Voyager Technologies, Inc. Class A

Q1 2026 Earnings Call — May 5, 2026

Analyst Name (Firm): Sheila Kaheglu (Jefferies) Executive Name (Title): Dylan (CEO)

Good morning, guys. Good morning, Dylan, Bill, and Adi. Maybe, Dylan, just to start, the backlog increased despite the seasonal downward trend typically. You know, what were key wins in the quarter, especially related to Golden Dome, and what do they mean to your capability stack, if you could elaborate?

Yeah. Well, thank you, Sheila. Great question. I appreciate the thoughtfulness of the question. Q1 really was a seminal milestone quarter for us on Golden Dome. You know, as we said in the IPO Roadshow, our technology is very relevant to multiple missile programs. And so what we said in the Roadshow was that we could expect, in addition to Next Generation Interceptor, that we would be added to these additional missile programs. And frankly, that timing has actually been accelerated beyond what I would have expected. So we've had a lot of success here in Q1 and the early part of 2026. So as I mentioned in my remarks, we've been added to Standard Missile by Raytheon. That's a huge win for the company. There's also an announcement that's just out in the last 15 minutes about our relationship with Andral on space-based interceptors as well. So that wasn't in my previous remarks because it literally just was issued about 15 minutes ago. So think of this as two different categories: being added to programs where our technology is relevant to upgrade to next-generation technology.

And then the second part is actually being an on-ramp for additional volumes because, of course, there's a big ramp-up that the government is looking to achieve on these programs with existing technology. So we're being added as a second source, and we're being added as an upgrade to next-generation technology. So both of those are playing out. And, again, if I look at our backlog that's showing up in Q1 backlog, to your point, it reversed the trend of actually burning backlog off in Q1. We were able to actually increase backlog in Q1. And then, of course, our pipeline continues to grow, Sheila, really, really, really significantly. So we're extremely optimistic that this is a validation of our technology, and additional programs awards are forthcoming as well. Hopefully that answers your question. Happy to take any follow-up.

Analyst Name (Firm): Sheila Kaheglu (Jefferies) Executive Name (Title): Phil (CFO)

Yeah, super helpful. Maybe as a follow-up, thinking about how you raised the low end of the guidance for 26, what came in, which one of the following is increasing it? Was it NGI? Was it the NGO relationship? And maybe if you could talk about milestones over the next three quarters we should be looking for.

Sounds good. I'm going to give that to Phil for the detail. Good morning, Sheila. How are you? Great question. Just

as a reminder, we raised the guidance here this quarter, but this is following us raising the low end of other guidance last quarter.

And that was obviously following us initiating guidance for 2026 back in November. We've seen the last six months has been a continued strengthening of that customer signal demand. Our pipeline remains extremely strong, over $5 billion. And the confidence raised in the bottom end is the conversion of that pipeline into backlog that we know we will deliver beginning here in Q2 and all the way through the back end of the year this year. Obviously, we still have quite a ways to go, so we'll reserve touching the midpoint or effectively the top end of the range for future quarters, but increasing confidence in us delivering as we planned here in 2026.

Analyst Name (Firm): Ron Epstein (Bank of America) Executive Name (Title): Dylan (CEO)

Hey, good morning. This is Alex Preston on for Ron. First, I just wanted to follow up on the Anzoril Award. I actually noticed that a bit before you mentioned it, Dylan, so you stole my thunder there. But just curious if you can maybe talk broadly about the contributions you'll make on that team or what the partnership means for the business in general. Just some more color would be great if you could.

Yeah. Yeah, thanks for the question, Alex. So it's obviously a very significant award. It pertains to the space-based interceptors. We have to be vague as to exactly what role we're playing in the team. That's really driven by the customer. But I think you're aware of our suite of technologies, advanced technologies, and the ones that are relevant to space-based interceptors and call it Golden Dome in particular. And what I can say is we have multiple technologies on the SBI program. Furthermore, Alex, what I can also say is there are additional news forthcoming on SBI, so stay tuned on that. But we're extremely pleased with how central our technology is to the architectures being put forward on Golden Dome and space-based interceptors in particular. And as I said in my response to Sheila, we had anticipated that our technology would be relevant for Golden Dome. Frankly, I'm quite surprised at how quickly that technology is gaining traction within this architecture. And we're extremely bullish on what we see there. So hopefully that answers your question, Alex. I'm happy to take any follow-up.

Analyst Name (Firm): Alex Preston (Bank of America) Executive Name (Title): Dylan (CEO)

Yeah, I appreciate the color. And then if I could shift to Starlab and CLD, right? A lot of moving parts, obviously. Sounds like NASA's got maybe funding challenges, but they put out this RFI for a core module path forward. I guess, broadly, maybe how are you thinking about the updates here on Starlab's timeline, perhaps, your view on the competitive landscape, if there maybe aren't two free flyers, as was once thought? Sort of broad thoughts there would be also really helpful.

Yeah. Well, first of all, we're still very, very optimistic about Starlab and the program because, again, either direction NASA takes, whether it's core module with commercial modules attached or it's commercial free flyers, we think we have the technology and, in particular, the market traction to service both those models. So we responded to the RFI. As you mentioned, NASA put out the RFI. We responded to that. We're awaiting NASA's response on that, which is likely to be an RFP. But keep in mind, we're already at 130% of commercial demand capacity spoken for on Starlab. And that commercial demand could translate to a different solution if NASA goes a different path. So we're actually quite bullish. And as you probably are aware, we won the PAM-7 private astronaut mission from NASA. That's really a validation of our mission management business. So we're actually quite optimistic that no matter what path NASA takes, our capabilities will be relevant. We did pass another four milestones in the quarter on Starlab itself and got some additional cash payments in.

And I don't know if we mentioned on the last quarter or not, but we had this high-fidelity mock-up in Building 9 at Johnson Space Center. We're getting a lot of people through there. It's quite impressive just seeing the volume of that Starlab design. So I would encourage you, Alex, or anybody on the call, if they happen to be in Houston, we can arrange a tour. But I think just, yeah, to put a finer point on it, we're very optimistic that we're well positioned on CLD no matter what path NASA chooses to take.

