Voyager Technologies Raises 2026 Revenue Guidance as Q3 Backlog Hits Record

Voyager Technologies (NYSE: VOYG) raised its full-year 2026 revenue guidance to $285 million to $305 million after third-quarter net sales more than doubled and bookings and backlog reached records. Demand from propulsion controls, classified agentic-AI products and existing customers supported growth, while the company continued to report substantial losses as it invested in innovation, production capacity and strategic programs.

Net sales increased 124% to $88.7 million for the quarter ended Sept. 30, from $39.6 million a year earlier. Bookings rose 135% to $116 million, producing a book-to-bill ratio of 1.3 times. Total backlog reached $742.1 million, up 293% year over year and 121% from the second quarter.

The backlog included $390.3 million of funded work and $351.7 million of unfunded work. Voyager said the unfunded portion primarily consisted of customer options for future products or services that had not been exercised in its Defense and Space Technologies segment. Excluding Astrobotic, backlog grew 8% sequentially.

For the first nine months of 2026, companywide net sales rose 48% to $176.7 million, while bookings increased 131% to $274 million. Management attributed revenue growth primarily to Lunar Systems and missile-defense programs.

Losses widen as investment continues

Voyager’s GAAP net loss attributable to the company widened to $55.7 million from $16.3 million a year earlier. Adjusted EBITDA was negative $44.9 million, compared with negative $17.7 million, while adjusted net loss per share increased to $0.87 from $0.25.

Gross profit rose to $10.2 million from $6.1 million. The presentation said gross margin improved during 2026, moving from negative 4.4% in the first quarter to 8.5% in the second and 11.5% in the third as revenue scaled.

Free cash flow was negative $47.8 million, slightly narrower than the negative $49.9 million reported in the prior-year quarter. For the first nine months, free cash flow outflow increased to $187.4 million from $100.7 million. Voyager ended September with $554 million in cash and $262 million of available credit facilities, for total liquidity of $816 million.

Defense and space demand drives bookings

Defense and Space Technologies generated $89 million in third-quarter sales, up 122% year over year and 67% sequentially. Segment bookings reached $116 million, compared with $49 million a year earlier, while adjusted EBITDA was negative $9.8 million versus negative $2.6 million.

The company said programs moving from development into production supported the sales increase. Third-quarter advanced national security and defense awards totaled $62 million across six awards and five platforms, bringing the year-to-date total in that category to $150 million.

Voyager also highlighted a strategic partnership with Anduril covering advanced weapons and propulsion. The companies are already collaborating on $60 million of contracts, and Voyager said the partnership provides a path toward higher-rate production. Separately, Astrobotic received a $298 million NASA task order for two additional lunar-lander missions.

Innovation spending excluding Starlab totaled $32.7 million in the quarter, equivalent to 36.9% of net sales, compared with $7.5 million and 18.9% a year earlier. Year-to-date spending on that basis was $78.6 million, or 44.5% of sales.

Voyager is also expanding domestic energetics and munitions capacity. Its American Defense Complex in Pueblo, Colorado, is operating, with the first production units expected in early 2027. The company invested $40.8 million in the facility and related infrastructure during the first nine months, including about $14 million funded by grants.

Starlab reservations rise

Starlab signed reservations increased about 40% to roughly $700 million in October from approximately $500 million in August. The segment recorded adjusted EBITDA of negative $7.5 million in the third quarter, compared with negative $6.2 million a year earlier.

Voyager reported 39 Starlab milestones completed to date and cumulative milestone cash receipts of $213 million, including $1.5 million received during the third quarter. NASA released the second-phase request for proposals for its Commercial Low Earth Orbit Destination program in October, with proposals due in December 2026 and an award anticipated in 2027. Voyager owns 61% of the Starlab joint venture.

The company also disclosed two additional drug-screening campaigns for pharmaceutical and biotechnology customers aboard the International Space Station, with launches planned for mid-to-late 2027. Voyager characterized those awards as an indicator of potential future demand for Starlab.

2026 outlook and risks

Voyager’s new $285 million-to-$305 million revenue forecast represents growth of 72% to 84% from 2025 revenue of $166 million. The company expects a low-double-digit full-year gross margin, with internal research and development spending in the mid-teens as a percentage of revenue and modest selling, general and administrative expense leverage. Capital expenditures excluding Starlab are projected at about $70 million to $80 million.

Management’s longer-term framework calls for a 25% organic revenue compound annual growth rate from 2024 through 2030, gross margin of 30% to 35%, a mid-teens adjusted EBITDA margin excluding Starlab and a low-teens free cash flow margin excluding Starlab. These targets are forward-looking and are not guarantees of future results.

Voyager identified risks including its ability to sustain growth, secure a consistent order flow, manage fixed-price development contracts and achieve profitability. Other uncertainties include Starlab’s development, customer concentration, reliance on U.S. government contracting, international and currency exposure, cybersecurity and regulatory requirements, acquisition integration and the operational risks associated with space activities.