보이저 테크놀로지스(VOYG) 2026년 3분기 실적 콘퍼런스 콜: 매출 가이던스 상향

핵심 요약

• 보이저 테크놀로지스는 2026년 3분기 수주액이 전년 동기 대비 135% 증가한 1억 1,600만 달러, 매출은 전년 동기 대비 124%, 전분기 대비 68% 증가한 8,900만 달러로 각각 사상 최고치를 기록했다고 발표했다.
• 수주 잔고는 7억 4,200만 달러로 사상 최고치를 기록했으며, 이는 전년 동기 대비 293%, 2분기 대비 121% 증가한 수치다. 이 총액에는 인수한 아스트로보틱의 수주 잔고 3억 4,700만 달러가 포함됐다.
• 3분기 총이익률은 11.5%로 310베이시스포인트(bp) 개선됐다. 보이저가 R&D, 생산 능력 및 전략적 역량에 대한 지출을 늘림에 따라 조정 EBITDA는 마이너스 4,500만 달러로 적자를 유지했다.
• 경영진은 2026년 연간 매출 전망치를 2억 8,500만~3억 500만 달러로 상향 조정했으며, 이는 올해 두 번째 상향 조정이다. 중간값인 2억 9,500만 달러는 2025년 대비 78% 성장을 의미한다.
• 아스트로보틱은 3분기 매출 중 3,100만 달러를 기여했다. 경영진은 이 사업부가 2027년에 1억 5,000만~2억 달러의 매출을 올릴 것으로 예상하는 한편, 보이저의 핵심 사업은 최소 25% 성장할 것으로 전망했다.
• 보이저는 9월 말 기준 5억 5,400만 달러의 현금과 2억 6,200만 달러의 이용 가능한 신용한도를 포함해 총 8억 1,600만 달러의 유동성을 보유하며 분기를 마감했다.

핵심 재무 데이터

사업 및 영업 실적

보이저의 3분기 수주액은 아스트로보틱이 아닌 기존 포트폴리오에서 거의 대부분 발생했다. 회사는 5개 플랫폼에 걸친 6개 첨단 국가 안보 및 국방 수주를 통해 6,200만 달러를 확보했다. 이 중 차세대 요격기(Next-Generation Interceptor) 프로그램과 관련된 수주는 없었으며, 이는 더 광범위한 프로그램 및 고객 다변화를 강조하는 경영진의 방침을 뒷받침한다.

안두릴과의 전략적 파트너십은 첨단 무기 및 추진 시스템에 초점을 맞춘 기존 6,000만 달러 규모의 계약을 기반으로 한다. 경영진은 이 파트너십을 통한 예상 매출액을 수치화하지는 않았으나, 더 큰 규모의 공동 파이프라인과 고율 생산을 향한 경로를 설명했다.

아스트로보틱은 보이저의 달 수송 포트폴리오와 계약 수주 잔고를 확장했다. NASA는 이 사업부에 2건의 추가 달 착륙선 임무를 위한 2억 9,800만 달러 규모의 작업 주문(task order)을 부여했다. 그리핀-1(Griffin-1) 준비 작업이 계속되었으며, 발사장으로의 수송이 다음 주요 이정표로 설정됐다. 보이저는 피츠버그 팀이 임무 수행에 집중할 수 있도록 12월로 예정됐던 인베스터 데이를 연기했다.

스타랩은 39개의 프로그램 이정표를 달성했으며, NASA 개발 지원금은 2억 1,800만 달러로 늘어났다. 서명 완료된 상업용 예약액은 지난 실적 발표 대비 40% 증가한 약 7억 달러를 기록했다. 보이저는 스타랩 합작법인 지분 61%를 소유하고 있다.

NASA의 상업용 저궤도 개발(Commercial LEO Destination) 2단계 제안서 제출 마감은 12월이며, 계약 선정은 2027년 봄에 이뤄질 것으로 예상된다. 경영진은 스타랩의 단일 발사 설계, 궤도 내 조립 불필요, 그리고 에어버스, 미쓰비시, 팔란티어, MDA와의 파트너십을 핵심 차별화 요소로 강조했다.

보이저는 스타랩을 제외하고 3분기 동안 혁신 분야에 3,300만 달러, 연초 대비 누적 7,900만 달러를 투자했다. 또한 보조금 지원금 1,400만 달러를 포함해 화약 및 군수품 시설과 인프라에 연초 대비 누적 4,100만 달러를 투자했다. 콜로라도주 푸에블로에 위치한 보이저 아메리칸 디펜스 컴플렉스는 가동 중이며, 2027년 초 초도 생산 제품이 나올 것으로 예상된다.

경영진 가이던스

보이저는 2026년 연간 매출 전망치를 2억 8,500만~3억 500만 달러로 상향 조정했다. 경영진은 중간값 기준으로 이는 2025년 대비 78% 성장을 나타낸다고 밝혔다.

회사는 이제 연간 총이익률이 10%대 초반을 기록할 것으로 예상하고 있다. 경영진은 매출 규모 확대, 프로그램 믹스 개선, 가동률 상승에 힘입어 4분기에 추가적인 전분기 대비 개선이 이뤄질 것으로 전망한다.

자체 자금 조달 R&D 지출은 2026년 매출의 10%대 중반 비중을 차지할 것으로 예상된다. 또한 보이저는 스타랩을 제외하고 완만한 판관비 레버리지 효과와 7,000만~8,000만 달러의 설비투자를 전망하고 있다.

2027년의 경우 경영진은 아스트로보틱의 매출을 1억 5,000만~2억 달러, 핵심 사업의 자체 매출 성장을 최소 25%로 예상하고 있다. 회사는 설비투자가 정상화됨에 따라 2027년 4분기 말 분기 기준 흑자 조정 EBITDA 달성을 지속 목표로 하고 있으며, 2028년에는 플러스 잉여현금흐름 전환을 목표로 하고 있다.

스타랩을 제외한 보이저의 장기적 성장 프레임워크는 변함이 없다. 2024년부터 2030년까지 연평균 복합 성장률 기준 25% 이상의 자체 매출 성장률, 30~35%의 총이익률, 10%대 중반의 조정 EBITDA 마진, 10%대 초반의 잉여현금흐름 마진이다.

경영진은 합작법인 차원에서 스타랩이 연간 40억 달러 이상의 매출과 15억 달러 이상의 연간 잉여현금흐름을 창출할 수 있는 잠재력에 대해 단기 가이던스가 아닌 장기적 기회 프레임워크라고 설명했다.

위험 요인 및 주시할 항목

보이저가 예상 수요에 앞서 선제적 투자를 집행함에 따라 조정 EBITDA는 적자를 유지했다. 생산 능력의 가동률 미달 또한 수익성에 부담을 주고 있어, 매출 전환과 시설 가동률이 수익성 전망의 중요한 요소로 떠오르고 있다.

