Voyager Technologies surges 53% as record Q2 lifts 2026 outlook

Voyager Technologies reported record Q2 revenue of $52.75 million, up 51 percent sequentially, and raised its 2026 outlook to $275 million-$305 million.

"Demand continues to build faster than what we're converting into revenue," CEO Dylan Taylor said on the earnings call.

Quarterly bookings reached a record $113 million, producing a 2.1 times book-to-bill ratio and lifting backlog to $336 million. Golden Dome missile-defense awards contributed $84 million of bookings across more than five programs, with about 60 percent tied to space-based interceptor work. Adjusted EBITDA was a loss of $38 million, which CFO Phil De Sousa said was modestly ahead of internal expectations.

The stock jumped 53.5 percent after the results. The raised guidance implies 66-84 percent year-over-year growth, well above the $240.8 million consensus. The company completed its Astrobotic acquisition in July for about $300 million in total potential enterprise value, including approximately $171 million in upfront cash and equity.

Astrobotic, which recently received nearly $300 million in NASA Commercial Lunar Payload Services awards, is expected to contribute $40 million-$50 million in revenue during the remainder of 2026. De Sousa said those NASA awards were not included in the Q2 backlog because the acquisition closed after quarter-end, and the company expects backlog to increase substantially in the third and fourth quarters.

Voyager expects gross margins of roughly 17 percent in Q3 and low-20 percent levels in Q4, supporting a full-year expectation in the mid-teens. The company expects approximately 40 percent of second-half revenue in Q3 and 60 percent in Q4. Internally funded R&D is expected to reach approximately 20 percent of full-year revenue, with capital expenditures excluding Starlab projected at $70 million-$80 million.

Starlab, the company's commercial low-Earth-orbit station venture, has secured more than $500 million in signed commercial reservations and is approaching $600 million. NASA milestone payments reached approximately $211 million cumulatively, nearly all of the $218 million expected under the current phase.

Voyager ended the quarter with $429 million in cash and approximately $641 million in total liquidity. The company expects NGI revenue of $45 million-$50 million in 2026 and anticipates a low-rate initial production contract before year-end. Its work on Lockheed Martin's NGI program could generate about $1 billion in value over more than five years. Beyond missile defense, Voyager cited awards in advanced propulsion, mission electronics, autonomous mission systems and AI-enabled technologies, including a multi-million-dollar award for an agentic AI spectrum operations platform.

The raised guidance points to accelerating defense and space demand through the second half. Investors will watch Voyager's Investor Day on Dec. 3 in Pittsburgh for 2027 detail and updated lunar and defense program timelines.

This article is for informational purposes only and does not constitute investment advice.