Analyst Name (Firm): Alex Preston (Bank of America) Executive Name (Title): Phil (CFO)

Great. Thank you very much for taking the questions. Appreciate it.

Analyst Name (Firm): Miles Walton (Wolf Research) Executive Name (Title): Dylan (CEO)

Yeah, thanks. Good morning. I was hoping to maybe clarify first on the standard missile contract during the IPA Roadshow. That was, I think, the largest single opportunity in the pipeline, around 300 million plus. Is the part of the win that you've gotten this quarter in there? Is that the entirety? Is it something new? Maybe you just put it in context what you were looking for versus what you get.

Yeah, Miles, it's all good news here. I'll give you the particulars, but this is all incremental to what we reported. I think really important to highlight two, Miles, is one, this is just the initial contract we've received here from Raytheon for SM3. This is a pre-production award, and so significant upside to the backlog that we've added here strategically. More importantly, as we look beyond 2026 and expect that program to then continue, it absolutely aligns well with what we had talked about around the IPO, where there wasn't just a next-generation interceptor program that had a billion dollars' worth of leg to it from a production standpoint. We still expect that, if you would, to come to fruition later this year as we enter into 2027 from a low-rate to high-rate production perspective. Raytheon SM3, early stages, we'll continue to report out as we make progress on that specific program. I think more exciting news as we've validated our disruptive technologies in the space.

Analyst Name (Firm): Miles Walton (Wolf Research) Executive Name (Title): Phil (CFO)

Okay. And Phil, I'll have you, the sales cadence for the rest of the year obviously has to accelerate quite substantially. Could you talk about the first quarter headwinds you had that those alleviate in the second quarter? Maybe just the magnitude of acceleration you're expecting here in the near term versus the tail end of the year.

I appreciate the question, Miles. A bit to unpack there. So let's remind everybody, $35 million of revenue this first quarter, slightly up year over year.

As a reminder, we did have some pretty substantial programs rolling off.

For example, the Space Dock 2 contract that we've been flagging and highlighting as a year-over-year headwind, latter part of last year, contributed about $5 million of revenue last year, first quarter. And so that's just about wrapped up completely. So about a $5 million, I think, 13 percentage point headwind into the quarter for us this year. We also had a fantastic software design radio contract with Airbus. That was a big growth driver for us last year and in 2024, frankly speaking. That program is also wrapping up here early 2026, so another headwind. As I think about looking ahead, the new record backlog that we've established, the momentum we're building from a bookings perspective, we anticipate revenues to ramp sequentially and accelerate growth sequentially. Going from $35 million of revenue should increase sequentially by 37%. So think high 40s, if you would. There'll be about, you know, mid-single-digit growth year over year. And then just based on the backlog, the customer timeline that we've received, the delivery of longer-lead material items, we know we have in our backlog a substantial amount of second-half revenue to deliver. And so that's how we're planning it, about 33% of our full-year revenue at the midpoint in the first half and about 67% of the revenue in the second half of the year, with great visibility given our backlog.

Analyst Name (Firm): Miles Walton (Wolf Research) Executive Name (Title): Dylan (CEO)

Okay. And, Myles, just to emphasize the points that Phil made there, it's not only line of sight for what we have in the backlog and what we're reporting on in Q1, but all of these incremental awards that we're talking about are all going to be additive to that confidence that we have, including, for example, that PAM-7 mission that I mentioned earlier. None of that is in backlog. First of all, that was a Q2 award. Secondly, being the conservative company we are, we're not going to count that as backlog until we actually get a signed contract and a down payment towards a mission slot. So that's all upside to backlog as well. So I just want to emphasize that point. And maybe just to put a finer point on the momentum story, and I'm just reflecting back to my answer to Sheila at the opening of the call.

One thing to highlight here, and I know it's early in the second quarter, but we continue to see the bookings momentum continue for us here early Q2. We've already booked quite a substantial amount of the second quarter. And I know, Miles, you and I have had that discussion around the – we typically burn backlog in the first half of the year and build it in the second half of the year. I wouldn't say it's unusual. It's a realization, if you will, of the strong demand signal that we're getting here, that we had a 1.3 book-to-bill ratio in Q1. Expect our book-to-bill ratio will exceed one again in the second quarter, and we should well exceed even the $45 million of bookings that we had in Q1. So momentum continues to build. line of sight, even the bookings we have here in early April. These are also revenue-generating programs here for the calendar year 2026. A substantial portion of these will be delivered until the second half of the year, again, supporting that second half ramp. So, again, appreciate the question. I just want to make sure we highlighted the continued momentum that we've seen early Q2 as well. Thanks so much.

Analyst Name (Firm): Miles Walton (Wolf Research) Executive Name (Title): Rocco (for Seth)

Thanks, Miles.

The next question comes from the line of Seth Seifman with JP Morgan. Please go ahead.

Hi, good morning. This is Rocco on for Seth. Hey, Rob. I was wondering what were the main factors that kind of weighed on Q1 gross margins and how should we expect the margin to progress through the year? Will it just be kind of a quick step up in Q2 or more of a ramp throughout the year?

Executive Name (Title): Rob (CFO)

Yeah, maybe I'll take that question, Rob. From a gross profit margin perspective, if you recall, we anticipated this year will be a gross profit margin in the mid-teens, so I think 14, 15% on a full year basis. That reflects year over year an incremental investment ahead of growth, scale growth, as we move into higher rate production contracts later this year and into next year. So we're already anticipating a challenging first half of the year. You see negative gross profit reflects exactly that, some program mix as well. As we look out second quarter, anticipate gross profit to be positive. Think low, mid-single digits in Q2. And then a significant acceleration thanks to leverage. I just reflected on the revenue profile. I think 33% first half, 67% of our full-year revenue guidance split that way. From a gross profit sequential perspective, you should see us step up into the mid to high teens in Q3 and then back into the mid-20s in Q4 as we significantly leverage our cost structure.

Analyst Name (Firm): Rob (CFO) Executive Name (Title): Rob (CFO)

Great, thank you. And then what drove the decision to combine the defense and space businesses into one segment, and is there an opportunity for the combination to drive any synergies in the business?

