# EDGAR Filing Document

**Accession Number:** 0001788060
**File Stem:** 0001788060-25-000008
**Filing Date:** 2025-8
**Character Count:** 42894
**Document Hash:** 12467ca864b893f2c0e6a278f370c124
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001788060-25-000008.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001788060-25-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20250804

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voyager Technologies, Inc./DE
- **CENTRAL INDEX KEY:** 0001788060
- **STANDARD INDUSTRIAL CLASSIFICATION:** GUIDED MISSILES & SPACE VEHICLES & PARTS [3760]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 842754888
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42694
- **FILM NUMBER:** 251181871

**BUSINESS ADDRESS:**
- **STREET 1:** 1225 17TH STREET, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202
- **BUSINESS PHONE:** (303) 618-2040

**MAIL ADDRESS:**
- **STREET 1:** 1225 17TH STREET, SUITE 1100
- **CITY:** DENVER
- **STATE:** CO
- **ZIP:** 80202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Voyager Space Holdings, Inc.
- **DATE OF NAME CHANGE:** 20190912

?xml version='1.0' encoding='ASCII'? voyg-20250804

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K**

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d)** 

**of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): August 4, 2025** 

**Voyager Technologies, Inc.**

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-42694** | **84-2754888** |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)** | **(IRS Employer**<br>**Identification Number)** |

---

**1225 17th Street, Suite 1100**

**Denver, Colorado 80202** 

**(Address of principal executive offices, including Zip Code)** 

**Registrant's telephone number, including area code: (303) 500-6985**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading**<br>**Symbol** | **Name of each exchange**<br>**on which registered** |
| **Class A Common Stock, par value $0.0001 per share** | **VOYG** | **The New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Securities registered pursuant to Section 12(b) of the Act:**

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 per share | VOYG | The New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 4, 2025, Voyager Technologies, Inc. (the "Company") issued a press release announcing its financial results for the quarterly period ended June 30, 2025. A copy of the press release is furnished hereto as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The Company makes reference to non-GAAP financial information in the press release. A reconciliation of these non-GAAP financial measures to their nearest GAAP equivalents is provided in the press release.

The information in this Item 2.02, including Exhibit 99.1 furnished hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any other filing under the Exchange Act or under the Securities Act of 1933, as amended, or the Exchange Act whether made before or after the date hereof, regardless of any general incorporation language in such filing, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits.

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| | |
|:---|:---|
| Exhibit No. | **Description** |
| 99.1 | [Press Release, dated August 4, 2025.](a2025q2earningsreleaseex991.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | VOYAGER TECHNOLOGIES, INC. | VOYAGER TECHNOLOGIES, INC. |
| Date: August 4, 2025 | By: | /s/ Dylan Taylor |
|  |  | Dylan Taylor |
|  |  | Chief Executive Officer |
| Date: August 4, 2025 | By: | /s/ Filipe De Sousa |
|  |  | Filipe De Sousa |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

![voyager_horizontallogoxblaa.jpg](voyager_horizontallogoxblaa.jpg)

**Voyager Reports Second Quarter 2025 Financial Results**

DENVER, August 4, 2025 /Business Wire/ -- Voyager Technologies, Inc. [NYSE: VOYG] ("Voyager" or the "Company"), today announced financial results for the second quarter 2025.

**Business and Financial Performance Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed IPO, raising proceeds of $409.4 million, net of underwriting fees

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivered record net sales of $45.7 million, up 25% year over year, including 85% growth from the Defense and National Security segment

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Starlab met four NASA milestones and received cash proceeds of $22.5 million

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Incurred net loss of $(31.4) million, a dilutive loss of $(36.6) million and loss per diluted share of $(1.23), including non-recurring costs associated with the Company's IPO

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Non-GAAP Adjusted EBITDA of $(9.1) million, non-GAAP adjusted loss of $(18.0) million and non-GAAP adjusted loss per share of $(0.60)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Closed the quarter debt-free, with $468.9 million of cash and cash equivalents, and with total liquidity of $668.9 million, including $200 million undrawn on revolving credit facility