수주 잔고의 매출 인식은 개별 프로그램 일정 및 고객 요구 사항에 따라 달라진다. 그리핀-1 임무, 아스트로보틱과의 통합, NASA의 스타랩 2단계 조달은 여전히 중요한 실행 및 시점 관련 이정표로 남아 있다.

경영진은 임시지출안 및 선거 환경과 관련된 정치 및 정부 자금 조달의 잠재적 불확실성을 인정했다. 경영진은 2026년 전망에 위험 조정을 반영했다고 밝혔으며, 주요 국가 안보 및 우주 프로그램이 초당적인 지지를 받고 있음을 강조했다.

스타랩은 여전히 상당한 개발, 자금 조달 및 실행 이정표가 필요하다. 이 합작법인은 개발 및 상업화 작업이 지속됨에 따라 3분기에 750만 달러의 EBITDA 손실을 기록했다.

애널리스트 Q&A 하이라이트

• 안두릴 파트너십: 경영진은 이번 관계가 기존 계약을 넘어 공동 개발 및 향후 고율 생산을 향해 나아가고 있다고 밝혔다. 보이저는 롱비치에 위치한 안두릴과의 인접성과 파트너의 개발 속도에 맞출 수 있는 역량을 강점으로 꼽았다.
• 그리핀-1: 성공적인 임무 수행은 달 남극에 대형 탑재체를 운송하고 향후 기술 실증 및 달 인프라 기회를 지원할 수 있는 보이저의 역량을 입증할 것이다.
• 아스트로보틱 전망: 3분기 매출 3,100만 달러는 보이저의 당초 예상을 거의 두 배 상회한 수준이었으나, 경영진은 이 결과의 일부를 시점 차이 때문으로 설명했다. 경영진은 2026년 하반기 아스트로보틱으로부터 4,000만~5,000만 달러의 매출이 발생할 것으로 여전히 예상하고 있다.
• 수익성 달성 경로: 총이익률 확대, 자체 자금 조달 R&D의 정상화, 판관비(SG&A) 절감이 2027년 4분기 말 분기 기준 흑자 조정 EBITDA 달성을 뒷받침할 것으로 예상된다. 경영진은 또한 백오피스 생산성 향상을 위해 인공지능(AI)을 활용할 계획이다.
• M&A: 보이저는 인수 파이프라인이 여전히 견조하다고 밝혔다. 경영진은 금리 인상이 비상장 기업의 자금 조달을 압박해 더 유리한 밸류에이션을 형성할 수 있을 것으로 예상하면서도, 임박한 대규모 거래는 없다고 덧붙였다.
• 매출 다변화: 경영진은 추진 및 제어 시스템, 달 인프라 역량, 에이전틱 AI를 여러 프로그램과 고객 전반에 걸쳐 강력한 수요가 발생하고 있는 분야로 지목했다.

실적 발표 컨퍼런스 콜 녹취록 전문

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전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Welcome to the Voyager Technologies Third Quarter 2026 Financial Results Conference Call. [Operator Instructions]

I would now like to turn the call over to your first speaker today, Patrick Yarborough, Head of Investor Relations. Mr. Yarborough, the floor is yours.

Patrick Yarborough

Thank you, operator, and good morning, everyone. I'm joined today by Dylan Taylor, our Chairman and Chief Executive Officer; and Phil de Sousa, our Chief Financial Officer.

Today's call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including the Risk Factors section of our annual report on Form 10-K. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures. A reconciliation of these measures is available in our earnings materials on our website.

One quick note before I hand it over to Dylan to kick off the call. With the launch time line of our lunar lander Griffin-1, which plays a critical role in NASA's Moon Base, we're postponing our December Investor Day. This allows our team in Pittsburgh to stay focused on mission execution, and we give Investor Day the attention it deserves at a later date. We'll share the new date as soon as we're able.

I will now turn it over to Dylan to begin with Slide 3.

Dylan Taylor

Thank you, Patrick, and good morning, everyone. Voyager delivered an exceptional third quarter once again, achieving record bookings, record revenue and record backlog while advancing the strategic priorities we established for 2026. Importantly, these results demonstrate more than strong quarterly performance. They reflect the increasing scale of our business, the strength of our market position and a business model that is working as intended, translating our technology investments, expanding customer relationships and program execution into accelerating growth.

We generated record bookings of $116 million, an increase of 135% year-over-year, including $62 million of advanced national security and defense awards. Notably, nearly all of these bookings were generated by our existing Voyager core business, excluding Astrobotic, underscoring the strength of our organic growth engine and the significant opportunity across our established businesses.

Revenue reached a record $89 million, increasing 124% year-over-year and 68% sequentially. This acceleration reflects growing activity across our existing programs, complemented by the initial contributions from Astrobotic, which Phil will discuss in greater detail.

We also ended the quarter with record backlog of $742 million, nearly 4x the level a year ago. This expanding contracted program base provides greater visibility into future revenue and reinforces our confidence in the strength and sustainability of our growth trajectory heading into 2027.

I want to recognize the tremendous commitment and execution of our team for these outstanding results.

Beyond our financial performance, we continue to advance important strategic milestones aligned with our 2026 objectives. Preparations for the Griffin-1 lunar mission continue to progress, while NASA's release of a Commercial LEO Destination Phase 2 RFP represents another important step towards Starlab's next phase of development and commercialization with an award anticipated in spring 2027. These milestones reflect continued momentum in building our capabilities and positioning Voyager to capture significant opportunities across the defense and space markets.

Our financial position has also never been stronger. We ended September with $816 million of total liquidity, providing substantial financial flexibility to execute our existing programs, support organic growth and pursue disciplined strategic investments that create long-term shareholder value.

With our strong third quarter performance and increased visibility into the remainder of the year, we are raising our full year 2026 revenue guidance to $285 million to $305 million. Phil will provide additional details on our financial performance and updated outlook later in the call.

The most important takeaway from this quarter is that Voyager is executing on the strategy we have consistently communicated. Our ability to develop differentiated technologies, deploy them across multiple programs and customers and expand our participation as those programs scale is translating into meaningful financial results.

We are seeing that model work across the company, driving stronger bookings, accelerating revenue growth and building a substantially larger foundation of contracted business. The strength of Q3 reflects continued execution against our 2026 priorities while reinforcing our confidence in Voyager's long-term growth strategy and the opportunities ahead. With that context, I'll share the strategic process behind these results and how we are positioning Voyager for continued success.

