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Dec 31, 2025
Voyager Technologies Inc Q4 2025 Earnings Report
Voyager delivered record fourth-quarter sales and backlog, but losses widened as the company continued investing in growth, acquisitions, and innovation.
Key Takeaways
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.
Q4 net sales reached a record $46.65 million, up 23.7% year over year.
Defense and National Security revenue grew 62.5% year over year to $35.71 million.
Adjusted EBITDA was negative $21.82 million and free cash flow was negative $54.54 million in the quarter.
Voyager ended the year with $265.60 million of backlog and increased 2026 revenue guidance to $225 million to $255 million.
Revenue by Segment
Forward Guidance
For full year 2026, Voyager increased revenue guidance to $225 million to $255 million, implying 35% to 53% year-over-year growth, while noting near-term uncertainty related to a government shutdown and execution risks around acquisitions and contracts.
Positive Outlook
- 2026 revenue guidance was increased to a range of $225 million to $255 million.
- The guidance implies year-over-year growth of 35% to 53%.
- Record year-end backlog supports future revenue conversion.
- Recently acquired businesses are expected to contribute to growth.
- Management said the outlook reflects resilience in the business model and execution of the growth strategy.
Challenges Ahead
- Management cited near-term uncertainty attributable to the government shutdown.
- Guidance depends on efficiently and timely integrating acquisitions.
- Future results depend on obtaining and retaining contracts.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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