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Acquired Optical Physics Company to strengthen the Company's optical guidance technology

"We delivered strong growth this quarter by staying focused on our core strengths and sharpening execution, with a record quarterly net sales of $45.7 million. We're seeing the results of the team driving smart investments, execution and operations, while simplifying how we work," said Voyager Technologies CEO Dylan Taylor. "We are furthering our execution and progress at Starlab by achieving critical milestones, resulting in cash proceeds of $22.5 million from NASA. We also generated 85% net sales growth in the Defense and National Security segment as a result of strategic programs such as Next Generation Interceptor, which enable us to seize high-impact growth opportunities ahead."

"We enter the second half of 2025 with a differentiated, debt-free balance sheet, with total liquidity of $669 million to drive organic and inorganic growth initiatives. Our strategy is centered on disciplined growth and expanded customer capabilities for long-term shareholder value," continued Taylor. "Voyager's IPO, performance and confidence of investors uniquely positions the company to drive sustained value through 2025, building a strong foundation for durable growth."

------

**Business and Financial Performance Results**

Voyager net sales grew $9.0 million or approximately 25% year over year to $45.7 million.

Voyager's Defense and National Security segment provides leading technology capabilities that support marquee programs with expertise in defense systems, signals intelligence, communication technologies, and guidance, navigation and control systems. For the three month ended June 30, 2025, the Defense and National Security segment net sales increased $16.2 million, or 85% year over year, to $35.2 million, primarily driven by progress on the Next Generation Interceptor ("NGI") program and an undisclosed program.

Voyager's Space Solutions segment operates at the forefront of space technology, specializing in mission enabling, reliable hardware, software and engineering services for space missions. For the three month ended June 30, 2025, the Space Solutions segment net sales declined $9.0 million, or 45% year over year, to $11.1 million primarily due to the anticipated conclusion of a multi-year service contract with NASA.

Our Starlab Space Stations segment is a Voyager-led, majority-owned joint venture focused on developing the commercial replacement for the International Space Station. While Starlab does not generate revenue today, nor is expected to generate revenue in the near term, we have received significant funding from NASA under our Space Act Agreement. In the second quarter of 2025, Starlab achieved four key milestones and received $22.5 million in cash from NASA, highlighting strong progress and continued momentum.

*Backlog*

As of June 30, 2025, total backlog was $170.9 million, including $90.3 million of funded backlog from signed contracts with remaining work. Funded contracts represent definitized contracts for performance obligations from customers that contain the right to receive consideration in exchange for goods transferred to the customer. The unfunded portion (also referred to as unfunded contract options) includes contract options not yet exercised and potential work under Indefinite Delivery/Indefinite Quantity contracts.

*Innovation Spend*

Innovation is a foundational pillar of our long-term strategy and a key differentiator across the defense, national security and space sectors. For the three month ended June 30, 2025, innovation spend was 18% of net sales, excluding Starlab, and 85% on a consolidated basis. See Table 5 for additional details.

------

**Business Outlook for the Full Year 2025**

For the full year 2025, the Company expects total net sales in the range of $165 million to $170 million, and non-GAAP Adjusted EBITDA in the range of $(63) million to $(60) million.

The foregoing estimates are forward-looking and reflect management's view of current and future market conditions, subject to certain risks and uncertainties, including certain assumptions with respect to our ability to efficiently and on a timely basis integrate acquisitions, obtain and retain contracts, changes in the timing and/or amount of government spending, react to changes in the demand for our products, activities of competitors, changes in the regulatory environment, and general economic and business conditions in the United States and elsewhere in the world. Investors are reminded that actual results may differ materially from these estimates and investors should review all risks related to achievement of the guidance reflected under "forward-looking statements" below and in the Company's filings with the Securities and Exchange Commission.

**Conference Call and Live Webcast**

Voyager Technologies, Inc. will host its second quarter 2025 earnings conference call Tuesday, August 5, 2025, at 9 a.m. ET. Hosting the call to review results will be Dylan Taylor, Chief Executive Officer; Phil De Sousa, Chief Financial Officer; and Adi Padva, Senior Vice President, Corporate Development and Investor Relations.

