Voyager Technologies, Inc. (VOYG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 12, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 4, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the VOYG SEC filings page.
Voyager Technologies, Inc. (VOYG) reported $174.2M in revenue over the twelve months to Jun 30, 2026. This page shows its 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).
Revenue growth is being overwhelmed by a sharp operating-cost and investment surge, leaving expansion dependent on external financing.
Revenue increased through FY2025 while gross margin contracted to17.9% ; growth therefore came with weaker economics per dollar sold. Operating margin reached-65.2% as SG&A climbed to$117M , showing overhead—not only direct costs—absorbed the expansion.
Cash conversion deteriorated in FY2025: operating cash flow was
Balance-sheet financing changed materially: equity moved from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. 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. held $491.3M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $60.9M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Voyager Technologies, Inc. scores 74/100 among other emerging companies.
Not available for Voyager Technologies, Inc., and counted as zero in the overall score.
Voyager Technologies, Inc. spent $19.0M on research and development in fiscal year 2025, which was 6.9% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Voyager Technologies, Inc. scores 28/100 among other emerging companies.
Voyager Technologies, Inc. reported revenue of $166.4M in fiscal year 2025, against $144.2M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Voyager Technologies, Inc. scores 56/100 among other emerging companies.
Voyager Technologies, Inc.'s operations used $60.9M of cash in fiscal year 2025, against $25.5M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Voyager Technologies, Inc. scores 7/100 among other emerging companies.
Voyager Technologies, Inc.'s cash, cash equivalents and investments came to $491.3M at the end of fiscal year 2025, against $620.9M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Voyager Technologies, Inc. scores 53/100 among other emerging companies.
Voyager Technologies, Inc. scores 1.81, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($2.1B) relative to total liabilities ($620.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Voyager Technologies, Inc. passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Voyager Technologies, Inc. reported a net loss of $104.8M while operations used $60.9M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Voyager Technologies, Inc. reported an operating loss of $108.5M against $6.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Voyager Technologies, Inc. generated $52.7M in revenue in Q2 2026. This represents an increase of 15.5% from the same quarter a year earlier. Against the prior quarter it is up 49.7%.
Voyager Technologies, Inc.'s EBITDA was -$44.3M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 106.5% from the same quarter a year earlier. Against the prior quarter it is down 14.6%.
Voyager Technologies, Inc. reported -$46.5M in net income in Q2 2026. This represents a decrease of 48.1% from the same quarter a year earlier. Against the prior quarter it is down 5.7%.
Voyager Technologies, Inc. earned -$0.79 per diluted share (EPS) in Q2 2026. Against the prior quarter it is down 5.3%.
Cash & Balance Sheet
Voyager Technologies, Inc. recorded an outflow of $79.9M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 68.3% from the same quarter a year earlier. Against the prior quarter it is up 12.1%.
Voyager Technologies, Inc. held $373.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Voyager Technologies, Inc.'s gross margin was 8.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is down 9.5 percentage points from the same quarter a year earlier. Against the prior quarter it is up 12.8 percentage points.
Voyager Technologies, Inc.'s operating margin was -97.5% in Q2 2026, reflecting core business profitability. This is down 44.6 percentage points from the same quarter a year earlier.
Voyager Technologies, Inc.'s net profit margin was -88.1% in Q2 2026, showing the share of revenue converted to profit. This is down 19.4 percentage points from the same quarter a year earlier.
Voyager Technologies, Inc.'s ROE was -14.3% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is down 8.6 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.0 percentage points.
Capital Allocation
Voyager Technologies, Inc. invested $7.3M in research and development in Q2 2026. This represents an increase of 1361.4% from the same quarter a year earlier. Against the prior quarter it is down 2.3%.
Voyager Technologies, Inc. invested $35.5M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 15.0% from the same quarter a year earlier. Against the prior quarter it is down 30.5%.
Not reported for Q2 2026.
