Voyager Technologies, Inc. · NYSE:VOYG
Voyager Technologies — Q4 2025 Earnings Presentation
19 slides from Voyager Technologies's earnings presentation, Mar 10, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings
Fourth Quarter & Full Year 2025 Earnings March 10, 2026
Slide 2: Important Notice and Disclaimers
VOYAGER TECHNOLOGIES Important Notice and Disclaimers Forward-Looking S tatements Market, Industry and other Data This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Re form Act of 1995. The market data, industry data and other statistical in
Slide 3: Full Year 2025 Highlights
Full Year 2025 Highlights FINANCIAL PERFORMANCE & STRATEGIC M&A TO TECHNOLOGY & INNOVATION STARLAB SPACE STATIONS GROWTH AUGMENT CAPABILITIES ACCELERATION • Sixth consecutive year of growth: • Executed strategic acquisitions, • Completed Critical Design Review • Completed Critical Design +15% YoY, +
Slide 4: Estes Energetics Expanding Vertical Integration & Propulsion Capabilities
STRATEGIC ACQUISITIONS CONTINUE TO ENHANCE VOYAGER'S CAPABILITIES Estes Energetics Expanding Vertical Integration & Propulsion Capabilities VOYAGER – Existing Capabilities Secures U.S.-controlled energetics Advanced Propulsion Technologies for Space and Missile Defense and propulsion capacity ESTES
Slide 5: 2026 Priorities
2026 Priorities GROWTH ACCELERATION CAPABILITY BUILD-OUT • Raising guidance to $225M - $255M, • Voyager American Defense Complex: up 35-53% YoY Scaling domestic energetics and • Driven by Defense & National Security munitions production momentum • Strategic infrastructure expansion • Golden Dome as
Slide 6: Fourth Quarter 2025 Financial Results
Fourth Quarter 2025 Financial Results Millions (ex. EPS), USD NET SALES ADJUSTED EBITDA* ADJUSTED EPS* $47 $38 ($0,37) ($6,3) ($21,8) ($2,09) Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 % of Net (16.7%) (46.8%) Sales Net Sales up +24% driven by in Defense Reflects ramping up of Starlab program A
Slide 7: Fourth Quarter 2025 – Segment Results
Fourth Quarter 2025 – Segment Results Millions, USD DEFENSE AND NATIONAL SECURITY SPACE SOLUTIONS STARLAB SPACE STATIONS Net Sales Net Sales Milestone Cash Receipts $36 $18 $24 $22 $12 $10 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Adj. EBITDA* $0.5 ($4.5) Adj. EBITDA* $1.2 $2.4 Adj. EBITDA* ($
Slide 8: Full Year 2025 Financial Results
Full Year 2025 Financial Results Millions (ex. EPS), USD NET SALES ADJUSTED EBITDA* ADJUSTED EPS* $166 $144 ($30,0) ($2,05) ($69,9) ($5,72) FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 % of Net (20.8%) (42.0%) Sales Net Sales +15%, and +33% excluding the Reflects ramping up of Starlab program Adj
Slide 9: Full Year 2025 – Segment Results
Full Year 2025 – Segment Results Millions, USD DEFENSE AND NATIONAL SECURITY SPACE SOLUTIONS STARLAB SPACE STATIONS Net Sales Net Sales Cash Receipts $123 $75 $62 $56 $48 $77 FY 2024 FY 2025 FY 2024 FY 2025 FY 2024 FY 2025 Adj. EBITDA* $2.2 ($4.5) Adj. EBITDA* $2.7 ($0.8) Adj. EBITDA* ($14.1) ($18.7
Slide 10: Ample Liquidity to Support Growth-Oriented Capital Allocation Strategy
Ample Liquidity to Support Growth-Oriented Capital Allocation Strategy Liquidity Position1 Disciplined and Growth-Oriented Capital Allocation Policy $491mm Cash Organic Investments Invest in development of new, value-added technology (including artificial intelligence enabled software), and scale-up
Slide 11: 2026 Guidance
2026 Guidance ACCELERATING GROWTH BUILDING A SUSTAINABLE GROWTH SUPPORTING OUR LONG-TERM PLATFORM FINANCIAL & GROWTH PROFILE NET SALES Millions, USD • Gross Profit margin in the mid-teens, Diversified Portfolio with Attractive Growth $225-$255 reflecting investments and under- Opportunities +35-53%
Slide 12: Key Takeaways
Key Takeaways Strong Performance in 2025 and Poised for Accelerated Momentum in 2026 Expanded Entered 2026 with Targeting Completed Delivered strong Achieved important capabilities through record backlog and accelerating growth successful IPO growth & performance milestones strategic M&A strong mome
Slide 13: Appendix
Appendix W VOYAGER
Slide 14: Non-GAAP Reconciliations
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations 14
Slide 15: Non-GAAP Reconciliations - KPIs
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations - KPIs Three Months Ended Years Ended Year Ended Year Ended (dollars in thousands, except December December December December (dollars in thousands) December December 31, per share amounts) 31, 2025 31, 2024 31, 2025 31, 2024 31, 2025 2024 Funded backlog
Slide 16: Non-GAAP Reconciliations – Adjusted EBITDA
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted EBITDA Three Months Ended Years Ended (dollars in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net loss attributable to Voyager Technologies, Inc. $ (30,221) $ (8,960) $ (104,814) $ (62,072) Finance and in
Slide 17: Non-GAAP Reconciliations – Free Cash Flow
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Years Ended (dollars in thousands) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Cash used in operating activities $ (14,979) $ (5,499) $ (60,943) $ (25,502) Purchases of property and equipmen
Slide 18: Non-GAAP Reconciliations – Adjusted Earnings Per Share
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted Earnings Per Share Three Months Ended Years Ended (dollars in thousands, except per share amounts) December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Net loss attributed to common stockholders $ (30,220) $ (14,697) $ (116,
Slide 19: Operating Metrics – Innovation Spend
VOYAGER TECHNOLOGIES Operating Metrics – Innovation Spend Three Months Ended Years Ended December 31, September December 31, December 31, (dollars in thousands) June 30, 2025 March 31, 2025 2025 30, 2025 2025 2024 Capitalized research and development $ 55,335 $ 44,080 $ 32,658 $ 33,599 $ 165,672 $ 1