Voyager Technologies, Inc. Q1 FY2026 earnings call

• Voyager had an outstanding first quarter with record backlog, book-to-bill ratio of 1.3, and significant traction on new contracts including Golden Dome. First quarter bookings of $45 million drove backlog to a new record of $275 million, up 54% year over year. • In January, broke ground on a major expansion of the Voyager American Defense Complex in Southern Colorado. In March, launched Space Beach facility in Long Beach, California. • Innovation remains central, with internally funded R&D 17% of revenue, total innovation spend 48% excluding Starlab. R&D priorities include advanced mission-critical electronics, new capabilities for Golden Dome, etc. • Starlab achieved four additional milestones and received $24 million in cash payments from NASA. Selected by NASA for the seventh private astronaut mission to the International Space Station. • Simplified reporting from three segments to two: defense and space technologies, and Starlab space stations.

Defense and space technologies segment: $45 million of bookings, up 232% year-over-year; revenue up modestly year over year and in line with plan; adjusted EBITDA negative $11.5 million. Starlab: Received $24 million of NASA milestone cash receipts in the quarter, bringing program and section-to-date milestone cash receipts to a total of $207 million.

• Raised 2026 revenue guidance to $230 to $255 million, representing 38% to 53% year-over-year growth. • Gross margins for the year expected to be in the mid-teens. • Internally funded research and development will increase to approximately 20% of sales. • Capital expenditures, excluding Starlab, expected to be approximately $60 million to $70 million. • Target approximately 25% organic revenue growth, gross margins in the range of 30 to 35%, and mid-teens adjusted EBITDA margins excluding Starlab, with low-teens free cash flow margins excluding Starlab as the platform continues to scale. • Starlab expected to generate approximately $4 billion of annual revenue and $1.5 billion of annual free cash flow once operational.

Q: Sheila Kaheglu with Jefferies asked about backlog increase, key wins in quarter related to Golden Dome and what they mean to capability stack.

A: Dylan Padva said Q1 was seminal for Golden Dome, added to Standard Missile by Raytheon is a huge win, also announced relationship with Andral on space-based interceptors.

Q: Sheila Kaheglu followed up on raising low end of 2026 guidance, what came in increasing it.

A: Phil D'Souza said it's due to continued strengthening of customer signal demand, pipeline remains extremely strong over $5 billion.

Q: Ron Epstein with Bank of America asked about Anzoril Award and contributions.

A: Dylan Padva said it's a significant award, has multiple technologies on the SBI program, additional news forthcoming.

Q: Miles Walton with Wolf Research asked about standard missile contract.

A: Dylan Padva said it's initial contract from Raytheon for SM3, pre-production award, significant upside to backlog.

Q: Seth Seifman with JP Morgan asked about main factors weighing on Q1 gross margins and margin progression.

A: Phil D'Souza said gross profit margin in mid-teens, Q2 anticipate positive, Q3 and Q4 to accelerate.

Q: Seth Seifman asked about combining defense and space businesses into one segment and synergies.

A: Dylan Padva said increasing convergence between businesses, overlap in technologies, single executive running them; Phil D'Souza said internal integration and strategic acquisitions.

Q: John Goodwin with Citigroup asked about AI investments.

A: Dylan Padva said thinking of AI as technical tool to reduce cycle time, early indications of significant impact.

Q: Gwantum Khanna with TD Cowan asked about when Starlab would start generating revenue.

A: Phil D'Souza said could start seeing revenue recognition as early as 2027, deferred revenue to accelerate.

Q: Michael Leshock with KeyBank Capital Markets asked about Golden Dome revenue margin profile.

A: Phil D'Souza said it's pre-production, firm fixed price contract, healthy margins.

Q: Christine Lued with Morgan Stanley asked about CLD milestones and Star Labs investments.

A: Dylan Padva said RFI submitted, RFP expected early summer, details on investments depend on design.

Q: Stephen Warhoftig with Wedbush asked about M&A pipeline and EBITDA/free cash flow guidance.

A: Dylan Padva said pleased with M&A pipeline, interested in advanced technology and 3L strategy; Phil D'Souza said expect to exit 2027 positive EBITDA, free cash flow positive in 2028.