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Business Wire
04-08-2025
- Business
- Business Wire
Voyager Reports Second Quarter 2025 Financial Results
DENVER--(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 Completed IPO, raising proceeds of $409.4 million, net of underwriting fees Delivered record net sales of $45.7 million, up 25% year over year, including 85% growth from the Defense and National Security segment Starlab met four NASA milestones and received cash proceeds of $22.5 million 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 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) 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 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 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 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: 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. 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 and our investor relations site at 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 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 (Unaudited, in thousands, except share and per share amounts) December 31, 2024 ASSETS Current assets: Cash and cash equivalents $ 468,925 $ 55,930 Accounts receivable, net 12,674 15,360 Contract assets 21,609 17,304 Inventories 1,424 1,526 Prepaid expenses and other current assets 6,793 11,461 TOTAL CURRENT ASSETS 511,425 101,581 Property and equipment, net 67,559 49,439 Operating lease right-of-use assets 8,625 8,167 Intangible assets, net 36,993 34,684 Goodwill 50,510 46,515 Other assets 10,228 7,210 TOTAL ASSETS $ 685,340 $ 247,596 LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT) Current liabilities: Accounts payable $ 20,748 $ 22,787 Contract liabilities 10,171 21,365 Operating lease liabilities 3,386 3,000 SMI promissory note, current — 665 Accrued expenses and other current liabilities 56,988 39,594 TOTAL CURRENT LIABILITIES 91,293 87,411 Term loan, net — 56,991 Operating lease liabilities, non-current 6,108 6,205 Contract liabilities, non-current 2,948 2,762 Convertible notes, net — 7,435 Embedded derivatives — 2,723 Deferred tax liabilities 203 112 Other long-term liabilities 1,969 102 SMI promissory note — 23,928 TOTAL LIABILITIES $ 102,521 $ 187,669 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 $ — $ 93,496 Redeemable noncontrolling interests 19,836 32,431 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 — 132,835 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 — 63,464 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 894,226 15,081 Accumulated other comprehensive (loss) income (83 ) 28 Accumulated deficit (339,433 ) (281,113 ) Total Voyager Technologies, Inc. equity (deficit) 554,716 (69,704 ) Noncontrolling interests 8,267 3,704 TOTAL EQUITY (DEFICIT) 562,983 (66,000 ) TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY $ 685,340 $ 247,596 Expand CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited, in thousands, except share and per share amounts) Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Net sales $ 45,674 $ 36,653 $ 80,181 $ 66,869 Cost of sales 37,464 27,390 66,386 51,425 Selling, general, and administrative 30,241 13,295 56,527 28,885 Research and development 502 6,870 4,542 7,637 Amortization of acquired intangibles 1,604 1,745 3,152 3,489 Loss from operations $ (24,137 ) $ (12,647 ) $ (50,426 ) $ (24,567 ) Other income (expense): Loss on debt extinguishment $ (7,804 ) $ (10,713 ) $ (7,804 ) $ (10,713 ) Finance and interest expense, net (2,523 ) (3,095 ) (5,252 ) (6,089 ) Other income, net 1,480 282 2,617 492 Loss before income taxes (32,984 ) (26,173 ) (60,865 ) (40,877 ) Income tax expense (benefit) 81 (122 ) 129 126 Net loss (33,065 ) (26,051 ) (60,994 ) (41,003 ) Net loss attributable to noncontrolling interests (1,683 ) (2,729 ) (2,674 ) (2,858 ) Net loss attributable to Voyager Technologies, Inc. (31,382 ) (23,322 ) (58,320 ) (38,145 ) Less: dividends accrued on preferred stock 5,258 5,481 11,259 10,488 Net loss attributable to common shareholders $ (36,640 ) $ (28,803 ) $ (69,579 ) $ (48,633 ) Net loss per common share: Basic $ (1.23 ) $ (2.29 ) $ (3.16 ) $ (3.88 ) Diluted $ (1.23 ) $ (2.73 ) $ (3.16 ) $ (4.32 ) Weighted-average shares outstanding Basic 29,695,203 12,574,261 22,017,362 12,536,053 Expand CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited, in thousands) Six Months Ended June 30, 2025 June 30, 2024 Cash Flows from Operating Activities: Net loss $ (60,994 ) $ (41,003 ) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 5,310 5,471 Stock-based compensation 13,270 1,843 Amortization of operating lease right-of-use assets 1,352 1,364 Loss on debt extinguishment 7,804 10,713 Amortization of debt issuance costs and other non-cash interest expense 2,300 2,896 Reduction in fair value of earnout — (5,956 ) Deferred Taxes 89 (201 ) Non-cash services acquired 10,619 9,500 Other 76 217 Change in operating assets and liabilities, net of acquisitions: Accounts receivable 2,714 (3,837 ) Prepaid expenses and other current assets (2,666 ) (282 ) Contract assets (2,521 ) (1,030 ) Inventory 102 543 Other assets (936 ) (2,989 ) Accounts payable 3,060 (4,388 ) Contract liabilities (12,559 ) 4,883 Accrued expenses 3,812 4,625 Operating lease liabilities (1,522 ) (1,335 ) Other liabilities (213 ) (89 ) Net cash used in operating activities $ (30,903 ) $ (19,055 ) Cash Flows from Investing Activities: Purchases of property and equipment $ (57,865 ) $ (32,325 ) Grant funding for property and equipment 38,250 14,250 Acquisitions, net of cash acquired (6,572 ) — Purchase of investment — — Net cash used in investing activities $ (26,187 ) $ (18,075 ) Cash Flows from Financing Activities: Proceeds from term loan, net $ — $ 57,922 Repayment of term loan (64,420 ) (56,574 ) Borrowings from the credit facility 64,500 — Repayments on the credit facility (64,500 ) — Proceeds from the exercise of stock options 155 — Proceeds from the issuance of Common stock, net 45,886 — Proceeds from the issuance of Class C preferred stock, net 116,047 37,197 Proceeds from the issuance of Class A common stock upon initial public offering, net of underwriting costs 409,405 — Costs associated with initial public offering (3,502 ) — Sale of noncontrolling interest 6,029 13,425 Purchase of noncontrolling interest (7,001 ) — Redemptions of Class A-1 redeemable preferred stock (3,044 ) — Cash repayment of Preferred B dividends (27,584 ) — Costs associated with the credit facility (2,146 ) — Proceeds from the convertible note 130 4,721 Net cash provided by financing activities $ 469,955 $ 56,161 Effect of foreign exchange on cash and cash equivalents $ 130 $ (13 ) Net increase in cash and cash equivalents 412,995 19,018 Cash and cash equivalent at the beginning of the period 55,930 30,279 Cash and cash equivalents at the end of the period $ 468,925 $ 49,297 Expand TABLE 1 - NET SALES (Unaudited, in thousands) Three Months Ended Change Six Months Ended Change Net Sales: Defense and National Security $ 35,191 $ 19,029 $ 16,162 84.9 % $ 58,736 $ 33,730 $ 25,006 74.1 % Space Solutions 11,124 20,100 (8,976 ) (44.7 )% 23,428 37,143 (13,715 ) (36.9 )% Starlab Space Stations — — — — — — — — Total net sales, reportable segments 46,315 39,129 7,186 18.4 % 82,164 70,873 11,291 15.9 % Intersegment eliminations (641 ) (2,476 ) 1,835 (74.1 )% (1,983 ) (4,004 ) 2,021 (50.5 )% Total Net Sales $ 45,674 $ 36,653 $ 9,021 24.6 % $ 80,181 $ 66,869 $ 13,312 19.9 % Expand TABLE 2 - ADJUSTED EBITDA (Unaudited, in thousands) Three 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. $ (31,382 ) $ (23,322 ) $ (58,320 ) $ (38,145 ) Finance and interest expense, net 2,523 3,095 5,252 6,089 Depreciation and amortization 2,708 2,758 5,310 5,471 Taxes 81 (122 ) 129 126 EBITDA (26,070 ) (17,591 ) (47,629 ) (26,459 ) Stock-based compensation 11,547 1,113 13,270 1,843 Business acquisition costs (1) 284 — 440 230 Restructuring (2) 529 549 947 1,662 Impairment losses — — — — Net loss attributable to noncontrolling interests (1,683 ) (2,729 ) (2,674 ) (2,858 ) Other (3) 6,327 10,964 5,224 10,709 Adjusted EBITDA $ (9,066 ) $ (7,694 ) $ (30,422 ) $ (14,873 ) Expand ________________ (1) Business acquisition costs include legal cost and incremental transaction