# Voyager Technologies, Inc. (VOYG)

> Source: Nexqual · https://nexqual.com/VOYG · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Voyager Technologies, Inc. (VOYG), nexqual.com/VOYG" · informational, not investment advice.

**Price:** USD 27.14 (-1.70% on the day) · last close of Oct 28, 2026; US market after hours, not a live price. Prev close 27.61 · day 26.52–27.57 · 52w 17.41–52.4 · market cap $1.66B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $174M, net income -$137M (-78.6% margin), free cash flow -$288M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $8.6M; 0 not under a Rule 10b5-1 plan ($0K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.27 on a 1–5 scale) (11 analysts), mean target USD 44.55 (range 21–55).
- Total return with dividends: 1Y -11.7% vs S&P 500 +13.6%; 5Y -50.1% vs S&P 500 +79.8%.
- Next earnings: 2026-11-02, EPS estimate USD -0.86, revenue estimate $81.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|
| Revenue | $136M | $144M | $166M | $174M |
| Gross profit | $27.8M | $34.9M | $29.9M | — |
| Operating income | -$14.2M | -$48.4M | -$108M | -$154M |
| Net income | -$25.4M | -$62.1M | -$105M | -$137M |
| EPS (diluted) | -$3.65 | -$7.01 | -$2.89 | — |
| Free cash flow | -$32.6M | -$108M | -$206M | -$288M |
| Gross margin | 20.4% | 24.2% | 18.0% | — |
| Operating margin | -10.4% | -33.6% | -65.2% | -88.5% |
| Net margin | -18.7% | -43.1% | -63.0% | -78.6% |
| Revenue growth | — | +6.0% | +15.4% | — |
| Cash + short-term investments | $30.3M | $55.9M | $491M | — |
| Total debt | — | $7.4M | $448M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 9.5x · EV/Sales 9.9x · P/B 5.1x · FCF yield -17.36% · Earnings yield -8.27% · Net debt $75.5M · EV $1.73B

## Insider sales (SEC Form 4, open-market, last ~7 months)
1 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Kuta Matthew James | President | 199,807 | $8.6M | 51.6% | Yes (adopted May 12, 2026) | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.27 on a 1–5 scale), 11 analysts; mean target USD 44.55 (low 21, high 55).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | Morgan Stanley | Target lowered | Underweight | $37 → $36 |
| 2026-10-09 | TD Cowen | Target lowered | Buy | $42 → $36 |
| 2026-08-13 | Citigroup | Target raised | Buy | $44 → $54 |
| 2026-07-15 | Morgan Stanley | Downgrade | Equal-Weight → Underweight | $39 |
| 2026-07-01 | Wedbush | Target lowered | Outperform | $60 → $46 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2025-06-09) |
|---|---|---|
| Total return | -11.7% | -50.1% |
| S&P 500 (SPY) | +13.6% | +79.8% |
| Per year | -11.7% | -39.4% |
| Volatility (annualized) | 89.6% | 87.7% |
| Max drawdown | -56.3% (May 2026→Jul 2026) | -63.5% (Jun 2025→Nov 2025) |

## Peers (Aerospace & Defense)
SARO (StandardAero, Inc.) USD 22.21 -0.94% · KTOS (Kratos Defense & Security Solut) USD 41.17 -0.36% · CAE (CAE Inc) USD 25.76 +0.08% · DRS (Leonardo DRS, Inc.) USD 35.5 -1.36% · HII (Huntington Ingalls Industries, ) USD 279.26 -0.73% · MOG-B (Moog Inc.) USD 350.17 -1.24%

## More
Full page: https://nexqual.com/VOYG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in VOYG's own 10-K filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1788060/000162828026016543/voyg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | ZIN Technologies | "Through our strategic acquisitions, we leverage more than three decades of technology development and spaceflight heritage to offer reliable, differentiated solutions to our customers beginning when Space Acceleration Me…" |
| Partner | Airbus | "We intend to operate Starlab through Starlab Space LLC ("Starlab JV"), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space, Space Applicati…" |
| Partner | Palantir (PLTR) | "We intend to operate Starlab through Starlab Space LLC ("Starlab JV"), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space, Space Applicati…" |
| Partner | Starlab Space | "We intend to operate Starlab through Starlab Space LLC ("Starlab JV"), a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi, MDA Space, Space Applicati…" |
| Partner | SpaceX | "To address these deficiencies, the space industry has shifted to a public-private partnership model in recent years, exemplified by NASA's use of commercial launch providers such as SpaceX and Northrop Grumman." |
| Competitor | RTX (Raytheon) (RTX) | "In our Defense & National Security segment, we compete with large traditional aerospace and defense contractors — including Northrop Grumman, Raytheon Technologies and L3Harris — as well as emerging defense technology co…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Defense and Space Technologies | $53.2M | 100.9% | +15.5% |
| Total revenue | $52.7M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $51.5M | 97.7% | +20.1% |
| International | $1.2M | 2.3% | -56.0% |
| Total revenue | $52.7M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 86% of revenue from unnamed direct customers (10-K, filed 2026-03-10).