Turning to Slide 4. I want to highlight several important wins that demonstrate how our strategy is translating into meaningful growth, broader market participation and an expanding base of contracted business. As I mentioned, our record $116 million in third quarter bookings came almost entirely from Voyager's existing lines of business, excluding Astrobotic. This is an important validation of the strength of our organic growth engine and our ability to leverage existing capabilities to capture new opportunities.

Importantly, we announced a strategic partnership with Anduril focused on advanced weapons and propulsion. This partnership will build on the $60 million of existing contracts the 2 companies have already collaborated on and establishes a robust shared pipeline of additional programs for both companies to pursue together. This relationship extends beyond the initial contract awards, establishing a defined pathway toward high-rate production and positioning Voyager as a key technology and manufacturing partner supporting next-generation defense capabilities.

We also secured $62 million in advanced national security and defense awards, spanning 6 awards across 5 different platforms. What makes these awards particularly significant is that none were associated with the next-generation Interceptor or NGI program. While NGI remains an important program for Voyager and a foundation of our technology heritage, a central element of our strategy has been to take the differentiated technologies and capabilities developed through programs like NGI and deploy them across a broader range of platforms, missions and customers.

These awards are tangible evidence of that strategy working. We are expanding beyond individual programs, diversifying our customer and platform exposure and creating multiple avenues of sustained growth as these programs mature and scale.

Turning to Astrobotic. Our acquisition has meaningfully expanded Voyager's capabilities and contracted position in the emerging lunar economy. As previously announced, NASA awarded Astrobotic a $298 million task order for 2 additional lunar lander missions. Together with Griffin-1, this establishes a substantial contracted foundation in lunar delivery and positions Voyager to participate in the development of future lunar infrastructure.

Our focus is now on executing these contracted missions, successfully integrating Astrobotic's capabilities and leveraging the combined portfolio to pursue additional opportunities as commercial and government activity expands around the moon.

We're also seeing encouraging developments across our commercial space and advanced technology platforms. We secured 2 additional ISS-based drug screening campaigns for pharmaceutical and biotechnology customers with launches expected in mid- to late 2027. These awards reinforce the growing commercial value of microgravity research and provide further evidence of the types of customer demand we expect to support through Starlab.

And across our advanced technology portfolio, we continue to expand our agentic AI operations platform, delivering end-to-end autonomy for mission planning through data exploitation. This capability represents another example of how we are positioning Voyager at the intersection of increasingly autonomous defense and space operations.

The common thread across all these wins is the scalability of Voyager's business model. We're leveraging technologies and capabilities developed through established programs to expand into new platforms, deepen customer relationships and capture opportunities across a growing set of markets that is central to our strategy and increasingly evident in our financial performance.

Turning to Slide 5. I want to connect the strong results we've had, delivered this quarter, to our 4 strategic priorities we established at the beginning of the year. These priorities were designed to position Voyager for sustained growth by expanding our market opportunities, advancing our differentiated capabilities and investing in the infrastructure and technologies needed to support an increasingly diversified customer and program base.

First, accelerating growth. Our focus has been on expanding our customer relationships, increasing our participation across priority defense and space programs and leveraging our existing technologies across additional platforms and applications. We are also pursuing disciplined strategic acquisitions that complement our organic growth and strengthen our competitive position.

Second, advancing Starlab. We continue to progress toward the next generation of commercial space infrastructure with a focus on technical development, expanding commercial demand and positioning the program for NASA's next major procurement decision.

Third, expanding production capacity. We are investing in critical domestic manufacturing capabilities, particularly energetics and munitions, where structural supply constraints and growing customer demand create significant opportunities for Voyager.

And fourth, investing in innovation. We continue to develop differentiated technologies aligned with emerging customer requirements, enabling us to address new mission needs expanding our capabilities and strengthening our competitive position.

These 4 priorities are closely connected and mutually reinforcing. Our technology investments create differentiated capabilities. Our expanding customer relationships translate those capabilities into new programs and our capacity investments position us to support those programs as they scale. I'm very pleased with the progress we have made across these priorities and today's results are tangible proof of execution.

Turning to Slide 6. Our year-to-date performance demonstrates the significant momentum we are building across the business and importantly, how our growth strategy is translating into measurable financial results.

Through the first 9 months of 2026, bookings reached $274 million, an increase of 130% year-over-year. This performance reflects expanding customer relationships, broader participation across defense and space programs and increasing demand for our differentiated technologies.

Net sales reached $177 million year-to-date, up 48% from the prior year. As we discussed earlier, revenue growth accelerated significantly during the third quarter, reflecting both increased activity across the existing programs and contributions from our expanded portfolio.

And perhaps most importantly, backlog reached a record $742 million, an increase of 293% year-over-year. This represents a substantial expansion of our contracted program base and provides significantly greater visibility into future revenue as we enter 2027.

What is particularly encouraging is the increasing diversification of our growth. Our year-to-date bookings have been supported by demand for propulsion and control technologies, agentic AI capabilities and expanding relationships with existing customers. The $150 million of advanced national security and defense awards we have received throughout the year further demonstrates our ability to translate established capabilities into new program opportunities. This is exactly how we intend our business model to scale.

And while bookings and revenue will naturally fluctuate based on the timing of individual awards and program execution, the broader trend is clear: Voyager is building a larger, more diversified business, supported by accelerating revenue growth and a substantially expanded base of contracted opportunities. That provides a strong foundation as we look towards 2027 and continue executing against our longer-term growth objectives.

Turning to Slide 7. Starlab represents one of Voyager's most significant long-term strategic opportunities and a potential source of transformational value creation beyond our core growth framework. Our vision is to establish Starlab as the leading next-generation commercial space station, serving government, sovereign and commercial customers as the industry transitions beyond the International Space Station.

We continue to make progress across the technical and commercial dimensions of the program. To date, we have achieved 39 program milestones, expanded our NASA development award to $218 million and secured approximately $700 million in signed commercial reservations, up 40% from the $500 million in reservations as of our last earnings call.

This growing commercial commitment is particularly important. It provides tangible evidence of customers' demand for the research, manufacturing and other capabilities that Starlab is being designed to support, extending well beyond NASA's requirements.

The next major catalyst is NASA's Commercial LEO Destination Phase 2 procurement. NASA released the final request for proposal in October with submissions due in December and an award anticipated in the spring of 2027. This establishes a more defined path towards the next major selection milestone and represents an important step in the transition from the current development phase towards the next stage of the program.

From a financial perspective, we believe Starlab has the potential to establish a differentiated infrastructure-oriented business with long-duration customer relationships and attractive recurring revenue characteristics. As illustrated on the slide, our long-term framework contemplates more than $4 billion in annual revenue and $1.5 billion in annual free cash flow at the Starlab level. These figures represent a long-term opportunity framework rather than near-term financial guidance, but they do demonstrate the potential scale and significance of the business.

