Voyager Technologies, Inc. 2026 Q2 Earnings Call

Thank you. Good morning, everyone. I'm joined today by Dylan Taylor, our 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 three.

Thank you, Phil. Good morning, everyone. Our record second quarter results further validate what we've been discussing with investors over the past year, that demand across defense modernization, national security, and the rapidly expanding space economy continues to accelerate, and Voyager is increasingly converting that demand into measurable growth. This quarter was a decisive milestone. We delivered record revenue, record bookings, and entered the second half with a record backlog. We recently completed the acquisition of Astrobotic and are today raising our full year revenue guidance. Collectively, these achievements demonstrate the strength of our strategy, the quality of our execution, and the increasing relevance of our technologies across some of the world's highest priority growth markets. Revenue reached a record $53 million, increasing 51% sequentially as programs continued that transition from development into production.

Just as importantly, bookings accelerated to a record $113 million, driving backlog to a record $336 million and providing increased visibility into both the remainder of 2026 and 2027. Perhaps the most significant takeaway is that demand continues to build faster than what we're converting into revenue. As bookings consistently outpace revenue, backlog continues to expand, reinforcing our confidence that today's growth is supported by durable customer demand rather than quarterly timing. The acquisition of Astrobotic significantly expands our participation across the lunar economy and provides another example of our disciplined approach to capital allocation. Combined with our existing capabilities, Astrobotic further strengthens Voyager's leadership position across the future of the space infrastructure market.

Taken together, continued execution, accelerating demand, strategic capital deployment, and increased revenue visibility, we are confident in raising our full year 2026 revenue guidance to $275 million-$305 million, representing growth of approximately 66%-84% over last year. Turning to slide four. The wide breadth of our bookings this quarter demonstrates that demand continues expanding across our platform rather than being driven by a single customer or a single program. During the quarter, we secured $113 million in new awards spanning propulsion, advanced electronics, autonomous mission systems, AI-enabled technologies, and commercial space infrastructure. This broad-based demand reinforces our confidence that the markets we serve continue to strengthen and provide significant long-term growth potential. Golden Dome-related awards totaled $84 million and spanned across multiple customers, multiple programs of record, and several distinct technology platforms.

We view Golden Dome as much more than a single procurement opportunity. It represents a multi-year modernization initiative spanning sensing, communications, propulsion, autonomous mission systems, and resilient space infrastructure, all areas where Voyager already delivers differentiated technologies. As this architecture continues to develop, we believe Voyager is exceptionally well-positioned to participate across numerous layers of this critical missile defense architecture. We also secured a multi-million dollar award to deliver an agentic AI spectrum operations platform supporting autonomous mission systems for an undisclosed customer. This reflects increasing customer demand for AI-enabled decision advantage and highlights our growing position within next-generation defense technologies. Finally, we continued expanding our commercial space leadership through additional mission management awards, including ExoBiosphere. While relatively limited today by the operating capacity of the International Space Station, opportunities like these reinforce our confidence that commercial space infrastructure will become an increasingly important growth driver over the coming decade.

Turning to slide five. Following quarter end, we completed the acquisition of Astrobotic, an important milestone in executing our long-term growth strategy. We believe the next generation of the space economy will increasingly be defined by permanent infrastructure rather than individual missions. The moon represents one of the most compelling long-term infrastructure opportunities within that broader trend, and Astrobotic significantly expands Voyager's contributions across that ecosystem. Astrobotic brings highly differentiated capabilities across lunar delivery, surface mobility, infrastructure, autonomous systems, reusable launch technologies, and advanced robotics. Combined with Voyager's existing strengths in communications, computing, propulsion, mission systems, and space infrastructure, we now participate across substantially more of the lunar value chain and technology stack, clearly differentiating us from other lunar competitors. Beyond the strategic fit, Astrobotic contributes an experienced team, a strong intellectual property portfolio, deep customer relationships, and a proven position supporting both government and commercial customers.

Turning to slide six. What makes this acquisition particularly compelling is that it combines exceptional strategic alignment with attractive financial characteristics. Astrobotic strengthens Voyager's leadership across one of the fastest-growing areas of the future space economy while expanding our addressable market and increasing our participation across critical lunar infrastructure. Operationally, there is very little overlap between the businesses, creating substantial opportunities for revenue synergies as we combine complementary technologies across existing customer relationships. Financially, Astrobotic strengthens our long-term growth profile and is expected to become accretive to revenue growth, EBITDA, earnings per share, and cash generation over time. Turning to slide seven. Looking briefly at the transaction structure, we acquired Astrobotic for a total potential enterprise value of approximately $300 million, including approximately $171 million of upfront cash and equity consideration, with additional performance-based earn-out opportunities aligned with future growth.

