Voyager Technologies, Inc. · NYSE:VOYG
Voyager Technologies — Q3 2025 Earnings Presentation
17 slides from Voyager Technologies's earnings presentation, Nov 4, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings November 4, 2025
Slide 2: Important Notice and Disclaimers
VOYAGER TECHNOLOGIES Important Notice and Disclaimers Forward-Looking Statements Market, Industry and other Data This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The market data, industry data and other statistical info
Slide 3: Strategic Priorities: Purpose-Built, Disruptive Platform
VOYAGER STRATEGIC PRIORITIES Purpose-Built, Disruptive Platform Uniquely Positioned at the Forefront of Defense, National Security & Space Markets HIGH GROWTH PLATFORM RAPID INNOVATION STARLAB DEVELOPMENT • >25% organic CAGR* • Industry-high innovation • Unlock significant value from • Additional up
Slide 4: Third Quarter 2025 Highlights
Third Quarter 2025 Highlights DEFENSE REMAINS A KEY HIGHLY ACTIVE M&A CONTINUED STARLAB DRIVER PROGRESS • Defense and National Security up • Acquired ElectroMagnetic Systems • Completed two milestones, 31% YoY, driven by execution on and the IP of BridgeComm resulting in $4mm NASA cash key programs
Slide 5: Acquisitions of Electromagnetic Systems & ExoTerra Resource
STRATEGIC ACQUISITIONS CONTINUE TO ENHANCE VOYAGER'S CAPABILITIES Acquisitions of Electromagnetic Systems & ExoTerra Resource A radar AI software company serving high-priority U.S. defense and Designs and manufactures electric propulsion systems for small and intelligence missions. Specialized in sy
Slide 6: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results Millions (ex. EPS), USD REVENUE ADJUSTED EBITDA* ADJUSTED EPS* $40 $40 ($0.22) ($8.8) ($1.56) ($17.7) Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 % of (22.3%) (44.7%) Revenue Revenue flat YoY or up +15% excluding the Reflects ramping up of Starlab program Adj
Slide 7: Third Quarter 2025 – Segment Results
Third Quarter 2025 – Segment Results Millions, USD DEFENSE AND NATIONAL SECURITY SPACE SOLUTIONS STARLAB SPACE STATIONS Revenue Revenue Cash Receipts $29 $22 $20 $17 $12 $4 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Adj. EBITDA* $0.9 ($2.0) Adj. EBITDA* $1.6 ($0.6) Adj. EBITDA* $4.0 ($6.2) % of
Slide 8: Fortress Balance Sheet To Support Growth Initiatives
Fortress Balance Sheet To Support Growth Initiatives Millions, USD LIQUIDITY POSITION 9/30/25 ORGANIC INVESTMENTS High innovation spend on Cash $413 development of new, value-added Debt $0 technologies, including AI-enabled software NET CASH $413 Undrawn Credit Facility $200 TOTAL LIQUIDITY $613 ACC
Slide 9: 2025 Guidance
2025 Guidance REVENUE ADJUSTED EBITDA* $165-170mm ($63-60mm) GUIDANCE HIGHIGHTS • Revenue: towards the high end of the $165-170mm range • Reflecting ExoTerra acquisition and government shutdown uncertainty • Gross profit and Adj. EBITDA margin: modestly higher Q4>Q3 • Backlog (as of September 30, 20
Slide 10: Positioned to Capitalize on Industry Tailwinds
VOYAGER SUMMARY Positioned to Capitalize on Industry Tailwinds Leveraging Purpose-Built, High-Growth Platform 1 2 3 Leading provider of mission- High-growth platform driven by Flexible multi-use technology critical solutions in the large, organic momentum and solutions for diverse applications growi
Slide 11: Appendix
Appendix W VOYAGER
Slide 12: Non-GAAP Reconciliations
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations 12
Slide 13: Non-GAAP Reconciliations - KPIs
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations - KPIs Three Months Ended Nine Months Ended September December (dollars in thousands, except September September September September (dollars in thousands) 30, 2025 31, 2024 per share amounts) 30, 2025 30, 2024 30, 2025 30, 2024 Funded backlog(1) Net sal
Slide 14: Non-GAAP Reconciliations – Adjusted EBITDA
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted EBITDA Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net loss attributable to Voyager Technologies, Inc. $ (16,273) $ (14,967) $ (74,593) $ (53,112) Fina
Slide 15: Non-GAAP Reconciliations – Free Cash Flow
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Nine Months Ended September 30, September 30, (dollars in thousands) September 30, 2024 September 30, 2024 2025 2025 Net cash used in operating activities $ (15,060) $ (948) $ (45,964) $ (20,003) Purchases of property
Slide 16: Non-GAAP Reconciliations – Adjusted Earnings Per Share
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted Earnings Per Share Three Months Ended Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 Net loss attributed to common stockholders $ (16,273) $ (20,55
Slide 17: Operating Metrics – Innovation Spend
VOYAGER TECHNOLOGIES Operating Metrics – Innovation Spend Three Months Ended Years Ended September 30, December 31, (dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2023 2025 2024 Capitalized research and development under $ 44,080 $ 32,658 $ 33,599 $ 105,206 $ 46,222 section 174 Dev