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VOYG · Voyager Technologies, Inc. · Financials

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$24.52 +0.26 (+1.07%) At close · Oct 21
Market Cap
$1.50B
Shares
61.03M
Volume · Oct 21 1.45M Avg daily vol (3M) 1.86M

Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.

Revenue
$166.42M +15.4%
FY2025 Revenue FY2023–FY2025
Net Income
-$104.81M -68.9%
FY2025 Net Income FY2023–FY2025
Gross Margin
17.95% -6.3pp
FY2025 Gross Margin FY2023–FY2025
Operating Margin
-65.2% -31.6pp
FY2025 Operating Margin FY2023–FY2025
Diluted EPS
-$2.89 +58.8%
FY2025 Diluted EPS FY2023–FY2025
Operating Cash Flow
-$60.94M -139%
FY2025 Operating Cash Flow FY2023–FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Line Item FY2026 (G) TTM FY2025 FY2024 FY2023
$275M – $305M $174.23M $166.42MG $144.18M $136.06M
— $155.24M $136.54M $109.27M $108.28M
— $18.99M $29.88M $34.92M $27.79M
— — 17.95% 24.22% 20.42%
— — $19M $13M $18.5M
— $135.59M $117.09M $62.57M $54.04M
— $14.47M $8.54M $9.58M $6.46M
— $21.31M $13.42M $13.6M $10.29M
— -$154.13M -$108.5M -$48.44M -$14.17M
— — -65.2% -33.6% -10.42%
— -$132.82M -$95.08M -$34.85M -$3.88M
— $5.59M $6.82M $12.02M $10.59M
— $15.17M $11.59M $1.88M $75K
— $14.15M $10.35M $2.13M $1.19M
— -$145.57M -$112.77M -$67.34M -$24.86M
— $462K -$440K -$1.71M $341K
— -$136.97M -$104.81M -$62.07M -$25.44M
— — -62.98% -43.05% -18.7%
— -$9.06M -$7.52M -$3.56M $240K
— -$136.97M -$116.07M -$83.89M -$43.28M
— -$136.95M -$104.94M -$61.86M -$25.45M
USD/shares — -$0.90 -$2.89 -$6.59 -$3.50
USD/shares — -$0.90 -$2.89 -$7.01 -$3.65
shares — — 40.21M 12.74M 12.36M
shares — — 40.21M 12.75M 12.75M
Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Debt Profile

Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.

Reported debt balances

Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.

Reported balanceAs ofAmountSource
Noncurrent convertible debt 2026-06-30 USD 448,903,000 10-Q filed 2026-08-04
Operating lease liabilities 2026-06-30 USD 24,100,000 10-Q filed 2026-08-04
Related accounting measures — not additional borrowing

Carrying amounts can reflect issuance costs or discounts. Differences between these measures are not necessarily repayments due within a year.

Current operating lease liabilities
USD 7,582,000
Noncurrent operating lease liabilities
USD 34,580,000
Instrument and agreement coverage is incomplete. Additional filings are awaiting review.
1 filing has incomplete source or extraction coverage. Verified observations are shown; missing observations do not establish that debt was unchanged. 1 legal exhibit was not safely readable, so covenant coverage is incomplete.

Covenants

Some sections could not be verified in 1 agreement document. Other restrictions or tests may apply.

Verified tests, triggers and restrictions appear with each agreement below. A verified term does not establish current compliance.

Loans, facilities and notes

0% Convertible Senior Notes due 2032

Note · Voyager Technologies, Inc.

Reference: 0% Convertible Senior Notes due 2032

Active
Original principal
USD 402,500,000
Outstanding
—
Commitment
—
Availability
—
Maturity
Oct 15, 2032

Last reported interest terms: 0% Reported 2026-09-28 Later filings may not restate these terms; this does not confirm they still apply.