A live webcast of the call will be made available on the Events & Presentations section of Voyager's Investor Relations website at investors.voyagertechnologies.com. The earnings release and presentation will be posted to the Investor Relations website prior to the call.

A replay of the call will be available approximately one hour after the call through the archived webcast on the Events & Presentations section of Voyager's Investor Relations website.

**Audio Replay**

An audio replay of the event will be archived on the Investor Relations section of the Company's website at https://investors.voyagertechnologies.com.

**About Voyager Technologies, Inc.**

Voyager Technologies, Inc. is a defense and space technology company committed to advancing and delivering transformative, mission-critical solutions. By tackling the most complex challenges, Voyager aims to unlock new frontiers for human progress, fortify national security, and protect critical assets from ground to space. For more information visit: voyagertechnologies.com.

------

**Non-GAAP Financial Measures**

Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non-GAAP financial measures have limitations as analytical and comparative tools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, adjusted earnings per share and free cash flow, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted earnings per share and free cash flow supplementally.

**Adjusted EBITDA**

We consider Adjusted EBITDA to be a useful, supplemental, measure of our operating performance. We use Adjusted EBITDA to supplement GAAP measures in evaluating the performance of our business and the effectiveness of our strategies, to make budgeting decisions, make certain compensation decisions, and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.

In addition, we believe Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as they remove the impact of our capital structure and other items not indicative of our core operating performance from operating results.

We define EBITDA as net loss attributable to Voyager Technologies, Inc. plus (less) finance and interest expense, provision for income tax expense (benefit), and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation, business acquisition costs, restructuring charges, impairment losses, income (loss) attributable to noncontrolling interests, and other items we do not believe are indicative of our core operating performance, including incremental organizational costs attributable to our initial public offering, changes in the fair value of earnout liabilities, and foreign exchange gain/loss.

**Free Cash Flow**

We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures.

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We believe that while expenditures and dispositions of property, plant and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measures do not deduct the payments required for debt service and other contractual obligations or payments.

We define free cash flow as the sum of our cash (used in) provided by operating activities less our net capital expenditures. The net capital expenditures of the Company are defined as the gross capital expenditures for the purchase of property and equipment less the grant funding we received in order to make such purchases. Based on the nature of government grants for purposes of funding capital expenditures on our Starlab program, these grants are pass through for purposes of making capital expenditures as they are directly used to source funding on capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies.

**Adjusted Earnings Per Share**

We consider adjusted earnings per share to be a useful, supplemental measure of our operations on a per share basis adjusting for items that are considered either non-operational or significant infrequent expenses or that are sources of income that are not recurring to the business on a frequent basis. We define adjusted earnings per share as the net income/loss attributable to common stockholders adjusted for stock-based compensation, business acquisition costs, restructuring, and other items mainly related to financing expenses and other individually immaterial items divided by our diluted basis number of weighted average shares outstanding during the period. Since the adjustments made for presentational purposes do not impact the tax basis of the Company, the adjustments have been presented on a tax free basis.

**Innovation Spend**

We are focused on delivering innovative solutions to the defense, national security and space end markets, and research and development is at the core of our business. We believe innovation spend and innovation spend excluding Starlab provide our management and investors useful measures of our aggregate spend on research and development type activities in support of our customers' needs and our future growth.

However, innovation spend is an operating metric, not a financial measure calculated or presented in accordance with GAAP, and companies in our industry may calculate innovation spend or similar operating metrics differently than we do. We define innovation spend as research and development costs associated with IRS Section 174 categorization, as well as spend on designated development programs. Development programs are defined as initiatives that, when developed, will expand the Company's product offerings under a customer funded arrangement. Innovation spend is comprised of various costs recognized in cost of sales and research and development

------

costs within the consolidated statements of operations, as well as certain costs capitalized within property and equipment, net on our consolidated balance sheets. We define innovation spend excluding Starlab as innovation spend, minus the portion of innovation spend attributable to Starlab Space Stations.