Importantly, Voyager maintains a 61% ownership interest in the Starlab joint venture, providing meaningful participation in the potential long-term value creation. While substantial development, funding and execution milestones remain, we are encouraged by the progress to date, growing commercial demand and the clear path towards NASA's next procurement decision.

We believe Starlab represents a distinctive opportunity to participate in the development of a new commercial infrastructure market with the potential to create substantial long-term value for Voyager and its shareholders.

Turning to Slide 8. Our third strategic priority is expanding production capacity to support growing customer demand, particularly in energetics and munitions. Across the defense industrial base, demand for critical propulsion and energetics capabilities continues to outpace available domestic production capacity. We see this as both a strategic national security requirement and a significant long-term growth opportunity for Voyager.

Our investments are focused on expanding domestic manufacturing capabilities, addressing supply constraints and positioning Voyager to support customers as programs transition from development into higher rate production. A key example is the Voyager American Defense Complex in Pueblo, Colorado, which is now operational with initial production units expected in early 2027. This facility represents an important step in expanding our domestic manufacturing footprint and strengthening our ability to support the growing demand for energetics and munitions.

Through the first 9 months of 2026, we invested $41 million in facility and infrastructure for energetics and munitions, including $14 million supported by grant funding. These investments reflect our commitment to building the capacity required to support the programs we are winning and the opportunities we see developing across the market.

Importantly, our approach is to align capacity expansion with customer demand in anticipated production requirements, supporting a disciplined transition from technology development and a program award to scaled manufacturing. As these programs mature, we believe our expanded capacity will strengthen our competitive position, support additional customer opportunities and create a foundation for sustained revenue growth. The objective is a straightforward one: ensure Voyager has the manufacturing capabilities and production capacity to deliver as customer demand accelerates.

Turning to Slide 9. Our fourth priority is continued investment in differentiated technologies that address critical customer requirements and position Voyager for the next generation of defense and space programs. Innovation has been central to Voyager's strategy from the beginning, and we believe it remains one of the most important competitive advantages.

In the third quarter, we spent $33 million on innovation, bringing the year-to-date innovation spend to $79 million. This spend represents investments funded internally and by customers, excluding Starlab. Our approach is to develop differentiated technologies ahead of anticipated customer demand, building reusable systems and capabilities that can be deployed across multiple programs, platforms and mission requirements.

Rather than waiting for a formal solicitation to begin developing a solution, we seek to anticipate where customer requirements are heading and have proven capabilities ready when those opportunities emerge. This approach can shorten development time lines, reduce technical risk and strengthen our competitive position as customers move towards program selection and execution.

The case study highlighted here provides a compelling example. Our team progressed from clean sheet design to a successful hot fire test in approximately 200 days. That achievement reflects not just technical innovation, but the effectiveness of an operating model built around speed, accountability and disciplined execution.

By streamlining decision-making, maintaining rigorous technical standards, working collaboratively with our supply base and leveraging proven components, we were able to significantly accelerate development without compromising mission-critical requirements.

That combination of innovation and execution is what differentiates Voyager. We are building capabilities with clear applications across emerging customer requirements, positioning ourselves to win new programs and expand our participation as those programs scale. And when we bring together our innovation investments, expanding production capacity and growing customer relationships, we believe we are creating a powerful foundation for sustainable long-term growth.

The progress across all 4 of our priorities demonstrates the strength of our strategy and the effectiveness of our execution. We are expanding our market positions, advancing transformational opportunities like Starlab, building the capacity to support future demand and developing the technologies that will drive our next phase of growth.

In line with our focus on expanding customer relationships and positioning Voyager for continued growth, I'm very happy to announce the appointment of General B. Chance Saltzman as Chairman of Voyager's Board of Advisors. General Saltzman will provide strategic counsel across our space and defense efforts, bringing valuable perspective on evolving customer requirements and the broader threat environment.

Our performance demonstrates that Voyager's strategy is working. We are converting differentiated technologies into new program wins, translating those wins into accelerating revenue growth and investing in the capabilities and capacity required to support a substantially larger business. That is the foundation we are building for 2027 and beyond.

And with that, I'll turn the call over to Phil to review our financial results and updated outlook in greater detail. Over to you, Phil.

Filipe de Sousa

Thank you, Dylan, and good morning, everyone. Turning to Slide 10. I'll begin with a few overarching observations on our third quarter performance before walking through the details.

After setting record growth, including bookings, revenue and backlog last quarter, the Voyager team set a new bar with record bookings of $116 million, record revenue of $89 million and record backlog of $742 million, all reflecting accelerating demand, strong execution and increasing scale of our business. Importantly, our performance reflects early operating leverage as revenue grows with sequential gross margin improvement even as we continue to invest meaningfully in our production capacities.

With that context, let's turn to Slide 11. I'll walk through the financial results in more details. Third quarter bookings increased 135% year-over-year, driven by strong demand for propulsion and control technologies, classified agentic AI capabilities and expanding relationships with existing customers. Revenue increased 124% year-over-year, up 68% sequentially from last quarter. This reflects growth in defense and national security solutions as well as a $31 million of revenue attributable to recently acquired Astrobotic.

These results are particularly encouraging because they reflect growth across an increasingly diversified program base rather than dependent on any one award or customer.

Turning to profitability. We delivered a 310 basis point improvement in gross margin, reflecting operating leverage from higher revenue and favorable mix, including contributions from new advanced national security and defense programs. Consolidated adjusted EBITDA was a loss of $45 million, reflecting increased investment in internally funded research and development, continued investment in production capacity and strategic capabilities that are essential to supporting our accelerating growth.

Turning to Slide 12. Through the first 9 months of 2026, bookings reached $274 million, up 131% year-over-year, and contributing to our record backlog of $742 million at quarter end. I will provide more detail on our backlog on the next slide. But first, year-to-date revenue of $178 million is up 46% year-over-year, and this reflects growth across a diverse set of defense and space programs and contributions from M&A.

Year-to-date, consolidated adjusted EBITDA was a loss of $116 million, reflecting our increased investment in innovation, production capacity and strategic programs. I will emphasize that these investments are deliberate and support future customer requirements and the significant growth opportunities we see across our markets.

Our financial priorities here remain clear: sustain strong revenue growth, improve gross margins as programs mature and maintain disciplined operating investment as we progress toward our longer-term profitability objectives.

Turning to Slide 13. I want to spend a little bit more time on bookings and backlog because both the scale and composition of our contracted business are important indicators of our growth trajectory. Third quarter bookings reached a record $116 million. This represents our second consecutive quarter with bookings exceeding $100 million, bringing trailing 12-month bookings to $329 million, excluding Astrobotic.