Yeah, I'll start with that, Rob, and I'll ask Phil to chime in. I think a couple things. One is there's increasing convergence between our national security and defense business and our space business. Of course, it's been said before that space is the ultimate high ground, so there's a lot of national security implications for that. And there was also a lot of overlap in the technologies that were being deployed. We had a single executive, Matt Magana, running those businesses as well. So that also allowed us to merge the growth teams and a lot of other things that were relevant to actually running the business. So those were the main drivers. I'll ask Phil to chime in as well.

Executive Name (Title): Phil (CFO)

Yeah,

as a reminder for everyone, we IPO'd last June with three external segments, Defense, National Security, Space Solutions, and Starlab.

And going forward, we've got the two segments now. To Dylan's point, internally, we had already integrated the Defense and National Security and Space Solutions segment under the leadership of Matt Magana. Equally as importantly, as we progressed post-IPO last year, made three strategic acquisitions, EMSI, ExoTerra, and then ESPYs late in the fourth quarter. And so, as we've already well on our way to integrating these businesses fully, the way we go to market, the way we go and highlight and bring our technologies, our disruptive space tech and defense tech technologies to the customer, it's bringing a portfolio solution cell to the customer. Next Generation Interceptor is a great example. Classic, if you would, propulsion technology that we've been long developing alongside with Lockheed Martin for years. Combine that with traditional space or effectively dual-use space technology and navigation controls. And so that's a great example of how we're bringing a more portfolio set, getting a greater wall chair with our customer. And the segmentation helps us clarify and clearly convey those results the way that we manage the business internally to the external community. So it should help from that perspective as well.

Analyst Name (Firm): Rob (CFO) Executive Name (Title): Rob (CFO)

Great. Thank you, guys.

Analyst Name (Firm): John Goodwin (Citigroup) Executive Name (Title): Dylan (CEO)

Hey, guys. Thanks for taking my question. Dylan, you had a great dialogue in the beginning about AI investments, reducing go-to-market time, you know, preparing for rising production rates with the strong booking commentary and outlook you guys have here. I just wanted to revisit that topic, understand it a little bit better and understand how you guys are kind of preparing a scale.

Yeah, thank you for the question. Very thoughtful question. So we're thinking about AI in a couple of different ways. And this has got very senior level executive sponsorship. Matt Kuda, our overall company president, is driving a lot of this. We also made a key hire and I credit Paul Tilghman, our CTO, for this, a key hire out of DARPA Labs, who was involved very much in agentic AI. So we're thinking of AI beyond just personal productivity, which is the way I think a lot of people are thinking about it. And we're really thinking of it as more of a technical tool that allows us to not only enhance our ability to create technical solutions for our customers, but to, as I said in my remarks, reduce cycle time. Because when you're a technology and innovation company, which Voyager is, it's all about being first to market with advanced technology. And so that's really the way we're thinking about it, and that's really where we're seeing the primary benefits. So think of, you know, everything from a custom ASIC design to other things that might go in a program. Instead of that being a multi-year approach, it could be a multi-month approach.

And it's not only getting a better outcome, but it's reducing that cycle time and bringing the innovation to bear sooner. So that's really the key way we're thinking about it. Early indications are this is going to have a significant impact on our business. It's still too early to say exactly what meaningfully will change from a margin profile and things like that. But I would tell you, as you would expect, being a technology and innovation company, we are on the leading edge of innovation in this area as well. And I really like what I see initially here. And I think we'll have a lot more to say about this probably on our next earnings call.

Analyst Name (Firm): John Goodwin (Citigroup) Executive Name (Title): Phil (CFO)

Great. That's great color. And if I could just sort of ask a nit, this is probably more for Phil. You guys raised the low end of the revenue guidance, but not the high end. I know it's very early in the year, very small percentage of revenue, you know, in one queue versus the full year. That may be it. But I'm just kind of curious.

Executive Name (Title): Phil (CFO)

Scope to kind of revisit the high end or execute to the high end throughout the year. I mean, the bookings commentary was great. I think there might be a little bit of a potential for that, but Phil, any thoughts?

Yeah, John, appreciate the question. Love it when the conservative CFO gets put in the corner. So I'm smiling here on this end though. Again, just reminding everybody. So we've now consistently raised, yes, the bottom end. It's because it is early in the year. We're wrapping up the first quarter. As I mentioned earlier, great momentum heading into Q2. We'll provide an update on what we think about what the top end could be once we get through the second quarter of this year. We've got that crystallized visibility into the second half of the year. You know, I do highlight, and I mentioned it earlier, there's a second half revenue, about 67% of the full year guide with a substantial amount of that in the fourth quarter. You know, our customer schedules tend to move around. You know, no fault of theirs, but things get delayed and get pushed, et cetera. And so, you know, again, perhaps more on the conservative side here before we start to think about moving the top end up. We'll keep it where we lay it out today and provide an update in August. Look forward to that update, obviously. Things continue to progress well, as they have here through the, you know, strong start to the year. I'm optimistic that there could be some upside, but we'll stay a bit short from guiding that way until we have that crystallized visibility. But thanks for the question, John.

Analyst Name (Firm): Gwantum Khanna (TD Cowan) Executive Name (Title): Phil (CFO)

Hi, this is Anton Ron for Gotham. So assuming Starlab does win CLB Phase 2, when do you expect Starlab to start generating revenue? Can we start to see revenue from things like on-ground astronaut training as soon as 2027, or is this really only meaningful in 2028? And, you know, maybe how much revenue can you generate from on-ground work? Appreciate the question.

Executive Name (Title): Phil (CFO)

Yes, our expectation is that we could start seeing some revenue recognition as early as 2027 and certainly in 2028 from a training perspective. I think most importantly for everybody to kind of keep an eye on, and I highlighted this the last quarter, keep an eye out from a balance sheet perspective, the deferred revenue that we start to recognize, or not recognize exclusively, but realize. We expect advanced bookings could start as early as, like they did here in 2026. Certainly expect that to accelerate as we move into 2027 and beyond. I think that would be the strongest indicator. As Dylan mentioned, we already have over 130% of our commercial capacity spoken for. But as we move through the year, out the back end of the year into next year, we start to see that convert into cash reservations. Nothing better than that from a CFO's perspective. And then we'll start to turn that and flip that into revenue, like I said, the year after in 27 and 28. Thanks.

