It’s earnings season for the space industry, and publicly traded space stocks keep playing the same hit. It goes like this: higher revenue, bigger backlog, and acquisitions to boot.
Voyager Technologies ($VOYG) followed suit with its earnings results for 2025, released yesterday after the bell.
The ones and twos:
- Voyager posted $166.4M in net sales for 2025, up 15% YoY;
- Sales growth was driven by the strength of the company’s defense and natsec business, which saw yearly sales increase 59% YoY—from $77.5M, to $123M.
- The company ended the year with a record $265.6M in total backlog;
- Voyager also closed out 2025 with $704.7M in total liquidity, up 15% from the previous quarter.
Despite the strong performance, the company incurred $116.1M in losses during the year—largely due to the company’s high cost of operations. The horizon, however, looks brighter than ever.
Voyager expects the momentum to continue pushing its sales higher, and projected FY 2026 revenue between $225M and $255M, representing a 35%+ increase over 2025.
Buying season: Yesterday, Voyager announced an investment in its partner Max Space, which a spokesperson told Via Satellite was in the “low-eight figures.” Last month, Max Space and Voyager announced they would collaborate on the design of an expandable lunar habitat.
The investment follows five acquisitions Voyager made in 2025 to “strengthen portfolio capabilities across propulsion, energetics, space infrastructure, and defense systems,” according to the earnings release.
In the longer term, the company is betting big on the US government’s commitment to creating a commercial environment on the lunar surface. Last month, Voyager outlined its plans to lead the lunar economy, which included new partnerships, deeper investments, and “phased development activities aligned with evolving government and commercial timelines.”
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