As Dylan highlighted earlier, nearly all of our third quarter bookings were generated by the existing Voyager portfolio. This continued organic bookings momentum is particularly important as we expand our participation across priority defense and space programs.

We ended September with a record $742 million in backlog, an increase of 121% sequentially from our backlog at the end of the second quarter. Notably, the increase includes $347 million of acquired backlog from Astrobotic as well as continued strength across the portfolio. This distinction is important. Even excluding the acquisition, our underlying business continued to expand its contracted base while simultaneously delivering substantial revenue growth.

While the timing of revenue recognition will depend on individual program schedules and customer requirements, this larger contracted base provides greater visibility into future program activity and supports our confidence in continued growth.

The key takeaway is that Voyager is not simply adding revenue through M&A. We are generating strong organic bookings, expanding our contracted program base and positioning the business for accelerating growth into 2027 and beyond.

Turning to Slide 14. I'll briefly review Starlab's financial and commercial progress. During the third quarter, Starlab received approximately $2 million in NASA milestone funding, bringing cumulative milestone cash receipts to $213 million since program inception. Commercial demand also continues to strengthen with signed reservations of approximately $700 million, an increase of approximately 40% from the $500 million in reservations as of the last earnings call.

Importantly, these reservations represent a clear indicator of customer demand and provide further validation of the commercial opportunity beyond NASA's government requirements. Looking ahead, NASA's release of the final Commercial LEO Destination's Phase 2 RFP represents a significant next step with proposals due in December and award anticipated in spring of 2027.

A reminder, from a financial perspective, Starlab generated a modest EBITDA loss of $7.5 million in the third quarter, reflecting the continued development and commercialization activities necessary to advance the program towards its next phase. As a reminder, once operational, Starlab is expected to deliver transformational growth and cash flow, which will drive significant value for our shareholders.

Today, our focus remains on disciplined program execution, continued commercial development and positioning Starlab for the next phase of NASA's procurement process.

Turning to Slide 15. We ended September with total liquidity of $816 million, including $554 million in cash and $262 million of available credit capacity. Voyager's financial position remains a significant strategic advantage, providing the flexibility to execute our growth strategy while maintaining a disciplined approach to capital allocation.

That said, our capital allocation strategy remains focused on 2 priorities. First, organic growth investments, including differentiated technologies, production capacity and strategic capabilities that support customer demand and offer attractive long-term returns. Second, disciplined and accretive M&A, targeting businesses that complement our existing capabilities, expand our addressable markets and strengthen our competitive position. Astrobotic is a recent example of this approach, adding differentiated lunar capabilities and a substantial contracted backlog position.

As we evaluate future investments, we will maintain our focus on strategic alignment, financial returns and long-term shareholder value creation. With $816 million of total liquidity, we believe Voyager is well positioned to execute our existing programs, support our growth investments and pursue strategic opportunities without compromising financial discipline.

Turning to Slide 16, I'll conclude with our updated 2026 outlook. Based on our strong performance through the third quarter and increased visibility into the remainder of the year, we are increasing our revenue guidance to a range of $285 million to $305 million for the year. At the midpoint, this represents 78% revenue growth over 2025, reflecting the significant acceleration we've achieved across the business. Importantly, this is our second upward revision to revenue guidance this year, reinforcing the momentum in our underlying business and increasing confidence in our execution.

From a profitability perspective, we now expect full year gross margins in the low double digits. This reflecting the investments we are making to support growth and the impact of under-absorption as we build production capacity ahead of demand. As discussed earlier, we have seen meaningful sequential improvement in gross margins throughout 2026. As a reminder, we are progressing from negative 4.4% in the first quarter to 8.5% in the second quarter and now 11.5% in the third quarter. We expect progression to continue into the fourth quarter, supported by increasing revenue scale, improving program mix and higher utilization.

For the full year, we now expect internally funded research and development in the mid-teens as a percentage of revenue, reflecting our commitment to differentiated technologies and future program opportunities. We also expect modest SG&A leverage as revenue scales, together with $70 million to $80 million of capital expenditures, excluding Starlab, primarily supporting the production capacity investments.

Looking beyond this year, our long-term financial framework remains unchanged. We continue to target organic revenue growth exceeding 25% annually on a compounded basis from 2024 through 2030, supplemented by disciplined strategic acquisitions. As the business scales, our target financial model calls for gross margins of 30% to 35%, adjusted EBITDA margins in the mid-teens and free cash flow margins in the low teens, excluding Starlab. These objectives are supported by the operating leverage we expect from a larger revenue base, increasing program maturity, improved manufacturing utilization and, of course, disciplined cost management.

As Dylan discussed, Starlab represents a distinct source of potential long-term value creation well beyond this core financial framework with an opportunity for more than $4 billion in annual revenue and $1.5 billion in annual free cash flow at the joint venture level. We are generating significant organic growth, expanding our contracted revenue base and beginning to demonstrate the operating leverage inherent in our business model. Importantly, we are achieving this while continuing to invest in the technologies, production capacity and strategic capabilities required to support a substantially larger business.

Our focus going forward is on converting this accelerating growth into sustained margin expansion, improved profitability and ultimately, positive free cash flow. With our strengthened balance sheet, growing backlog and expanding market opportunities, we believe Voyager is well positioned to deliver against these objectives and create meaningful long-term shareholder value.

And with that, I'll turn the call back over to Dylan.

Dylan Taylor

Thanks, Phil. Before we open the line for questions, I'd like to leave you with a few closing thoughts. Voyager's third quarter performance reinforces our confidence in both our strategy and the strength of our underlying business. We delivered record bookings, record revenue and record backlog, supported by accelerating organic growth, expanding customer relationships and increasing demand for our differentiated technologies.

Importantly, these results demonstrate that our business model is working. We are successfully leveraging our technology investments and established capabilities to expand across new programs, platforms and customers, translating those opportunities into meaningful financial growth.

At the same time, we continue to make significant progress against our strategic priorities: expanding production capacity, investing in innovation, advancing Starlab and maintaining the financial flexibility to support our growth ambitions.

As we look towards 2027, Voyager is entering its next phase of growth from a position of increasing strength. We have a substantially larger contracted backlog, a more diversified portfolio of programs and capabilities and a strong balance sheet supporting our ability to execute. Our focus remains on converting that momentum into sustained revenue growth, improving profitability and long-term shareholder value creation.

I want to thank our employees for their exceptional execution, our customers for their continued trust and our shareholders for their ongoing support.

With that, operator, let's open it up to questions.

Operator

[Operator Instructions] The first question is going to come from the line of Sheila Kahyaoglu with Jefferies.

