Key Highlights

  • Net sales set a new high at $88.7 million, a 124.1% surge on the $39.6 million of the year before.
  • Backlog expanded to a company-best $742 million, 293% above the year-earlier level, and included $347 million tied to Astrobotic.
  • Bookings totaled a record $116 million, and the book-to-bill ratio hit 1.3x, compared with $49 million in Q3 2025.
  • Attributable loss totaled $55.7 million, or $0.91 a share, after a $16.3 million loss ($0.28) in the prior-year period.
  • Revenue guidance for 2026 now starts higher at the bottom, and the range was given as $285 million through $305 million.

Net Sales Jump 124%, With Bookings and Backlog at Company Records

Voyager Technologies (NYSE:VOYG) posted figures on Nov 2, 2026 for the three months ended Sep 30, 2026. Revenue of $88.7 million, versus $39.6 million a year before, represents a 124.1% increase, and it rose 68% sequentially. Nine-month sales reached $176.7 million, up 47.5%.

Voyager offers defense technology and space solutions, spanning mission management, propulsion, energetics, advanced electronics and space exploration. Bookings reached a record $116 million, roughly 135% above the $49 million figure from a year ago, and trailing twelve-month bookings totaled $329 million.

Backlog was $266 million at year-end 2025 and $336 million at Jun 30, 2026, before reaching $742 million at quarter end. Astrobotic brought in $347 million, and within that sum sits a NASA award worth $298 million that this unit captured.

Margin Compresses to 11.5% While Heavier Spending Enlarges the Net Loss

Gross profit reached $10.2 million, up from $6.1 million a year ago, yet the Margin slid to 11.5%, where it had been 15.4% previously. Margin still rose 310 basis points from the second quarter.

On a GAAP basis the loss attributable to the company reached $55.7 million, or $0.91 a share, against $16.3 million, or $0.28, the year before. Adjusted for non-GAAP items, the loss was $52.8 million, or $0.87 a share, and adjusted EBITDA showed a $44.9 million loss, compared with a $17.7 million loss previously.

Selling, general and administrative costs came to $47.8 million, versus $25.1 million, and Research and Development expense totaled $16.3 million, against $3.0 million earlier.

Station Reservations Approach $700 Million as NASA Plans Its Phase 2 Competition

Starlab, the commercial station effort, has reached 39 milestones and collected $212.5 million in milestone receipts through Sep 30, 2026. Of that, $1.5 million arrived during the quarter. Signed reservations from commercial customers now approach $700 million, compared with about $500 million in the prior report.

In early October, NASA issued a request for proposals under its Commercial LEO Destination Phase 2 program. Submissions must arrive in December 2026, and the selection is anticipated during spring 2027.

Griffin-1 testing wrapped up ahead of its late-2026 launch, and new deals to manage biopharmaceutical research missions aboard the International Space Station were added.

Free Cash Outflow of $47.8 Million Sits Next to Liquidity Above $815 Million

The company's 2026 revenue floor rose by $10 million to $285 million, and the resulting span runs through $305 million, which implies growth of about 72% to 84%.

Negative free Cash Flow came to $47.8 million this quarter, against negative $49.9 million one year before, and negative $187.4 million across the first nine months. Cash and equivalents stood at $553.6 million at September's end. Total liquidity was $815.7 million, with $262.1 million of that from the revolver, while net convertible notes were $841.1 million. Next are the December Phase 2 submission date and the Griffin-1 launch later in 2026.