand to scale the capabilities and capacity our customers need. Supported by a strong balance sheet, and growing customer commitments, we are well positioned to deliver sustained growth and substantial shareholder value.
Dylan Taylor, Chairman and CEO of Voyager Technologies
Not in the filing
stated, not guessed- Previous-release outlook was not provided; therefore, prior-guidance comparisons are unavailable.
- No gross-margin, operating-expense or tax-rate guidance was reported.
- No capital-return actions, including share repurchases or common dividends, were reported.
- No third-quarter or nine-month tax rate was reported.
- No prior-quarter absolute net-sales value was reported.
- No prior-quarter gross-margin percentage was reported.
- No prior-year or prior-quarter comparisons were reported for operating expenses, operating loss, net loss, EPS, Adjusted EBITDA, adjusted net loss per share, cash flow or balance-sheet metrics as percentage changes.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Voyager Technologies filed a Form 8‑K reporting its Q3 2026 results, including record financial metrics and a raised revenue outlook.
Ticker impact
Voyager Technologies reported record Q3 2026 revenue, bookings and backlog and raised full-year 2026 revenue guidance to $285M‑$305M.
likely upward pressure as investors price in higher revenue outlook
The company disclosed a 124% YoY revenue jump and increased its full-year guidance, providing fresh visibility and a catalyst for short‑term buying.
Market effects
Highlights growing demand in defense and space sectors, potentially benefiting peers.
U.S. space and defense equities may see modest upside.
Limited to niche aerospace and defense markets.
Counterpoint
The rapid revenue growth may be unsustainable; high cash burn could pressure margins.
Key entities
- companyVoyager Technologies, Inc.
U.S. listed space and defense technology firm.
