Voyager Technologies, Inc. · NYSE:VOYG
Voyager Technologies — Q2 2025 Earnings Presentation
19 slides from Voyager Technologies's earnings presentation, Aug 5, 2025
Slide 1: Second Quarter 2025 Earnings
Second Quarter 2025 Earnings August 5, 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: Purpose-Built, Disruptive Platform at the Forefront of Defense, National Security & Space
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: Voyager Operates Across Three Compelling Segments
BUSINESS SEGMENTS Voyager Operates Across Three Compelling Segments DEFENSE & NATIONAL SECURITY SPACE SOLUTIONS STARLAB SPACE STATIONS Leader in the development of throttleable solid Leader in the development of advanced software, Designed as a commercial successor to the ISS, propulsion technologie
Slide 5: Second Quarter 2025 Highlights
Second Quarter 2025 Highlights COMPLETED IPO HIGH ORGANIC GROWTH, CONTINUED STARLAB AUGMENTED BY M&A PROGRESS • 14.2mm shares at $31/share, • Delivered record revenue, up • NASA announced key progress; up-sized and up-priced 25% YoY, including 85% growth Completed four milestones, • Raised $440mm be
Slide 6: Successful Critical Design Review for Next Gen Interceptor (NGI)
RAPID DEVELOPMENT OF MISSION-CRITICAL DISRUPTIVE TECHNOLOGIES Successful Critical Design Review for Next Gen Interceptor (NGI) Voyager to deliver NGI Second Stage Roll Control System Image credit: Lockheed Martin NEXT GENERATION INTERCEPTOR (NGI): VOYAGER’S BREAKTHROUGH TECHNOLOGY: A NATIONAL PRIORI
Slide 7: Acquisition of Optical Physics Company (OPC)
STRATEGIC ACQUISITIONS ENHANCE VOYAGER'S CAPABILITIES Acquisition of Optical Physics Company (OPC) HIGHLIGHTS • OPC’s star tracker systems • Positioned to capitalize on enhance Voyager’s optical growing demand, driven by navigation product suite initiatives such as Golden • Vertical integration to e
Slide 8: Second Quarter 2025 Financial Results
Second Quarter 2025 Financial Results Millions (ex. EPS), USD REVENUE ADJUSTED EBITDA* ADJUSTED EPS* $46 $37 ($0.60) ($1.29) ($7.7) ($9.1) Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 % of (21.0%) (19.8%) Revenue 25% Revenue growth propelled by strong Higher volume offset by mix and cost IPO-rela
Slide 9: Second Quarter 2025 – Segment Results
Second Quarter 2025 – Segment Results Millions, USD DEFENSE & NATIONAL SECURITY SPACE SOLUTIONS STARLAB SPACE STATIONS Revenue Revenue Cash Receipts $35 $23 $19 $20 $11 $4 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Q2 2024 Q2 2025 Adj. EBITDA* $1.0 $1.8 Adj. EBITDA* $1.1 ($1.3) Adj. EBITDA* ($8.1) ($2.0) % of
Slide 10: Fortress Balance Sheet To Support Growth Initiatives
Fortress Balance Sheet To Support Growth Initiatives Millions, USD LIQUIDITY POSITION 6/30/25 ORGANIC INVESTMENTS High innovation spend on Cash $469 development of new, value-added Debt $0 technologies, including AI-enabled software NET CASH $469 Undrawn Credit Facility $200 TOTAL LIQUIDITY $669 ACC
Slide 11: 2025 Guidance
2025 Guidance REVENUE ADJUSTED EBITDA* $165-170mm ($63-60mm) GUIDANCE HIGHIGHTS • Revenue (midpoint): 2H 2025 revenue ~$87mm (sequential growth of 9%) • Gross profit and Adj. EBITDA margin: modestly higher in 2H 2025 vs. 1H 2025 (Q4>Q3) • Backlog (as of June 30, 2025): $170mm, providing confidence i
Slide 12: 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-critical High-growth platform driven by Flexible multi-use technology solutions in the large, growing and organic momentum and accretive solutions for diver
Slide 13: Appendix
VOYAGER TECHNOLOGIES Appendix
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 Six Months Ended December 31, (dollars in thousands, June 30, June 30, June 30, June 30, (dollars in thousands) June 30, 2025 2024 except per share amounts) 2025 2024 2025 2024 Funded backlog(1) Bookings(3) $ 43,252 $ 43,393 $ 6
Slide 16: Non-GAAP Reconciliations – Adjusted EBITDA
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted EBITDA Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributable to Voyager Technologies, Inc. $ (31,382) $ (23,322) $ (58,320) $ (38,145)
Slide 17: Non-GAAP Reconciliations – Adjusted Earnings Per Share
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted Earnings Per Share Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net loss attributed to common stockholders $ (36,640) $ (28,803) $ (69,579) $ (48,6
Slide 18: Non-GAAP Reconciliations – Free Cash Flow
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Six Months Ended (dollars in thousands) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net cash used in operating activities $ (16,549) $ (11,149) $ (30,903) $ (19,055) Purchases of property and equipment $ (3
Slide 19: Operating Metrics – Innovation Spend
VOYAGER TECHNOLOGIES Operating Metrics – Innovation Spend Three Months Ended Years Ended (dollars in thousands) June 30, 2025 March 31, 2025 December 31, 2024 December 31, 2023 Capitalized research and development under section $ 32,658 $ 33,599 $ 105,206 $ 46,222 174 Development program innovation