Voyager Technologies, Inc. · NYSE:VOYG
Voyager Technologies — Q1 2026 Earnings Presentation
18 slides from Voyager Technologies's earnings presentation, May 5, 2026
Slide 1: First Quarter 2026 Earnings
VOYAGER TECHNOLOGIES FIRST QUARTER 2026 EARNINGS MAY 5, 2026
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: CEO Highlights
CEO HIGHLIGHTS Q1 bookings driving new record backlog of $275M, up +54% YoY Bookings momentum continues into early Q2 Notable wins under Golden Dome, Next Generation Interceptor and additional missile defense program Raising FY26 revenue guidance to $230-255M, up 38-53% YoY Strong Start, Record Back
Slide 4: Investing for Strategic Growth
INVESTING FOR STRATEGIC GROWTH State-of-the-art design, manufacturing & test capabilities Voyager American Defense Complex expansion progressing for high-volume military-grade components, propulsion technologies and energetics New Space Beach facility underway for advanced electronics, mission-criti
Slide 5: Innovation Investments
INNOVATION INVESTMENTS Q1 Innovation Spend1 48% of revenue, incl. IRAD 17% Advanced electronics & communications Golden Dome-aligned capabilities Next-gen space-domain maneuverability AI industrialization VISTA science park & strategic partnerships Innovation Fueling Growth & Differentiation, Streng
Slide 6: Starlab Progress & Lunar Initiatives
STARLAB PROGRESS & LUNAR INITIATIVES Starlab delivered four NASA milestones and received $24M in cash receipts Aligned with NASA’s Ignition priorities Expanding lunar capabilities, strategic partnership with Max Space for lunar habitation VOYG-1 private astronaut mission to ISS (2028) Voyager at the
Slide 7: Q1 2026 Financial Highlights
Q1 2026 FINANCIAL HIGHLIGHTS $45M 1.3 $275M Bookings Book-to-Bill Backlog $35M ($33M) ($0.61) Net Sales AEBITDA1 AEPS1 Strong Start to 2026, Bookings Drive New Record Backlog (1) See Appendix for Non-GAAP Reconciliations Q1_26 EARNINGS |7 7
Slide 8: Defense & Space Technologies Segment
DEFENSE & SPACE TECHNOLOGIES SEGMENT Mission-Critical Capabilities Aligned to Fastest Growing Defense & Space Markets Diversified Portfolio Positioned to Deliver 25%+ Organic Growth (2024-2030) Strategic Advanced Electronics Spectrum Mission Science & Systems & Space Technologies Dominance Managemen
Slide 9: Q1 2026 Segment Highlights
Q1 2026 SEGMENT HIGHLIGHTS Millions, USD DEFENSE & SPACE TECHNOLOGIES Bookings Net Sales • Bookings growth of 232%, including notable new $45.2 $35.8 $36.2 program wins supporting Golden Dome architecture • New record Backlog • Modest sales growth due to the planned wind down $13.6 of NASA services
Slide 10: Financial Position
FINANCIAL POSITION Liquidity Position 1 Disciplined & Growth-Oriented Capital Allocation $429M Organic Growth Investments Cash Investing in high-return, value-added technologies to drive organic growth and margin expansion $212M Available Credit Facilities Accretive M&A Targeting accretive businesse
Slide 11: 2026 Guidance
2026 GUIDANCE ACCELERATING GROWTH 2026 GUIDANCE FRAMEWORK LONG-TERM GUIDANCE FRAMEWORK NET SALES • Gross profit margin in the mid-teens, Diversified portfolio with attractive growth Millions, USD $230-$255 reflecting investments and under- opportunities +38-53% YoY absorption ahead of growth • +25%
Slide 12: Strong Start for 2026
STRONG START FOR 2026 Strong Execution in Q1 and Increasing Momentum into 2026 Delivered strong Deploying capital to Advancing space Positioned for Executed a strong Innovation-led bookings and record scale capacity for infrastructure and accelerating start to 2026 capability expansion backlog accel
Slide 13: Non-GAAP Reconciliations
Non-GAAP Reconciliations W VOYAGER
Slide 14: Non-GAAP Reconciliations - KPIs
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations - KPIs Three Months Ended As of As of (dollars in thousands, except per March 31, March 31, (dollars in thousands) March 31, December 31, share amounts) 2026 2025 2026 2025 Funded backlog(1) Net sales $ 35,246 $ 34,507 Defense and Space Technologies $ 14
Slide 15: Non-GAAP Reconciliations – Adjusted EBITDA
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted EBITDA Three Months Ended (dollars in thousands) March 31, 2026 Marc 31, 2025 Net loss attributable to Voyager Technologies, Inc. $ (43,983) $ (26,938) Finance and interest expense, net $ 2,114 $ 2,729 Depreciation and amortization $ 6,033 $ 2
Slide 16: Non-GAAP Reconciliations – Free Cash Flow
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Free Cash Flow Three Months Ended (dollars in thousands) March 31, 2026 March 31, 2025 Cash used in operating activities $ (39,712) $ (14,354) Purchases of property and equipment $ (51,116) $ (26,970) Grant funding for property and equipment $ 24,034 $
Slide 17: Non-GAAP Reconciliations – Adjusted Earnings Per Share
VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted Earnings Per Share Three Months Ended (dollars in thousands, except per share amounts) March 31, 2026 March 31, 2025 Net loss attributed to common shareholders $ (43,983) $ (32,939) Stock-based compensation $ 4,129 $ 1,723 Business acquisition
Slide 18: Operating Metrics – Innovation Spend
VOYAGER TECHNOLOGIES Operating Metrics – Innovation Spend Three Months Ended (dollars in thousands) March 31, 2026 March 31, 2025 Qualified research and development under $ 45,040 $ 33,599 section 174 Development program innovation spend(1) $ 8,318 $ 5,513 Innovation spend $ 53,358 $ 39,112 Less: St