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Voyager Technologies reported fourth quarter 2025 Non-GAAP Adjusted EBITDA of negative $21.8 million and full year 2025 Non-GAAP Adjusted EBITDA of negative $69.9 million.
Voyager Technologies incurred a fourth quarter 2025 net loss of $30.2 million and a loss per share of $0.52.
Voyager Technologies reported a full year 2025 non-GAAP adjusted loss of $82.4 million and a non-GAAP adjusted loss per share of $2.05.
Voyager Technologies advanced development of Starlab by achieving ten NASA milestones in 2025, four of which occurred in the fourth quarter, and 31 milestones to date.
Starlab is a Voyager-led, majority-owned joint venture developing a commercial replacement for the International Space Station and does not generate revenue today nor is expected to generate revenue in the near term.
As of December 31, 2025, Voyager Technologies’ total backlog of $265.6 million included $146.1 million of funded backlog from signed contracts with remaining work.
Voyager Technologies received $56.0 million in cash milestone proceeds for Starlab during 2025 and $183.2 million inception-to-date.
Voyager Technologies closed five acquisitions in fiscal year 2025 to bolster its capabilities in propulsion, energetics, and defense systems.
Voyager Technologies recorded a record year-end total backlog of $265.6 million for 2025, a 33% increase over the prior year.
The collaboration will integrate Voyager Technologies’ internal research and development in life support, power systems, and surface logistics into Max Space modules to prepare the habitats for NASA and commercial partners.
For the three months ended December 31, 2025, Voyager Technologies’ innovation spend was 21.9% of net sales excluding Starlab and 132% on a consolidated basis.
Voyager Technologies delivered fourth quarter 2025 net sales of $46.7 million.
Voyager Technologies’ Defense and National Security segment generated fourth quarter 2025 net sales of $35.7 million, an increase of $13.7 million or 63% year over year, primarily driven by progress on the Next Generation Interceptor program and an undisclosed program.
Voyager Technologies reported full year 2025 net sales of $166.4 million, up 15% year over year.
Voyager Technologies will pair its integrated platform with Max Space’s expandable habitat architecture as part of the investment to accelerate transition from demonstration missions to durable lunar capability.
Voyager Technologies projected 2026 revenue between $225 million and $255 million, representing a 35% year-over-year increase driven by demand for cislunar infrastructure.
Voyager Technologies’ Space Solutions segment generated fourth quarter 2025 net sales of $12.5 million, a decline of $5.2 million or 29% year over year primarily due to the anticipated conclusion of a multi-year service contract with NASA.
On March 9, 2026, Voyager Technologies made a multi-million-dollar strategic investment in Max Space to accelerate development of expandable habitat modules for the lunar surface and deep-space environments.
The partnership between Voyager Technologies and Max Space aligns with NASA’s updated Artemis timeline targeting a permanent human presence on the Moon by 2028.
Voyager Technologies expects total net sales for full year 2026 of $225 million to $255 million, representing year-over-year growth of 35% to 53%.