Voyager Technologies Raises 2026 Revenue Forecast
Defense and Space Firm Cites 54% Backlog Growth, NASA Astronaut Mission Selection in First-Quarter Results
Voyager Technologies posted a record first-quarter backlog of $275.3 million and raised its full-year 2026 revenue guidance, citing accelerating demand from national security programs including the Golden Dome missile defense initiative.
“We achieved a new record backlog with strong bookings across all of our core technologies.”
Dylan Taylor, Voyager
The company reported net sales of $35.2 million for the quarter ended March 31, 2026, a 2.1% increase over the $34.5 million reported in the same period a year earlier. Based on its record backlog — up 54% year over year — Voyager raised its 2026 revenue guidance to a range of $230 million to $255 million, representing growth of 39% to 53% over 2025 full-year results.
“We achieved a new record backlog with strong bookings across all of our core technologies,” said Dylan Taylor, Voyager’s Chairman and CEO. “The scale of demand being signaled by the Department of War is historic, with Golden Dome now framed as a generational, multi-domain investment and a clear directive to industry to expand domestic production of propulsion systems, energetics, and munitions components.”
First-quarter bookings reached $45.2 million, producing a book-to-bill ratio of 1.3, meaning the company booked $1.30 in new orders for every dollar of revenue recognized.
The company reported a net loss of $44.0 million, or $0.75 per share, for the first quarter, compared to a net loss of $26.9 million, or $2.30 per share, in the first quarter of 2025. On a non-GAAP adjusted basis, the loss was $35.8 million, or $0.61 per share, and Adjusted EBITDA was negative $33.3 million. The losses reflect continued heavy investment in the Starlab commercial space station program and innovation spending, which reached 151% of net sales on a consolidated basis, or 48% excluding Starlab.
Voyager ended the quarter with $429.4 million in cash and cash equivalents and total liquidity of $641.4 million, including $212 million in available capacity under its revolving credit facility.
Defense demand has been the primary growth driver heading into the second quarter. The company reported multiple awards tied to the Golden Dome program in early April, spanning propulsion systems, advanced electronics, and missile defense. Taylor noted that Voyager is “deeply aligned with the highest-priority national security objectives.”
On the civil space side, NASA selected Voyager for its seventh private astronaut mission to the International Space Station, designated VOYG-1. The company also reported that its Starlab commercial space station joint venture achieved four NASA milestones during the quarter, receiving $24.0 million in NASA funding under an existing Space Act Agreement.
Construction is underway on the Voyager American Defense Complex in Pueblo, Colorado — a 150,000-square-foot advanced manufacturing facility designed for high-volume production of solid rocket motors, propulsion systems, and energetic materials. Taylor described the facility as “a direct response” to Pentagon demand for expanded domestic defense industrial capacity.
The company’s Defense and Space Technologies segment reported first-quarter net sales of $35.2 million, essentially flat with $35.8 million in the prior-year quarter, as acquisition-driven growth was offset by the planned wind-down of a NASA services contract. The Starlab Space Stations segment generated no revenue in the quarter, consistent with expectations and prior-period performance.
Innovation spending remains central to Voyager’s growth strategy. Total innovation spend for the quarter was $53.4 million, up from $39.1 million a year earlier. Excluding Starlab, innovation spend was $16.8 million, or 47.6% of net sales, compared to $9.7 million, or 28.2% of net sales, in the first quarter of 2025.
Looking ahead, Taylor said the company plans to increase investment in Golden Dome-related programs, next-generation space-domain maneuverability, advanced mission-critical electronics, and AI-accelerated manufacturing, while mergers and acquisitions remain “a top priority.”