Voyager Technologies (NYSE:VOYG) reported record second-quarter revenue, bookings and backlog as demand increased across defense modernization, national security and space-related programs. The company also raised its full-year 2026 revenue outlook following the July acquisition of lunar-services company Astrobotic.
Revenue for the second quarter reached $53 million, up 51% sequentially and 15% from a year earlier, as development programs moved into production, Chief Financial Officer Phil De Sousa said. Quarterly bookings rose to a record $113 million, producing a 2.1 times book-to-bill ratio and lifting backlog to a record $336 million.
Guidance Raised After Astrobotic Acquisition
Voyager raised its 2026 revenue guidance to $275 million to $305 million, representing projected year-over-year growth of approximately 66% to 84%. The updated outlook includes an expected $40 million to $50 million contribution from Astrobotic during the remainder of 2026.
De Sousa told analysts that Astrobotic’s expected contribution was not the only driver of the higher outlook. He said Voyager’s core business also contributed through stronger-than-expected first-half execution and a larger backlog entering the second half.
The company expects revenue to accelerate through the latter half of the year, with approximately 40% of second-half revenue expected in the third quarter and 60% in the fourth quarter. Voyager expects gross margin to improve sequentially as production volumes increase and fixed costs are spread across a larger revenue base.
In response to an analyst question, De Sousa said Voyager expects gross profit margins of roughly 17% in the third quarter and low-20% levels in the fourth quarter, supporting its full-year expectation for gross margins in the mid-teens. He said the company expects further leverage as revenue scales in 2027.
- Internally funded R&D is expected to reach approximately 20% of full-year revenue.
- Capital expenditures excluding Starlab are projected at $70 million to $80 million.
- Voyager ended the quarter with $429 million in cash and cash equivalents and approximately $641 million of total liquidity, including available borrowing capacity.
Golden Dome Awards Drive Bookings
Chief Executive Officer Dylan Taylor said $84 million of the quarter’s $113 million in awards was related to Golden Dome, a missile-defense modernization initiative. The awards spanned more than five programs, customers and technology platforms, according to De Sousa.
About 60% of Golden Dome-related awards were tied to space-based interceptor programs, De Sousa said. He added that revenue from space-based interceptor programs in the second quarter was comparable with revenue from the company’s Next Generation Interceptor, or NGI, work.
Voyager expects NGI revenue of approximately $45 million to $50 million in 2026, compared with about $47 million in 2025. De Sousa said the company had passed its propulsion critical design review and still expects a low-rate initial production contract could arrive before year-end. The company has previously estimated that its work on Lockheed Martin’s NGI program could generate about $1 billion in value over more than five years.
Beyond missile defense, Voyager cited awards in advanced propulsion, mission electronics, autonomous mission systems and AI-enabled technologies. Taylor highlighted a multi-million-dollar award for an agentic AI spectrum operations platform for an undisclosed customer, saying the work is associated with autonomous decision-making needs in defense and national-security environments.
Astrobotic Broadens Lunar Strategy
Voyager completed its Astrobotic acquisition after the quarter ended for a total potential enterprise value of about $300 million. The consideration included approximately $171 million in upfront cash and equity, plus performance-based earn-out opportunities.
Taylor said Astrobotic adds lunar delivery, surface mobility, robotics, autonomous systems, reusable launch technologies and infrastructure capabilities. He said the transaction expands Voyager’s role in the lunar technology stack while creating potential revenue synergies with its existing communications, computing, propulsion and mission-system businesses.
Astrobotic recently received nearly $300 million in NASA awards for Commercial Lunar Payload Services, or CLPS, missions. De Sousa said those awards were not included in Voyager’s $336 million second-quarter backlog because the acquisition closed after quarter-end. He said the company expects backlog to increase substantially in the third and fourth quarters.
Voyager did not provide detailed revenue-recognition timing for the CLPS awards, citing the recent closing of the acquisition and ongoing contract work. De Sousa said the company is not assuming a significant contribution from those awards in 2026, with Astrobotic’s near-term focus centered on its Griffin mission.
Starlab Reservations Approach $600 Million
Voyager also provided an update on Starlab, its commercial low-Earth-orbit station venture. De Sousa said Starlab has secured more than $500 million in signed commercial reservations and is approaching $600 million.
The program received $4 million in NASA milestone funding during the quarter, bringing cumulative milestone payments to approximately $211 million, or nearly all of the $218 million expected under the current phase of its Space Act agreement.
Taylor said NASA’s draft Phase 2 commercial low-Earth-orbit destination request for proposals was more consistent with the original Phase 1 approach after the agency sought industry feedback. He said Voyager expects a final request for proposals shortly, submissions in the middle to latter part of the fall and a selection early next year, though NASA continues to refine timing and requirements.
Voyager plans to host its 2026 Investor Day on Dec. 3 in Pittsburgh, where management said it expects to provide additional detail on 2027 and the company’s lunar, defense and space-infrastructure opportunities.
About Voyager Technologies (NYSE:VOYG)
We are an innovation-driven defense technology and space solutions company. Our company was purpose-built to address issues at the forefront of defense, national security and space industries and we have organized our business to reflect this goal. We strive to solve complex challenges to fortify national security, protect critical assets and unlock new frontiers for human progress and economic development. We are committed to developing and delivering an array of transformative, mission-critical solutions to customers enabled by our advanced technology, analytics and space infrastructure capabilities.
