Voyager Technologies, Inc./TX
VOYG NYSE Guided Missiles & Space Vehicles & Parts Financials FY2023–FY2025
Revenue
Total sales reported in the income statement.
$166M
15.4%
vs prior year
Operating margin
Operating income as a share of revenue.
−65.2%
31.6 pts
Net income
Profit after all expenses, interest and tax.
−$105M
Free cash flow
Cash from operations minus capital spending.
−$206M
Return on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap
Last close times the latest diluted share count, so it is approximate.
—
P/E
Last close divided by diluted earnings per share over the last four quarters.
—
On −$0.90 EPS (TTM)
What Voyager Technologies, Inc./TX does
No business description yet.
- Legal name
- Voyager Technologies, Inc./TX
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Mar 10, 2026
- Accession · CIK
- 0001628280-26-016543
0001788060
Revenue and margins
Voyager Technologies, Inc./TX had $166M of revenue in fiscal 2025, up 15.4% on the year before.
FY23
Revenue $136M
FY24
Revenue $144M
FY25
Revenue $166M
Q2 '24
Revenue $36.7M
Q3 '24
Revenue $39.6M
Q4 '24
Revenue $37.7M
Q1 '25
Revenue $34.5M
Q2 '25
Revenue $45.7M
Q3 '25
Revenue $39.6M
Q4 '25
Revenue $46.7M
Q1 '26
Revenue $35.2M
Q2 '26
Revenue $52.7M
FY23
Gross 20.4%
Operating −10.4%
Net −18.7%
FCF −24.0%
FY24
Gross 24.2%
Operating −33.6%
Net −43.1%
FCF −75.0%
FY25
Gross 18.0%
Operating −65.2%
Net −63.0%
FCF −123.6%
Gross
Operating
Net
FCF
Q2 '24
Gross 25.3%
Operating −34.5%
Net −63.6%
FCF —
Q3 '24
Gross 23.5%
Operating −30.5%
Net −37.8%
FCF −54.0%
Q4 '24
Gross 26.9%
Operating −31.2%
Net −23.8%
FCF −94.0%
Q1 '25
Gross 16.2%
Operating −76.2%
Net −78.1%
FCF −119.8%
Q2 '25
Gross 18.0%
Operating −52.8%
Net −68.7%
FCF −103.9%
Q3 '25
Gross 15.4%
Operating −60.7%
Net −41.1%
FCF −135.8%
Q4 '25
Gross 21.4%
Operating −72.9%
Net −64.8%
FCF −135.2%
Q1 '26
Gross −4.4%
Operating −126.7%
Net −124.8%
FCF −257.7%
Q2 '26
Gross 8.4%
Operating −97.5%
Net −88.1%
FCF −151.4%
Gross
Operating
Net
FCF
Net income and earnings per share
Loss periods are shown in red.
FY23
Net income −$25.4M
FY24
Net income −$62.1M
FY25
Net income −$105M
Q2 '24
Net income −$23.3M
Q3 '24
Net income −$15.0M
Q4 '24
Net income −$9.0M
Q1 '25
Net income −$26.9M
Q2 '25
Net income −$31.4M
Q3 '25
Net income −$16.3M
Q4 '25
Net income −$30.2M
Q1 '26
Net income −$44.0M
Q2 '26
Net income −$46.5M
FY23
Diluted EPS −$3.65
FY24
Diluted EPS −$7.01
FY25
Diluted EPS −$2.89
Q2 '24
Diluted EPS −$2.73
Q3 '24
Diluted EPS −$1.61
Q4 '24
Diluted EPS —
Q1 '25
Diluted EPS −$2.30
Q2 '25
Diluted EPS −$1.23
Q3 '25
Diluted EPS −$0.28
Q4 '25
Diluted EPS $0.92
Q1 '26
Diluted EPS −$0.75
Q2 '26
Diluted EPS −$0.79
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
FY23
Return on capital —
Return on equity —
Return on assets —
FY24
Return on capital —
Return on equity —
Return on assets −25.1%
FY25
Return on capital —
Return on equity −66.8%
Return on assets −16.1%
Return on capital
Return on equity
Return on assets
Cash flow
Free cash flow was −$206M in fiscal 2025, −123.6% of revenue. Cash from operations minus capital spending.
FY23
Free cash flow −$32.6M
FY24
Free cash flow −$108M
FY25
Free cash flow −$206M
Q2 '24
Free cash flow —
Q3 '24
Free cash flow −$21.4M
Q4 '24
Free cash flow −$35.4M
Q1 '25
Free cash flow −$41.3M
Q2 '25
Free cash flow −$47.4M
Q3 '25
Free cash flow −$53.8M
Q4 '25
Free cash flow −$63.1M
Q1 '26
Free cash flow −$90.8M
Q2 '26
Free cash flow −$79.9M
FY23
Cash from operations −$15.4M
Capital spending $17.2M
FY24
Cash from operations −$25.5M
Capital spending $82.7M
FY25
Cash from operations −$60.9M
Capital spending $145M
Cash from operations
Capital spending
Q2 '24
Cash from operations —
Capital spending —
Q3 '24
Cash from operations −$0.9M
Capital spending $20.4M
Q4 '24
Cash from operations −$5.5M
Capital spending $29.9M
Q1 '25
Cash from operations −$14.4M
Capital spending $27.0M
Q2 '25
Cash from operations −$16.5M
Capital spending $30.9M
Q3 '25
Cash from operations −$15.1M
Capital spending $38.7M
Q4 '25
Cash from operations −$15.0M
Capital spending $48.1M
Q1 '26
Cash from operations −$39.7M
Capital spending $51.1M
Q2 '26
Cash from operations −$44.3M
Capital spending $35.5M
Cash from operations
Capital spending
Dividends, buybacks and share count
Voyager Technologies, Inc./TX returned — to shareholders in fiscal 2025. The diluted share count rose 215.5%.
