May 4th, 2026

The call conveyed strong commercial momentum—record backlog, substantial bookings growth, strategic contract wins (Raytheon, Anduril) and higher full-year revenue guidance—backed by ample liquidity and deliberate capacity expansion. Near-term profitability and gross margins are under pressure due to heavy investments in R&D, manufacturing capacity and program readiness, and revenue is skewed to the second half of the year which raises execution/timing risk. Starlab progress and NASA milestones are positive but timing/funding uncertainty remains. On balance, the positive operational and backlog momentum and upgraded guidance outweigh near-term profitability and timing risks.

Company Guidance

Voyager raised 2026 revenue guidance to $230–$255 million (≈38%–53% YoY) after a strong Q1 that included $45 million of bookings (book-to-bill 1.3; bookings +232% YoY in Defense & Space Technologies), record backlog of $275 million (+54% YoY), and net sales of $35 million; Q1 adjusted EBITDA was a loss of $33 million (adjusted EPS -$0.61) with Defense & Space Tech adjusted EBITDA -$11.5 million. Management expects a front‑loaded ramp (≈33% of revenue in H1, ≈67% in H2) with Q2 revenue up sequentially (~37%–high‑40s% noted), full‑year gross margin in the mid‑teens (Q2 low‑mid single digits, Q3 mid‑high teens, Q4 mid‑20s), internally funded R&D rising to ~20% of sales (Q1 IRAD 17%; total innovation spend 48% ex‑Starlab), CapEx ex‑Starlab $60–$70 million, liquidity of $641 million ($429M cash + $212M credit), and long‑term targets of ~25% organic growth, 30%–35% gross margins, mid‑teens adjusted EBITDA margins and low‑teens free cash flow (ex‑Starlab); Starlab received $24 million in Q1 (inception‑to‑date milestone cash $207M) and is projected to eventually generate ~$4 billion revenue and ~$1.5 billion free cash flow annually when operational.