costs associated with an acquisition. (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. (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. Expand TABLE 3 - FREE CASH FLOW (Unaudited, in thousands) Three 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 $ (16,549 ) $ (11,149 ) $ (30,903 ) $ (19,055 ) Purchases of property and equipment (30,895 ) (16,275 ) (57,865 ) (32,325 ) Grant funding for property and equipment 20,250 3,600 38,250 14,250 Free cash flow $ (27,194 ) $ (23,824 ) $ (50,518 ) $ (37,130 ) Expand TABLE 4 - ADJUSTED EARNINGS PER SHARE (Unaudited, in thousands) Three 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 $ (36,640 ) $ (28,803 ) $ (69,579 ) $ (48,633 ) Stock-based compensation 11,547 1,113 13,270 1,843 Business acquisition costs (1) 284 — 440 230 Restructuring (2) 529 549 947 1,662 Other (3) 6,327 10,964 5,224 10,709 Adjusted net loss attributable to common stockholders $ (17,953 ) $ (16,177 ) $ (49,698 ) $ (34,189 ) Adjusted net loss per common share $ (0.60 ) $ (1.29 ) $ (2.26 ) $ (2.73 ) Expand ________________ (1) Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (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. (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. Expand TABLE 5 - INNOVATION SPEND (Unaudited, in thousands) Three Months Ended Years Ended December 31, (dollars in thousands) June 30, 2025 March 31, 2025 2024 2023 Capitalized research and development under section 174 $ 32,658 $ 33,599 $ 105,206 $ 46,222 Development program innovation spend (1) 5,989 5,513 22,024 20,330 Innovation spend 38,647 39,112 127,230 66,552 Less: Starlab Space Stations innovation spend 30,538 29,378 101,678 42,556 Innovation spend excluding Starlab Space Stations $ 8,109 $ 9,734 $ 25,552 $ 23,996 Innovation spend as a percentage of net sales 84.6 % 106.7 % 158.7 % 99.5 % Innovation spend excluding Starlab Space Stations as a percentage of net sales 17.8 % 26.6 % 31.9 % 35.9 % Expand ________________ (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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Forbes
13-06-2025
- Business
- Forbes
The Prototype: Space Company Voyager's Stock Soars On IPO
In this week's edition of The Prototype, we look at a big space stock IPO, Korea's plan to dominate the world of robots, building electric motors without metal and more. You can sign up to get The Prototype in your inbox here. Dylan Taylor, chairman and CEO of Voyager Technologies Inc. Space company Voyager Technologies brought in nearly $383 million in its IPO on Wednesday, with shares priced at $31. The company offers a number of different space services for both governments and commercial customers, including services on board the International Space Station. Its stock price soared upon the opening of trading, hitting a sky-high $63.88 at one point on Wednesday. It's since come back down to Earth a bit, closing at $49.70 yesterday, giving it a market cap of over $2.7 billion. The company plans to use the increased capital to expand a number of its offerings, particularly Starlab, a private space station the company is developing for use after the International Space Station is decommissioned. Investors hope this success might lead to more IPOs in the space sector this year. P.S. - Quick housekeeping note: There will be no edition of the Prototype next week, as I will be off for the holiday. See you all back here on the 27th! Joe Buglewicz/AP In 2021 Hyundai Motor Company paid $1.1 billion to acquire 80% of robotics pioneer Boston Dynamics, famous for videos of its dog-shaped bot named Spot and its running and jumping humanoid Atlas. The deal initially seemed more of a headline grab for Hyundai rather than part of a fully baked strategy. That's no longer the case. Four years later, Hyundai now represents the tip of the spear in Korea Inc.'s thrust into robotics. The company has continued to develop Spot, especially for use as a roving site inspector, and is also iterating on Atlas, with the intention of selling mass-produced humanoids controlled by AI as soon as 2028. Hyundai's robotics lab has already deployed its X-ble platform