Verified covenant terms

  • (C) · will not become a party to any Class A Common Stock Change Event unless its terms are consistent with this Section 5.09 The Company will not become a party to any Class A Common Stock Change Event unless its terms are consistent with this Section 5.09. Applies to every series under this agreement Section 5.09. Effect of Class A Common Stock Change Event.
    Full wording and supporting evidence
    Source evidence: (C) Compliance Covenant. The Company will not become a party to any Class A Common Stock Change Event unless its terms are consistent with this Section 5.09.
    Target identity evidence: INDENTURE, dated as of September 28, 2026, between Voyager Technologies, Inc., a Texas corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
  • (A) · The Company will not consolidate with or merge with or into The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person Applies to every series under this agreement Section 6.01. When the Company May Merge, Etc.
    Full wording and supporting evidence
    Source evidence: (A) Generally. The Company will not consolidate with or merge with or into, or (directly, or indirectly through one or more of its Subsidiaries) sell, lease or otherwise transfer, in one transaction or a series of transactions, all or substantially all of the assets of the Company and its Subsidiaries, taken as a whole, to another Person (a “Business Combination Event”), unless:
    Target identity evidence: INDENTURE, dated as of September 28, 2026, between Voyager Technologies, Inc., a Texas corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
  • (vii) · any indebtedness for borrowed money of at least thirty million dollars a default by the Company or any of the Company’s Significant Subsidiaries with respect to any one or more mortgages, agreements or other instruments Applies to every series under this agreement Metric: indebtedness for borrowed money Stated threshold: 30000000 million dollars Section 7.01. Events of Default.
    Full wording and supporting evidence
    Source evidence: (vii) a default by the Company or any of the Company’s Significant Subsidiaries with respect to any one or more mortgages, agreements or other instruments under which there is outstanding, or by which there is secured or evidenced, any indebtedness for borrowed money of at least thirty million dollars ($30,000,000) (or its foreign currency equivalent) in the aggregate of the Company or any of the Company’s Significant Subsidiaries, whether such indebtedness exists as of the Issue Date or is thereafter created, where such default:
    Target identity evidence: INDENTURE, dated as of September 28, 2026, between Voyager Technologies, Inc., a Texas corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
Documents and filing history
  1. Issuance · 2026-09-28 Original principal USD 402,500,000 Exact source document Parent 8-K filing · 2026-09-28
    On September 28, 2026, Voyager Technologies, Inc. (the “Company”) issued $402,500,000 aggregate principal amount of its 0% Convertible Senior Notes due 2032 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of September 28, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the representatives of the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 calendar days from, and including, the date the Notes are first issued, up to an additional $52,500,000 aggregate principal amount of Notes. The Notes issued on September 28, 2026 include $52,500,000 aggregate principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option.
    Issuer evidence: On September 28, 2026, Voyager Technologies, Inc. (the “Company”) issued $402,500,000 aggregate principal amount of its 0% Convertible Senior Notes due 2032 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of September 28, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the representatives of the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 calendar days from, and including, the date the Notes are first issued, up to an additional $52,500,000 aggregate principal amount of Notes. The Notes issued on September 28, 2026 include $52,500,000 aggregate principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option.
    Supporting evidence: The Notes will not bear regular interest, and the principal amount of the Notes will not accrete. However, special interest and additional interest may accrue on the Notes at a rate per annum not exceeding 0.50% upon the occurrence of certain events relating to the failure to file certain SEC reports or to remove certain restrictive legends from the Notes. The Notes will mature on October 15, 2032, unless earlier repurchased, redeemed or converted. Before July 15, 2032, noteholders will have the right to convert their Notes only upon the occurrence of certain events. From and after July 15, 2032, noteholders may convert their Notes at any time at their election until the close of business on the second scheduled trading day immediately before the maturity date. The Company will settle conversions by paying or delivering, as applicable, cash, shares of its Class A common stock or a combination of cash and shares of its Class A common stock, at the Company’s election. The initial conversion rate is 24.4978 shares of the Company’s Class A common stock per $1,000 principal amount of Notes, which represents an initial conversion price of approximately $40.82 per share of the Company’s Class A common stock. The conversion rate and conversion price will be subject to customary adjustments upon the occurrence of certain events. In addition, if certain corporate events that constitute a “Make-Whole Fundamental Change” (as defined in the Indenture) occur, then the conversion rate will, in certain circumstances, be increased for a specified period of time.
    Supporting evidence: On September 28, 2026, Voyager Technologies, Inc. (the “Company”) issued $402,500,000 aggregate principal amount of its 0% Convertible Senior Notes due 2032 (the “Notes”). The Notes were issued pursuant to, and are governed by, an indenture (the “Indenture”), dated as of September 28, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”). Pursuant to the purchase agreement between the Company and the representatives of the initial purchasers of the Notes, the Company granted the initial purchasers an option to purchase, for settlement within a period of 13 calendar days from, and including, the date the Notes are first issued, up to an additional $52,500,000 aggregate principal amount of Notes. The Notes issued on September 28, 2026 include $52,500,000 aggregate principal amount of Notes issued pursuant to the full exercise by the initial purchasers of such option.
  2. Issuance · 2026-09-28 Exact source document Parent 8-K filing · 2026-09-28
    “Notes” means the 0% Convertible Senior Notes due 2032 issued by the Company pursuant to this Indenture.
    Issuer evidence: INDENTURE, dated as of September 28, 2026, between Voyager Technologies, Inc., a Texas corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
    Supporting evidence: Each party to this Indenture (as defined below) agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders (as defined below) of the Company’s 0% Convertible Senior Notes due 2032 (the “Notes”).
    Supporting evidence: “Notes” means the 0% Convertible Senior Notes due 2032 issued by the Company pursuant to this Indenture.
    Supporting evidence: “Notes” means the 0% Convertible Senior Notes due 2032 issued by the Company pursuant to this Indenture.

