second quarter 2026
Filed Aug 3, 2026Voyager Reports Record Second Quarter 2026 Financial Results
Record quarterly revenue, bookings and backlog, 51% sequential net-sales growth, and increased full-year revenue guidance were offset by a reported net loss, adjusted loss and negative Adjusted EBITDA driven primarily by Starlab scaling and growth investments.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net salesGAAP | $52.7 million | approximately 51% sequential growth | – |
| Quarterly bookingsother | $113.0 million | – | – |
| Book-to-Bill ratioother | 2.1x | – | – |
| Backlogother | $335.5 million | – | – |
| Innovation spend excluding Starlab as a percentage of net salesother | 55.1% of net sales | – | – |
| Consolidated innovation spend as a percentage of net salesother | 102.0% on a consolidated basis | – | – |
| Net lossGAAP | $(46.5) million | – | – |
| Loss per shareGAAP | $(0.79) per share | – | – |
| Adjusted lossnon-GAAP | $(41.0) million | – | – |
| Adjusted loss per sharenon-GAAP | $(0.70) per share | – | – |
| Adjusted EBITDAnon-GAAP | $(37.5) million | – | – |
full year 2026 outlook
- Revenue$275 million to $305 million
- Note66% to 84% year-over-year growth
What drove it
- Continued execution across defense and national security programs.
- Increasing contributions from recent acquisitions.
- Accelerated Golden Dome momentum with $84.3 million in awards across multiple customers, programs of record and technology platforms.
- Completion of the Astrobotic acquisition significantly expanded Voyager's integrated space infrastructure platform.
- The Company continued investing aggressively in innovation, manufacturing capacity, and strategic growth initiatives.
- Adjusted EBITDA was primarily driven by the scaling of Starlab and ongoing investments to support future growth.
Concerns
- The Company reported a net loss of $(46.5) million and a non-GAAP adjusted loss of $(41.0) million.
- Non-GAAP Adjusted EBITDA was $(37.5) million.
- Innovation spend was 55.1% of net sales, excluding Starlab, and 102.0% on a consolidated basis.
- The full-year outlook is subject to risks including the ability to efficiently and timely integrate acquisitions, obtain and retain contracts, changes in government spending, demand changes, competition, regulatory changes, and general economic and business conditions.
What to watch
- Conversion of the record $335.5 million backlog into future revenue growth and visibility into 2027.
- Execution on defense and national security programs and recent acquisitions.
- Integration of the Astrobotic acquisition.
- The pace of Starlab scaling and ongoing innovation, manufacturing-capacity and strategic-growth investments.
- Delivery against full-year 2026 revenue guidance of $275 million to $305 million.
Balance sheet and cash flow
- $373.4 million in cash and cash equivalents
- total liquidity of $585.5 million
- $212.1 million available capacity under our revolver
Analysis
Voyager reported record quarterly net sales of $52.7 million, with approximately 51% sequential growth compared with the first quarter. The company attributed the performance to continued execution across defense and national security programs and increasing contributions from recent acquisitions. The quarter also included completion of the Astrobotic acquisition, which Voyager said significantly expanded its integrated space infrastructure platform.
Demand indicators were notably strong. Quarterly bookings reached a record $113.0 million and produced a 2.1x Book-to-Bill ratio, while backlog rose to a record $335.5 million. Management cited accelerated Golden Dome momentum with $84.3 million in awards across multiple customers, programs of record and technology platforms, as well as an award for a next-generation Agentic AI spectrum dominance platform supporting autonomous mission systems.
The revenue and order growth came alongside significant investment and losses. Innovation spend was 55.1% of net sales excluding Starlab and 102.0% on a consolidated basis. Voyager reported a GAAP net loss of $(46.5) million, or $(0.79) per share, a non-GAAP adjusted loss of $(41.0) million, or $(0.70) per share, and non-GAAP Adjusted EBITDA of $(37.5) million. The company said Adjusted EBITDA was primarily driven by Starlab scaling and ongoing investments to support future growth.
Liquidity remains a key support for the investment posture. Voyager ended the quarter with $373.4 million in cash and cash equivalents and total liquidity of $585.5 million, including $212.1 million of available revolver capacity. Management said this position provides flexibility to fund strategic growth initiatives, support program execution and invest in innovation.
For full-year 2026, Voyager increased revenue guidance to $275 million to $305 million, representing 66% to 84% year-over-year growth. The raised outlook is supported by the new backlog record, but management specifically identified execution and integration risks, government-spending timing and amount, contract retention, demand, competition, regulatory conditions and broader economic and business conditions as factors that could affect results.
Management, verbatim
Voyager had a defining quarter — record revenue, record bookings and record backlog, the acquisition of Astrobotic Technology, and increased full-year guidance — reflecting exceptional execution against accelerating demand across defense modernization, national security and space.
Dylan Taylor, Chairman & CEO
The revenue performance demonstrates our ability to convert surging demand for purpose-built solutions into profitable growth. The bookings and backlog signal something more significant — a meaningful step-function change in our scale and market penetration.
Dylan Taylor, Chairman & CEO
Not in the filing
stated, not guessed- Prior-year net sales, prior-quarter net sales dollar amount, and net-sales year-over-year growth
- Segment revenue and segment-level comparisons
- GAAP gross profit, gross margin, operating expenses, operating income, and operating margin
- Non-GAAP gross margin, operating income, and operating margin
- Cash provided by or used in operating activities
- Free cash flow and capital expenditures
- Debt balance other than available revolver capacity
- Share repurchases, dividends, and other capital returns
- Full-year 2026 guidance for gross margin, operating expenses, tax rate, EPS, Adjusted EBITDA, free cash flow, bookings, or backlog
- Prior full-year guidance and comparison with actual results
- Prior-year and prior-quarter comparisons for bookings, backlog, losses, EPS, Adjusted EBITDA, innovation spend, cash, and liquidity
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.