Q2 2026 Voyager Technologies, Inc. Earnings Call Transcript
Key Points
- Record revenue of $53 million, up 51% sequentially and 15% year-over-year, driven by programs transitioning from development to production.
- Record bookings of $113 million and a 2.1x book-to-bill ratio, leading to a record backlog of $336 million and strong visibility into 2026 and 2027.
- Completed the acquisition of Astrobotic, expanding capabilities across the lunar value chain and expected to contribute $40-$50 million in revenue for 2026.
- Raised full-year 2026 revenue guidance to $275-$305 million, representing growth of 66%-84% year-over-year.
- Starlab secured over $500 million in signed commercial reservations, demonstrating strong market demand and progress toward commercialization.
- Golden Dome-related awards totaled $84 million, spanning multiple customers and platforms, including space-based interceptor programs, diversifying revenue streams beyond NGI.
- Adjusted EBITDA remained a loss of $38 million, reflecting continued heavy investment in engineering, R&D, and production capacity.
- Gross margins remain below long-term targets, with Q2 margins at just over 8%, though expected to improve in the second half.
- Starlab milestone funding is moderating as the program transitions from Phase I development, with timing of the next phase still uncertain.
- The Astrobotic acquisition adds integration risks and complexity, with its full-year 2027 revenue contribution and mission timing still being finalized.
- Internally funded R&D is expected to increase to approximately 20% of full-year revenue, and capital expenditures are high at $70-$80 million, pressuring near-term profitability.
- The company remains dependent on government programs like Golden Dome and NASA's evolving CLD plan, which carry schedule and procurement risks.
Welcome to the Voyager Technologies second-quarter 2026 financial results conference call. (Operator Instructions)
I would now like to turn the call over to your first speaker today, Phil de Sousa, Voyager's Chief Financial Officer. Mr. De Sousa, the floor is yours.
Thank you, and good morning, everyone. I'm joined today by Dylan Taylor, Chairman and Chief Executive Officer.
Today's call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including the Risk Factors section of our annual report on Form 10-K. We undertake no obligation to update these statements.
We will also discuss non-GAAP financial measures. A reconciliation of these measures is available in our earnings materials on our website.
I'll now turn the call over to Dylan to begin with slide 3.
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