Voyager Technologies Posts 33% Backlog Rise to $265.6M, Guides 35%–53% Growth
Voyager reported Q4 revenue of $46.7M and a 63% year-over-year increase in its Defense and National Security segment, while ending fiscal 2025 with a record $265.6M backlog, up 33%. The company guided fiscal 2026 revenue to $225M–$255M (35%–53% growth) and holds over $700M liquidity.
1. Q4 Financial Performance
Voyager reported Q4 revenue of $46.7M, slightly below the $48M estimate, while its Defense and National Security segment grew 63% year-over-year, up from 31% in the prior period, reflecting expanding demand for mission-critical technologies.
2. Backlog and Guidance
The company ended fiscal 2025 with a record $265.6M backlog, up 33% year-over-year, and guided fiscal 2026 revenue to $225M–$255M, implying 35%–53% growth at the midpoint, exceeding consensus expectations.
3. Strategic Acquisitions
During the quarter, Voyager completed the acquisitions of ExoTerra Resource and Estes Energetics, bolstering its in-space propulsion and energetics capabilities to compete for a broader set of high-value government contracts across the defense and space value chain.
4. Financial Position and Outlook
Voyager reported fiscal 2025 adjusted EBITDA of negative $69.9M and free cash flow of negative $155.2M, maintains over $700M in liquidity, and expects its Space Solutions segment to return to growth as a legacy NASA services contract winds down.