Voyager Raised Outlook as Bookings and Backlog Hit Records
The space-technology company lifted its 2026 revenue forecast to $275 million to $305 million.
Voyager Technologies (VOYG), a space and defense technology company, reported record second-quarter sales as bookings more than doubled from the preceding quarter.
The quarter marked a sharp rebound from the start of the year, when sales had fallen to $35.2 million from $46.7 million in the fourth quarter. Bookings reached $113.0 million, up from $45.2 million, while the book-to-bill ratio climbed to 2.1 from 1.3.
Net sales rose 15.5% from a year earlier to $52.7 million and increased 51% sequentially. Year-over-year growth improved from a flat third quarter but remained below the fourth quarter’s 24% pace. The adjusted loss widened to $0.70 a share from $0.61 in the first quarter and $0.52 a year earlier.
Defense and Space Technologies sales increased 15.5% from a year earlier to $53.2 million. Voyager also completed its acquisition of Astrobotic, adding to its space-infrastructure platform, and recorded $84.3 million of Golden Dome awards alongside a new Agentic AI spectrum-dominance contract.
Higher sales came with narrower gross profitability and rising development costs. Gross profit fell to $4.5 million from $8.2 million a year earlier, compressing gross margin to about 8.4% from 18.0%. Research-and-development expense climbed to $7.3 million from $0.5 million, helping widen the operating loss to $51.4 million from $24.1 million.
Adjusted EBITDA deteriorated to a loss of $37.5 million from losses of $33.3 million in the first quarter and $9.1 million a year earlier. Consolidated innovation spending rose to $53.8 million, equivalent to 102% of sales, while spending excluding Starlab increased to $29.0 million, or 55.1% of sales.
Voyager’s new forecast implies full-year revenue growth of 66% to 84%, compared with 39% to 53% under its first-quarter guidance. Backlog rose to a record $335.5 million from $275.3 million at the end of the first quarter, supporting the higher outlook.
Free-cash-flow outflow widened to $72.8 million from $27.2 million a year earlier, and cash declined to $373.4 million from $429.4 million at the end of the first quarter. Restructuring and acquisition charges also increased as Voyager reduced its workforce, closed facilities and product lines, and integrated acquired operations.