**Forward-Looking Statements**

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. We intend all forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Voyager's financial outlook, anticipated financial and operational performance and long-term value creation. The words "expect," "expectation," "believe," "anticipate," "may," "could," "intend," "belief," "plan," "estimate," "target," "predict," "likely," "seek," "project," "model," "ongoing," "will," "should," "forecast," "outlook" or similar terminology are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on and reflect our current expectations, estimates, assumptions and/or projections, our perception of historical trends and current conditions, as well as other factors that we believe are appropriate and reasonable under the circumstances. Forward-looking statements are neither promises nor guarantees of future events, circumstances or performance and are inherently subject to known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements to differ materially from those indicated by those statements including, but not limited to: our ability to generate, sustain and manage our growth given our limited operating history in an evolving industry; factors out of our control that affect our success and revenue growth; our ability to generate a sustainable order rate for our products and services and develop new technologies to meet customer needs; our compliance with development contracts with third-parties and losses from fixed price contracts; our history of losses and ability to achieve profitability; risks related to Starlab; the unpredictable environment of space; our customer concentration and risks with contracting with the U.S. government; risk related to our international operations, currency fluctuations and political or economic instability in markets in which we operate; risks related to our compliance with new or existing data privacy, cybersecurity and other applicable regulations; our inability to adequately enforce and protect our intellectual property; our ability to consummate future acquisitions on satisfactory terms or effectively integrate acquired operations; and other important factors discussed in the section entitled "Risk Factors" in our final prospectus on form 424(b)(4) filed with the Securities and Exchange Commission (the "SEC") on June 12, 2025, as any such factors may be updated from time to time in our other filings with the SEC, accessible on the SEC's website at www.sec.gov and our investor relations site at investors.voyagertechnologies.com.

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The forward-looking statements included in this announcement are only made as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable law.

**Website Disclosure**

Investors and others should note that we announce material financial and operational information to our investors using press releases, SEC filings and public conference calls and webcasts, as well as our investor relations site at investors.voyagertechnologies.com. We may also use our website as a distribution channel of material information about the company. In addition, you may automatically receive email alerts and other information about Voyager when you enroll your email address by visiting the "Investor Email Alerts" option under the Resources tab on investors.voyagertechnologies.com.

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**CONDENSED CONSOLIDATED BALANCE SHEETS**<br>(Unaudited, in thousands, except share and per share amounts)