VOYG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $52.7M+15.5% | $35.2M+2.1% | $46.7M | $39.6M0.0% | $45.7M+24.6% | $34.5M | N/A | $39.6M |
| Cost of Revenue | $48.3M+28.9% | $36.8M+27.2% | $36.7M | $33.5M+10.6% | $37.5M+36.8% | $28.9M | N/A | $30.3M |
| Gross Profit | $4.5M-45.7% | -$1.5M-127.7% | $10.0M | $6.1M-34.7% | $8.2M-11.4% | $5.6M | N/A | $9.3M |
| R&D Expenses | $7.3M+1361.4% | $7.5M+85.9% | N/A | N/A | $502K-92.7% | $4.0M | N/A | N/A |
| SG&A Expenses | $43.7M+44.4% | $31.4M+19.3% | $35.5M | $25.1M+65.5% | $30.2M+127.5% | $26.3M | N/A | $15.2M |
| Operating Income | -$51.4M-113.0% | -$44.6M-69.8% | -$34.0M | -$24.0M-98.8% | -$24.1M-90.9% | -$26.3M | N/A | -$12.1M |
| EBITDA | -$44.3M-106.5% | -$38.6M-63.0% | -$29.0M | -$21.0M-163.7% | -$21.4M-116.5% | -$23.7M | N/A | -$7.9M |
| Interest Expense | $1.9M-24.5% | $2.1M-22.5% | $1.4M | $200K-93.2% | $2.5M-18.5% | $2.7M | N/A | $2.9M |
| Income Tax | -$2.2M-2809.9% | $3.2M+6620.8% | $1.2M | -$1.8M-2015.2% | $81K+166.4% | $48K | N/A | $92K |
| Net Income | -$46.5M-48.1% | -$44.0M-63.3% | -$30.2M | -$16.3M-8.7% | -$31.4M-34.6% | -$26.9M | N/A | -$15.0M |
| EPS (Basic) | -$0.79+35.8% | -$0.75+67.4% | -$0.38+65.5% | -$0.28+82.6% | -$1.23+46.3% | -$2.30 | -$1.10 | -$1.61 |
| EPS (Diluted) | -$0.79 | -$0.75 | -$0.38+64.8% | -$0.28 | -$1.23 | -$2.30 | -$1.08 | -$1.61 |
| Diluted Shares (Avg) | 59M | 58M | N/A | 58M | 30M | 14M | N/A | 13M |
VOYG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $1.0B+47.3% | $1.0B | $1.1B+324.3% | $727.8M | $685.3M | N/A | $247.6M | N/A |
| Current Assets | $485.7M-5.0% | $508.7M | $581.3M+472.3% | $481.5M | $511.4M | N/A | $101.6M | N/A |
| Cash & Equivalents | $373.4M-20.4% | $429.4M+144.7% | $491.3M+778.5% | $413.3M+879.5% | $468.9M+851.2% | $175.5M | $55.9M | $42.2M |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $9.6M+575.3% | $5.7M | $3.8M+150.7% | $1.7M | $1.4M | N/A | $1.5M | N/A |
| Accounts Receivable | $40.4M+218.5% | $12.2M | $29.8M+94.1% | $16.5M | $12.7M | N/A | $15.4M | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Goodwill | $157.7M+212.2% | $157.7M | $157.7M+239.0% | $72.1M | $50.5M | N/A | $46.5M | N/A |
| Total Liabilities | $632.7M+517.1% | $619.2M | $620.9M+95.7% | $109.3M | $102.5M | N/A | $317.3M | N/A |
| Current Liabilities | $127.8M+40.0% | $111.3M | $133.0M+52.2% | $97.9M | $91.3M | N/A | $87.4M | N/A |
| Non-Current Liabilities | $504.9M+4396.5% | $508.0M | $487.9M+112.2% | $11.5M | $11.2M | N/A | $229.9M | N/A |
| Total Equity | $325.7M-41.3% | $357.2M+616.9% | $383.7M+650.5% | $590.9M+778.5% | $554.7M+805.2% | $49.8M | -$69.7M | -$87.1M |
| Retained Earnings | -$476.4M-40.4% | -$429.9M-39.5% | -$385.9M-37.3% | -$355.7M | -$339.4M | -$308.1M | -$281.1M | N/A |
Not reported in any period shown, so not listed: Long-Term Debt.