질의응답

Sheila Kahyaoglu

Maybe first on Anduril. You announced that partnership at the end of September. You had $60 million of contracted work to support SRMs at that point. Can you just talk about how that partnership expands in that framework as you think about 2027 revenues and opens up the aperture for programs for you guys?

Dylan Taylor

Yes. Well, thanks, Sheila. Great question. We're really encouraged by the relationship with Anduril. As you mentioned, it's really built on the $60 million contracted relationship that we had. Think of this as really co-development, Sheila. We're really -- as you'll recall, and I know, I believe, you visited our facility in Long Beach, we're essentially co-located with Anduril on Space Beach there.

And so we've really demonstrated to them that we can move at the speed and agility that they require in a partner, and that's really what's opened the aperture, as you mentioned, in terms of expanding that relationship. So we're really at the confluence of technology that Anduril needs for critical programs they're developing, having the ability to work and co-develop with them and keep at their pace. Of course, the geographical co-location helps a lot as well. And ultimately, our technology is working for them.

So we really see this as a relationship that is just beginning, and the upside is really very, very substantial. As you know, they're getting a lot of traction in a lot of different directions on a lot of different programs. We can probably be more specific in the near future on some of these additional programs we're collaborating with them on. But suffice it to say, we see a massive growth opportunity with that relationship. And they don't do a lot of joint partnership announcements, especially quoting Palmer and things like that. So I think the fact that we were able to do that together, I think, is also indicative of the strength of the relationship as well.

Sheila Kahyaoglu

That's great to hear. And if I could ask one more on Griffin as it marches towards launch later this year, can you maybe help frame up what a successful mission unlocks beyond just the missions already under contract and where you're seeing the bigger opportunities there over the next few years?

Dylan Taylor

Yes. Thanks, Sheila. Yes, Griffin-1 is super exciting mission, of course. It will be the largest lunar lander sent to the surface of the moon since Apollo, really. So there's a lot that will be demonstrated on that mission. There's 10 separate payloads, a large lunar rover, of course, lunar power demonstration, lunar comms. We have our own CubeRover on there.

So I think it really sets up us to demonstrate the maturity of our technology, our ability to execute on a mission that's quite difficult. Just a reminder, we're landing at the lunar South Pole for those of you who don't know. So that's exciting. That will demonstrate the ability to get mass to a very critical geography on the moon as well.

So I think it's really going to set us up, I think, for additional technology demonstrations, both our technology and the technology of our customers, and also demonstrate our ability to be successful on a mission that is really, really, really important to our customer and frankly, really important to our country. So we're super excited about it.

Obviously, we're putting the finishing touches on the lander. Really the next milestone to look for there, and we'll keep everyone updated, is getting Griffin shipped to the cape. So we're working hard to make that happen in the near term and then a launch soon thereafter. So we're super excited about that mission.

Operator

Your next question comes from the line of Michael Leshock with KeyBanc Capital Markets.

Michael Leshock

I wanted to ask on Starlab with NASA's Phase 2 RFP now released. How do you see the solicitation aligning with your core strengths? And what requirements do you think give you a competitive advantage or are differentiators for Starlab?

Dylan Taylor

Yes. Great question, Mike. So the RFP is out, of course. We feel very good about our position on that one. There's a few things I would highlight. One is, of course, based upon our design, our design is going to be the fastest to full capability. And if you look at what the customer is actually asking for, they're not looking for a buildup strategy, they're looking for full capability. That's ultimately what they want. And our approach gets there the quickest.

It's also, in our view, the lowest risk approach. We're using proven hardware. It's single launch to orbit. There's not on-orbit assembly with our design as there are with other competing proposals. So I think that's another very important strength of our approach that differentiates us. Also the team we've assembled, just a reminder, for those of you who not tracking this, we've got the strongest group of partners. We've got Airbus, Mitsubishi, Palantir, MDA, literally leaders in all their different areas. So I think that's another key differentiator.

We're demonstrating tremendous traction in market uptake as well. We've demonstrated lots of demand, $700 million, as we talked about, in signed reservation, which is really pretty outstanding, especially compared to what we think our competitors have been able to do.

So I think if you put all those together, proven team, operational day 1, single launch to orbit, proven technology, all of those things, I think, bode very well for our approach and ultimately, our ability to compete and win Phase 2 of the RFP.

Michael Leshock

Great. And then shifting to CLPS, could you talk about how Astrobotic is positioned for the CLPS 2.0 program, which could potentially have an announcement in the coming days from NASA? Do you have a sense of how big the initial awards could be or where you stand versus peers? Just trying to size how big of an opportunity CLPS 2.0 could be for you?

Dylan Taylor

Yes. Great thought. We're super bullish about CLPS 2.0. A couple of things. One is, as the administrator has said, this is a huge priority for not only NASA, but for the country. So we know there are going to be multiple lunar lander awards in the future, CLPS 2.0 is front and center. As you said, we anticipate hearing on that very soon.

The other thing I would say is the customers prioritize a few different things. One is proven technology with teams that they know can ultimately deliver on these missions. I think we're very well positioned for that for all the reasons we just talked about on Griffin-1, but also, I think the way we're perceived with the customer.

The second is capitalization. And I think this is what has really helped synergize with the Astrobotic acquisition, with the incredible balance sheet that Voyager brings to the table and our ability to prioritize lunar within the company. I think that has been very, very well received by the customer. And I think that clearly separates us from some of the other competitors as well.

And then the third is, I think, our ability to move with speed, agility and ultimately deliver more landers within the time frame that the customer is looking for. So if you take speed to market, technology, capitalization and track record, I think that positions us extremely well for 2.0. We'll find out more soon, we hope. But we do think it's a huge opportunity, and we're excited to hear back on it very, very soon, hopefully, as early as this week, but I think certainly by the end of the year.

Operator

Your next question comes from the line of Myles Walton with Wolfe Research.

Myles Walton

I was wondering, with the ongoing continuing resolution, if there is any drag on bookings you expect here in the fourth quarter. And I guess on the sales side, given the strength of the bookings and backlog, it's probably less of a risk there. But curious if there's any programs that are being held back or any bookings effect you anticipate?

Dylan Taylor

Well, thanks, Myles. I appreciate it. I would make 4 points. First, we're very, very confident in Voyager's positioning regardless of the election results. Keep in mind, a lot of what we're working on really are critical national security needs, whether that's on the national security side or on the space priority side. So we're very well positioned on that. We're really not on programs per se that are, I would say, politically vulnerable. They're all, in my view, bipartisan supported programs. So that's one point.

Second point I would say is we really don't -- given that we don't really see any risk to the outlook in 2026, we've really factored in, call it, a risk-adjusted view for the remainder of the year and also looking into 2027, we feel very good as well for the reasons that you mentioned, which is really the third point because that confidence is based on not only record backlog, but a huge, huge robust revenue pipeline, which exceeds $5 billion.

