10-Q · August 4, 2026
Voyager delivered Q2 revenue of $52.746 million, up 15.5% year over year and ahead of the provided $49.497 million consensus estimate, while its adjusted EPS loss of $0.70 was narrower than the $0.93 estimated loss.…
Earnings analysis · 10-Q
VOYG earnings analysis
Filed November 3, 2026 · Our reading of the company's report
The latest report
Voyager delivered strong revenue growth, with Q3 revenue of $88.715 million versus $53 million in Q2 2026 and $40 million in Q3 2025, and raised full-year revenue guidance to $285 million-$305 million. However, diluted…
Read full summary
Voyager delivered strong revenue growth, with Q3 revenue of $88.715 million versus $53 million in Q2 2026 and $40 million in Q3 2025, and raised full-year revenue guidance to $285 million-$305 million. However, diluted EPS of $(0.87) was weaker than both the prior quarter’s $(0.79) and the year-ago $(0.28), while historical free cash flow remained negative at $80 million in Q2 2026. Liquidity was substantial at $553.6 million, but continued losses, cash burn and the 2,500,000-unit executive equity award temper the growth outlook.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.87
What stood out
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Revenue accelerated sharply
Q3 revenue was $88.715 million, up approximately 67.4% from $53 million in Q2 2026 and approximately 121.8% from $40 million in Q3 2025.
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EPS loss worsened
Diluted EPS was $(0.87), compared with $(0.79) in Q2 2026 and $(0.28) in Q3 2025, indicating losses widened by $0.08 sequentially and $0.59 year over year.
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Liquidity remains strong
Cash and cash equivalents totaled $553.6 million at September 30, 2026, providing a substantial liquidity position for working capital and planned investment.
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Revenue outlook raised
The company raised full-year 2026 revenue guidance to $285 million-$305 million, increasing the lower end by $10 million and implying approximately 72%-84% year-over-year growth.
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Controls remained effective
Management concluded that disclosure controls were effective at the reasonable assurance level as of September 30, 2026, and reported no changes in internal control that materially affected or were reasonably likely to materially affect financial reporting.
What to watch
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Losses and cash burn persist
The company reported diluted EPS of $(0.87); free cash flow was negative $80 million in Q2 2026 and negative $54 million in Q3 2025, highlighting continued cash-burn risk even as revenue expands.
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Large executive equity award
The filing discloses a special award of 1,000,000 performance-based restricted stock units and 1,500,000 performance-based options, creating potential dilution and compensation cost if market-capitalization milestones from $3.0 billion to $15.0 billion are achieved.
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Investment-rate exposure
Cash equivalents and investments remain exposed to interest-rate and market-value risk, although the filing states that a hypothetical 10% relative rate change would not have materially affected the portfolio and that the company had no variable-rate indebtedness as of September 30, 2026.
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No formal risk-factor update
The filing states there have been no material changes to the risk factors included in the Form 10-K; therefore, the principal risks remain execution, profitability and liquidity risks rather than newly identified formal risk factors.
Management's outlook
Full-year 2026 revenue guidance was raised to $285 million-$305 million, with the lower end increased by $10 million; management indicated expected year-over-year growth of approximately 72%-84%. No numeric EPS guidance was provided.
Earlier filings 4
10-Q · May 5, 2026
Voyager Technologies reported Q1 2026 results showing revenues of $35.25 million, slightly up 2.1% year-over-year but below the expectation of $37.02 million, while EPS improved to -$0.61 from consensus -$0.63.…
10-K · March 10, 2026
Voyager positions itself as an integrated defense and commercial-space engineering company with three segments (Defense & National Security, Space Solutions, Starlab) and grew revenue to $166.4 million for the year…
10-Q · August 5, 2025
Voyager reported Q2 net sales of $45,674,000 (up from $36,653,000 a year earlier) and generated a net loss attributable to the company of $31,382,000 (net loss $33,065,000). The company materially strengthened its…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.