Voyager Technologies Q2 Earnings Call Highlights

Voyager Technologies NYSE: VOYG reported record second-quarter revenue, bookings and backlog as demand increased across defense modernization, national security and space-related programs.

The company also raised its full-year 2026 revenue outlook following the July acquisition of lunar-services company Astrobotic.

Revenue for the second quarter reached $53 million, up 51% sequentially and 15% from a year earlier, as development programs moved into production, Chief Financial Officer Phil De Sousa said.

Quarterly bookings rose to a record $113 million, producing a 2.1 times book-to-bill ratio and lifting backlog to a record $336 million.

Adjusted EBITDA was a loss of $38 million, which De Sousa said was modestly ahead of internal expectations.

The company continued to spend on engineering, internally funded research and development, manufacturing capacity and production infrastructure, characterizing 2026 as an investment year.

Voyager raised its 2026 revenue guidance to $275 million to $305 million, representing projected year-over-year growth of approximately 66% to 84%.

The updated outlook includes an expected $40 million to $50 million contribution from Astrobotic during the remainder of 2026.

De Sousa told analysts that Astrobotic’s expected contribution was not the only driver of the higher outlook.

He said Voyager’s core business also contributed through stronger-than-expected first-half execution and a larger backlog entering the second half.

The company expects revenue to accelerate through the latter half of the year, with approximately 40% of second-half revenue expected in the third quarter and 60% in the fourth quarter.

Voyager expects gross margin to improve sequentially as production volumes increase and fixed costs are spread across a larger revenue base.

In response to an analyst question, De Sousa said Voyager expects gross profit margins of roughly 17% in the third quarter and low-20% levels in the fourth quarter, supporting its full-year expectation for gross margins in the mid-teens.

He said the company expects further leverage as revenue scales in 2027.

Internally funded R&D is expected to reach approximately 20% of full-year revenue.

Capital expenditures excluding Starlab are projected at $70 million to $80 million.

Voyager ended the quarter with $429 million in cash and cash equivalents and approximately $641 million of total liquidity, including available borrowing capacity.

Chief Executive Officer Dylan Taylor said $84 million of the quarter’s $113 million in awards was related to Golden Dome, a missile-defense modernization initiative.

The awards spanned more than five programs, customers and technology platforms, according to De Sousa.

About 60% of Golden Dome-related awards w...