$VOYG

Voyager Technologies, Inc./TX

CIK:0001788060|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Net sales	$ 52,746	$ 45,674	$ 87,992	$ 80,181
Cost of sales	48,289	37,464	85,081	66,386
Gross profit	4,457	8,210	2,911	13,795
Operating expenses:
Selling, general, and administrative	43,672	30,241	75,029	56,527
Research and development	7,336	502	14,847	4,542
Amortization of acquired intangibles	4,857	1,604	9,090	3,152
Loss from operations	(51,408)	(24,137)	(96,055)	(50,426)
Other income (expense):
Loss on debt extinguishment	0	(7,804)	0	(7,804)
Finance and interest expense, net	(1,905)	(2,523)	(4,019)	(5,252)
Other income, net	2,372	1,480	6,415	2,617
Loss before income taxes	(50,941)	(32,984)	(93,659)	(60,865)
Income tax (benefit) expense	(2,195)	81	1,031	129
Net loss	(48,746)	(33,065)	(94,690)	(60,994)
Net loss attributable to noncontrolling interests	(2,256)	(1,683)	(4,217)	(2,674)
Net loss attributable to Voyager Technologies, Inc.	(46,490)	(31,382)	(90,473)	(58,320)
Less: dividends accrued on preferred stock	0	5,258	0	11,259
Net loss available to common shareholders	$ (46,490)	$ (36,640)	$ (90,473)	$ (69,579)
Net loss per common share:
Basic (in dollars per share)	$ (0.79)	$ (1.23)	$ (1.55)	$ (3.16)
Diluted (in dollars per share)	$ (0.79)	$ (1.23)	$ (1.55)	$ (3.16)
Weighted-average shares outstanding:
Basic (in shares)	58,521,968	29,695,203	58,430,737	22,017,362
Diluted (in shares)	58,521,968	29,695,203	58,430,737	22,017,362

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities:
Net loss	$ (94,690)	$ (60,994)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	13,203	5,310
Stock-based compensation	7,874	13,270
Amortization of operating lease right-of-use assets	3,039	1,352
Loss on debt extinguishment	0	7,804
Amortization of debt issuance costs and other non-cash interest expense	1,993	2,300
Deferred taxes	984	89
Non-cash services acquired	6,687	10,619
Other	668	76
Change in operating assets and liabilities, net of acquisitions:
Accounts receivable	(13,004)	2,714
Prepaid expenses and other current assets	(3,726)	(2,666)
Contract assets	(2,198)	(2,521)
Inventories	(5,791)	102
Other assets	6,128	(936)
Accounts payable	1,722	3,060
Contract liabilities	(1,811)	(12,559)
Accrued expenses	(4,232)	3,812
Operating lease liabilities	(770)	(1,522)
Other liabilities	(103)	(213)
Net cash used in operating activities	(84,027)	(30,903)
Cash Flows from Investing Activities:
Purchases of property and equipment	(86,652)	(57,865)
Grant funding for property and equipment	31,056	38,250
Acquisitions, net of cash acquired	(5,837)	(6,572)
Net cash used in investing activities	(61,433)	(26,187)
Cash Flows from Financing Activities:
Repayment of term loan	0	(64,420)
Borrowings from the credit facility	0	64,500
Repayments on the credit facility	0	(64,500)
Proceeds from the exercise of stock options	8,533	155
Proceeds from the issuance of Common stock, net	0	45,886
Proceeds from the issuance of Class C preferred stock, net	0	116,047
Proceeds from the issuance of Class A common stock upon initial public offering, net of underwriting costs	0	409,405
Costs associated with initial public offering	0	(3,502)
Sale of noncontrolling interest	19,067	6,029
Purchase of noncontrolling interest	0	(7,001)
Redemptions of Class A-1 redeemable preferred stock	0	(3,044)
Cash repayment of Preferred B dividends	0	(27,584)
Costs associated with the credit facility	0	(2,146)
Proceeds from the 2024 convertible note	0	130
Net cash provided by financing activities	27,600	469,955
Effect of foreign exchange on cash and cash equivalents	(33)	130
Net (decrease) increase in cash and cash equivalents	(117,893)	412,995
Cash and cash equivalent at the beginning of the period	491,329	55,930
Cash and cash equivalents at the end of the period	$ 373,436	$ 468,925

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Current assets:

Cash and cash equivalents

$ 373,436

$ 491,329

Accounts receivable, net

40,367

29,819

Contract assets

37,460

29,786

Inventories

9,616

3,825

Prepaid expenses and other current assets

24,796

26,541

TOTAL CURRENT ASSETS

485,675

581,300

Property and equipment, net

213,609

164,286

Operating lease right-of-use assets

38,890

18,164

Intangible assets, net

89,892

98,982

Goodwill

157,674

Other assets

23,533

30,048

TOTAL ASSETS

^[1]

1,009,273

1,050,454

Current liabilities:

Accounts payable

37,624

27,386

Contract liabilities

22,522

24,338

Operating lease liabilities

7,582

5,831

Accrued expenses and other current liabilities

60,101

75,472

TOTAL CURRENT LIABILITIES

127,829

133,027

Operating lease liabilities, non-current

34,580

13,336

Contract liabilities, non-current

7,904

7,899

Convertible notes, net

448,903

447,634

Deferred tax liabilities

9,842

8,858

Other long-term liabilities

3,633

10,167

TOTAL LIABILITIES

^[1]

632,691

620,921

Commitments and Contingencies (Note 17)

Additional paid-in capital

840,707

797,438

Treasury stock, at cost

(38,537)

(27,702)

Accumulated other comprehensive loss

(62)

(95)

Accumulated deficit

(476,400)

(385,927)

Total Voyager Technologies, Inc. equity

325,714

383,720

Noncontrolling interests

50,868

45,813

TOTAL EQUITY

376,582

429,533

TOTAL LIABILITIES AND EQUITY

1,009,273

1,050,454

Class A Common Stock

Current liabilities:

Common stock

Class B Common Stock

Current liabilities:

Common stock

$ 1

[1]

Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “TOTAL ASSETS” that can only be used to settle obligations of the VIE as well as liabilities of the VIE reflected within “TOTAL LIABILITIES” for which creditors do not have recourse to the general credit of Voyager. See “Notes to Condensed Consolidated Financial Statements—Note 16, “Joint Venture”, for additional information.