Voyager Technologies, Inc. (VOYG), a defense technology and space solutions company, reported revenue of $166.4 million for the year ended December 31, 2025, compared to $144.2 million for the previous year, representing an increase of 15.4%. The company's net loss increased to $112.3 million from $65.6 million in the prior year. This increase in net loss was primarily driven by a $54.5 million increase in selling, general, and administrative expenses, which rose to $117.1 million. The company's cost of sales also increased to $136.5 million, up from $109.3 million in the previous year.
A key strategic development for Voyager in 2025 was its continued expansion through acquisitions. The company acquired ElectroMagnetic Systems, Inc. (EMSI) in August, ExoTerra Resources, LLC in October, and Estes Energetics in November. These acquisitions were aimed at bolstering Voyager's capabilities in AI-based target recognition, propulsion systems, and energetics manufacturing, respectively. The company also continued to develop Starlab, its commercial space station project, and received $56.0 million in cash proceeds under its NASA development grant, bringing the cumulative proceeds to $183.2 million with $34.3 million remaining as of December 31, 2025.
Operationally, Voyager's business is divided into three segments: Defense & National Security, Space Solutions, and Starlab Space Stations. The Defense & National Security segment saw a significant increase in revenue, while the Space Solutions segment experienced a decrease. The Starlab Space Stations segment is currently in the development phase and does not generate revenue. As of December 31, 2025, Voyager employed approximately 800 employees across 14 locations, an increase from approximately 500 employees in the previous year, primarily due to acquisitions.
Looking ahead, Voyager intends to capitalize on the growing defense and space markets by transitioning from a product supplier to a mission-enabling partner. The company plans to integrate hardware and software solutions, successfully develop and launch Starlab, and scale operations and infrastructure to meet market demands. Voyager estimates the cost to design, manufacture, and launch Starlab to be approximately $2.8 billion to $3.3 billion, with launch anticipated in 2029 and revenue generation expected in its first full year of operation. The company plans to compete for Phase II funding from NASA’s commercial LEO development program, in addition to customer prebuys from international space agencies and capital markets financing including equity and project-based financing.
About Voyager Technologies, Inc./DE
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