Voyager Technologies (NYSE:VOYG) reported record third-quarter bookings, revenue and backlog, while raising its full-year 2026 revenue outlook as demand grew across its defense, national security and space programs.
Chief Executive Officer Dylan Taylor said third-quarter bookings totaled $116 million, up 135% from a year earlier, while revenue rose 124% year over year and 68% sequentially to a record $89 million. The company ended September with $742 million of backlog, nearly four times its year-earlier level.
“Nearly all” third-quarter bookings came from Voyager’s existing core businesses, excluding recently acquired Astrobotic, Taylor said. Advanced national security and defense awards accounted for $62 million of quarterly bookings across six awards and five platforms. Taylor noted that none of those awards were tied to the Next Generation Interceptor program, which he described as an important part of Voyager’s technology heritage.
Astrobotic Adds Revenue and Backlog
Chief Financial Officer Phil De Sousa said Astrobotic contributed $31 million in third-quarter revenue and added $347 million of acquired backlog. Astrobotic’s backlog includes a previously announced $298 million NASA task order for two additional lunar-lander missions.
De Sousa said Astrobotic’s third-quarter revenue contribution was nearly double the company’s initial expectation, though he characterized the result as largely a timing shift. Voyager continues to expect Astrobotic to contribute $40 million to $50 million in revenue during the second half of 2026, implying roughly $15 million in the fourth quarter.
For 2027, De Sousa said Voyager expects Astrobotic to generate $150 million to $200 million in full-year revenue. He added that the core business has an opportunity to grow at least 25% next year, based on the company’s long-term organic growth target.
Voyager is continuing preparations for Griffin-1, a lunar-lander mission that Taylor said is intended to deliver 10 payloads, including a lunar rover, power and communications demonstrations, and Voyager’s CubeRover. The mission is planned for the lunar south pole. The company postponed its December investor day so the Pittsburgh team can remain focused on mission execution.
Defense Partnership and Manufacturing Expansion
Taylor highlighted Voyager’s strategic partnership with Anduril, which builds on $60 million in existing contracts between the companies. He described the relationship as focused on co-development in advanced weapons and propulsion, with the potential to support high-rate production and additional programs.
The company is also expanding manufacturing capacity for energetics and munitions. Its Voyager American Defense Complex in Pueblo, Colorado, is operational, with initial production units expected in early 2027. Voyager invested $41 million through the first nine months of 2026 in energetics and munitions facilities and infrastructure, including $14 million supported by grant funding.
De Sousa said the Pueblo facility is expected to become a significant revenue contributor in 2027, supporting production tied to multiple programs, including the Next Generation Interceptor and other programs of record. He did not assign a specific revenue amount to the facility.
Voyager spent $33 million on innovation in the third quarter and $79 million year to date, excluding Starlab. Taylor said the investments are intended to develop reusable technologies ahead of anticipated customer requirements, including propulsion, control technologies and agentic artificial intelligence capabilities.
Starlab Advances Toward NASA Procurement
Voyager said its Starlab commercial space-station joint venture has achieved 39 program milestones, expanded its NASA development award to $218 million and secured approximately $700 million in signed commercial reservations. The reservation figure was up 40% from $500 million reported during the prior earnings call.
NASA released the final request for proposals for Commercial LEO Destinations Phase 2 in October, with submissions due in December and an award anticipated in spring 2027. Taylor said Starlab’s single-launch design, use of proven hardware, and partner group including Airbus, Mitsubishi, Palantir and MDA are competitive differentiators.
Starlab received approximately $2 million in NASA milestone funding during the third quarter, bringing cumulative milestone cash receipts to $213 million since program inception. The joint venture posted a modest EBITDA loss of $7.5 million during the quarter as development and commercialization work continued.
Management reiterated that Starlab is a long-term opportunity rather than near-term guidance. Voyager holds a 61% ownership interest in the joint venture, which management said could eventually generate more than $4 billion in annual revenue and $1.5 billion in annual free cash flow at the joint-venture level.
Outlook and Profitability
Voyager raised its 2026 revenue guidance to $285 million to $305 million, its second increase this year. At the midpoint, the outlook represents 78% growth from 2025, according to De Sousa.
- Third-quarter gross margin improved 310 basis points sequentially to 11.5%.
- Consolidated adjusted EBITDA was a loss of $45 million in the quarter and a loss of $116 million for the first nine months.
- Voyager expects full-year gross margin in the low double digits and internally funded research and development spending in the mid-teens as a percentage of revenue.
- Capital expenditures, excluding Starlab, are expected to total $70 million to $80 million in 2026.
De Sousa said Voyager expects gross-margin improvement to continue in the fourth quarter and anticipates exiting the fourth quarter of 2027 on a positive adjusted EBITDA trajectory. The company expects free cash flow to turn positive in 2028 as capital expenditures normalize.
Voyager ended September with $816 million in total liquidity, including $554 million of cash and $262 million of available credit capacity. Taylor also announced the appointment of General B. Chance Saltzman as chairman of Voyager’s Board of Advisors.
About Voyager Technologies (NYSE:VOYG)
Voyager Technologies, Inc is a space and defense company that develops and operates technologies and infrastructure for commercial, civil and national security applications. Its activities span space stations, in-space infrastructure, satellite and spacecraft systems, and defense technologies designed to support government and commercial customers.
The company’s portfolio includes Starlab, a planned commercial space station being developed with international and industry partners, as well as space infrastructure and spacecraft capabilities associated with its operating businesses.
