Voyager Revenue Surges 124% to $88.7M and Backlog Hits a Record $742M, but Shares Fall 7%

Voyager Technologies (VOYG) reported record third-quarter 2026 revenue of $88.7 million, up 124% from a year earlier and about 9% above the $81.4 million consensus. The adjusted loss was $0.87 per share, $0.02 narrower than the $0.89 loss analysts expected. Voyager raised the low end of its full-year revenue guidance by $10 million to $285 million to $305 million, which is in line with the $291.5 million consensus. Shares were down $1.84, or about 7%, at $24.59 on Monday, Nov. 2.

Q3 results

All Q3 revenue came from the Defense and Space Technologies segment. The Starlab Space Stations segment reported no revenue. By our calculation, Q3 revenue was about $39.6 million a year ago and about $52.8 million in Q2, based on the reported growth rates.

Bookings and backlog

• Bookings. $116 million, up about 135% year over year, for a 1.3 times book-to-bill ratio.
• Backlog. A record $742 million, up from $336 million at June 30. The Astrobotic acquisition contributed $347 million.
• Organic view. By our calculation, backlog excluding Astrobotic was about $395 million, or roughly 18% above the June level.

CEO Dylan Taylor called it “another exceptional quarter” and said the record backlog “provides meaningful multi-year revenue visibility.”

Guidance

The release does not include adjusted EBITDA guidance. By our calculation, nine-month revenue of $176.7 million and the guidance midpoint of $295 million imply fourth-quarter revenue of about $118 million, within a range of roughly $108 million to $128 million, compared with the $122.4 million consensus.

Starlab and programs

• Starlab. 39 milestones are complete and cumulative milestone cash is $212.5 million. Signed commercial reservations are about $700 million, up from roughly $500 million last quarter.
• NASA. The agency released its Commercial LEO Destinations Phase 2 request for proposals in October, with submissions due in December 2026 and an award expected in spring 2027. Details are on NASA's site.
• Other. A $298 million NASA award through Astrobotic, an Anduril strategic partnership, and Griffin-1 finishing acceptance testing ahead of a late-2026 launch.

Liquidity

Cash and equivalents were $553.6 million, and total liquidity was $815.7 million, including $262.1 million of revolver capacity. Convertible notes, net, were $841.1 million. With free cash flow negative $187.4 million over nine months, funding is a point investors will watch.

What to watch

• NASA award. The Phase 2 competition, with submissions due in December and an award expected in spring 2027.
• Fourth quarter. Whether revenue reaches the roughly $118 million implied by guidance.
• Margins and cash burn. Gross margin of 11.5% and negative free cash flow.
• Backlog conversion. How quickly Astrobotic and defense backlog turns into revenue.
• Related coverage. See our reports on Palantir, Allison Transmission and Tempus AI.

Sources: Voyager's third-quarter 2026 results release and filings on sec.gov. Consensus figures and the stock move come from FactSet and published reports and may differ by source. Items labeled by our calculation are our own arithmetic. This article is informational only and is not investment advice.