Summary
- Voyager Technologies is positioned for upside, with shares recovering to $23 and a bullish outlook tied to Starlab milestone payments.
- Sta…
Summary
- Voyager Technologies is positioned for upside, with shares recovering to $23 and a bullish outlook tied to Starlab milestone payments.
- Starlab’s transition to hardware manufacturing and the upcoming Critical Design Review are pivotal, likely triggering $25–40 million in Q4 milestone payments.
- VOYG’s robust $413 million cash balance and minimal debt mitigate near-term financing risk despite negative EBITDA and net losses.
- Management targets the high end of $165–170 million FY25 revenue guidance, with Defence & National Security driving 31% growth and Starlab as the key catalyst.
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Thesis
Voyager Technologies (VOYG) managed to report a 3Q25 Non-GAAP EPS of -$0.22, a figure that beat expectations by about $0.09. Elsewhere, revenue came in at $39.6 million, slightly missing the consensus by $0.94 million. In terms of big payments, we saw revenue
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