Analyst Name (Firm): Michael Leshock (KeyBank Capital Markets) Executive Name (Title): Phil (CFO)

Hey, good morning. I wanted to ask on Golden Dome, is the early Golden Dome revenue more R&D prototype-like or is it more production-like with more established gross margins? Just appreciate any additional color you can provide on the margin profile for Golden Dome-related work.

Executive Name (Title): Phil (CFO)

Hey, Mike, it's Phil. I'll take that from a gross profit margin perspective, but certainly have Dylan weigh in as well. So we highlight it as a pre-production contract. So it's certainly not research and development. This is a revenue generating contract that we're going to, that we've received here and expect to deliver on. It is a firm fixed price contract. So I know that wasn't your question, but from a margin perspective, we're looking at 20 plus percent margins. So these are healthy margins, early stage, clearly. And as we move into the higher production, no different than the NGI, we expect that margin profile to only improve or increase as we move into that phase.

Analyst Name (Firm): Christine Lued (Morgan Stanley) Executive Name (Title): Dylan (CEO)

Hey, good morning, everyone. Dylan, you mentioned earlier for NASA CLD that depending on the approach NASA wants to take, that, you know, Voyager is prepared with Starlab. I was wondering, is a third option possible? I mean, if NASA still seems to be uncertain about the path they want to take, considering the maturity of your investments in Starlab and your ability to raise private capital to support the investments, could you still go forward with Starlab as a private enterprise, even if the NASA CLD doesn't materialize in what you had initially thought?

Yeah, I think the short answer is yes, Christine, we could. But I don't anticipate that being the case. I mean, NASA, of course, is the largest user in commercial LEO, I'm sorry, in LEO today. And, you know, as we all know, the International Space Station is aging. And, you know, even if it's extended to 2032, it's hard to imagine it being extended much past that. So even if we were to go it alone, so to speak, and actually build Starlab, I would still anticipate that major space agencies around the world would be an important part of that. But if

your question is could we capitalize this independent of NASA, I don't think that's going to end up having to be the case. Like I say, I think we're very well positioned for CLD phase two. But it's not out of the realm of possibility that we could independently finance this. The other thing I would say, I just want to reinforce for everyone on the call, you know, space is an incredibly important part of our key strategy. We have this 3L strategy that we've been referring to. That refers to LEO, which is, of course, low Earth orbit. That's where Starlab plays and a lot of our other technologies play. But we also have a key lunar initiative. So that's the second L, the third L being Lagrangian, which just is a proxy for deep space technology. But as it relates to lunar, we have a key initiative there. We call it Project Prevail. There was a lot to work with in the Ignite presentation that Jared made that we're very excited about vis-a-vis lunar, including lunar habitation. And that really brings into focus our key strategic investment in max space, which is on expandable, inflatable technology. So we really like what we see in that 3L strategy from a growth prospect standpoint, far above and beyond just Starlab and just LEO. So I really want to reinforce that for everyone. We're very, very bullish on what we see on the space economy.

Analyst Name (Firm): Christine Lued (Morgan Stanley) Executive Name (Title): Dylan (CEO)

Great. Super helpful. And Dylan, just, you know, doubling down on the CLD and just understanding it a little bit better. So what are the milestones we should be watching for the Phase 2 announcement? I mean, is the program still on hold or is that still expected to be early summer for the down select? And then also, you know, just understanding, you know, the size of this potential contract. Can you just level set us again regarding the investments in Star Labs so far and what you need to do and fund if, you know, you have to go in this alone or as a standalone entity?

Yeah, well, the second part of your question really depends on what the final design and parameters are, so it's hard to answer that second question without answering the first question, which is what the award is. What we know is that the RFI was submitted, and I think industry has all participated in that RFI, and it's our understanding, based upon what NASA has said, that they will then take that RFI and they will create an RFP around that. In terms of the timing, it's uncertain. We would anticipate sometime early summer, so, you know, June, July. But there's nothing official, so far as we know, from NASA, you know, with a firm deadline on that. So, yeah, TBD on timing, Christine. But I think what I would say is I'm confident that we have the right commercial model, the right team, and the right technology to address NASA's needs. And so no matter what comes out in the form of the RFP, I think we're going to be extremely well positioned. That's really what I want to leave you with.

Analyst Name (Firm): Christine Lued (Morgan Stanley) Executive Name (Title): Dylan (CEO)

Super helpful, Dylan. And, you know, congrats again on your announcement with Andrew this morning. As a follow-up to that announcement, I want to understand, is this an exclusive partnership or are you able to partner with other players for other space-based interceptor approaches?

We are on multiple award-winning teams is what I can say, Christine. More to come, but we are on multiple SBI-winning teams.

Analyst Name (Firm): Stephen Warhoftig (Wedbush) Executive Name (Title): Dylan (CEO)

Hey, good morning, guys. Thank you for taking the question and congrats on a good quarter. I kind of want to take a big picture look at the entire defense space, considering the fiscal year 27 defense budget is expected to expand to about $1.5 trillion. And this includes about $75 billion of munitions procurements and $17 billion specifically for Golden Dome. So I wanted to kind of touch on how Voyager's positioning to gain some of this incremental deal flow if this budget were to pass. And then also about $350 billion of that $1.5 trillion is sitting in reconciliation rather than the discretionary base. And I just wanted to figure out exactly where your programs fall in the defense budget for reconciliation for discretionary.