of wearable robotic exoskeletons for use in factories. X-ble Shoulder, launched late last year after trials with 300 workers, is said to reduce shoulder and deltoid muscle exertions by more than 30% when lifting heavy objects like car parts. Its X-ble MEX is a more complicated rehabilitation suit that can help people walk again. Incredibly, these X-ble exoskeletons don't require an outside power source, instead using passive spring-torque mechanics. Industrial robots are nothing new to Korea, which already leads the world in density of robot deployment, with 1,000 bots per 10,000 factory workers, compared to about 300 in the U.S. and 470 in China. But now its industries and government see a massive opportunity for robots outside the factory. A new public-private partnership, the K-Humanoid Alliance, aims to offer a commercially viable bipedal bot by 2028 that weighs less than 130 pounds, can lift 40 pounds, walk about 3 yards per second and can move with the flexibility enabled by more than 50 joints. The K-Humanoid Alliance also seeks to develop a common AI 'brain' that all Korean robots can use. Read the whole story at Forbes. A team at the Korea Institute of Science and Technology has invented an electric motor that doesn't use any metal. Instead, its main electric components are made from carbon nanotubes (CNTs), which are lighter than metals but just as electrically conductive. Use of this material has been proposed in the past, but has been hampered by the fact that making CNTs involves metals, and the residue left behind ends up degrading electrical performance. The researchers figured out a way to remove those metal particles with a chemical process that didn't disrupt the CNT's structure. The European Space Agency's Solar Orbiter spacecraft has sent back the first clear images of the sun's south pole. The unique views of the sun were captured on March 16-17, when the Solar Orbiter was orbiting the sun from 15 degrees below the solar equator, enabling this first look. The spacecraft's three cameras provide images of the sun in visible light, ultraviolet light, and light emanating from different temperatures of charged gas above the sun's surface, revealing distinct layers of the sun's atmosphere. In my other newsletter, InnovationRx, Amy Feldman and I wrote about RFK Jr.'s vaccine advisory committee purge, a tech billionaire's funding of research on AI and healthcare, FDA approval of a new medicine that prevents RSV in infants and digital health company Omada's IPO. On the Forbes YouTube channel, I spoke with my colleague Brittany Lewis about the potential science impacts of the Trump Administration's proposed budget cuts to NASA as well as the potential consequences of HHS Secretary Kennedy firing all members of a key vaccine advisory committee. Researchers developed a new kind of paint that can passively cool buildings. It does this in two ways. First, its color reflects sunlight, which is a well-known technique. But it also incorporates nanoparticles that make the paint more porous, so that it captures more water when it's wet. When that water evaporates, it cools down the building, working the same way sweat does to cool down your body. NASA's Hubble Space Telescope took new photos of Uranus, giving scientists new insights about the seventh planet. One surprise: Its magnetic field doesn't interact with its moons. IBM is aiming to have the first practical quantum computer built by 2028. It will comprise modular units each containing quantum chipsets, and the company says it has figured out scalable error correction, one of the major issues holding quantum computing back. Satellite company Kymeta developed a single antenna that can communicate across multiple radio frequency bands. Until now, a satellite had to be outfitted with multiple antennas to do this, so this could lay a foundation for more seamless satellite communications. A gene therapy for hemophilia is still safe and effective, over a decade after it is first administered. A new study found that 10 patients who received it between 2010 and 2012 still showed the benefits of their one-time treatment, with few side effects. An analysis of over 3,500 companies across Europe over a span of 20 years found that firms that are newly-listed on the stock market will see a quick boost of profit compared to private companies that abandon their plans to IPO. The researchers also found that those companies see an increase in sales per employee and greater market expansion following going public as well. 