Voyager Technologies, Inc. Q3 FY2025 earnings call

• Strong revenue growth, solid earnings performance, and robust backlog growth. - Acceleration of innovation roadmap with strategic acquisitions like BridgeComm's optical communications technology, investment in Latent AI, acquisition of EMSI and ExoTerra. - Progress on Starlab, including completing 2 additional development milestones, selecting Vivace Corporation to manufacture the primary structure, and expected annual revenue of over $4 billion and free cash flow over $1.5 billion once operational. - Execution on missile defense modernization with Golden Dome initiative and NGI program, and opportunities in the evolving space industry.

Defense and National Security segment: Revenue increased 31% year-over-year, driven by key propulsion and sensing programs, and remains the largest and fastest-growing segment. Space Solutions segment: Revenue was $11.7 million, down year-over-year due to the planned phase down of the multiyear NASA services contract and tougher comparables.

• Expect full-year revenue to be at the upper end of the previously communicated range. - Adjusted EBITDA for the full year is reiterated to be between negative $60 million and $63 million. - Revenue growth reflecting organic expansion and contributions from acquired businesses, factoring in government shutdown uncertainty.

• Impact of government shutdown on timelines for programs like Starlab and potential delays in contract awards. - Uncertainty around the duration of government shutdown and its effect on business operations and program timelines.

Q: Dig into the 2 acquisitions and partnership, focusing on ExoTerra and impact on portfolio and 2026 financials A: ExoTerra's Hall-effect thruster technology enhances power and propulsion capabilities, accretive to portfolio, driving growth in 2026 with positive EBITDA and revenue synergies Q: Government shutdown impact on Starlab timeline and 4Q orders A: Starlab critical design review scheduled for December, RFP for Phase 2 award late 2025/early 2026, government shutdown could impact timing but current timeline holds; confident in 4Q orders and backlog growth Q: Capitalization for Starlab build-out, timing of future capital raises A: Actively raising Series A for Starlab joint venture, anticipating announcements at Investor Day with notable investors Q: M&A strategy, CapEx-light approach, satellite development A: Focus on high-value subsystems, CapEx-light model, using M&A to acquire IP, not planning to build satellites but leaning into vertical integration on relevant subsystems Q: NGI program milestones and capacity expansions A: NGI up over 130% YTD, passed CDR, driving Defense and National Security revenue, expect growth in 4Q and 2026, working with Lockheed on low-rate production Q: ExoTerra acquisition and Golden Dome A: ExoTerra's electric propulsion enhances ability to compete for different architectures in Golden Dome Q: Nuclear power integration for space-based platforms A: Invested in Helicity, monitoring nuclear power technology as part of long-term road map Q: Starlab key milestones and launch date A: Critical design review in December, RFP for Phase 2 award late 2025/early 2026, CLD Phase 2 award in early 2026, launch target in 2029