VOYG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$44.3M-167.8% | -$39.7M-176.7% | -$15.0M-172.4% | -$15.1M-1488.7% | -$16.5M | -$14.4M | -$5.5M | -$948K |
| Depreciation & Amortization | $7.2M+164.7% | $6.0M+131.9% | $5.0M+24.4% | $3.1M-25.5% | $2.7M-1.5% | $2.6M | $4.0M | $4.1M |
| Stock-Based Compensation | $3.8M-67.4% | $4.1M+138.7% | N/A | $2.1M+150.9% | $11.5M+937.5% | $1.7M | N/A | $845K |
| Capital Expenditures | $35.5M+15.0% | $51.1M+89.5% | $48.1M+60.7% | $38.7M+89.4% | $30.9M | $27.0M | $29.9M | $20.4M |
| Free Cash Flow | -$79.9M-68.3% | -$90.8M-119.8% | -$63.1M-78.0% | -$53.8M-151.4% | -$47.4M | -$41.3M | -$35.4M | -$21.4M |
| Investing Cash Flow | -$28.5M-65.6% | -$32.9M-267.0% | -$171.8M-3522.1% | -$63.6M-1184.0% | -$17.2M | -$9.0M | -$4.7M | -$5.0M |
| Financing Cash Flow | $16.9M-94.8% | $10.7M-92.5% | $264.8M+1002.0% | $23.1M+1973.6% | $327.1M | $142.9M | $24.0M | -$1.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
VOYG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 8.5%-9.5pp | -4.4%-20.6pp | 21.4% | 15.4%-8.2pp | 18.0%-7.3pp | 16.2% | N/A | 23.5% |
| Operating Margin | -97.5%-44.6pp | -126.7% | -72.9% | -60.7%-30.2pp | -52.8%-18.4pp | -76.2% | N/A | -30.5% |
| Net Margin | -88.1%-19.4pp | -124.8% | -64.8% | -41.1%-3.3pp | -68.7%-5.1pp | -78.1% | N/A | -37.8% |
| Return on Equity | -14.3%-8.6pp | -12.3%+41.8pp | -7.9% | -2.8% | -5.7% | -54.1% | N/A | N/A |
| Return on Assets | -4.6%0.0pp | -4.3% | -2.9% | -2.2% | -4.6% | N/A | N/A | N/A |
| Current Ratio | 3.80-1.8x | 4.57 | 4.37+3.2x | 4.92 | 5.60 | N/A | 1.16 | N/A |
| Debt-to-Equity | 1.94+1.8x | 1.73 | 1.62 | 0.18 | 0.18 | N/A | N/A | N/A |
| Asset Turnover | 0.050.0x | 0.03 | 0.04 | 0.05 | 0.07 | N/A | N/A | N/A |
| FCF Margin | -151.4% | -257.7% | -135.2% | -135.8% | -103.9% | -119.8% | N/A | -54.0% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Voyager Technologies, Inc. VOYG | FY2025 | $166.4M | -$104.8M | -63.0% | $2.1B | 36/100 |
| V2X, Inc. VVX | FY2025 | $4.5B | $77.9M | 1.7% | $2.3B | 45/100 |
| Astronics Corp ATRO | FY2025 | $862.1M | $29.4M | 3.4% | $3.2B | 48/100 |
| Ducommun Incorporated DCO | FY2025 | $824.8M | -$37.4M | -4.5% | $2.6B | 47/100 |
| Cadre Holdings, Inc. CDRE | FY2025 | $610.3M | $44.1M | 7.2% | $1.2B | 65/100 |
| Redwire Corporation RDW | FY2025 | $335.4M | -$226.6M | -67.5% | $2.7B | 43/100 |
Where Voyager Technologies, Inc. Ranks
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) recorded an outflow of $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) recorded an outflow of $60.9M in operating cash flow during fiscal year 2025, representing cash used by 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 P/E ratio?
Voyager Technologies, Inc. (VOYG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $2.1B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Voyager Technologies, Inc.'s price-to-sales ratio?
Voyager Technologies, Inc. (VOYG) trades at 11.8x sales, its market capitalization divided by revenue of $174.2M revenue, trailing 12 months to June 30, 2026. The market capitalization is $2.1B as of Sep 12, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Voyager Technologies, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Voyager Technologies, Inc. (VOYG) held $491.3M in cash, cash equivalents and investments, and reported an operating cash outflow of $60.9M over that year. Dividing the one by the other, the reported balance equals about 97 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Voyager Technologies, Inc.'s Altman Z-Score?
Voyager Technologies, Inc. (VOYG) has an Altman Z-Score of 1.81, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Voyager Technologies, Inc.'s Piotroski F-Score?
Voyager Technologies, Inc. (VOYG) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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) reported a net loss of $104.8M while operations used $60.9M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $108.5M against $6.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 36 out of 100 on our Financial Health Score, indicating weak standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.