Voyager Technologies, Inc. is a defense and space technology company focused on national security, space infrastructure and its planned commercial space station, Starlab. It operates three segments: Defense & National Security, Space Solutions and Starlab Space Stations.
Revenue grew to $166.4 million for the year ended December 31, 2025, but Voyager remains unprofitable, reporting a net loss of $112.3 million. The business is highly dependent on the U.S. government, which supplied 86.0% of 2025 revenue. Starlab is central to its long-term strategy, with an estimated design, manufacturing and launch cost of $2.8–$3.3 billion and launch anticipated in 2029.
Voyager has received $183.2 million under a $217.5 million NASA development grant for Starlab, leaving $34.3 million of eligible proceeds as of December 31, 2025. It plans to fund the remaining Starlab build through additional NASA awards, customer prebuys and capital markets financing while managing significant technical, funding and execution risks.
Voyager Technologies, Inc. reported strong 2025 growth but remained deeply loss-making as it entered 2026 with a record backlog and higher revenue outlook. Net sales reached $166.4 million, up 15% year over year, driven by its Defense and National Security segment, which grew 59% to $123.0 million. Fourth quarter net sales were $46.7 million, up 24%.
Total year-end backlog rose 33% to $265.6 million, supporting new 2026 net sales guidance of $225–$255 million, implying 35–53% growth. The company advanced its Starlab program, achieving ten NASA milestones in 2025 and receiving $56.0 million in related cash, while total liquidity increased to $704.7 million.
Profitability remained weak: 2025 net loss available to common shareholders was $116.1 million, or $(2.89) per share, with full-year Non-GAAP Adjusted EBITDA of $(69.9) million and free cash flow of $(155.2) million. Voyager also completed five strategic acquisitions, including ExoTerra Resource and Estes Energetics, and significantly increased innovation spend across propulsion, energetics, space infrastructure and defense systems.
Alyeska Investment Group and related parties reported a 6.35% passive stake in Voyager Technologies, Inc. They beneficially own 3,417,841 shares of Voyager’s Class A common stock, based on 53,789,215 shares outstanding as disclosed in the company’s Form 10-Q filed on November 4, 2025.
The filing is a Schedule 13G, which indicates the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Voyager. Voting and dispositive power over all reported shares is shared among Alyeska Investment Group, Alyeska Fund GP, LLC, and Anand Parekh.
Senvest Management, LLC and Richard Mashaal have disclosed a significant passive stake in Voyager Technologies, Inc. They report beneficial ownership of 3,880,721 shares of Class A common stock, representing 7.4% of the company’s outstanding shares as of December 12, 2025. The shares are held through investment vehicles including Senvest Master Fund, LP, Senvest Technology Partners Master Fund, LP and Senvest Global (KY), LP.
Senvest Management, LLC is listed as investment manager to these funds, and Richard Mashaal as the managing member of Senvest Management, LLC. They report shared voting and dispositive power over the 3,880,721 shares, with no sole voting or dispositive power. The filing is made on a Schedule 13G/A, and the filers certify the securities were not acquired and are not held for the purpose of changing or influencing control of Voyager Technologies.
Voyager Technologies, Inc. reported an equity grant to executive Matthew Magana, President, Defense & National Security. On January 13, 2026, he received 10,000 shares of Class A Common Stock in the form of restricted stock units at a price of $0 per share, bringing his directly held Class A Common Stock to 40,000 shares after the award.
He was also granted a stock option for 30,000 shares of Class A Common Stock at an exercise price of $31.24 per share, expiring January 12, 2036. The RSUs vest in three substantially equal installments on each anniversary of January 13, 2026, subject to continued service, while the option vests 25% on January 13, 2027 and the remainder in 36 substantially equal monthly installments thereafter.
Voyager Technologies, Inc. reported an insider equity award for Chief Legal Officer and General Counsel Margaret J. Vernal. On January 13, 2026, she received 10,000 restricted stock units (RSUs) of Class A Common Stock at a price of $0, increasing her directly held Class A Common Stock to 40,000 shares following the transaction. The RSUs vest in three substantially equal installments on each anniversary of January 13, 2026, subject to continued service.
On the same date, she was also granted a stock option for 40,000 shares of Class A Common Stock at an exercise price of $31.24 per share, expiring on January 12, 2036. The option vests as to 25% of the underlying shares on January 13, 2027, with the remaining shares vesting in 36 substantially equal monthly installments thereafter, contingent on continued service.
Voyager Technologies, Inc. reported a Form 4 for Chief Financial Officer Filipe G. De Sousa covering a new stock option grant. On January 13, 2026, he was awarded a stock option to buy 30,000 shares of Class A common stock at an exercise price of $31.24 per share, granted for $0 cost. The option has a stated expiration date of January 12, 2036.
According to the vesting terms, 25% of the underlying shares will vest on January 13, 2027, with the remaining shares vesting in 36 substantially equal monthly installments thereafter. Following this grant, De Sousa beneficially owns 30,000 derivative securities directly in the form of this stock option.
Voyager Technologies, Inc. reported that President and Director Matthew James Kuta received a grant of 100,000 restricted stock units (RSUs) of Class A common stock on January 13, 2026 at a price of $0 per share. Following this equity award, he beneficially owns 387,565 shares of Class A common stock on a direct basis. Each RSU represents the right to receive one share of Class A common stock and will vest in three substantially equal installments on each anniversary of January 13, 2026, subject to his continued service through each vesting date.
Voyager Technologies, Inc. reported that Chief Strategy Officer Wallis Laughrey received a grant of stock options on January 13, 2026. The award covers 25,000 options to buy Class A Common Stock at an exercise price of $31.24 per share, with the options expiring on January 12, 2036.
According to the filing, 25% of the underlying shares will vest on January 13, 2027, with the remaining shares vesting in 36 substantially equal monthly installments after that date. Following this grant, Laughrey beneficially owns 25,000 derivative securities directly.
Voyager Technologies, Inc. reported that its Chief Accounting Officer, Lance Thomas Weber, received new equity awards on January 13, 2026. He was granted 3,000 shares of Class A Common Stock in the form of restricted stock units, each representing a right to receive one share. These RSUs vest in three substantially equal installments on each anniversary of January 13, 2026, subject to continued service.
Weber was also granted a stock option for 5,000 shares of Class A Common Stock with an exercise price of $31.24 per share. The option vests as to 25% of the underlying shares on January 13, 2027, with the remaining shares vesting in 36 substantially equal monthly installments thereafter, contingent on continued service. Both the RSUs and options are held directly.