Voyager Raises 2026 Revenue Floor After Record Quarter

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter net sales reached a record $89 million as the company lifted the low end of its full-year outlook to $285 million.

Voyager Technologies (VOYG), a defense technology and space solutions company, reported record third-quarter 2026 net sales of $89 million, up 124% from a year earlier and 68% from the second quarter.

The sequential step-up followed a second quarter in which net sales were a record $52.7 million. Chairman and Chief Executive Officer Dylan Taylor said the company achieved record revenue, bookings and backlog, and that the record backlog provides multi-year revenue visibility.

Bookings were $116 million, up 135% from $49 million in the third quarter of 2025, for a 1.3x book-to-bill ratio. Trailing twelve-month bookings reached $329 million.

Backlog ended the quarter at a record $742 million, compared with $336 million at June 30, 2026, and $266 million at December 31, 2025. The company said $347 million of that backlog was added due to the Astrobotic acquisition.

Gross profit was $10.2 million, versus $6.1 million a year earlier. Gross margin was 11.5%, compared with 15.4% in the prior-year period. The company attributed the year-over-year margin decline primarily to investments in manufacturing capacity and strategic programs. Sequentially, gross margin improved 310 basis points from the second quarter, which the company said reflected operating leverage from revenue growth.

Net loss attributable to Voyager widened to $55.7 million, or $0.91 a share, from $16.3 million, or $0.28 a share, a year earlier. Non-GAAP adjusted loss was $52.8 million, or $0.87 a share. Non-GAAP adjusted EBITDA loss was $44.9 million. The company said the increase in operating losses primarily reflects increased investment in technology development, expanded operational capabilities and the integration of acquired businesses.

Innovation spend was 36.9% of net sales excluding Starlab and 49.3% on a consolidated basis, versus 55.1% excluding Starlab and 102.0% consolidated in the second quarter.

Starlab had achieved 39 milestones and generated $212.5 million in cumulative milestone cash receipts since inception, including $1.5 million in the third quarter. Signed commercial reservations were about $700 million, up from about $500 million reported last quarter. NASA released its Commercial LEO Destination Phase 2 request for proposals in early October, with submissions due in December 2026 and an award anticipated in spring 2027.

Cash and cash equivalents were $553.6 million at quarter-end. Total liquidity was $815.7 million, including $262.1 million of available revolver capacity, against $841.1 million of convertible notes, net.

Voyager raised the lower end of full-year 2026 revenue guidance by $10 million to a range of $285 million to $305 million, from the prior $275 million to $305 million outlook, representing expected year-over-year growth of approximately 72% to 84%. The company said the increased outlook reflects strong third-quarter performance, continued bookings momentum and growing visibility from the record backlog.