So if I look at that revenue pipeline, I look at the backlog traction we've gotten, I look at the increasing relevance of our technologies, I think it's pretty invulnerable to some of the bumps in the road we might have politically in terms of funding and things like that. And then just the final point I'll emphasize is we really have taken some of this into account in the guidance that we've provided. So rest assured, we're not getting too far out over our skis, as they say, in terms of forecasting demand that we can't tangibly see.

So I think we're feeling very good about it. Who knows what's going to happen today from an election perspective. But I think regardless, the rest of '26 and '27 look very, very solid to us.

Myles Walton

Great. And then, Phil, maybe on the EBITDA profile improvement. I think you were looking for an exit rate getting to positive EBITDA by the end of '27 and '28. Is that still on the table? And maybe just which of the costs are receding the most or do you have the most amount of leverage against as the volume picks up?

Filipe de Sousa

Myles, great to talk to you again today. So just perhaps a reminder for everybody. We do anticipate, and this remains consistent today, we will exit next year, 2027 fourth quarter, on that positive adjusted EBITDA trajectory. Getting there is a matter of threefold.

One, certainly, gross margin will increase, will expand. We've seen that already here this year as we have started to scale revenue against the investments that we've made ahead of that revenue increasing. So we saw significant margin expansion from first quarter to second quarter, again, here in the third quarter. And to be clear, we anticipate fourth quarter gross margin to expand again relative to the third quarter. So getting into that like mid-teens perspective before we enter 2027.

Then you'll continue to see, as we grow revenue again organically next year as well as the uplift that we get from Astrobotic kicking into high gear, not just being part of us for a full year basis, we'll actually expect to see Astrobotic grow organically year-over-year as well.

From a cost perspective, we have leaned in significantly this year, both from a manufacturing capacity. Again, that's obviously sitting in cost of sales and part of the operating leverage we get in gross margin.

But from an R&D perspective, we've also leaned in here ahead of some of these program wins. And we've done that quite successfully, now actually converting some of those early design investments into programs and what will lead to programs of record in production likely in 2027. So there's a positive mix that we'll benefit from there.

IRAD will return to more normalized, if you would, levels next year. And then last but certainly not least, SG&A has been an area that we've built out, obviously, not just going public last year, but rounding out on a full year year-over-year basis.

But as we look out -- as I look out to 2027, we're getting into the budget cycles here, we are looking for opportunities to actually decrease cost in SG&A, leveraging all the advancements that we've made internally from an artificial intelligence perspective, really driving productivity across all levels. It's not just what you heard earlier today, from an artificial intelligence, machine learning perspective as we serve customers; it's also leveraging that all the way back through the back office of Voyager.

And so those are effectively the 3 drivers that get us to that EBITDA positive exiting the fourth quarter next year. And again, as a reminder, as our CapEx normalizes as well through 2027 to 2028, that's when we anticipate free cash flow to then actually flip positive. And so that's a 2028 event.

Operator

Your next question comes from the line of David Strauss with Wells Fargo.

Benjamin Tomick

This is Ben Tomick on for David. I was just wondering, could you guys provide an update on how Astrobotic is progressing relative to the financial and strategic goals you guys, like, initially laid out?

Dylan Taylor

Yes, sure. Phil, do you want to take that?

Filipe de Sousa

Sure, Ben. Yes. So Astrobotic is doing exceptionally well. Well, one, when we first announced the deal, we talked about there being earn-out components of it and just we're happy to report, you guys will see this in the filings, but with their 2 CLPS awards, the team at Astrobotic has already exceeded our original expectations. So fantastic from a bookings perspective. You see that not in our third quarter bookings. Our $160 million of bookings, just to be clear, that is excluding any contribution, frankly, from Astrobotic, but you do see it from a backlog perspective increasing, adding over $300 million of future year visibility.

From a third quarter near term, Astrobotic contributed $31 million of revenue in Q3. That's nearly double what we had originally anticipated. I would highlight this is more of a timing shift, if you would. We had originally anticipated Astrobotic to contribute $40 million to $50 million in the back half of the year here for Voyager. We maintain or anticipate that's still the case with $31 million here in the third quarter. That leaves us about $15 million or so in Q4 in front of us. So doing exceptionally well from an operating perspective. Obviously, the team is focused on the successful Griffin launch coming here late in the year, but we're really happy with the progress the team has made thus far.

Benjamin Tomick

Great. And then what do you guys see as the key revenue drivers heading into 2027?

Filipe de Sousa

Ben, that's a great question. I appreciate it here in the third quarter earnings call, a little 2027 guidance action. Now, given our pushout of our Investor Day, I do find myself compelled to provide a little bit more framework here. I mentioned Astrobotic's success here early days. As I look out to 2027, there's no doubt that Astrobotic can be a meaningful contributor.

So we're anticipating $150 million to $200 million of full year revenue from Astrobotic next year. On top of that, obviously, you've got the core base business that we've always said would grow at a compounded annual growth rate of 25% over the long term. As I look out to 2027, I see opportunity for us to achieve, at a minimum, that 25% growth. And bear in mind, we've always been truly acquisitive, and I would say our pipeline remains strong. And so there's always upside from strategic M&A as we look out to 2027.

Operator

Your next question comes from the line of Andre Madrid with BTIG.

Andre Madrid

I maybe wanted to kick it off in light of the recent convertible raise. I know you talked a bit about capital allocation and focused on accretive M&A. Phil, maybe just a little bit more color on what you're seeing in the M&A pipeline. I know you guys have called out a 50-deep target pipeline in the past. So maybe just a bit more color on what you're seeing, valuation trends and any additional detail there would be much appreciated.

Dylan Taylor

Yes. Terrific. Thanks for the question, Andre. It's Dylan. I'll take that one. So a couple of thoughts. First of all, as you alluded to, we got the convert done here recently. That was a really, I think, smart move, frankly, going into the headwinds that the capital markets might be experiencing here. Cost of capital was extremely attractive, and we thought that was the right move to continue to have an industry-leading balance sheet, lots of dry powder and our ability to maneuver under any circumstance.

So we're happy we got that done. It was super successful, way oversubscribed, as you know, and the cost of capital, as I mentioned, was incredibly low. And with our cap call, it also minimizes dilution for shareholders as well, which we want to be sensitive to.

On M&A, I appreciate you raising that because I do think there's a couple of things happening there. First of all, the pipeline continues to be extremely robust, as you alluded to. We're seeing a lot of opportunities in the market. The one thing that I would anticipate that's different, I think, going into '27 versus, let's say, '26 or '25 is I think in the rising interest rate environment, I think companies are getting -- having increasingly difficult times, especially private companies in raising the capital they require to meet their growth plans.

