Voyager Technologies (NYSE:VOYG) shares were little changed at about $26 on Wednesday afternoon after the aerospace and defense company reported mixed financial results for the first quarter.
The company reported an adjusted loss of $0.61 per share, narrower than the $0.66 loss expected by analysts.
However, revenue of $35.25 million came in slightly below estimates, with the company noting that the planned wind-down of a legacy NASA services contract weighed on near-term top-line results.
Despite the revenue miss, Voyager raised its 2026 revenue guidance to $230 million to $255 million, up from a prior range of $225 million to $255 million, citing accelerating backlog conversion and sustained demand across its defense and space programs.
The company ended the quarter with a record backlog of $275.3 million, up 54% year over year and roughly 4% sequentially, alongside bookings of $45.2 million, resulting in a book-to-bill ratio of 1.3. Defense and space segment bookings increased 232% year over year, reflecting growing momentum in missile defense and national security programs.
Voyager also highlighted continued progress in several government and commercial initiatives, including multiple “Golden Dome” program awards, work on the Next Generation Interceptor (NGI) program, and milestone achievements tied to its Starlab space station project. The company said it received $24 million from NASA during the quarter under its Space Act Agreement and continues to advance toward a key NASA commercial low Earth orbit development award later this year.
Balance sheet strength remained a focus, with Voyager reporting $429.4 million in cash and cash equivalents and total liquidity of $641.4 million, including available credit capacity under its revolving facility.
"We achieved a new record backlog with strong bookings across all of our core technologies," Voyager Technologies CEO Dylan Taylor said in the company’s earnings statement.
"Our strong liquidity position of $641.4 million enables us to increase innovation spend to a record level, with a focus on highly visible opportunities such as Golden Dome, next-generation space-domain maneuverability, advanced mission-critical electronics, and AI-accelerated manufacturing, while M&A remains a top priority.”
Following the results, Wedbush maintained its ‘Outperform’ rating and $46 price target on the stock, pointing to record backlog, accelerating bookings, and improving defense contract wins.
The firm noted that revenue came in line with expectations, with strength in core defense and national security programs offset by the planned wind-down of legacy NASA services.
Wedbush highlighted momentum in the company’s defense and space technologies segment, citing new contract wins, including a Raytheon agreement on the Standard Missile interceptor program and Voyager’s selection alongside Anduril for the U.S. Space Force’s $3.2 billion space-based interceptor prototype initiative under the Golden Dome program.
The firm also emphasized progress on Starlab, which secured additional NASA milestones during the quarter.
“Overall, we continue to 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 accelerates with the company well-positioned to benefit from the secular tailwinds driving increased government and commercial demand,” Wedbush concluded.