Voyager reported record Q4 net sales led by strong Defense and National Security growth, while Space Solutions declined due to the planned NASA services contract wind-down. The company exited 2025 with record backlog and strong liquidity, but still posted a sizable quarterly net loss and negative free cash flow.

Voyager Technologies posted a net loss in Q3 2025, driven by increased innovation spend and ramp-up of its Starlab program. While Space Solutions declined due to a planned NASA contract wind-down, the Defense and National Security segment delivered strong double-digit growth. The company maintained a strong liquidity position.