Voyager Technologies, Inc. Financials
This page shows Voyager Technologies, Inc. (VOYG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 3 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financing-driven liquidity now underwrites a cash-hungry, capex-heavy business whose operating costs expanded faster than internal cash generation.
Between FY2024 and FY2025, cash climbed from$55.9M to$491.3M , but the improvement was financing-led rather than earned. A financing inflow of$757.8M had to absorb ongoing operating cash outflow and capex-heavy reinvestment, so the stronger liquidity does not mean the business became self-funding.
Despite higher revenue, gross margin fell from
Free cash flow was
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Voyager Technologies, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Voyager Technologies, Inc. has an operating margin of -65.2%, meaning the company retains $-65 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -33.6% the prior year.
Voyager Technologies, Inc.'s revenue surged 15.4% year-over-year to $166.4M, reflecting rapid business expansion. This strong growth earns a score of 51/100.
Voyager Technologies, Inc. carries a low D/E ratio of 1.62, meaning only $1.62 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 69/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.37, Voyager Technologies, Inc. holds $4.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 87/100.
While Voyager Technologies, Inc. generated -$60.9M in operating cash flow, capex of $144.7M consumed most of it, leaving -$205.6M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Voyager Technologies, Inc. generates a -27.3% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100.
Voyager Technologies, Inc. passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Voyager Technologies, Inc. generates $0.58 in operating cash flow (-$60.9M OCF vs -$104.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Voyager Technologies, Inc. earns $-15.9 in operating income for every $1 of interest expense (-$108.5M vs $6.8M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Voyager Technologies, Inc. generated $166.4M in revenue in fiscal year 2025. This represents an increase of 15.4% from the prior year.
Voyager Technologies, Inc.'s EBITDA was -$95.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 172.9% from the prior year.
Voyager Technologies, Inc. reported -$104.8M in net income in fiscal year 2025. This represents a decrease of 68.9% from the prior year.
Voyager Technologies, Inc. earned $-2.89 per diluted share (EPS) in fiscal year 2025. This represents an increase of 58.8% from the prior year.
Cash & Balance Sheet
Voyager Technologies, Inc. generated -$205.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 90.0% from the prior year.
Voyager Technologies, Inc. held $491.3M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Voyager Technologies, Inc.'s gross margin was 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 6.3 percentage points from the prior year.
Voyager Technologies, Inc.'s operating margin was -65.2% in fiscal year 2025, reflecting core business profitability. This is down 31.6 percentage points from the prior year.
Voyager Technologies, Inc.'s net profit margin was -63.0% in fiscal year 2025, showing the share of revenue converted to profit. This is down 19.9 percentage points from the prior year.
Voyager Technologies, Inc.'s ROE was -27.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Voyager Technologies, Inc. invested $19.0M in research and development in fiscal year 2025. This represents an increase of 46.2% from the prior year.
Voyager Technologies, Inc. spent $27.7M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding.
Voyager Technologies, Inc. invested $144.7M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 74.9% from the prior year.
VOYG Income Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Revenue | N/A | $39.6M-13.3% | $45.7M | N/A | $39.6M+8.0% | $36.7M |
| Cost of Revenue | N/A | $33.5M-10.6% | $37.5M | N/A | $30.3M+10.5% | $27.4M |
| Gross Profit | N/A | $6.1M-25.8% | $8.2M | N/A | $9.3M+0.6% | $9.3M |
| R&D Expenses | N/A | N/A | $502K | N/A | N/A | $6.9M |
| SG&A Expenses | N/A | $25.1M-17.0% | $30.2M | N/A | $15.2M+14.1% | $13.3M |
| Operating Income | N/A | -$24.0M+0.4% | -$24.1M | N/A | -$12.1M+4.4% | -$12.6M |
| Interest Expense | N/A | $200K-92.1% | $2.5M | N/A | $2.9M-5.0% | $3.1M |
| Income Tax | N/A | -$1.8M-2275.3% | $81K | N/A | $92K+175.4% | -$122K |
| Net Income | N/A | -$16.3M+48.1% | -$31.4M | N/A | -$15.0M+35.8% | -$23.3M |
| EPS (Diluted) | N/A | $-0.28+77.2% | $-1.23 | N/A | $-1.61+41.0% | $-2.73 |
VOYG Balance Sheet
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Total Assets | $1.1B+44.3% | $727.8M+6.2% | $685.3M+176.8% | $247.6M | N/A | N/A |
| Current Assets | $581.3M+20.7% | $481.5M-5.9% | $511.4M+403.5% | $101.6M | N/A | N/A |
| Cash & Equivalents | $491.3M+18.9% | $413.3M-11.9% | $468.9M+738.4% | $55.9M+32.5% | $42.2M-14.4% | $49.3M |
| Inventory | $3.8M+122.5% | $1.7M+20.7% | $1.4M-6.7% | $1.5M | N/A | N/A |
| Accounts Receivable | $29.8M+80.5% | $16.5M+30.3% | $12.7M-17.5% | $15.4M | N/A | N/A |
| Goodwill | $157.7M+118.7% | $72.1M+42.8% | $50.5M+8.6% | $46.5M | N/A | N/A |
