Voyager Technologies, Inc. Q4 FY2025 earnings call

2025 was a great year for Voyager, operating as a public company and well positioned for growth in 2026. Defense and National Security segment grew 59% YOY. Raised over $1,000,000,000 including IPO and follow-on convertible note. Completed acquisitions like Estes Energetics. Established orbital data center capabilities, enhanced missile defense and space situational awareness capabilities. Increased innovation spend to over 20% of revenue. Formed partnerships like VISTA. Added key executives. Starlab accomplished milestones, secured capital, and commercial payload capacity is fully reserved. 2026 priorities include accelerating growth, building sustainable platform, investing in technology innovation, and Starlab transition to full-scale procurement and development.

For the fourth quarter, Defense and National Security net sales increased 63% year over year, with segment adjusted EBITDA a loss of $4,500,000. Space Solutions net sales declined 29% year over year, but segment adjusted EBITDA improved to $2,300,000. For the full year, Defense and National Security net sales increased 59% year over year, with segment adjusted EBITDA a loss of $4,500,000. Space Solutions net sales declined 36% year over year, with a slight loss of $800,000. Starlab achieved 11 milestones during 2025, with milestone-based cash receipts since inception of $183,000,000.

Raising 2026 net sales guidance to $225,000,000 to $255,000,000, representing 35% to 53% YOY growth. Gross margin expected in mid-teens. Internally funded R&D to increase to ~20% of net sales. Capital expenditures excluding Starlab expected ~$60,000,000 to $70,000,000. Starlab enters full system development phase in 2026. Target 25% organic growth CAGR, gross margins 30% to 35%, mid-teens adjusted EBITDA margin excluding Starlab, low-teens free cash flow margin excluding Starlab. Starlab expected to generate $4,000,000,000 annual revenues and $1,500,000,000 annual free cash flow once in orbit.

Q: Ron Epstein asked about revenue guide prompting and Starlab down-select.

A: Dylan Taylor said great environment for products, strong demand across board, Starlab down-select expected this year.

Q: Myles Walton asked on EBITDA walk and CapEx.

A: Filipe de Sousa and Dylan Taylor discussed EBITDA loss in 2026 but long-term aspirations, and demand for propulsion programs with nondilutive funding.

Q: Rocco (for Seth Seifman) asked on Defense and National Security growth.

A: Dylan Taylor and Filipe de Sousa said across board growth, NGI a driver but diversified.

Q: Justin Lang asked on Estes and Golden Dome.

A: Dylan Taylor and Filipe de Sousa talked about Estes's strategic importance, CapEx, and Golden Dome procurement approach.

Q: Greg Conrad asked on Space Solutions and Starlab financial impact.

A: Filipe de Sousa said Space Solutions expected to return to growth, Starlab cash neutral with diversified funding.

Q: Michael Leshock asked on government shutdown and NGI.

A: Filipe de Sousa and Dylan Taylor said minor impact, NGI on track.

Q: Sam Brandes asked on growth drivers and acquisition gaps.

A: Dylan Taylor talked about key growth drivers and remaining capability gaps.

Q: Questions from Fei Technology on missile programs investment and NASA CLD Phase 2.

A: Dylan Taylor answered on investment and strategy for NASA CLD Phase 2 delay and launch schedule