More importantly, this transaction significantly enhances Voyager's long-term financial profile. We expect Astrobotic to contribute approximately $40 million-$50 million of revenue to Voyager in 2026. When combined with Voyager's existing organic growth opportunities, increasing operating leverage, and meaningful revenue synergies, we believe the acquisition accelerates our pathway towards profitability while strengthening our competitive position across the rapidly expanding space economy. With that, I'll turn the call over to Phil.

Thanks, Dylan. Turning to slide eight. The second quarter represented an important operational inflection point for Voyager. After several years of investing in technology development, manufacturing capacity, and customer programs, we're beginning to see those investments translate into accelerating financial performance. Revenue reached a record $53 million, increasing 51% sequentially and 15% year-over-year, as multiple development programs transitioned into production and backlog increasingly converted into revenue. Equally important, demand continued to strengthen across the business. Bookings reached a record $113 million, resulting in a 2.1 times book-to-bill ratio and increasing backlog to a record $336 million. Gross profit improved sequentially as higher production volumes began absorbing fixed manufacturing and overhead costs.

While margins remained below our long-term targets, the quarter represents yet another step along the path towards improving operating leverage as production and volumes continue to scale. Adjusted EBITDA was a loss of $38 million, modestly ahead of our internal expectations, despite continued investment across engineering, internally funded R&D, and production capacity. Importantly, these investments are intentional. We continue allocating capital towards differentiated technologies, manufacturing capacity, and future growth opportunities because we believe today's demand environment supports significant long-term value creation. Turning to slide nine. We believe bookings and backlog continue to represent one of the strongest indicators of Voyager's future growth trajectory. Record quarterly bookings of $113 million were driven by broad-based demand. Importantly, the quality of our bookings remains exceptionally strong. Our awards continue to be diversified across multiple customers, agencies, programs of record, contract vehicles, and technology platforms.

As bookings continue outpacing revenue conversion, backlog increased to a record $336 million, providing increasing visibility into both 2026 and 2027 while reinforcing our confidence in our long-term growth outlook. The key takeaway here is that trajectory of both bookings and backlog continues to accelerate. Over the past several quarters, we have seen demand build across the portfolio. We believe this reflects increasing customer adoption, expanding program participation, and growing demand across our core offerings. Turning to slide 10, I'll provide some additional insight to our defense and space segment. This segment continues to demonstrate the strength of Voyager's operating model with investments made over the past several years, increasingly translating into improved operating and financial performance. The second quarter marked an important milestone for this business. We generated record bookings, representing growth of more than 205% year-over-year.

This drives company backlogs to a new record of $336 million. Demand continues to expand across several of our high-priority technology areas, including advanced propulsion technology and mission electronics, classified, autonomous, and agentic AI capabilities, Golden Dome-related programs, and of course, continued expansion with our existing customers. These opportunities are supported by long-term secular trends, including defense modernization, missile defense, resilient space architectures, AI-enabled mission systems, and of course, the increasing national security investments. We believe this diversity reinforces that the demand environment is structural rather than program-specific and provides increasing confidence in the durability of our long-term growth outlook. During the quarter, segment revenue increased 15% year-over-year, more than 51% sequentially, reflecting improved execution, higher production volumes, and stronger backlog conversion across multiple programs. While we continue investing aggressively for future growth, we are beginning to realize the benefits of increasing scale.

During the quarter, we continued investing in engineering talent, internally funded research and development, advanced manufacturing capabilities, automation and production infrastructure to support the significant demand opportunities we see ahead. As we've discussed previously, 2026 remains an investing year as we continue to scale our capabilities to meet growing customer demand. While these investments create near-term pressure on profitability, we continue to expect meaningful operating leverage over time as production volumes increase, manufacturing utilization improves, and revenue growth increasingly outpaces our investment spending. We believe this operating leverage is already beginning to emerge. Adjusted EBITDA continues to reflect our strategic investments while demonstrating early improvements in fixed cost absorption as production activity accelerates. This progression remains consistent with our long-term financial framework and reinforces our confidence in the pathway towards expanding operating margins and profitability. Stepping back, we believe this quarter illustrates the strength of Voyager's strategy.