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| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **ASSETS** | **ASSETS** | **ASSETS** |
| Current assets: |  |  |
| Cash and cash equivalents | $468925 | $55930 |
| Accounts receivable, net | 12674 | 15360 |
| Contract assets | 21609 | 17304 |
| Inventories | 1424 | 1526 |
| Prepaid expenses and other current assets | 6793 | 11461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT ASSETS | 511425 | 101581 |
| Property and equipment, net | 67559 | 49439 |
| Operating lease right-of-use assets | 8625 | 8167 |
| Intangible assets, net | 36993 | 34684 |
| Goodwill | 50510 | 46515 |
| Other assets | 10228 | 7210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL ASSETS | $685340 | $247596 |
| **LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT)** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $20748 | $22787 |
| Contract liabilities | 10171 | 21365 |
| Operating lease liabilities | 3386 | 3000 |
| SMI promissory note, current |  | 665 |
| Accrued expenses and other current liabilities | 56988 | 39594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL CURRENT LIABILITIES | 91293 | 87411 |
| Term loan, net |  | 56991 |
| Operating lease liabilities, non-current | 6108 | 6205 |
| Contract liabilities, non-current | 2948 | 2762 |
| Convertible notes, net |  | 7435 |
| Embedded derivatives |  | 2723 |
| Deferred tax liabilities | 203 | 112 |
| Other long-term liabilities | 1969 | 102 |
| SMI promissory note |  | 23928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES | $102521 | $187669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mezzanine equity: |  |  |
| Class A-1 redeemable preferred stock: $0.0001 par value; 0 shares authorized, issued and outstanding at June 30, 2025; 7,500,000 shares authorized and 6,967,720 shares issued and outstanding at December 31, 2024; redeemable at the option of the holder with a liquidation preference of $105,581 at December 31, 2024 | $— | $93496 |
| Redeemable noncontrolling interests | 19836 | 32431 |
| Equity: |  |  |
| Class A preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at June 30, 2025; 1 share authorized, issued, and outstanding at December 31, 2024; liquidation preference of $1 |  |  |
| Class B convertible preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at June 30, 2025; 4,400,000 shares authorized and 3,285,995 shares issued and outstanding at December 31, 2024; liquidation preference of $146,454 at December 31, 2024 |  | 132835 |
| Class C preferred stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at June 30, 2025; 4,600,000 shares authorized and 1,537,818 shares issued and outstanding at December 31, 2024 |  | 63464 |
| Common stock: $0.0001 par value per share; 0 shares authorized, issued, and outstanding at June 30, 2025; 375,000,000 shares authorized and 13,297,289 shares issued and outstanding at December 31, 2024 |  | 1 |
| Class A common stock: $0.0001 par value per share; 400,000,000 shares authorized; 52,511,887 shares issued and outstanding at June 30, 2025, 0 shares authorized, issued, and outstanding at December 31, 2024. | 5 |  |
| Class B common stock: $0.0001 par value per share; 50,000,000 shares authorized; 5,713,566 shares issued and outstanding at June 30, 2025, 0 shares issued and outstanding at December 31, 2024. | 1 |  |
| Additional paid-in capital | 894226 | 15081 |
| Accumulated other comprehensive (loss) income | (83) | 28 |
| Accumulated deficit | (339433) | (281113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Voyager Technologies, Inc. equity (deficit) | 554716 | (69704) |
| Noncontrolling interests | 8267 | 3704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL EQUITY (DEFICIT) | 562983 | (66000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY | $685340 | $247596 |

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**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**<br>(Unaudited, in thousands, except share and per share amounts)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| &nbsp;&nbsp;Net sales | $45674 | $36653 | $80181 | $66869 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of sales | 37464 | 27390 | 66386 | 51425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general, and administrative | 30241 | 13295 | 56527 | 28885 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 502 | 6870 | 4542 | 7637 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired intangibles | 1604 | 1745 | 3152 | 3489 |
| &nbsp;&nbsp;Loss from operations | $(24137) | $(12647) | $(50426) | $(24567) |
| &nbsp;&nbsp;Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | $(7804) | $(10713) | $(7804) | $(10713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance and interest expense, net | (2523) | (3095) | (5252) | (6089) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 1480 | 282 | 2617 | 492 |
| &nbsp;&nbsp;Loss before income taxes | (32984) | (26173) | (60865) | (40877) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense (benefit) | 81 | (122) | 129 | 126 |
| &nbsp;&nbsp;Net loss | (33065) | (26051) | (60994) | (41003) |
| &nbsp;&nbsp;Net loss attributable to noncontrolling interests | (1683) | (2729) | (2674) | (2858) |
| &nbsp;&nbsp;Net loss attributable to Voyager Technologies, Inc. | (31382) | (23322) | (58320) | (38145) |
| Less: dividends accrued on preferred stock | 5258 | 5481 | 11259 | 10488 |
| Net loss attributable to common shareholders | $(36640) | $(28803) | $(69579) | $(48633) |
| Net loss per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $(1.23) | $(2.29) | $(3.16) | $(3.88) |
| &nbsp;&nbsp;&nbsp;Diluted | $(1.23) | $(2.73) | $(3.16) | $(4.32) |
| Weighted-average shares outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 29695203 | 12574261 | 22017362 | 12536053 |
| &nbsp;&nbsp;&nbsp;Diluted | 29695203 | 12577013 | 22017362 | 12538805 |

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**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**<br>(Unaudited, in thousands)