0% Convertible Senior Notes due 2032

Note · Voyager Technologies, Inc.

Reference: 0% Convertible Senior Notes due 2032

Active
Outstanding
—
Commitment
—
Availability
—
Maturity
—

Last reported interest terms: 0% Reported 2026-09-28 Later filings may not restate these terms; this does not confirm they still apply.

Covenant terms for this agreement are not yet verified.

Documents and filing history
  1. Issuance · 2026-09-28 Exact source document Parent 8-K filing · 2026-09-28
    This Note is one of a duly authorized issue of notes of Voyager Technologies, Inc., a Texas corporation (the “Company”), designated as its 0% Convertible Senior Notes due 2032 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of September 28, 2026 (as the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture.
    Issuer evidence: INDENTURE, dated as of September 28, 2026, between Voyager Technologies, Inc., a Texas corporation, as issuer (the “Company”), and U.S. Bank Trust Company, National Association, as trustee (the “Trustee”).
    Supporting evidence: This Note is one of a duly authorized issue of notes of Voyager Technologies, Inc., a Texas corporation (the “Company”), designated as its 0% Convertible Senior Notes due 2032 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of September 28, 2026 (as the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture.
    Supporting evidence: This Note is one of a duly authorized issue of notes of Voyager Technologies, Inc., a Texas corporation (the “Company”), designated as its 0% Convertible Senior Notes due 2032 (the “Notes”), all issued or to be issued pursuant to an indenture, dated as of September 28, 2026 (as the same may be amended from time to time, the “Indenture”), between the Company and U.S. Bank Trust Company, National Association, as trustee. Capitalized terms used in this Note without definition have the respective meanings ascribed to them in the Indenture.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue
9.02×
Peer median 3.44×
EV/EBIT
—
Peer median 21.75×
P/E (TTM)
—
Peer median 30.99×

Peer medians compare against the 44 similar-size Aerospace & Defense companies (of 90 listed).

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component FY2025 FY2024 FY2023
Defense and National Security $122,954,000 $77,470,000 $63,154,000
Space Solutions $47,583,000 $74,593,000 $76,771,000
Starlab Space Stations $0 $0 $0

By Geography (USD)

Component FY2025 FY2024 FY2023
United States $150,897,000 $128,869,000 $133,328,000
Europe $13,720,000 $14,468,000 $614,000
Other $1,802,000 $843,000 $2,120,000
Key facts CIK 1788060 CUSIP 92892B103 13F (30d) 25 filings 25 filers Visit website Investor relations