<p>距离我首次警告投资者投资新兴太空股票、太空站制造商 <strong>Voyager Technologies</strong>（VOYG -16.89%）的风险已经过去一个多月。在一次极为成功的首次公开募股（IPO）后，Voyager 的股价迅速下跌。</p>
<p>原因很简单：Voyager 在将太空站送入轨道之前还有多年的成本支出，而它在那之后是否能盈利 “谁也无法预测”，正如我在六月所警告的。不过，有一点是确定的：</p>
<p>Voyager 在第二季度显然没有盈利。而现在它的股价又下跌了 17.3%（截至今天东部时间下午 1:15）。</p>
<p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxMTEvYm95LWluLWEtbGFiLWNvYXQtaXMtY3J5aW5nLW5leHQtdG8tYS1jcmFzaGVkLXJvY2tldC5qcGcmdz03MDA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxMTEvYm95LWluLWEtbGFiLWNvYXQtaXMtY3J5aW5nLW5leHQtdG8tYS1jcmFzaGVkLXJvY2tldC5qcGcmdz03MDA"/></p>
<p>图片来源：Getty Images。</p>
<h2>Voyager Technologies 第二季度财报</h2>
<p>昨晚发布的第二季度业绩显示，Voyager 承认每股亏损 0.60 美元，远超华尔街的预期，尽管销售额达到了 4570 万美元，超出预测。</p>
<p>销售额（或许显而易见）并不是来自尚未建造的太空站，而是来自公司的国防业务，该业务为军方制造导弹，销售额增长了 85%。亏损部分是由于与公司 IPO 相关的 “非经常性成本”，这至少让人稍感宽慰。</p>
<h2>Voyager 股票值得出售吗？</h2>
<p>管理层的指引则不那么令人放心。管理层指出，2025 年的全年销售额将在 1.65 亿至 1.7 亿美元之间，超出分析师的预测。然而，在盈利方面，管理层仅提到 “调整后的 EBITDA” 将出现亏损，并未提及根据公认会计原则（GAAP）计算的可能亏损或自由现金流的情况。</p>
<p>Voyager 确实提到它是 “无债务” 的，并且拥有 “6.69 亿美元的总流动性”，这表明公司在耗尽现金之前应该能够维持一段时间。坏消息是：</p>
<p>它可能不得不这样做。</p>

VOYG

<p>Voyager Technologies 的股票在发布令人失望的第二季度财报后下跌了 17.3%，报告显示每股亏损 0.60 美元，远超华尔街的预期。尽管公司主要来自其国防业务的销售额达到了 4570 万美元，但在其空间站项目上面临着巨大的成本压力。管理层预测 2025 年的销售额将在 1.65 亿到 1.7 亿美元之间，但未对未来的亏损情况提供明确说明。Voyager 保持无债务状态，流动资金为 6.69 亿美元，但其盈利能力仍然不确定</p>

<p>It's been a little over a month since I first warned investors about the danger of investing in a new space stock, space station builder <strong>Voyager Technologies</strong>(VOYG -16.89%). After a smashingly successful IPO, Voyager's stock price flipped head over tail and began falling.</p>
<div class="lb-trans"><p>距离我首次警告投资者投资新兴太空股票、太空站制造商 <strong>Voyager Technologies</strong>（VOYG -16.89%）的风险已经过去一个多月。在一次极为成功的首次公开募股（IPO）后，Voyager 的股价迅速下跌。</p>
</div><p>And why? Simply put, Voyager has years of costs ahead of it before it gets a space station in orbit, and whether it ever becomes profitable after that &#34;is anyone's guess,&#34; as I warned in June. One thing's certain, though:</p>
<div class="lb-trans"><p>原因很简单：Voyager 在将太空站送入轨道之前还有多年的成本支出，而它在那之后是否能盈利 “谁也无法预测”，正如我在六月所警告的。不过，有一点是确定的：</p>
</div><p>Voyager <em>definitely</em> wasn't profitable in Q2. And now its stock is down another 17.3% (through 1:15 p.m. ET today).</p>
<div class="lb-trans"><p>Voyager 在第二季度显然没有盈利。而现在它的股价又下跌了 17.3%（截至今天东部时间下午 1:15）。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://g.foolcdn.com/image//query-b3A9cmVzaXplJnVybD1odHRwczovL2cuZm9vbGNkbi5jb20vZWRpdG9yaWFsL2ltYWdlcy84MjgxMTEvYm95LWluLWEtbGFiLWNvYXQtaXMtY3J5aW5nLW5leHQtdG8tYS1jcmFzaGVkLXJvY2tldC5qcGcmdz03MDA" alt="" original-src="https://g.foolcdn.com/image/?url=https%3A%2F%2Fg.foolcdn.com%2Feditorial%2Fimages%2F828111%2Fboy-in-a-lab-coat-is-crying-next-to-a-crashed-rocket.jpg&amp;op=resize&amp;w=700"/></p>
<p>Image source: Getty Images.</p>
<div class="lb-trans"><p>图片来源：Getty Images。</p>
</div><h2>Voyager Technologies Q2 earnings</h2>
<div class="lb-trans"><h2>Voyager Technologies 第二季度财报</h2>
</div><p>Reporting Q2 results last night, Voyager fessed up to a $0.60-per-share loss -- twice what Wall Street feared -- despite generating sales of $45.7 million, ahead of the forecast.</p>
<div class="lb-trans"><p>昨晚发布的第二季度业绩显示，Voyager 承认每股亏损 0.60 美元，远超华尔街的预期，尽管销售额达到了 4570 万美元，超出预测。</p>
</div><p>Sales came (perhaps obviously) not from the space stations that Voyager hasn't built yet but rather from the company's defense business, which builds missiles for the military, and where sales grew 85%. Losses were in part due to &#34;non-recurring costs associated with the Company's IPO,&#34; which is at least somewhat reassuring.</p>
<div class="lb-trans"><p>销售额（或许显而易见）并不是来自尚未建造的太空站，而是来自公司的国防业务，该业务为军方制造导弹，销售额增长了 85%。亏损部分是由于与公司 IPO 相关的 “非经常性成本”，这至少让人稍感宽慰。</p>
</div><h2>Is Voyager stock a sell?</h2>
<div class="lb-trans"><h2>Voyager 股票值得出售吗？</h2>
</div><p>Less reassuring is company guidance. Management noted that full-year sales will range from $165 million to $170 million in 2025, which is ahead of analyst forecasts. However, on earnings, management noted only that &#34;adjusted EBITDA&#34; will show a loss, and it said not a word about its likely losses as calculated according to generally accepted accounting principles (GAAP), or about free cash flow, either.</p>
<div class="lb-trans"><p>管理层的指引则不那么令人放心。管理层指出，2025 年的全年销售额将在 1.65 亿至 1.7 亿美元之间，超出分析师的预测。然而，在盈利方面，管理层仅提到 “调整后的 EBITDA” 将出现亏损，并未提及根据公认会计原则（GAAP）计算的可能亏损或自由现金流的情况。</p>
</div><p>Voyager did note that it is &#34;debt-free&#34; and has &#34;total liquidity of $669 million,&#34; suggesting the company should be able to burn cash for some time before it runs out. The bad news:</p>
<div class="lb-trans"><p>Voyager 确实提到它是 “无债务” 的，并且拥有 “6.69 亿美元的总流动性”，这表明公司在耗尽现金之前应该能够维持一段时间。坏消息是：</p>
</div><p>It will probably have to.</p>
<div class="lb-trans"><p>它可能不得不这样做。</p>
</div>

为什么 Voyager Technologies 的股票今天暴跌