Yeah, really smart question. I'll ask Phil to chime in on it, but let me just give you the headline. Obviously, $1.5 trillion defense budget would be an absolute windfall, not only for our industry, but for Voyager in particular. Everything that we've talked about today sort of assumes a steady state budget. So if we were to have dramatically increased spending in the DOW, that would all be potential upside to our growth profile and our organic CAGR. So that's one point I'd like to make. Second point I'd like to make is if you look at the incremental spending contemplated, whether it's in reconciliation or not, just take the Space Force, for example. The vast majority of that incremental spending is really in advanced technology and products that directly play into where we're positioned in the market. So yes, they're ramping up production level on existing programs, but the vast majority of the incremental spend is really directed towards advanced technology. And so that's why we're extremely bullish at having the right technology at the right time, solving the right customer challenges. So again, we like what we see with whatever budget number you want to put in there, whether it's 1.2 or 1.5. And I would say our programs are protected and we've got line of sight because everything in our backlog is funded backlog, just to remind.

Q4 2025 Earnings Call — March 10, 2026

Ron Epstein (Bank of America): Hey, good morning, and thanks for all the detail on the call. Dylan, I was wondering if you could just maybe go into just some more detail on what really prompted the revenue guide and what you're feeling really comfortable about to do that.

Dylan (Executive): I appreciate it, Ron. Good to hear from you. So a couple of points I would make. First of all, it's a terrific environment for our products and services in general. Certainly defense spending, as we know, is on the increase. But probably more importantly than that, Structurally, the way the Department of War is procuring products and services is evolving, and it's really playing to our strengths. It's really leaning into the innovation side of things. Everything is being challenged in terms of legacy programs versus new advanced technologies. So that's playing directly into our strengths. It's a great environment, record pipeline, record backlog. And then if I... Dive deeper into the demand signals. It's really across the board. It's everything from our advanced electronics capability, which is really seminal to a lot of these programs. We're seeing the demand signal very, very strong in propulsion on multiple programs factoring into Golden Dome. The energetics business that we just acquired, we're seeing huge demand signals on that as well as the Department of War looks to replenish their stockpiles. And then I would say also on communications, sensing, and data processing, huge demand signals on that as well. So it's really across the board, and that's why we have the conviction, based upon the record pipeline, based upon the record backlog, to raise revenue guidance into the year.

And then maybe just kind of as a follow-up to that on Starlab with – a NASA administrator set and things seeming more stable on the top of NASA. When would you expect a down select decision on the Starlab?

Dylan (Executive): Definitely this year, Ron. We still anticipate a down select this year. To be more precise, it's difficult to say. We would anticipate the RFP is going to come out in the next 60 days or so, and basing that on language that was in the NASA authorization bill that just passed committee. But if you figure, you know, roughly, I don't know, four to five months for selection once that RFP is out, then that would be sort of late summer, early fall. But I would definitely anticipate selection within calendar year 2026.

Ron Epstein (Bank of America): Got it. Got it. Thank you very much. I'll jump back in the queue.

Management: Thank you, Ron.

Your next question comes from the line of Miles Walton with Wolf Research.

Miles Walton (Wolf Research): Thanks. Maybe still, you gave us a number of the moving pieces on the EBITDA walk. Could you maybe flesh that out if you want to, to get to sort of a range? And then relating to the higher CapEx, we've seen a lot of the missile providers find a way to get what are effectively advances, but basically higher milestone payments with the CapEx expenditures to lessen the load on free cash flow. Could you touch on that as well?

Management: Miles, I'll take that first one. Just ask you to repeat the second question for me. But from an EBITDA perspective, you're 100% right. We are guiding to an EBITDA loss in 2026. It shouldn't come as a surprise. We continue to see tremendous opportunity to grow our business, invest in our business. So as part of that, we're accelerating a significant amount of our own internally funded research and development. We know that there's a strong signal for demand for our product, for innovative solutions that we've already have and are contracted, and the next generation of those. And so we're going to continue to invest in growing our business. We see a strong signal, as Dylan mentioned earlier, from the marketplace that that's going to continue. It's not just a short-term duration. So we're going to continue to invest in our business here in 2026. Important, too, is as we start to scale and grow through the back half of this year, we anticipate to still, if you want to achieve our longer-term aspirations of being EBITDA positive in 2027, be free cash flow positive in 2028. And so that's, I think, a really important element to make sure that investors and analysts alike understand. We are committed. In fact, if anything, we're enthused with the increasing demand for our product and see opportunity to actually potentially achieve some of those targets earlier than we had previously anticipated, despite our investment here in 2026.

Dylan (Executive): Okay. And Miles, just... Yeah, go ahead. Sorry, it's Dylan. I think just to touch on your second part of your question, if I understood it correctly, we're seeing tremendous demand on the propulsion missile defense side across multiple programs. So I think, you know, part of what I would want to communicate on that is, in addition to Next Generation Interceptor, our technology is quite relevant to other programs. And, you know, whether it's THAAD or some of these others. And so two things are happening. One is our technology continues to be relevant to be expected on those programs. And then the second part is the demand for those, let's say the quantities under those programs are increasing, given the geopolitical circumstances in the world. And then touching on another part of your question, which is, is there non-dilutive funding and or milestone payments available for these programs? The answer to that is yes. And we're absolutely driving that and expect some additional detail and announcements on that as we roll forward into 2026. But right now, we're not communicating any of that quite yet. We're not in a position to do so. But you're absolutely right. There is a lot of non-dilutive funding available to accelerate not only these programs, but the quantities on these programs. So we're very optimistic that that happens. You know, that's going to be very beneficial as we look to scale our propulsion technology as well.

Miles Walton (Wolf Research): Yeah, that was the question, Dylan. Thank you. And just one follow-up, if I could. The Starlab percentage ownership at this point by Voyager following the fundraising, where does that sit today?

Management: I believe we can get you an exact number, Miles, but I believe we're sitting at about 60%.

Miles Walton (Wolf Research): Yeah, it's right. a precise number. That's perfect. Thank you.

Management: Sure. Thanks, Miles.

Your next question comes from the line of Seth Seifman with JP Morgan.

Seth Seifman (JP Morgan): Good morning. This is Rock on for Seth. Good morning. How should we think about growth in defense and national security next year? Should NGI remain the main growth driver, or are there other growth drivers that should be called out?