| Total Liabilities | $620.9M+468.0% | $109.3M+6.6% | $102.5M-67.7% | $317.3M | N/A | N/A |
| Current Liabilities | $133.0M+35.9% | $97.9M+7.2% | $91.3M+4.4% | $87.4M | N/A | N/A |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $383.7M-35.1% | $590.9M+6.5% | $554.7M+895.8% | -$69.7M+20.0% | -$87.1M-10.7% | -$78.7M |
| Retained Earnings | -$385.9M-8.5% | -$355.7M-4.8% | -$339.4M-20.7% | -$281.1M | N/A | N/A |
VOYG Cash Flow Statement
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$15.0M+0.5% | -$15.1M | N/A | -$5.5M-480.1% | -$948K | N/A |
| Capital Expenditures | $48.1M+24.3% | $38.7M | N/A | $29.9M+46.5% | $20.4M | N/A |
| Free Cash Flow | -$63.1M-17.4% | -$53.8M | N/A | -$35.4M-65.7% | -$21.4M | N/A |
| Investing Cash Flow | -$171.8M-170.0% | -$63.6M | N/A | -$4.7M+4.3% | -$5.0M | N/A |
| Financing Cash Flow | $264.8M+1047.1% | $23.1M | N/A | $24.0M+2050.3% | -$1.2M | N/A |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A |
VOYG Financial Ratios
| Metric | Q4'25 | Q3'25 | Q2'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|
| Gross Margin | N/A | 15.4%-2.6pp | 18.0% | N/A | 23.5%-1.7pp | 25.3% |
| Operating Margin | N/A | -60.7%-7.9pp | -52.8% | N/A | -30.5%+4.0pp | -34.5% |
| Net Margin | N/A | -41.1%+27.6pp | -68.7% | N/A | -37.8%+25.8pp | -63.6% |
| Return on Equity | N/A | -2.8%+2.9pp | -5.7% | N/A | N/A | N/A |
| Return on Assets | N/A | -2.2%+2.3pp | -4.6% | N/A | N/A | N/A |
| Current Ratio | 4.37-0.6 | 4.92-0.7 | 5.60+4.4 | 1.16 | N/A | N/A |
| Debt-to-Equity | 1.62+1.4 | 0.180.0 | 0.18+4.7 | -4.55 | N/A | N/A |
| FCF Margin | N/A | -135.8% | N/A | N/A | -54.0% | N/A |
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Frequently Asked Questions
What is Voyager Technologies, Inc.'s annual revenue?
Voyager Technologies, Inc. (VOYG) reported $166.4M in total revenue for fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Voyager Technologies, Inc.'s revenue growing?
Voyager Technologies, Inc. (VOYG) revenue grew by 15.4% year-over-year, from $144.2M to $166.4M in fiscal year 2025.
Is Voyager Technologies, Inc. profitable?
No, Voyager Technologies, Inc. (VOYG) reported a net income of -$104.8M in fiscal year 2025, with a net profit margin of -63.0%.
What is Voyager Technologies, Inc.'s EBITDA?
Voyager Technologies, Inc. (VOYG) had EBITDA of -$95.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Voyager Technologies, Inc.'s gross margin?
Voyager Technologies, Inc. (VOYG) had a gross margin of 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Voyager Technologies, Inc.'s operating margin?
Voyager Technologies, Inc. (VOYG) had an operating margin of -65.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Voyager Technologies, Inc.'s net profit margin?
Voyager Technologies, Inc. (VOYG) had a net profit margin of -63.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Voyager Technologies, Inc.'s return on equity (ROE)?
Voyager Technologies, Inc. (VOYG) has a return on equity of -27.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Voyager Technologies, Inc.'s free cash flow?
Voyager Technologies, Inc. (VOYG) generated -$205.6M in free cash flow during fiscal year 2025. This represents a -90.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Voyager Technologies, Inc.'s operating cash flow?
Voyager Technologies, Inc. (VOYG) generated -$60.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Voyager Technologies, Inc.'s total assets?
Voyager Technologies, Inc. (VOYG) had $1.1B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Voyager Technologies, Inc.'s capital expenditures?
Voyager Technologies, Inc. (VOYG) invested $144.7M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Voyager Technologies, Inc. spend on research and development?
Voyager Technologies, Inc. (VOYG) invested $19.0M in research and development during fiscal year 2025.
What is Voyager Technologies, Inc.'s current ratio?
Voyager Technologies, Inc. (VOYG) had a current ratio of 4.37 as of fiscal year 2025, which is generally considered healthy.
What is Voyager Technologies, Inc.'s debt-to-equity ratio?
Voyager Technologies, Inc. (VOYG) had a debt-to-equity ratio of 1.62 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Voyager Technologies, Inc.'s return on assets (ROA)?
Voyager Technologies, Inc. (VOYG) had a return on assets of -10.0% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Voyager Technologies, Inc.'s cash runway?
Based on fiscal year 2025 data, Voyager Technologies, Inc. (VOYG) had $491.3M in cash against an annual operating cash burn of $60.9M. This gives an estimated cash runway of approximately 97 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Voyager Technologies, Inc.'s Piotroski F-Score?
Voyager Technologies, Inc. (VOYG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Voyager Technologies, Inc.'s earnings high quality?
Voyager Technologies, Inc. (VOYG) has an earnings quality ratio of 0.58x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Voyager Technologies, Inc. cover its interest payments?
Voyager Technologies, Inc. (VOYG) has an interest coverage ratio of -15.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Voyager Technologies, Inc.?
Voyager Technologies, Inc. (VOYG) scores 34 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.