VOYG

General Company Performance & Market Demand

• Voyager delivered record Q2 2026 revenue, record bookings, and exited the quarter with a record backlog of $336 million, driven by accelerating demand across defense modernization, national security, and the fast-growing commercial space economy.
• Bookings reached $113 million in the quarter, for a 2.1x book-to-bill ratio, meaning demand consistently outpaces current revenue conversion, indicating durable long-term growth rather than quarterly timing effects.
• Bookings are highly diversified across customers, programs, agencies, and technology platforms, rather than concentrated in a single program or customer.

Strategic Acquisition of Astrobotic

• Voyager completed the acquisition of Astrobotic post-quarter end for a total potential enterprise value of ~$300 million, consisting of ~$171 million in upfront cash and equity consideration, plus performance-based earn-outs aligned with future growth.
• Astrobotic adds differentiated capabilities across lunar delivery, surface mobility, lunar infrastructure, autonomous systems, reusable launch technologies, and advanced robotics, expanding Voyager's participation across nearly the entire lunar value chain, creating clear differentiation from competing lunar players.
• There is minimal operational overlap between the two businesses, creating significant opportunities for revenue synergies across complementary technologies and existing customer bases. The acquisition is expected to become accretive to revenue growth, EBITDA, EPS, and long-term cash generation. Astrobotic is expected to contribute $40 to $50 million in revenue to Voyager in 2026, and accelerates Voyager's path to overall profitability.

Key Program Highlights

• Golden Dome missile defense related awards totaled $84 million in Q2, spanning multiple customers, programs, and technology platforms. 60% of these awards are tied to multiple space-based interceptor (SBI) programs, a growth area that now contributes equal Q2 revenue to the long-standing Next Generation Interceptor (NGI) program.
• Voyager secured a multi-million dollar award for an agentic AI spectrum operations platform for an undisclosed classified defense customer, highlighting growing demand for AI-enabled defense technologies.
• NGI program performance remains on track, with 2026 revenue expected to stay flat year-over-year in the $45 to $50 million range, consistent with prior guidance. Critical design review for the propulsion system was completed in 2025, and the low-rate initial production (LRIP) contract is still expected before the end of 2026.
• The American Defense Complex build-out is on schedule, with ongoing innovation, prototyping, and testing already on site that contributed to recent SBI award wins. Additional CapEx investment for the facility is included in 2026 guidance.

Capital Allocation and Financial Position

• Voyager ended Q2 with $429 million in cash and cash equivalents, ~$212 million in available borrowing capacity, for total liquidity of ~$641 million. Post-quarter end, the credit facility was expanded by an additional $50 million to further increase liquidity for future growth.
• The primary capital allocation priority is organic investment in differentiated technologies, internal R&D, and expanded manufacturing capacity to meet growing demand. Strategic M&A is pursued only to expand technology portfolios, broaden addressable markets, and accelerate long-term financial goals, with the Astrobotic acquisition as a clear example of this disciplined approach.

• Full year 2026 revenue guidance is raised upward from prior levels to a new range of $275 million to $305 million, representing 66% to 84% year-over-year growth. Of this guidance, Astrobotic is expected to contribute $40 to $50 million in 2026, with core organic business also contributing to the upward revision.
• Revenue is expected to accelerate sequentially through the second half of 2026, with 40% of second half revenue generated in Q3 and 60% in Q4, consistent with prior expectations around program timing.
• Full year 2026 gross margin is expected to land in the mid-teens, with sequential margin improvement through the second half: mid-to-high teens (~17%) in Q3, and low 20% in Q4, driven by improved manufacturing utilization and fixed cost absorption as production volumes scale.
• Full year 2026 internally funded R&D is expected to equal approximately 20% of total full year revenue, reflecting ongoing investment in differentiated technologies for defense and space infrastructure.
• 2026 capital expenditures excluding Starlab are guided to a range of $70 million to $80 million, up from the prior $70 million guidance, to support expanded manufacturing capacity, incremental modest investment for Astrobotic, and new production capabilities to meet long-term demand.
• Astrobotic's recently won ~$300 million NASA CLPS lunar awards will not contribute meaningful revenue in 2026, with most revenue recognition occurring in 2027 and beyond. Full 2027 guidance for Voyager, including detailed Astrobotic revenue plans, will be shared at the December 3 2026 Investor Day.
• Book-to-bill is expected to be exceptionally high in Q3 2026 driven by the post-acquisition addition of Astrobotic's $300 million NASA awards, and normalize to a positive 1.2x to 1.3x in Q4 2026.

