Voyager Technologies, Inc. reported fourth‑quarter 2025 net sales of $46.7 million, a record for the quarter, and full‑year 2025 net sales of $166.4 million. The company’s Defense and National Security segment generated $35.7 million in the quarter and $123.0 million for the year, up 57% year‑over‑year, while the Space Solutions segment declined 29% in the quarter to $12.5 million and 36% for the year to $47.6 million, reflecting the wind‑down of legacy NASA contracts.
The company posted a non‑GAAP adjusted earnings per share of $‑0.37, missing the consensus estimate of $‑0.33 by $0.04 (12%). Revenue fell $1.33 million, or 2.8%, to $46.7 million versus the $48.03 million estimate. The miss was driven by a sharp increase in SG&A expenses and continued investment in the Starlab space‑station venture, which compressed margins and widened the full‑year adjusted EBITDA loss to $69.9 million from $30 million a year earlier.
Management raised its 2026 revenue guidance to $225 million–$255 million, up 18% from the prior year, citing a record $265.6 million backlog and sustained demand for its missile‑defense propulsion and AI software. The guidance reflects confidence in the next‑generation interceptor program and the company’s ability to convert backlog into revenue.
Defense and National Security revenue growth of 57% was driven by strong demand for missile‑defense propulsion systems and AI software, while the Space Solutions decline was largely due to the wind‑down of legacy NASA contracts. The company’s strategic acquisitions in 2025—ExoTerra Resource, Estes Energetics, and three other firms—have expanded its propulsion, energetics, and space infrastructure capabilities, supporting the defense‑segment growth.
"2025 was a transformational year for Voyager. We successfully completed our IPO, delivered record fourth‑quarter revenue, and closed the year with record backlog and liquidity over $700 million. Demand across defense, national security and space continues to accelerate and we are investing to address that increasing demand," said CEO Dylan Taylor. "Starlab accomplished meaningful milestones, ending the year with the completion of our commercial Critical Design Review, validating the maturity of the program as we transition to full system procurement and development. With record backlog, enhanced capabilities, and ample liquidity, we are entering 2026 from a position of strength—focused on converting accelerating demand into sustained revenue growth and long‑term shareholder value," he added.
Investors reacted cautiously, noting the revenue miss despite the EPS beat. Analysts highlighted the company’s continued investment in defense and space capabilities, while also pointing to margin compression from increased SG&A and the Starlab venture as potential headwinds for the near term.
The company’s strategic focus on defense and space, combined with a record backlog and significant acquisitions, positions Voyager to capitalize on rising U.S. defense spending and the growing demand for advanced propulsion and AI solutions. The guidance increase signals management’s confidence in converting backlog into revenue, while the margin compression underscores the trade‑off between growth investments and short‑term profitability.
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