So what I would anticipate is valuations to come down. I would anticipate more distress in the market. I would anticipate the number of buyers who can actually execute on some of this M&A to be less than it has been in the past. And I think that bodes extremely well for a company like Voyager, where not only are we seeing a lot of different opportunities, but we can be very discriminating in terms of what we actually pursue.

And of course, we've always been a capabilities-first acquirer, as we all know, as opposed to opportunistic. In some cases, it adds capability and it is opportunistic, but I do think valuations are going to be more favorable going into '27. I do anticipate more distress. And I do anticipate our ability to find really, really, really good accretive opportunities in the M&A pipeline going into 2027.

So that's what we're seeing. And nothing large and imminent at the moment. But what I would say is we continue to see things that we like. And we continue to see technologies and capabilities that we think will be additive to what we ultimately want to build and have in-house. So stay tuned on that.

Andre Madrid

I appreciate the color there. Maybe pivoting back to the Anduril partnership. I know when you guys announced that, you had mentioned that the Pueblo facility at maturity would be able to produce propulsions -- like 15,000 to 20,000 propulsion systems per month. I guess just what's the potential revenue opportunity at those production levels? How should we think about that?

Filipe de Sousa

Yes. So I think the best way to think about this is that the American Defense Complex is going to support, obviously, the accelerated revenue growth we expect next year. I wouldn't assign a particular dollar revenue to a facility, though, obviously, it's going from very little contribution today where we're doing design work, fire testing, et cetera. So think more on the innovative side today.

But we do anticipate in 2027, this is not just specific to Anduril, but this -- I'll extend out this to Next-Generation Interceptor as well as the near half dozen other programs of record that we have under our profile, under our backlog. We anticipate a significant amount of new production coming online in 2027 from the ADC. And it's actually also well positioned for us to continue to grow that pipeline and backlog and capability there.

So it's not just combining the propulsion technology. It's also bringing electric propulsion capability online in the Greater Colorado area. And so we're excited about it. It will be a pretty significant contributor to revenue next year.

I'd also just dovetail to the investments we've made out in Long Beach, California, where we are effectively co-located with Anduril. That will also be a meaningful contributor to revenue when you start thinking about advanced space and advanced defense national security technologies as well as the ISR business that is also fast growing, but obviously a smaller contributor to overall profile today.

Dylan Taylor

Yes. And on the ADC, we'll probably have a formal ribbon cutting probably in the spring. So expect an invite on that as well. I mean Pueblo is an interesting place to visit, but I think the ADC is an impressive location. What you'll observe down there, as Phil indicated, is it's not only the capacity we're bringing online with the ADC, day 1, but it's our ability to further expand there over time and really flex capacity over time.

So I think it's an impressive facility from that standpoint, and I think it's going to bode very, very well. And I think, again, I want to get back to the strategic implications of why we're doing this. We're building this capacity not only to address near-term demand and what we actually see, but also to put ourselves in a position to take advantage of what we think is going to be a big wave of demand on the backside of this.

And I think that, again, is differentiated compared to a lot of our competitors out there and ultimately is going to bode extremely well for us with our long-term growth prospects. So I really want to emphasize that point.

Operator

We have time for one more question, and that question comes from the line of John Godyn with Citigroup.

John Godyn

Dylan, you mentioned that one of the underlying themes driving the inflection in revenue growth was diversification. And I feel like I heard that word diversification sprinkled throughout the prepared remarks a bit more than in the past. I was hoping you could just elaborate a bit along those lines, maybe talk about some of the capabilities that Voyager has that are seeing unusually strong demand signals, things that you might think maybe are underappreciated by us outside observers, particularly as M&A continues to expand the overall portfolio of technologies.

Dylan Taylor

Yes, John, I appreciate the question very much. So there's a couple of ways to think about that. One is the technology road map that we laid out all the way back in our IPO roadshow. And we said, for example, our TDACS technology was not only extremely relevant to programs like NGI, but that would be relevant to a lot of other missile defense programs over time, including things as exotic as space-based interceptors, but also being on-ramped to existing programs of record. And we continue to see that.

So if you look at the actual pipeline for that business in Q3, that represents lots of different programs, right? It's not a single program. It's lots of different programs that we're actually getting traction on. So that, I think, is perhaps underappreciated level of diversification that we continue to see.

In addition to that, when we think about things like lunar and our ability to deliver lunar systems, having that entire technology stack, which we alluded to earlier, not only the landers, but having power, having comms, having mobility, having habitation, having that integrated technology stack is going to be really critical to the customer and increasingly, I think, rewarded for companies who can actually deliver that.

And then the other thing, which is an outlier, and I know it's an overused term, but our ability to leverage agentic AI, not only internally to manage things like SG&A, which Phil alluded to, which we're making tremendous progress on, in my view, but also to be able to deliver agentic AI solutions for our customers.

We had that announcement for that classified program that we can't talk too much about. But what I would tell you is our ability to deliver solutions that not only astonish us, but I would say astonish our customer in that category, I think, is also something that is underappreciated, but we're getting great traction on that as well.

So the key thing I want to emphasize, and we alluded to it earlier as well, is this flywheel, John, which we've talked about in the past. This innovation engine, which leads to the ability to build solutions, in some cases, even ahead of customer demand, addressing customer demand, scaling that service or product to the customer quickly, which leads to an additional iteration and expansion of that technology into additional programs.

That's the flywheel that we've built, and that's really where we're getting the tremendous traction. And I'm glad you used the word diversification because I think that's the other key thing that this is leading to. We had thought about it in terms of our technology penetrating programs. But by penetrating programs, it's also leading to a much more robust and diversified revenue stream, as you're alluding to.

I think that bodes well for margins. It bodes well for organic growth. It bodes well for stickiness. It bodes well for resilience in our financial model. And so we're really, really, really encouraged by what we're seeing and more to come on that. So it's a very thoughtful question, and I hope we've highlighted some of the key things that are driving that.

Operator

Mr. Taylor, I'll turn it back to you for closing comments.

Dylan Taylor

Thank you, everybody. Again, I want to thank our employees, our customers and our partners for just an absolutely outstanding Q3. Really look forward to our next call for Q4. We look forward to the Griffin-1 mission landing at the South Pole of the moon. We look forward to continued progress on programs like Starlab and others.

And with that, we're very grateful for your time, your interest, and thank you, everyone, for joining the call. Take care.

Operator

Thank you. This concludes today's Voyager Technologies Third Quarter 2026 Financial Results Conference Call. Please disconnect your lines at this time, and have a wonderful day.