Dylan (Executive): Yeah, in 26? Yeah, no, it's really across the board. So, NGI for sure on the propulsion side of things, that's a big part of it. I wish I could give you more specificity on the Golden Dome in general, but there are a lot of programs associated with Golden Dome that are being specced in currently. Those announcements, award announcements haven't been made public yet, but rest assured our technology is quite relevant to those various programs. So stay tuned on that. And then, as I mentioned earlier, in addition to the propulsion technology, we're seeing huge demand signal on the advanced electronics part of our business, which is really foundational to a lot of defense programs in general. And then the energetic side, as I mentioned, and then advanced communications and sensing. So a lot of our CIGNET data processing, this is mostly in the intelligence community and classified programs, we're seeing strong demand signals there as well. So, yeah, it's really across the board with an emphasis, I would say, on propulsion. Phil, would you add anything to that?

Phil (Executive): Yeah, I'd certainly – well, one, I'd want to remind everybody how diversified our defense national security portfolio is today, especially with the strategic acquisitions of Exeterra and Estes in the back half of last year or so. To kind of reframe, certainly this past fourth quarter, NGI was a significant driver of our growth. NGI actually grew over 100% year-over-year in Q4. NGI was up about 100% year-over-year in the calendar year 2025. As we enter 2026, bear in mind about $200 million of our backlog sits within defense and national security. And only about 25% of that is actually tied to NGI, which is fantastic. Program is the base. And we look forward to the scaling of that program as we move from design phase here in 2026 into low-rate production and high-rate production in 2027, 2028, respectively. But just as a key reminder to investors, we are far more diversified than just Next Generation Interceptor, as important a program as it is to us.

Dylan (Executive): Yeah, and this final point I would make is, again, record backlog. And that record backlog is based upon record pipeline. So we really like the visibility we're seeing and the demand drivers we're seeing. And, you know, as a management team, the way we think about value creation is build pipeline. That's why we're super excited about the record pipeline. Make sure that we turn that into backlog management. And, of course, we're at record backlog, which then, of course, transfers into revenue, EBITDA, and then cash flow. So the funnel, Bronco, is just tremendous. And we're super bullish about the demand signals that we're seeing.

Seth Seifman (JP Morgan): Right. And digging into that funded backlog in defense and national security, I mean, it's over doubled quarter over quarter. Should we think about the kind of unannounced Golden Dome Awards as being the primary driver there of the growth, or is there another kind of program to call out?

Dylan (Executive): Yeah, it's not included. It's not included. So think of this as things that have been announced and things that haven't been announced or not yet in those numbers. I go back to the initial question from Ron asking us about the confidence in our visibility issues, sort of in our revenue guide for 2026. And obviously it starts with that record backlog position statement. But it's also, if you would, and I don't mean to sound overly enthusiastic. I'm supposed to be the CFO and more of the realist here in the room. But we are tremendously excited by the pipeline and how that's going to crystallize for us over the course of not just the first half of this year, but even as we extend out to the back half of the year. We know this administration is going to be heavy into upping the defense budget. The defense allocations, if you would, and clearly a lot of the onshoring demand that we're excited about is not reflected in this backlog. It's all in front of us in terms of order opportunity for us into our 26th. We have to get through 2026 first, but as we look out to 2027, it will make for yet another acceleration in growth profile for Voyager.

Seth Seifman (JP Morgan): Great. Thank you.

Management:

Thank you.

Your next question comes from the line of Justin Lang with Morgan Stanley.

Justin Lang (Morgan Stanley): Good morning, Justin. Good morning. I'm on for Christine today. Thanks for taking the questions. I appreciate all the detail at the top on the FSTIS. I was hoping you could provide a little more color on how that business factors into your 26 outlook and how you think about synergy capture from here. And we've heard a lot about fragility within the missile propulsion supply base, so just curious if you could size maybe the magnitude of investment required to build out capacity in that business, and then I have a follow-up. Thanks.

Dylan (Executive): Yeah, so I'll take a stab at that, and I'll pass it over to Phil, especially to talk about the cost portion. But yeah, the energetics portion of our business is going to be increasingly strategic and critical. If you look at the value chain for propulsion and missile defense in general, but also the factoring into things like munitions, which is another key focus of administration. Within that value chain, energetics is one of the key components, not only from a value capture standpoint, but also as a critical supply chain input. And it's at the confluence of not only the fact that this is essential to make these systems work, but it's also at the confluence of the administration's priority for critical chemicals, which is the same strategic orientation that they had towards critical minerals like antimony and things like that. So that's a key focus. It also is at the confluence of onshoring, because a lot of these energetics are currently not made in the U.S. So there's a few factors here.

One is we can control more of the production inputs, which gives us more control over the supply chain, which ultimately gives us speed to market, which is what the customer is asking for. Furthermore, it allows us to build out this Voyager ADC, the American Defense Complex, which is relevant to all of our propulsion technologies. There's actually some CAPEX offset. With this Estes Energetics acquisition we made, we're able to use some of their facilities to offset some CAPEX that we had anticipated with our TDEX technology. So we're super excited about that. And then the other thing, which isn't in our numbers, but we're still, I think, very optimistic about is all of this is eligible for non-dilutive funding from the government, you know, under this critical chemicals framework and on-shoring framework. So I think that's another opportunity for value capture and CapEx offset. So when you think about this, Voyager American Defense Complex and what it's supporting, it's not only supporting the energetics business, which is a critical input, it's setting us up for scale production for our entire propulsion technology suite.

So think of this as a foundational investment that's going to lead to huge scaling and upside on the revenue side for propulsion more generally. So we're super excited about that. I think it's going to be ultimately, you know, a critical competitive advantage in modes that we're going to have that other providers are not going to have. And again, I think it's completely aligned with the administration's goals, stated goals for these critical inputs as well. So with that, I'll pass over to Phil.

