Voyager Reports Third Quarter 2025 Financial Results
Delivered Net Sales of $39.6 Million, Flat Year-Over-Year
Voyager Technologies, Inc. has announced financial results for the third quarter 2025.
“We continued to build momentum this quarter, delivering substantial growth across our core defense business while executing on strategic initiatives that expand our mission critical capabilities.” Dylan Taylor, Voyager Technologies
Voyager’s net sales for the three months ended September 30, 2025 were $39.6 million, flat year over year, and up 15.1% when adjusted for the planned wind-down of the NASA services contract within the Space Solutions segment.
The company’s Defense and National Security segment provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communication technologies, and guidance, navigation and control systems. For the three months ending September 30, 2025, the Defense and National Security segment net sales increased $6.7 million, or 31% year over year, to $28.5 million, primarily driven by progress on the Next Generation Interceptor (“NGI”) program and an undisclosed program.
Voyager’s Space Solutions segment operates at the forefront of space technology, specializing in mission enabling, reliable hardware, software and engineering services for space missions. For the three months ending September 30, 2025, the Space Solutions segment net sales declined $8.1 million, or 41% year over year, to $11.7 million primarily due to the anticipated conclusion of a multi-year service contract with NASA.
The Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the International Space Station. While Starlab does not generate revenue today, nor is expected to generate revenue in the near term, we have received significant funding from NASA under our Space Act Agreement. In the third quarter of 2025, Starlab achieved two key milestone and received $4.0 million in cash from NASA, highlighting strong progress and continued momentum.
“We continued to build momentum this quarter, delivering substantial growth across our core defense business while executing on strategic initiatives that expand our mission critical capabilities,” said Voyager Technologies CEO Dylan Taylor. “We are also augmenting our organic growth through targeted acquisitions. Specifically, with the acquisition of ExoTerra, we’re accelerating U.S.-built propulsion innovation to meet rising demand across space-based systems and critical defense programs, providing yet another substantial growth vector for our future.”
“Our Defense and National Security segment is a powerful growth engine, fueled by strong customer engagement, new contract wins, and alignment with national security objectives, driving a backlog that increased to $189 million,” continued Taylor. “Starlab also remains on track, achieving two additional NASA milestones and generating $4.0 million in cash proceeds this quarter, bringing our total milestones achieved to date to 27. And we continue to maintain a debt-free balance sheet, with $613 million in total liquidity supporting both organic and inorganic growth. Our capabilities are tightly aligned with the highest-priority U.S. defense programs in missile defense, space-based systems and advanced guidance, navigation and control. Combined with a robust backlog, greater visibility into multi-year programs, budget momentum and mission urgency, we are well positioned to convert opportunity into durable sustained growth.”
As of September 30, 2025, total backlog was $188.6 million, including $88.2 million of funded backlog from signed contracts with remaining work. Funded contracts represent definitized contracts for performance obligations from customers that contain the right to receive consideration in exchange for goods transferred to the customer. The unfunded portion (also referred to as unfunded contract options) includes contract options not yet exercised and potential work under Indefinite Delivery/Indefinite Quantity contracts.
For the full year 2025, Voyager now expects total net sales towards the high end of our guidance range of $165 million to $170 million. This outlook underscores the resilience of its business model and reflects the successful execution of its growth strategy, including contributions from recently acquired businesses, while recognizing uncertainty in the near-term attributable to the government shutdown.