FY23
Dividends —
Buybacks —
FY24
Dividends —
Buybacks —
FY25
Dividends —
Buybacks —
Dividends
Buybacks
FY23
Diluted shares 0.01B
FY24
Diluted shares 0.01B
FY25
Diluted shares 0.04B
Balance sheet
Cash, debt and the ratios that show how comfortably Voyager Technologies, Inc./TX can carry it.
FY23
Cash $30.3M
Debt —
FY24
Cash $55.9M
Debt —
FY25
Cash $491M
Debt —
Cash
Debt
| Fiscal year end | FY23 | FY24 | FY25 |
|---|---|---|---|
| Cash and short-term investments | $30.3M | $55.9M | $491M |
| Interest coverage | −1.3x | −4.0x | −15.9x |
| Current ratio | — | 1.2x | 4.4x |
| Quick ratio | — | 1.1x | 4.3x |
| Total assets | — | $248M | $1.1B |
| Total liabilities | — | $188M | $621M |
| Shareholders' equity | −$92.6M | −$69.7M | $384M |
| Net debt (− = net cash) | — | — | — |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
—
$0.0M
No open-market insider trades in the last 12 months.
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✕ | ✕ | ✕ |
| Cash from operations is positive | ✕ | ✕ | ✕ |
| Return on assets rose | — | — | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | — | — |
| Current ratio rose | — | — | ✓ |
| Share count didn't rise | — | ✓ | ✕ |
| Gross margin rose | — | ✓ | ✕ |
| Revenue rose relative to assets | — | — | ✕ |
| F-score | — / 3 | — / 5 | 3 / 8 |
| Accruals ratio | — | −14.8% | −6.8% |
| Altman Z'' | — | −5.03 | 1.56 |
3 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY23 | FY24 | FY25 |
|---|---|---|---|
| Income statement | |||
| Revenue | $136M | $144M | $166M |
| Gross profit | $27.8M | $34.9M | $29.9M |
| Research and development | $18.5M | $13.0M | $19.0M |
| Operating income | −$14.2M | −$48.4M | −$108M |
| Interest expense | $10.6M | $12.0M | $6.8M |
| Pretax income | −$24.9M | −$67.3M | −$113M |
| Income tax | $0.3M | −$1.7M | −$0.4M |
| Net income | −$25.4M | −$62.1M | −$105M |
| Net income to common | −$43.3M | −$83.9M | −$116M |
| Diluted EPS | −$3.65 | −$7.01 | −$2.89 |
| Diluted shares | 0.01B | 0.01B | 0.04B |
| Cash flow | |||
| Cash from operations | −$15.4M | −$25.5M | −$60.9M |
| Capital expenditure | $17.2M | $82.7M | $145M |
| Free cash flow | −$32.6M | −$108M | −$206M |
| Depreciation and amortization | $10.3M | $13.6M | $13.4M |
| Stock-based compensation | $2.7M | $3.8M | $18.9M |
| Acquisitions | −$2.1M | $0.0M | $152M |
| Balance sheet | |||
| Cash and short-term investments | $30.3M | $55.9M | $491M |
| Current assets | — | $102M | $581M |
| Current liabilities | — | $87.4M | $133M |
| Inventory | — | $1.5M | $3.8M |
| Property and equipment, net | — | $49.4M | $164M |
| Goodwill | — | $46.5M | $158M |
| Intangible assets | — | $34.7M | $99.0M |
| Total assets | — | $248M | $1.1B |
| Total liabilities | — | $188M | $621M |
| Shareholders' equity | −$92.6M | −$69.7M | $384M |
| Margins | |||
| Gross margin | 20.4% | 24.2% | 18.0% |
| Operating margin | −10.4% | −33.6% | −65.2% |
| EBITDA margin | −2.9% | −24.2% | −57.1% |
| Net margin | −18.7% | −43.1% | −63.0% |
| FCF margin | −24.0% | −75.0% | −123.6% |
| Returns | |||
| Return on capital employed | — | −30.2% | −11.8% |
| Return on equity | — | — | −66.8% |
| Return on assets | — | −25.1% | −16.1% |
| Return on tangible equity | — | — | −91.3% |
| Growth | |||
| Revenue growth | — | 6.0% | 15.4% |
| Share count change | — | −0.1% | 215.5% |
| Financial health | |||
| Interest coverage | −1.3x | −4.0x | −15.9x |
| Current ratio | — | 1.2x | 4.4x |
| Quick ratio | — | 1.1x | 4.3x |
| Capital allocation | |||
| Capex / revenue | 12.6% | 57.4% | 86.9% |
| Stock comp / revenue | 2.0% | 2.6% | 11.4% |
| Quality scores | |||
| Piotroski F-score | — | — | 3.0 |
| Altman Z'' | — | −5.0 | 1.6 |
| Accruals ratio | — | −14.8% | −6.8% |
Source: SEC EDGAR XBRL filings (CIK 0001788060). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.