Phil (Executive): Yeah, and again, thanks for the question. So, and one thing I think I'd really start by highlighting is, as we have acquired these businesses, the first thing that Voyager looks to do is integrate the businesses into our portfolio. So, don't think of these as a standalone operation kind of going forward. We will quickly integrate them. As Dylan mentioned, it's not just Estes, it's ExoTerra, it's our former predecessor Valley Tech business. It's all really part of our strategic defense strategy portfolio. And so, SEs along with ExoTerra, this does nothing but strengthen our vertical integration around propulsion. It's tied to multiple growth drivers, including Golden Dome. And FDs alone, from an energetics perspective, adds over a billion dollars of opportunity to our pipeline. So, again, back to the backlog, $266 million entering the year, very little of that tied to energetics. The opportunity is all in front of us. We know the opportunity is real. The U.S. government continues to call for it. When we highlight $60 to $70 million of CapEx in 2026, of course, that's all excluding Starlab. A significant portion of that is going to be tied to the Voyager American Defense Complex. Again, it's not only specifically Estes or energetics-related. It's also tied to propulsion, the broader propulsion portfolio, and supporting our grander, if you would, Golden Dome growth drivers and initiatives.

Justin Lang (Morgan Stanley): Got it. That's great, Kala. And then sort of relatedly, just on Golden Dome specifically, as that opportunity set takes shape, just curious from the signal you're getting from the customer, if they're really stressing that industry sort of vest up front here and you're seeing maybe a pay-to-play type dynamic emerge, any code there would be helpful.

Dylan (Executive): Well, again, record pipeline, about 1.6 billion of our record pipeline is associated with Golden Dome. So we're super bullish on the opportunity that we see. In terms of the procurement strategy, which is really, I think, embedded in your question, we are seeing the customer, the Department of War, looking for new ways to incentivize commercial providers to not only expect the technology they need, but to move faster to develop these systems. And, of course, that need is urgent. I think that plays to our strengths because we're more maneuverable, more entrepreneurial, more flexible, more adaptable than certainly a lot of the legacy players in this space are. So we actually welcome this, I would say, creative procurement approach that the customer is asking for. And then ultimately, keep in mind, the technologies that we're putting into play in the Golden Dome have already passed things like critical design view with critical design review on next generation interceptor. So this is already proven technology.

So even if it's a milestone-based contract, we have a lot of confidence that the tech is already going to work, as opposed to, let's say, developing systems that might have unproven technology being spec'd in. We could be more specific on the Golden Dome, but currently we're not able to talk specifically about the specifics of those contracts. But I would say, generally speaking, the customer is looking for new and innovative ways to procure that are disrupting the status quo approach.

Management: I think, Devon, if I could just double down and emphasize. So, think of not just the CapEx, but the innovation investment that we have planned for here in 2026. It's extremely deliberate, and it's a deliberate investment ahead of growth, not ahead of opportunity. If we didn't have line of sight to orders in our pipeline, line of sight to larger programs that are scaling in terms of moving from design phase into production phase, we wouldn't be making these investments ahead of this growth. So it just kind of reiterate our confidence in what that growth profile looks like. And, of course, like Voyager has demonstrated years past, being ahead of the curve, if you would, so not necessarily waiting for the opportunities to knock on our door. We are, if you're positioning ourselves, to capture a great share or portion of that share of that market as it unveils and it develops.

Dylan (Executive): Yeah, and I just want to emphasize one thing. Our record backlog does not include the upside from these Golden Dome opportunities.

Greg Conrad (Jefferies): Perfect.

Thank you.

Your next question comes from the line of Greg Conrad with Jefferies.

Greg Conrad (Jefferies): Good morning. Good morning, Greg. Good morning. So you spent a lot of time talking about the defense and national security side. If maybe we could talk about space solutions a little bit. I think you said, you know, now that some of the wind-downs behind them, you expect it to return to growth in 2026. You know, what do you see as the biggest drivers of that and any way to maybe quantify the growth expectations for space?

Dylan (Executive): Yes, so I'll take that, Greg. So just a reminder, right, so fourth quarter revenue down entirely driven by the planned wind down of the NASA low margin services contract. So as we, if you would, reset 2026. We see continued demand for mission management services on the ISS, as it certainly continues to operate today. And think of that as the bridge to Starlab, which we're already seeing continuous demand. And, in fact, we know it's our current mission management services network. customer relationships, managing things on the International Space Station today, that's leading to that overbooked, if you would, commercial demand that we're seeing on Starlab already. So as we kind of look out to 2026 and 2027, we continue to see low Earth orbit as a demand driver, looking out even beyond. Certainly, the focus on lunar, and perhaps we can talk a little bit about the announcement we made today in that space and how that lends itself to that. I think that there's upside opportunity in space solutions. I look forward to seeing it return to growth in 2026, albeit modest relative to our defense national security business, which is supported by a tremendous amount of backlog entering the year. But make no mistake, Space Solutions continues to be a growth driver and a growth focus for Voyager.

Phil (Executive): Yeah, and I would just add, so we're very bullish on Space Solutions. I know we've spent a lot of time talking about the defense side, but we also see great demand on the Space Solutions side. Just to reiterate our strategy there, we call it the three L's, which is LEO, Lunar, and Lagrange, Lagrange being a proxy for Deep Space. So we'll have more to talk about on our max space investment probably on our next quarterly call because that's fresh. But think of us as focusing on the technologies that enable administration goals in all three of those domains, low Earth orbit, the lunar environment, and Deep Space. We have relevant technology already that applies to all three of those domains, and we're going to look to fund IRAD and or make acquisitions and or investments in technologies that are, again, going to address all three of those domains. And as Phil pointed out, we see a huge opportunity in lunar and the return to the moon with lunar infrastructure. And then, of course, a lot of our foundational mission management business is leading directly to these demand signals we're getting on Starlab, which is really positioning us well to capture the majority of the market share available in low-earth orbit. So we're feeling very bullish about that. 100% of our commercial demand for Starlab is already reserved, which I think is a fantastic outcome given the fact that we won't be in orbit for another 36 months.

Greg Conrad (Jefferies): And then maybe just as a follow-up, that's a good transition to Starlab. Any way to maybe quantify some of the financial impact in 2026? I think most of the numbers you gave are X Star Lab thinking about, you know, innovation, CapEx, and then it seems like potentially some offset given you've sold out the payload capacity. You know, how should we think about the free cash flow usage and any inflows tied to Star Lab in 2026?