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| | | |
|:---|:---|:---|
| | **Six Months Ended** | **Six Months Ended** |
| | **June 30, 2025** | **June 30, 2024** |
| **Cash Flows from Operating Activities:** | | |
| &nbsp;&nbsp;Net loss | $(60994) | $(41003) |
| &nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 5310 | 5471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 13270 | 1843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of operating lease right-of-use assets | 1352 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on debt extinguishment | 7804 | 10713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs and other non-cash interest expense | 2300 | 2896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reduction in fair value of earnout  |  | (5956) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred Taxes | 89 | (201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash services acquired | 10619 | 9500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 76 | 217 |
| &nbsp;&nbsp;Change in operating assets and liabilities, net of acquisitions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 2714 | (3837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | (2666) | (282) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract assets | (2521) | (1030) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 102 | 543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other assets | (936) | (2989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3060 | (4388) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (12559) | 4883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 3812 | 4625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (1522) | (1335) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | (213) | (89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | $(30903) | $(19055) |
| **Cash Flows from Investing Activities:** |  |  |
| &nbsp;&nbsp;Purchases of property and equipment | $(57865) | $(32325) |
| &nbsp;&nbsp;Grant funding for property and equipment | 38250 | 14250 |
| &nbsp;&nbsp;Acquisitions, net of cash acquired | (6572) |  |
| &nbsp;&nbsp;Purchase of investment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | $(26187) | $(18075) |
| **Cash Flows from Financing Activities:** |  |  |
| &nbsp;&nbsp;Proceeds from term loan, net | $— | $57922 |
| &nbsp;&nbsp;Repayment of term loan | (64420) | (56574) |
| &nbsp;&nbsp;Borrowings from the credit facility | 64500 |  |
| &nbsp;&nbsp;Repayments on the credit facility | (64500) |  |
| &nbsp;&nbsp;Proceeds from the exercise of stock options | 155 |  |
| &nbsp;&nbsp;Proceeds from the issuance of Common stock, net | 45886 |  |
| &nbsp;&nbsp;Proceeds from the issuance of Class C preferred stock, net | 116047 | 37197 |
| &nbsp;&nbsp;Proceeds from the issuance of Class A common stock upon initial public offering, net of underwriting costs | 409405 |  |
| &nbsp;&nbsp;Costs associated with initial public offering | (3502) |  |
| &nbsp;&nbsp;Sale of noncontrolling interest | 6029 | 13425 |
| &nbsp;&nbsp;Purchase of noncontrolling interest | (7001) |  |
| &nbsp;&nbsp;Redemptions of Class A-1 redeemable preferred stock | (3044) |  |
| &nbsp;&nbsp;Cash repayment of Preferred B dividends | (27584) |  |
| &nbsp;&nbsp;Costs associated with the credit facility | (2146) |  |
| &nbsp;&nbsp;Proceeds from the convertible note | 130 | 4721 |
| &nbsp;&nbsp;Other |  | (530) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | $469955 | $56161 |
| &nbsp;&nbsp;Effect of foreign exchange on cash and cash equivalents | $130 | $(13) |
| **Net increase in cash and cash equivalents** | 412995 | 19018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalent at the beginning of the period | 55930 | 30279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at the end of the period | $468925 | $49297 |

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**TABLE 1 - NET SALES**

(Unaudited, in thousands)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Change** | **Change** | **Six Months Ended** | **Six Months Ended** | **Change** | **Change** |
| ***(dollars in thousands)*** | **June 30, 2025** | **June 30, 2024** | **Year over Year** | **%** | **June 30, 2025** | **June 30, 2024** | **Year over Year** | **%** |
| Net Sales: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Defense and National Security | $35191 | $19029 | $16162 | 84.9% | $58736 | $33730 | $25006 | 74.1% |
| &nbsp;&nbsp;&nbsp;Space Solutions | 11124 | 20100 | (8976) | (44.7)% | 23428 | 37143 | (13715) | (36.9)% |
| &nbsp;&nbsp;&nbsp;Starlab Space Stations |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net sales, reportable segments | 46315 | 39129 | 7186 | 18.4% | 82164 | 70873 | 11291 | 15.9% |
| &nbsp;&nbsp;&nbsp;Intersegment eliminations | (641) | (2476) | 1835 | (74.1)% | (1983) | (4004) | 2021 | (50.5)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Net Sales | $45674 | $36653 | $9021 | 24.6% | $80181 | $66869 | $13312 | 19.9% |