'Going public may unlock growth potential, provided market conditions are favourable,' researcher Francisco Urzua said in a press release about the study. The great rock musician Brian Wilson passed away earlier this week at the age of 82. To commemorate his legacy, Rolling Stone enshrined 25 of his essential songs, and I can't quibble with any of their picks. My own personal top five: 'God Only Knows', 'I Just Wasn't Made For These Times', 'Good Vibrations', 'Wouldn't It Be Nice?' and the utterly transcendent 'Love And Mercy.' He may be gone now, but he's left behind an incredible catalog of music.
Bloomberg
11-06-2025
- Business
- Bloomberg
Voyager Technologies Surges After Upsized IPO
Dylan Taylor, CEO of defense contractor Voyager Technologies, talks future of his company and space innovation as shares of his company surge its IPO Wednesday afternoon. (Source: Bloomberg)
CNBC
11-06-2025
- Business
- CNBC
Voyager Technologies CEO on IPO: Right company at the right time and place
Dylan Taylor, Voyager Technologies CEO, joins 'Squawk on the Street' to discuss the company's decision to go public, the potential to scale and much more.
Business Wire
04-06-2025
- Business
- Business Wire
Voyager Closes $200 Million Credit Facility
DENVER--(BUSINESS WIRE)--Voyager Technologies Inc. (Voyager), a global leader in defense technology and space solutions, closed a $200 million syndicated credit facility led by J.P. Morgan. Net proceeds allow Voyager to continue to scale its defense, national security and space solutions businesses in support of customer demand. 'Our credit facility, led by J.P. Morgan and other well-known financial institutions, further bolsters our liquidity and demonstrates Voyager's strong financial position in the defense and space technology sectors,' said Dylan Taylor, chairman and chief executive officer, Voyager Technologies. Effectiveness of the commitments and availability of funds under the syndicated credit facility are subject to the terms of the credit agreement. About Voyager: Voyager Technologies, Inc. (Voyager) 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: Cautionary Statement Concerning Forward-Looking Statements Certain statements contained in this press release, including statements relating to the expected benefits from the syndicated credit facility, Voyager's access to funds thereunder and Voyager's mission statement and growth strategy, may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Voyager intends for all such forward-looking statements to be covered by the applicable safe harbor provisions for forward-looking statements contained in those acts. Such forward-looking statements can generally be identified by Voyager's use of forward-looking terminology such as 'may,' 'will,' 'expect,' 'intend,' 'anticipate,' 'estimate,' 'believe,' 'continue,' 'seek,' 'objective,' 'goal,' 'strategy,' 'plan,' 'focus,' 'priority,' 'should,' 'could,' 'potential,' 'possible,' 'look forward,' 'optimistic,' or other similar words. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Such statements are subject to certain risks and uncertainties, including, but not limited to those discussed in the section entitled 'Risk Factors' in Voyager's Registration Statement on Form S-1/A filed with the SEC on June 2, 2025, as any such factors may be updated from time to time in Voyager's other filings with the SEC. Such risks and uncertainties could cause actual results to differ materially from those projected or such statements are not intended to be a guarantee of Voyager's performance in future periods. Except as required by law, Voyager does not undertake any obligation to update or revise any forward-looking statements contained in this press release.
