Voyager Technologies, Inc./DE

Listed Company

VOYGCIK 0001788060NYSENon-AcceleratedEmerging GrowthGuided Missiles & Space Vehicles & PartsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$166.42M

Net Income

$-104.81M

Total Assets

$1.05B

Equity

$383.72M

Shares Out

—

Op. Cash Flow

$-60.94M

Business

Voyager Technologies, Inc./DE is a publicly listed company in Guided Missiles & Space Vehicles & Parts, incorporated in Delaware. Common stock trades on NYSE under the ticker VOYG.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Net sales	166	144	136
Cost of sales	137	109	108
Selling, general, and administrative	117	63	54
Research and development	13	8	−19
Impairment losses	0	4	0
Amortization of acquired intangibles	9	10	7
Loss from operations	−108	−48	−14
Change in fair value of embedded derivatives	0	387,000	0
Loss on debt extinguishment	−8	−9	−1
Finance and interest expense, net	−7	−12	−11
Other income, net	10	2	1
Loss before income taxes	−113	−67	−25
Income tax (benefit) expense	−440,000	−2	341,000
Net loss	−112	−66	−25
Net loss attributable to noncontrolling interests	−8	−4	240,000
Net loss attributable to Voyager Technologies, Inc.	−105	−62	−25
Less: dividends accrued on preferred stock	11	22	18
Net loss available to common shareholders	−116	−84	−43
Basic (in dollars per share)	−2.89	−6.59	−3.5
Diluted (in dollars per share)	−2.89	−7.01	−3.65
Basic (in shares)	40	13	12
Diluted (in shares)	40	13	13

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	491	56	—	—
Accounts receivable, net	30	15	—	—
Contract assets	30	17	—	—
Inventories	4	2	—	—
Prepaid expenses and other current assets	27	11	—	—
TOTAL CURRENT ASSETS	581	102	—	—
Property and equipment, net	164	49	—	—
Operating lease right-of-use assets	18	8	—	—
Intangible assets, net	99	35	—	—
Goodwill	158	47	—	—
Other assets	30	7	—	—
TOTAL ASSETS	1,050	248	—	—
Accounts payable	27	23	—	—
Contract liabilities	24	21	—	—
Operating lease liabilities	6	3	—	—
SMI promissory note, current	0	665,000	—	—
Accrued expenses and other current liabilities	75	40	—	—
TOTAL CURRENT LIABILITIES	133	87	—	—
Term Loan, net	0	57	—	—
Operating lease liabilities, non-current	13	6	—	—
Contract liabilities, non-current	8	3	—	—
Convertible notes, net	448	7	—	—
Embedded derivatives	0	3	—	—
Deferred tax liabilities	9	112,000	—	—
SMI promissory note	0	24	—	—
Other long-term liabilities	10	102,000	—	—
TOTAL LIABILITIES	621	188	—	—
Class A-1 redeemable preferred stock: $0.0001 par value; 0 shares authorized, issued and outstanding at December 31, 2025; 7,500,000 shares authorized and 6,967,720 shares issued and outstanding at December 31, 2024; redeemable at the option of the holder with a liquidation preference of $105,581	0	93	—	—
Redeemable noncontrolling interests	0	32	—	—
Additional paid-in capital	797	15	—	—
Treasury stock, at cost	−28	0	—	—
Accumulated other comprehensive (loss) income	−95,000	28,000	—	—
Accumulated deficit	−386	−281	−217	—
Total Voyager Technologies, Inc. equity (deficit)	384	−70	—	—
Noncontrolling interests	46	4	—	—
TOTAL EQUITY (DEFICIT)	430	−66	−93	−68
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT)	1,050	248	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization	13	14	10
Stock-based compensation	19	4	3
Amortization of operating lease right-of-use assets	3	3	3
Loss on debt extinguishment	8	9	1
Amortization of debt issuance costs and other non-cash interest expense	3	6	4
Reduction in fair value of earnout	0	−6	−4
Deferred taxes	−478,000	−3	−645,000
Non-cash services acquired	14	13	0
Other	667,000	−160,000	254,000
Accounts receivable	−5	−4	526,000
Prepaid expenses and other current assets	−5	101,000	−261,000
Contract assets	−556,000	−1	−2
Inventories	−341,000	2	1
Other assets	−4	−5	−560,000
Accounts payable	4	−6	−2
Contract liabilities	−7	7	−6
Accrued expenses	12	9	3
Operating lease liabilities	−3	−3	−2
Other liabilities	−212,000	−292,000	3,000
Net cash used in operating activities	−61	−26	−15
Purchases of property and equipment	−145	−83	−17
Grant funding for property and equipment	50	55	27
Acquisitions, net of cash acquired	−152	0	2
Purchase of investments	−16	0	−100,000
Net cash (used in) provided by investing activities	−262	−28	12
Proceeds from Term Loan, net	0	58	47
Repayment of Term Loan	−64	−57	−35
Borrowings from the credit facility	65	0	0
Repayments on the credit facility	−65	0	0
Proceeds from the issuance of Common stock, net	46	0	0
Proceeds from the issuance of Class B convertible preferred stock, net	0	0	3
Proceeds from the issuance of Class C preferred stock, net	116	67	0
Proceeds from the issuance of Class A common stock upon IPO, net of underwriting costs	409	0	0
Costs associated with initial public offering	−9	0	0
Sale of noncontrolling interest	82	13	0
Redemptions of redeemable noncontrolling interests	0	−11	−7
Repayment of line of credit	0	0	−4
Purchase of noncontrolling interest	−11	0	0
Redemptions of Class A-1 redeemable preferred stock	−3	0	0
Cash repayment of Preferred B dividends	−28	0	0
Costs associated with the credit facility	−3	0	0
Proceeds from convertible notes	460	10	0
Payments for debt issuance costs related to convertible notes	−13	0	0
Payment of forward stock purchase transaction	−131	0	0
Share repurchases	−28	0	0
Purchase of Capped Call Option	−67	0	0
Other	1	−2	−2
Net cash provided by financing activities	758	79	2
Effect of foreign exchange on cash and cash equivalents	126,000	−31,000	9,000
Net increase (decrease) in cash and cash equivalents	435	26	−2

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