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**TABLE 2 - ADJUSTED EBITDA**

(Unaudited, in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***(dollars in thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net loss attributable to Voyager Technologies, Inc. | $(31382) | $(23322) | $(58320) | $(38145) |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance and interest expense, net | 2523 | 3095 | 5252 | 6089 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 2708 | 2758 | 5310 | 5471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Taxes | 81 | (122) | 129 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp;EBITDA | (26070) | (17591) | (47629) | (26459) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 11547 | 1113 | 13270 | 1843 |
| Business acquisition costs<sup>(1)</sup> | 284 |  | 440 | 230 |
| Restructuring<sup>(2)</sup> | 529 | 549 | 947 | 1662 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss attributable to noncontrolling interests | (1683) | (2729) | (2674) | (2858) |
| Other<sup>(3)</sup> | 6327 | 10964 | 5224 | 10709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $(9066) | $(7694) | $(30422) | $(14873) |

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________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Business acquisition costs include legal cost and incremental transaction costs associated with an acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Restructuring includes costs for retention and severance payments related to management's decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. also contains debt extinguishment costs of $7.8 million and $10.7 million for both the three and six months ended June 30, 2025 and June 30, 2024, respectively.

**TABLE 3 - FREE CASH FLOW**

(Unaudited, in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***(dollars in thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net cash used in operating activities | $(16549) | $(11149) | $(30903) | $(19055) |
| Purchases of property and equipment | (30895) | (16275) | (57865) | (32325) |
| Grant funding for property and equipment | 20250 | 3600 | 38250 | 14250 |
| Free cash flow | $(27194) | $(23824) | $(50518) | $(37130) |

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**TABLE 4 - ADJUSTED EARNINGS PER SHARE**

(Unaudited, in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Six Months Ended** | **Six Months Ended** |
| ***(dollars in thousands)*** | **June 30, 2025** | **June 30, 2024** | **June 30, 2025** | **June 30, 2024** |
| Net loss attributable to common stockholders | $(36640) | $(28803) | $(69579) | $(48633) |
| Stock-based compensation | 11547 | 1113 | 13270 | 1843 |
| Business acquisition costs<sup>(1)</sup> | 284 |  | 440 | 230 |
| Restructuring<sup>(2)</sup> | 529 | 549 | 947 | 1662 |
| Other<sup>(3)</sup> | 6327 | 10964 | 5224 | 10709 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted net loss attributable to common stockholders | $(17953) | $(16177) | $(49698) | $(34189) |
| Adjusted net loss per common share | $(0.60) | $(1.29) | $(2.26) | $(2.73) |

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________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Restructuring includes costs for retention and severance payments related to management's decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Other also contains debt extinguishment costs of $7.8 million for each of the three and six months ended June 30, 2025 and $10.7 million for each of the three and six months ended June 30, 2024.

**TABLE 5 - INNOVATION SPEND**

(Unaudited, in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Years Ended December 31,** | **Years Ended December 31,** |
| ***(dollars in thousands)*** | **June 30, 2025** | **March 31, 2025** | **2024** | **2023** |
| Capitalized research and development under section 174 | $32658 | $33599 | $105206 | $46222 |
| Development program innovation spend<sup>(1)</sup> | 5989 | 5513 | 22024 | 20330 |
| Innovation spend | 38647 | 39112 | 127230 | 66552 |
| Less: Starlab Space Stations innovation spend | 30538 | 29378 | 101678 | 42556 |
| Innovation spend excluding Starlab Space Stations | $8109 | $9734 | $25552 | $23996 |
| Innovation spend as a percentage of net sales | 84.6% | 113.3% | 88.2% | 48.9% |
| Innovation spend excluding Starlab Space Stations as a percentage of net sales | 17.8% | 28.2% | 17.7% | 17.6% |

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<br>________________

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs.

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Source: Voyager Technologies, Inc.

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