VOYG·Space technology, missile defense, and commercial space stations

Voyager Technologies

ConvictionModerate

Government/defense cost-plus and fixed-price contract work plus space hardware/services, with a development-stage commercial space-station JV (Starlab) funded by NASA Space Act Agreements and partner capital. Revenue is backlog-driven program work, not recurring software.

Revenue

$35.2MQ1 FY26); $166.4M (FY25) — fact

Rev growth

-22.8% YoYQ1 FY26); +15% (FY25); FY26 guide raised to $230–255M (+38–53%) — fact

Gross margin

-4.3%Q1 FY26, GP -$1.5M); 17.9% (FY25) — fact

Op margin

~-127%Q1 FY26, op loss -$44.6M); ~-65% (FY25) — fact

Capex intensity

Very high — consolidated FCF -$66.8M on $35.2M revenueQ1 FY26); capex/Starlab spend not broken out separately — fact/estimate

Market cap

~$1.8Bat $29.32, 25 Jun 2026; 59.26M shares) — fact

Price · 1-year trend

real · weekly

$29-30% 1yUSD

52-week range

$20 – $50

52w lowas of 2026-06-25 · Yahoo Finance52w high

Across the boards

The thesis on this name

opportunityWeak

Space / launch economics

Full context

position · avoidModerate

Space / launch economics

Full context

The read

Where our coverage leans

Coverage leans bullish

Members only

Full financial intelligence for Voyager Technologies

Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.

Income statement & margin structure
SWOT, moats & dependency map
Supplier–customer ecosystem graph
Signals, trends & valuation range

See plans

Not investment advice — analyst work product for a qualified professional.· intel vintage Jun 2026· sign in (free) for the analyst summary; Pro unlocks full intelligence