Revenue: As of FY2026 Q2, the actual value is USD 52.75 M, beating the estimate of USD 49.76 M.

EPS: As of FY2026 Q2, the actual value is USD -0.79, beating the estimate of USD -1.0012.

EBIT: As of FY2026 Q2, the actual value is USD -49.04 M.

Segment Revenue

Total Net Sales

• For the three months ended June 30, 2026, Total Net Sales were $52,746 thousand, an increase from $45,674 thousand for the same period in 2025, representing a 15.5% year-over-year increase.
• For the six months ended June 30, 2026, Total Net Sales were $87,992 thousand, an increase from $80,181 thousand for the same period in 2025, representing a 9.7% year-over-year increase.

Defense and Space Technologies Revenue

• For the three months ended June 30, 2026, Defense and Space Technologies Revenue was $53,211 thousand, up from $46,064 thousand in 2025, a 15.5% increase.
• For the six months ended June 30, 2026, Defense and Space Technologies Revenue was $89,337 thousand, up from $81,537 thousand in 2025, a 9.6% increase.

Starlab Space Stations Revenue

• Revenue from Starlab Space Stations was $0 thousand for both the three and six months ended June 30, 2026 and 2025.

Operational Metrics

Net Loss

• Net Loss Attributable to Voyager Technologies, Inc. for the three months ended June 30, 2026, was -$46,490 thousand, compared to -$31,382 thousand for the same period in 2025.
• Net Loss Attributable to Voyager Technologies, Inc. for the six months ended June 30, 2026, was -$90,473 thousand, compared to -$58,320 thousand for the same period in 2025.
• Adjusted Net Loss Attributable to Common Shareholders for the three months ended June 30, 2026, was -$41,024 thousand, compared to -$15,495 thousand for the same period in 2025.
• Adjusted Net Loss Attributable to Common Shareholders for the six months ended June 30, 2026, was -$76,784 thousand, compared to -$46,157 thousand for the same period in 2025.

Gross Profit

• Gross Profit for the three months ended June 30, 2026, was $4,457 thousand, down from $8,210 thousand for the same period in 2025.
• Gross Profit for the six months ended June 30, 2026, was $2,911 thousand, down from $13,795 thousand for the same period in 2025.

Operating Loss

• Loss from Operations for the three months ended June 30, 2026, was -$51,408 thousand, compared to -$24,137 thousand for the same period in 2025.
• Loss from Operations for the six months ended June 30, 2026, was -$96,055 thousand, compared to -$50,426 thousand for the same period in 2025.

Operating Costs

• Selling, General, and Administrative expenses for the three months ended June 30, 2026, were $43,672 thousand, up from $30,241 thousand in 2025.
• Research and Development expenses for the three months ended June 30, 2026, were $7,336 thousand, up from $502 thousand in 2025.
• Amortization of Acquired Intangibles for the three months ended June 30, 2026, was $4,857 thousand, up from $1,604 thousand in 2025.
• Selling, General, and Administrative expenses for the six months ended June 30, 2026, were $75,029 thousand, up from $56,527 thousand in 2025.
• Research and Development expenses for the six months ended June 30, 2026, were $14,847 thousand, up from $4,542 thousand in 2025.
• Amortization of Acquired Intangibles for the six months ended June 30, 2026, was $9,090 thousand, up from $3,152 thousand in 2025.

Adjusted EBITDA

• Adjusted EBITDA for the three months ended June 30, 2026, was -$37,500 thousand, compared to -$9,066 thousand for the same period in 2025.
• Adjusted EBITDA for the six months ended June 30, 2026, was -$70,831 thousand, compared to -$30,422 thousand for the same period in 2025.

Cash Flow

Net Cash Used in Operating Activities

• Net Cash Used in Operating Activities for the six months ended June 30, 2026, was -$84,027 thousand, compared to -$30,903 thousand for the same period in 2025.

Free Cash Flow

• Free Cash Flow for the three months ended June 30, 2026, was -$72,829 thousand, compared to -$27,194 thousand for the same period in 2025.
• Free Cash Flow for the six months ended June 30, 2026, was -$139,623 thousand, compared to -$50,518 thousand for the same period in 2025.

Liquidity

• Cash and Cash Equivalents were $373,436 thousand as of June 30, 2026.
• Total Liquidity as of June 30, 2026, was $585,500 thousand, including $212,100 thousand available capacity under its revolver.

Unique Metrics

• Voyager Technologies, Inc. reported record quarterly bookings of $113.0 million, resulting in a 2.1x Book-to-Bill ratio.
• The company achieved a record backlog of $335.5 million.
• Innovation Spend for the three months ended June 30, 2026, was $53,805 thousand, representing 102.0% of net sales.
• Innovation Spend Excluding Starlab Space Stations for the three months ended June 30, 2026, was $29,039 thousand, representing 55.1% of net sales.

Business Outlook for the Full Year 2026

Voyager Technologies, Inc. increased its full-year 2026 revenue guidance to a range of $275 million to $305 million. This revised outlook represents a year-over-year growth of 66% to 84%. The company attributes this increase to record quarterly revenue and bookings, accelerated defense demand, and the acquisition of Astrobotic.