## Company outlook (8-K filed 2026-08-03)

- "Business Outlook for the Full Year 2026 For the full year 2026, we increased our guidance range to $275 million to $305 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.86 | $-0.82 | −$0.04 | $81.4M | 6 |
| Next quarter (ends 2026-12-31) | $-0.79 | $-0.67 | −$0.12 | $122.3M | 5 |
| Current fiscal year (ends 2026-12-31) | $-2.96 | $-2.92 | −$0.04 | $291.5M | 7 |
| Next fiscal year (ends 2027-12-31) | $-1.62 | $-1.38 | −$0.24 | $518.2M | 6 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±21.1%; last 5 reports averaged ±12.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 103.8% | ±21.1% |
| 2026-12-18 | 51 | 80.2% | ±23.9% |
| 2027-01-15 | 79 | 81.0% | ±29.7% |
| 2027-04-16 | 170 | 88.4% | ±46.3% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 3, 2026 | Quarter ended Jun 30, 2026 | −$0.70 | −$0.84 | Beat +16.7% | +36.5% |
| May 4, 2026 | Quarter ended Mar 31, 2026 | −$0.61 | −$0.60 | Miss −1.7% | -0.8% |
| Mar 9, 2026 | Quarter ended Dec 31, 2025 | −$0.37 | −$0.36 | Miss −2.8% | +6.0% |
| Nov 3, 2025 | Quarter ended Sep 30, 2025 | −$0.22 | −$0.35 | Beat +37.1% | -8.9% |
| Aug 5, 2025 | — | — | — | — | -11.7% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-27 | Schedule 13G/A | BlackRock, Inc.: 8.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1788060/000201238326003864/0002012383-26-003864-index.htm |
| 2026-10-19 | Schedule 13G/A | BANK OF NOVA SCOTIA: 5.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1788060/000000963126000038/0000009631-26-000038-index.htm |
| 2026-09-28 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation; Unregistered sale of shares; Other material event — “Indenture and Notes On September 28, 2026, Voyager Technologies, Inc. (the " Company ") issued $402,500,000 aggregate principal amount of its 0% Convertible Senior Notes due 2032 (the "Notes"). The Notes were issued pursuant to, and are governed by, an indenture (the " Indenture "), dated as of September 28, 2026, between the Company and U.S. Bank Trust Company, National Association, as trustee (the " Trustee "). Pursuant to the purchase agreement between the Company and the representatives of the initial…” | https://www.sec.gov/Archives/edgar/data/1788060/000162828026063717/0001628280-26-063717-index.htm |
| 2026-08-14 | Schedule 13G/A | Alyeska Investment Group, L.P., Alyeska Fund GP, LLC: 1.2% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1788060/000117266126003759/0001172661-26-003759-index.htm |
| 2026-08-14 | 8-K | Other material event — “Voyager Technologies, Inc. (the "Company") is filing this Current Report on Form 8-K (this "Form 8-K") to recast its consolidated financial statements and historical segment disclosure previously reported in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K"). As previously reported, effective the first fiscal quarter of 2026, the Company combined its Defense and National Security and Space Solutions segments into a single Defense and Space Technologies…” | https://www.sec.gov/Archives/edgar/data/1788060/000162828026057100/0001628280-26-057100-index.htm |
| 2026-08-13 | Schedule 13G/A | Senvest Management, LLC, Richard Mashaal: 5.5% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1788060/000090266426003443/0000902664-26-003443-index.htm |
| 2026-08-04 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1788060/000162828026052292/0001628280-26-052292-index.htm |
| 2026-08-03 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1788060/000162828026051870/0001628280-26-051870-index.htm |
| 2026-07-30 | Schedule 13G/A | BlackRock, Inc.: 6.1% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1788060/000201238326003127/0002012383-26-003127-index.htm |
| 2026-07-15 | Schedule 13G | BANK OF NOVA SCOTIA: 6.4% of shares, passive 5%+ holder | https://www.sec.gov/Archives/edgar/data/1788060/000000963126000022/0000009631-26-000022-index.htm |
| 2026-07-08 | 8-K | Entered a material agreement; New debt or off-balance-sheet obligation | https://www.sec.gov/Archives/edgar/data/1788060/000162828026047657/0001628280-26-047657-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.