Management: Yeah, Greg, I think really important to note in terms of planning cash flow around Starlab in 2026 is, one, I am driving a – think of it as a cash-neutral profile, meaning it's not just about free cash flow, but it's also about our successful fundraising for Starlab, and that's non-dilutive capital as well as dilutive capital through our successful Series A for Starlab that's been ongoing. We anticipate, obviously, NASA to step in during the year as well, but it's going to also be other international space agencies. And as we kind of start to approach the latter part of the year, we'll start to expect some pre-advanced fundings to come in from customers already. To that point, and I'll highlight, I know we've talked a lot about our record backlog in the $266 million, but just to highlight and be fully transparent with everybody, there's actually $6 million of backlog associated with Starlab, quarters ahead of when I would have expected to actually have hit. And so back to the growing demand, growing necessity for a low Earth orbit replacement for ISS and Starlab's great position to do so. We feel great about that from a financial perspective.

Starlab is intended to be, if you would, cash neutral for the year. We do anticipate free cash flow to be a cash outflow that will be funded by both dilutive and non-dilutive capital coming into the year. I think that's the important piece to highlight. From a Voyager perspective, just to remind everybody, the JV structure actually reduces Voyager's capital exposure to Starlab. Our diversified funding within Starlab itself limits Voyager's capital burden. And again, just to highlight the early demand visibility, the diversified customer base, we see for Starlab gives us tremendous excitement as we look out to later in 2026 and certainly 2027 as we start to move from design into actually constructing the new station.

Michael Leshock (KeyBank Capital Markets): Hey, good morning. I wanted to ask on the government shutdown and what you're expecting from the catch-up there and how that plays out in 26. Is there one quarter that might see the biggest benefit or is that relatively consistent as the year progresses?

Management: I can take that as well. And good morning, Mike. Thanks for making the call. You know, the government shutdown had a minor, if you would, impact or a relatively small impact on us actually in the fourth quarter. Probably would have had even bigger backlog, even more orders to report in Q4 if not for the prolonged government shutdown. So as excited as we are about, you know, total record backlog of $266 million, that would have been higher. So I look forward to Q1 and certainly Q2 being perhaps a little bit higher in terms of orders than perhaps historically speaking we would have seen. From a revenue perspective, that delay, if you were in the fourth quarter, probably means our first quarter will be a bit muted from an actual revenue crystallization perspective. And so we would anticipate revenue to accelerate through the year in 2026. But the government shutdown, for what it's worth, doesn't necessarily impact Voyager that significantly. The underlying demand drivers here, these national security growth drivers, are not, if you would, temporary. Obviously, with the geopolitical environment that we're in today.

You know, last quarter, we were talking about the impact, the potential of the prolonged impacts of the Ukraine war with Russia. Now we have the Iran conflict, et cetera. If anything, these things are just depleting our national security resources. And Voyager is well positioned to replenish that. And it's not going to be a six or 12 month resupply mission. This is going to be a multi-year growth support driver for Voyager.

Dylan (Executive): The only other thing I would say is that, you know, given the fact that we were shut down for half of the fourth quarter, 45 out of 90 days, the fact that we essentially hit our revenue target I think is a very good fact and I think shows not only the resilience but the diversification of the business. And again, exiting the year with record backlog, record pipeline, raising revenue guidance, all on the heels of a prolonged government shutdown I think is a very good fact. And then on the NGI program, can you provide any color on next milestones or key watchpoints for NGI to hit its target for LRIP in late 26? Is there any facility or capacity expansions that are needed to hit your targets and kind of drive the strong growth that you're seeing there?

Management: You want to take this on?

Dylan (Executive): Yeah, no. So, NGI, as we've said, we work very closely, obviously, with the prime Lockheed Martin there. Just case in point, we've continued to stay on time and stay on schedule from our perspective, irrespective of other potential supply chain issues. Ultimately, we will take that final order through it for low-rate production from the customer when it's ready. We do anticipate those orders to come here second half of this year as we move into low-rate production next year. As far as the manufacturing capacity and investment, to be clear, we are investing in the Voyager American Defense Complex ahead of demand for Golden Dome opportunities in excess or said incremental to Next Generation Interceptor. We know that those opportunities are real. We're working very closely with other primes, not named Lockheed Martin as an example, on various initiatives, various programs. And so that's the reason why we're making that investment. That said, we are well positioned to scale on NGI when Lockheed's good and ready.

Michael Leshock (KeyBank Capital Markets): Great. Thank you.

Management: Thanks, Mike. If you'd like to ask a question, please press star one on your telephone keypad.

Your next question comes from the line of Sam Brandes with Wedbush Securities.

Sam Brandes (Wedbush Securities): Hi, everybody. Hi, Sam on for Dan Ives. Looking ahead to 2026, can you walk us through the two or three most critical growth drivers or milestones, whether contract awards, Starlab development targets, program execution gates, that you would point to as the clearest proof points that Voyager's long-term thesis is well on track?

Dylan (Executive): Well, we got a lot more than three. I'll try to pick the biggest three. I mean, I think a few things. One is continued delivery of our propulsion technology on programs like NGI, but I would say more specific to that would be being announced on additional programs of record, including Golden Dome programs, including legacy programs of record. I think evidence that we can hopefully talk about in the public domain here in the near term that would show that we're getting traction on additional programs I think would be a key indicator and validation point. And that would be, and again, just to reemphasize, that would be in addition to the record backlog that we've already talked about. So this is all incremental. So I think that's one thing. Second key thing would be our ability to scale our production capacity, because that's really what's going to set us up for a remarkable 2027 and 2028, both from a revenue growth perspective, but also from an operating leverage EBITDA, free cash flow, all the things that we anticipate.

And then the third thing I would say, which is relevant, is the successful outcome of CLD phase two, which of course is the space station selection by NASA. And we anticipate that selection to happen within calendar year 2026. And we feel very good about our strategic position there. And then just to emphasize, we have ample liquidity, lots of dry powder on the balance sheet. We're seeing huge opportunities, not only for internal investment to drive growth, but also still on the acquisition side as well. So those would be three kind of pillars that I would put out there. And we have a lot more than just those three, but I think those are three to keep an eye on.