Voyager Technologies, Inc./DEVOYG
Voyager Technologies, Inc./DE Segments Disclosure
SEGMENT REPORTING
The Company’s business is organized into market sectors based on its products and services and has three reportable segments: (i) Defense and National Security; (ii) Space Solutions; and (iii) Starlab Space Stations. The Company organizes its reportable segments based on the nature of the products and services offered and the economic characteristics of its operating businesses.
Transactions between segments are generally negotiated and accounted for under terms and conditions similar to other government and commercial contracts. The reconciling item “corporate expense” includes the portion of corporate costs not considered allocable to the segments, such as legal, management and administration, and other corporate unallocable costs.
The Company’s Chief Operating Decision Maker (“CODM”) is the CEO and Chairman. The CODM uses net sales and Adjusted EBITDA to assess segment performance and make decisions regarding the allocation of capital and other investments. Adjusted EBITDA is defined as EBITDA (earnings before interest, taxes, depreciation, and amortization) adjusted for certain items affecting comparability as specified in the calculation. During the second quarter of 2025, the Adjusted EBITDA metric used within the business by the CODM was modified to remove non-cash services as an add back. In alignment with ASC 280-10-50-36, the Company has recast its prior period Adjusted EBITDA measures to align with the new composition of the metric and the current financial benchmark used to monitor operations of the segments. These costs were historically only prevalent within the Starlab Space Stations segment and at the Corporate level.
Adjusted EBITDA is used to monitor budget versus actual results. The CODM also uses Adjusted EBITDA in analysis of the operational performance of each reporting segment. The CODM considers budget-to-actual variances on a quarterly basis for both profit measures when making decisions about allocating capital and personnel to the segments. The monitoring of budgeted versus actual results is used in assessing performance of the segments and in establishing management’s compensation. The CODM does not review segment expense items pursuant to ASC 280-10-50-26A. Therefore, the Company does not disclose these expense items by segment. The CODM does not use assets by segment to evaluate performance or allocate resources. Therefore, the Company does not disclose assets by segment.
The following table summarizes the operating performance of the Company’s segments:
| Years Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Net Sales: | |||||||||||||||||
| Defense and National Security | $ | 122,954 | $ | 77,470 | $ | 63,154 | |||||||||||
| Space Solutions | 47,583 | 74,593 | 76,771 | ||||||||||||||
| Starlab Space Stations | — | — | — | ||||||||||||||
| Total Net Sales, reportable segments | 170,537 | 152,063 | 139,925 | ||||||||||||||
| Intersegment eliminations | (4,118) | (7,883) | (3,863) | ||||||||||||||
| Total Net Sales | $ | 166,419 | $ | 144,180 | $ | 136,062 | |||||||||||
Other Segment Expenses(1): | |||||||||||||||||
| Defense and National Security | $ | 127,496 | $ | 75,290 | $ | 63,544 | |||||||||||
| Space Solutions | 48,369 | 71,873 | 71,994 | ||||||||||||||
| Starlab Space Stations | 18,724 | 14,065 | (12,569) | ||||||||||||||
| Total Other Segment Expenses, reportable segments | 194,589 | 161,228 | 122,969 | ||||||||||||||
| Intersegment eliminations | (4,118) | (7,883) | (3,863) | ||||||||||||||
| Corporate and other expenses | 45,887 | 20,886 | 15,535 | ||||||||||||||
| Total Other Segment Expenses | $ | 236,358 | $ | 174,231 | $ | 134,641 | |||||||||||
| Adjusted EBITDA: | |||||||||||||||||
| Defense and National Security | $ | (4,542) | $ | 2,180 | $ | (390) | |||||||||||
| Space Solutions | (786) | 2,720 | 4,777 | ||||||||||||||
| Starlab Space Stations | (18,724) | (14,065) | 12,569 | ||||||||||||||
| Total Adjusted EBITDA, reportable segments | (24,052) | (9,165) | 16,956 | ||||||||||||||
| Intersegment eliminations | — | 67 | — | ||||||||||||||
| Corporate and other expenses | (45,887) | (20,886) | (15,535) | ||||||||||||||
| Depreciation and amortization | (13,415) | (13,595) | (10,294) | ||||||||||||||
| Stock-based compensation | (18,917) | (3,761) | (2,707) | ||||||||||||||
| Impairment | — | (3,594) | — | ||||||||||||||
| Finance and interest expense, net | (6,821) | (12,016) | (10,590) | ||||||||||||||
| Net (loss) income attributable to noncontrolling interests | (7,518) | (3,556) | 240 | ||||||||||||||
| Interest income | 11,590 | 1,875 | 75 | ||||||||||||||
Other(2) | (7,752) | (2,705) | (3,002) | ||||||||||||||
| Loss before taxes | $ | (112,772) | $ | (67,336) | $ | (24,857) | |||||||||||
__________________
(1)Other Segment Expenses consist of cost of sales, research and development, selling, general, and administrative and other income or expense items which are not deducted when calculating Adjusted EBITDA.
(2)Other consists of acquisition costs, restructuring, impairment, and other income or expense items which are deducted when calculating Adjusted EBITDA. In prior period filings, ‘Interest income’ was grouped into this line item. For the year ended December 31, 2025, it was broken out due to materiality.
The Company’s capital expenditures and depreciation and amortization expense are as follows:
| Year Ended December 31, 2025 | Defense and National Security | Space Solutions | Starlab Space Stations | Corporate | Total | ||||||||||||||||||||||||
| Capital expenditures: | |||||||||||||||||||||||||||||
| Property and equipment | $ | 5,753 | $ | 1,220 | $ | 137,505 | $ | 196 | $ | 144,674 | |||||||||||||||||||
| Total capital expenditures | $ | 5,753 | $ | 1,220 | $ | 137,505 | $ | 196 | $ | 144,674 | |||||||||||||||||||
| Depreciation and amortization expense | $ | 8,065 | $ | 5,287 | $ | 10 | $ | 53 | $ | 13,415 | |||||||||||||||||||
| Year Ended December 31, 2024 | Defense and National Security | Space Solutions | Starlab Space Stations | Corporate | Total | ||||||||||||||||||||||||
| Capital expenditures: | |||||||||||||||||||||||||||||
| Property and equipment | $ | 1,547 | $ | 1,775 | $ | 79,381 | $ | — | $ | 82,703 | |||||||||||||||||||
| Total capital expenditures | $ | 1,547 | $ | 1,775 | $ | 79,381 | $ | — | $ | 82,703 | |||||||||||||||||||
| Depreciation and amortization expense | $ | 6,207 | $ | 7,307 | $ | — | $ | 81 | $ | 13,595 | |||||||||||||||||||
| Year Ended December 31, 2023 | Defense and National Security | Space Solutions | Starlab Space Stations | Corporate | Total | ||||||||||||||||||||||||
| Capital expenditures: | |||||||||||||||||||||||||||||
| Property and equipment | $ | 881 | $ | 578 | $ | 15,691 | $ | 60 | $ | 17,210 | |||||||||||||||||||
| Total capital expenditures | $ | 881 | $ | 578 | $ | 15,691 | $ | 60 | $ | 17,210 | |||||||||||||||||||
| Depreciation and amortization expense | $ | 4,773 | $ | 5,445 | $ | — | $ | 76 | $ | 10,294 | |||||||||||||||||||
Substantially all of the Company’s long-lived tangible assets were in the United States as of December 31, 2025, 2024 and 2023.
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.