Voyager Technologies, Inc. · NYSE:VOYG
Voyager Technologies — Q3 2026 Earnings Presentation
22 slides from Voyager Technologies's earnings presentation, Nov 3, 2026
Slide 1: Voyager Technologies Third Quarter 2026 Earnings
VOYAGER TECHNOLOGIES THIRD QUARTER 2026 EARNINGS November 3, 2026
Slide 2: Important Notice and Disclaimers
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 information used in this
Slide 3: CEO Highlights
CEO HIGHLIGHTS In Q3, we achieved record bookings of $116M (+135% YoY), record revenue (+124% YoY), and record backlog (+293% YoY) Strong execution and growth acceleration reflect robust demand, with record backlog providing visibility to strength into 2027 Milestones advancing: Griffin-1 launch pre
Slide 4: Key Wins
KEY WINS Anduril strategic partnership for advanced weapons & propulsion Partnership will build on the $60M of existing contracts the two companies are already collaborating on and provide a defined path to high-rate production $62M of advanced national security and defense awards Diversified across
Slide 5: 2026 Priorities
2026 PRIORITIES Accelerate Advance Growth Starlab Expanding our customer base Bringing the next- and addressable market generation commercial space station to reality Capacity Innovation Build-Out Investments Expanding production capacity Investing in differentiated to support a growing program tech
Slide 6: Accelerate Growth
ACCELERATE GROWTH Expanding our customer base and addressable market +131% +48% +293% Bookings, YoY ($M) Net Sales, YoY ($M) Backlog, YoY ($M) $274 $742 $177 $120 $119 $189 YTD 2025 YTD 2026 YTD 2025 YTD 2026 Q3 2025 Q3 2026 ↑ Mix diversification ↑ Converting to revenue ↑ High-growth areas Propulsio
Slide 7: Advance Starlab
ADVANCE STARLAB Bringing the next-generation commercial space station to reality A Distinctive Long-term Value Creation Opportunity STRATEGIC RELEVANCE RESERVATIONS ($M) Positions Voyager at the center of the post-ISS transition ~ $700 across civil, sovereign and commercial markets +40% FINANCIAL UP
Slide 8: Capacity Build-Out
CAPACITY BUILD-OUT Expanding production capacity to support a growing program base and customer demand Energetics & Munitions Investing to address industry capacity constraints; focus on domestic production of energetics and munitions Scale with programs moving from development to higher-rate produc
Slide 9: Innovation Investments
INNOVATION INVESTMENTS Investing in differentiated technologies aligned with priority customer requirements and programs Innovation spend for Q3 was $32.7 million (36.9% of net sales) and $78.6 million year to date (44.5%) (excluding Starlab) We invest ahead of demand in reusable systems and early-h
Slide 10: Q3 2026 Financial Highlights
Q3 2026 FINANCIAL HIGHLIGHTS $116M 1.3x $742M Bookings Book-to-Bill Backlog $89M ($45M) ($0.87) Net Sales AEBITDA1 AEPS1 Strong momentum continued in Q3, driving record bookings and backlog Q3_26 EARNINGS | 10 10 1. See Appendix for Non-GAAP Reconciliations
Slide 11: Q3 2026 Defense & Space Segment
Q3 2026 DEFENSE & SPACE SEGMENT Millions, USD Bookings Net Sales Performance Highlights Bookings growth of 135% and new record $116 $89 backlog of $742M Driven by strength in propulsion controls, classified agentic AI products and core existing customer expansion +135% +122% Sales growth accelerated
Slide 12: Year to Date 2026 Defense & Space Segment
YEAR TO DATE 2026 DEFENSE & SPACE SEGMENT Millions, USD Bookings Net Sales Performance Highlights $178 YTD Bookings of $274M, up 131% YoY, with $274 book-to-bill of 1.5x Driven by propulsion controls, classified agentic AI products and expansion with core existing customers, +46% including $62M of a
Slide 13: Record Bookings Driving Record Backlog
RECORD BOOKINGS DRIVING RECORD BACKLOG Booking Highlights Backlog Additional Detail Q3 bookings of $116M, up from $113M in Q2’26 and Backlog grew 121% sequentially from Q2'26 to $49M in Q3’25 Q3'26 Excluding Astrobotic, backlog grew 8% TTM bookings of $329M across Q4’25-Q3’26 sequentially from Q2'26
Slide 14: Q3 2026 Starlab Space Segment
Q3 2026 STARLAB SPACE SEGMENT Performance Highlights Cumulative Milestone Cash Receipts Cumulative Reservations Millions, USD Millions, USD $213 ~ $700 $183 +40% $127 ~ $500 $65 2023 2024 2025 2026 Adj. EBITDA1 ($6.2) ($7.5) Q3 2025 Q3 2026 August 2026 October 2026 Inception-to-date milestone Growin
Slide 15: Financial Position
FINANCIAL POSITION Liquidity Position 1 Disciplined & Growth-Oriented Capital Allocation $554M Organic Growth Investments Investing in high-return, value-added Cash technologies to drive organic growth and margin expansion $262M Available Credit Facilities Accretive M&A Targeting accretive businesse
Slide 16: Accelerating Growth, Expanding Margins: 2026 and Beyond
ACCELERATING GROWTH, EXPANDING MARGINS: 2026 AND BEYOND ACCELERATING GROWTH 2026 GUIDANCE FRAMEWORK LONG-TERM GUIDANCE FRAMEWORK NET SALES $285 - $305 DIVERSIFIED PORTFOLIO, ATTRACTIVE GROWTH Millions, USD +72-84% YoY REVENUE Organic revenue CAGR (2024- GUIDANCE $285 million–$305 million +25% 2030)
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q3_26 EARNINGS | 17
Slide 18: Non-GAAP Reconciliations - KPIs
Non-GAAP Reconciliations - KPIs Three Months Nine Months Ended Ended As of As of (dollars in thousands, September September September September (dollars in thousands) September 30, December 31, except per share amounts) 30, 2026 30, 2025 30, 2026 30, 2025 2026 2025 Funded backlog(1) Net sales $88,71
Slide 19: Non-GAAP Reconciliations – Adjusted EBITDA
Non-GAAP Reconciliations – Adjusted EBITDA Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net loss attributable to Voyager Technologies, Inc. $(55,680) $(16,273) $(146,153) $(74,593) Finance and interest expense
Slide 20: Non-GAAP Reconciliations – Adjusted Earnings Per Share
Non-GAAP Reconciliations – Adjusted Earnings Per Share Three Months Ended Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net loss attributed to common shareholders $(55,680) $(16,273) $(146,153) $(85,852)
Slide 21: Non-GAAP Reconciliations – Free Cash Flow
Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net cash used in operating activities $(29,704) $(15,061) $(113,731) $(45,964) Purchases of property and equipment (28,187
Slide 22: Operating Metrics – Innovation Spend
Operating Metrics – Innovation Spend Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Qualified research and development under section 174 $22,382 $44,080 $100,361 $110,337 Development program innovation spend(1)