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) — factRev growth
-22.8% YoYQ1 FY26); +15% (FY25); FY26 guide raised to $230–255M (+38–53%) — factGross margin
-4.3%Q1 FY26, GP -$1.5M); 17.9% (FY25) — factOp margin
~-127%Q1 FY26, op loss -$44.6M); ~-65% (FY25) — factCapex intensity
Very high — consolidated FCF -$66.8M on $35.2M revenueQ1 FY26); capex/Starlab spend not broken out separately — fact/estimateMarket cap
~$1.8Bat $29.32, 25 Jun 2026; 59.26M shares) — factPrice · 1-year trend
real · weekly$34-18% 1yUSD
52-week range
$18 – $52
52w lowas of 2026-07-08 · Yahoo Finance52w high
Across the boards
The thesis on this name
opportunityWeak
Space / launch economics
Full context
position · avoidModerate
Space / launch economics
Full context
Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2026-03-10. The audited primary-source spine — not investment advice.
Revenue — annual (GAAP)
FY’25
$166M
Margins & balance sheet — FY’25
Operating margin-65.2%
Net margin-63.0%
Net cash$429M
The read
Where our coverage leans
Coverage leans bullish
Sign in to read the bull & bear take — Pro unlocks the full dossier.
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
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