Voyager Technologies operates two core business segments: 1. Defense and Space Segment: Generated $53 million in Q2 2026 revenue, which represents 100% of total company revenue this quarter (Starlab's milestone funding does not count towards core segment revenue in this period). This is a 15% year-over-year increase and a 51% sequential quarter-over-quarter increase, driven by development programs transitioning to production and improved backlog conversion. Quarterly bookings grew more than 205% year-over-year to $113 million, driving total company backlog to a record $336 million. The segment is still in an aggressive investment phase, with adjusted EBITDA reflecting ongoing investment, though early fixed cost absorption improvements are emerging as production scales. 2. Star Labs (Starlab commercial LEO space station program): The segment has secured over $500 million in signed commercial reservations, demonstrating strong market demand. The segment received $4 million in Q2 2026 milestone funding, bringing cumulative milestone receipts to ~$211 million, nearly all of the $218 million expected under the current phase of NASA's funded Space Act Agreement. Funding naturally moderated as the program completes phase one development and transitions to the next commercialization phase. Following the quarter end, NASA released the draft Commercial LEO Destination Phase II RFP, marking the program's progression from early development to competitive commercial procurement.

• The timing of NASA's Starlab Phase II procurement and selection has been delayed due to NASA's iterative RFI and draft RFP feedback process, though the program's long-term outlook remains unchanged.
• The overall timing and pace of lunar growth is partially dependent on the NASA Artemis program schedule, particularly the human landing segment which has external dependencies outside of Voyager's control. Voyager's diversified lunar pipeline mitigates this risk, as it is not dependent on any single lunar program.
• Quarterly revenue and earnings can be impacted by the timing of customer awards and program execution milestones, which introduces variability to short-term results.
• There is still uncertainty around the final requirements of NASA's Starlab Phase II RFP, though management notes that the current draft RFP is already aligned with Voyager's existing Starlab design, and expects potential requirement adjustments to further improve Voyager's competitive position.

Q: The 2026 guidance increase appears driven mostly by Astrobotic. Can you discuss the contribution of the core business, upside potential, and backlog conversion pacing in the second half?

A: At the midpoint of the guidance range, Astrobotic contributes a $45 million increase, meaning the core organic business also performed better than expected in the first half, justifying the overall guidance raise. The record sequential backlog build provides strong visibility for the planned second half revenue ramp. Management has guided the guidance range to the midpoint and acknowledges there is upside potential that will be updated as the year progresses.

Q: Can you discuss Astrobotic's 2026 back-half revenue run rate for 2027, and how the recent $300 million NASA CLPS award will factor into revenue and bookings?

A: Voyager closed the Astrobotic acquisition only 2.5 weeks before the call, so it is still finalizing 2027 timing details that depend on mission schedules. The $40 to $50 million 2026 Astrobotic revenue reflects a ramp tied to the upcoming Griffin mission late this year/early next year. The $300 million NASA award is not included in Q2 2026 closing backlog, and will be added in future quarters. Full details will be shared at the December 3 Investor Day.

Q: What is your outlook for strategic M&A going forward, and how does it fit into Voyager's broader strategy?

A: Management sees a robust, attractive M&A landscape as smaller technology companies increasingly want to join larger platforms to compete for big government and commercial infrastructure contracts. M&A is pursued strategically (not opportunistically) to fill gaps in key technology stacks: this includes integrated lunar infrastructure (which Astrobotic completed), complete integrated propulsion capabilities, and growing agentic AI for defense. All deals are evaluated for financial, technological and strategic accretion to Voyager's long-term plan, and management remains disciplined on capital allocation.

Q: 75% of Q2 bookings were Golden Dome related. Can you break down these awards, discuss the opportunity, and if Golden Dome will continue to be a large bookings contributor?

A: The $84 million in Q2 Golden Dome awards span five separate awards across five different customers and platforms, with 60% tied to multiple space-based interceptor (SBI) programs. This quarter marks a milestone: SBI revenue contributed the same amount to Q2 revenue as the long-standing NGI program, showing Voyager's growth beyond NGI into multiple large defense programs. Demand for Golden Dome technologies is accelerating faster than expected, and management expects continued strong traction through the second half of 2026.