Voyager Technologies (NYSE:VOYG) earned a repeat ‘Outperform’ rating from Wedbush analysts after it reported strong fourth quarter results and outlined continued momentum heading into fiscal 2026.
The analysts have a $46 price target on Voyager, which traded hands at $28 on Wednesday afternoon.
Voyager reported December quarter revenue of $46.7 million, slightly below the Street’s estimate of $48 million. However, Wedbush pointed to significant growth in the company’s Defense and National Security segment, which increased 63% year over year, accelerating from 31% growth in the prior period.
The analysts said Voyager’s advanced space and defense capabilities position the company well with the US Department of Defense as demand for mission-critical technologies expands.
Voyager ended fiscal 2025 with a record backlog of $265.6 million, up 33% year over year. Wedbush said the backlog “reflects accelerating demand momentum across both its core defense and Starlab program,” driven by new contract wins, two strategic acquisitions, and progress on NASA milestones tied to the Starlab project.
During the quarter, Voyager completed the acquisitions of ExoTerra Resource and Estes Energetics, moves that Wedbush wrote expand the company’s capabilities in in-space propulsion and energetics.
The deals “bolt on critical capabilities for in-space propulsion and energetics extending VOYG's vertically integrated footprint across the full defense/space value chain and positioning it to compete for a broader set of high-value government contracts as the modernization cycle accelerates,” Wedbush wrote.
Voyager remains unprofitable as it continues investing in growth, the analysts added. The company reported fiscal 2025 adjusted EBITDA of negative $69.9 million and free cash flow of negative $155.2 million. Wedbush believes the company’s spending reflects deliberate reinvestment during a favorable industry cycle, noting Voyager holds more than $700 million in liquidity to support expansion.
For fiscal 2026, Voyager guided revenue to a range of $225 million to $255 million, representing projected growth of 35% to 53% year-over-year. At the midpoint, the outlook exceeds the Street’s estimate of $231.7 million and matches guidance previously outlined at the company’s November 2025 investor day.
The forecast is supported by Voyager’s backlog and continued strong demand in defense, while the Starlab program advances toward full system procurement.
Wedbush also noted that the company expects its Space Solutions segment to return to growth in 2026 as a legacy NASA services contract winds down in the first half of the year.
The analysts added that the fiscal 2026 outlook does not include potential revenue from “Golden Dome” opportunities, which represent an estimated $1.6 billion total addressable market.
“We believe VOYG is uniquely positioned to lead across its three core disruptive industries: defense and national security, space solutions, and space stations as demand for its mission-critical technology is set to accelerate with the company well-positioned to benefit from the secular tailwinds driving increased government/commercial demand with its scalable, innovation approach,” Wedbush concluded.