Key Highlights

  • VOYG reported record third-quarter 2026 net sales of $88.7 million, up 124.1% from $39.6 million a year earlier.
  • Backlog reached a record $742 million, up 293% year over year, including $347 million added through the Astrobotic acquisition.
  • Bookings hit a record $116 million, a 1.3x book-to-bill ratio, versus $49 million in the third quarter of 2025.
  • Net loss attributable to the company was $55.7 million, or $0.91 per share, compared with $16.3 million, or $0.28 per share.
  • Full-year 2026 Revenue guidance was raised at the low end to $285 million to $305 million.

Record Backlog and Bookings Drive a 124% Revenue Surge

Voyager Technologies (NYSE:VOYG) reported third-quarter 2026 results on Nov 2, 2026, for the quarter ended Sep 30, 2026. Net sales were $88.7 million, up 124.1% from $39.6 million a year earlier and 68% from the second quarter. Nine-month net sales totaled $176.7 million, up 47.5%.

Voyager is a defense technology and space solutions company, supplying propulsion, energetics, advanced electronics, mission management and space exploration capabilities to the U.S. and partner nations. Bookings of $116 million were the strongest in company history, up roughly 135% from $49 million, and trailing twelve-month bookings reached $329 million.

Backlog ended the quarter at $742 million, compared with $336 million at Jun 30, 2026 and $266 million at Dec 31, 2025. The Acquisition of Astrobotic contributed $347 million, including a $298 million NASA award secured through that business.

Gross Margin Slips to 11.5% as Losses Widen on Heavier Investment

Gross profit rose to $10.2 million from $6.1 million, but gross margin fell to 11.5% from 15.4% on investments in Manufacturing capacity and strategic programs. Margin improved 310 basis points from the second quarter.

Net loss attributable to Voyager was $55.7 million, or $0.91 per share, versus $16.3 million, or $0.28 per share. The non-GAAP adjusted loss was $52.8 million, or $0.87 per share, and adjusted EBITDA was a loss of $44.9 million, compared with a $17.7 million loss a year ago.

Selling, general and administrative expenses climbed to $47.8 million from $25.1 million, and Research and Development rose to $16.3 million from $3.0 million.

Starlab Reservations Near $700 Million Ahead of NASA's Phase 2 Process

Starlab, the company's commercial space station initiative, had hit 39 milestones and collected $212.5 million in cumulative milestone cash receipts as of Sep 30, 2026, including $1.5 million in the quarter. Signed commercial reservations rose to about $700 million from about $500 million reported last quarter.

NASA released its Commercial LEO Destination Phase 2 request for proposals in early October. Submissions are due in December 2026, and an award is anticipated in spring 2027.

Other highlights included completed Griffin-1 acceptance testing ahead of a late-2026 launch and new biopharmaceutical research mission management contracts for the International Space Station.

Raised Guidance Meets $47.8 Million Quarterly Cash Burn Against $815.7 Million of Liquidity

Voyager raised the low end of 2026 revenue guidance by $10 million, to $285 million to $305 million, implying growth of about 72% to 84%.

Free Cash Flow was an outflow of $47.8 million in the quarter, versus $49.9 million a year earlier, and $187.4 million for nine months. The company ended September with $553.6 million in cash and equivalents and $815.7 million of total liquidity, including $262.1 million of revolver capacity, against $841.1 million of net convertible notes. The next catalysts are December's Phase 2 submission deadline and the late-2026 Griffin-1 launch.