WASHINGTON — Leaders of Voyager Technologies say the company, on the heels of an IPO, is well-positioned for near-term opportunities in missile defense and longer-term development of a commercial space station.
The company, which raised a net $409.4 million in an initial public offering of stock June 11, released its first financial results since that IPO Aug. 5. The company reported $46 million in revenue for the second quarter of 2025 and an adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) loss of $9.1 million.
The revenue was a 25% increase from the same quarter of 2024 and was a record high for the company, Dylan Taylor, chief executive of Voyager, said in an earnings call.
The biggest gains were in the company’s defense and national security business unit, which reported $35 million in revenue, an 85% year-over-year increase. Its space solutions unit saw revenue fall from $20 million in the second quarter of 2024 to $11 million in the second quarter this year, which the company say was linked to the planned winddown of an unspecified services contract with NASA.
The Starlab commercial space station project that Voyager is leading, in partnership with several other companies, also received $22.5 million from NASA in the second quarter by completing four milestones in a funded Space Act Agreement from the agency. Voyager bookkeeps the Starlab funding separate from the rest of the company’s revenue.
In the near term, Voyager sees the biggest growth opportunities in defense applications, such as missile defense. “Our defense and national security segment is our largest and fastest growing,” Taylor said, citing work on controllable solid-fuel propulsion and signals intelligence technologies.
The company has an “opportunity pipeline” of $3.6 billion of potential business, said Phil De Sousa, Voyager’s chief financial officer. That includes about $1 billion of work for the Next Generation Interceptor, where Voyager is providing throttleable solid-fuel propulsion systems to enable precise maneuvering, with about another $1 billion in potential opportunities in other missile defense work. “It’s quite significant for us.”
Voyager has long been most closely associated with Starlab, and the company continues to see the commercial space station as a major source of revenue in the long term. Taylor called Starlab a “once-in-a-generation opportunity” for the company.
Starlab, he said, is “perhaps one of the most compelling long-term growth opportunities in the commercial space market,” describing it as an infrastructure project with a large upfront investment followed by “massive, multi-decade” cash flow streams. Once the station is fully operational, he said Starlab should generate more than $4 billion in annual revenue and more than $1.5 billion in annual free cash flow.
For 2025, the company is forecasting $165-170 million in revenue, De Sousa said, growth of 15-18% from 2024. The company is also projecting an adjusted EBITDA loss of $60-63 million for the year.
Voyager emphasized a “fortress balance sheet” on the call with $469 million in cash and no debt at the end of the second quarter, as well as access to a $200 million credit facility the company has yet to tap. De Sousa said that gives the company flexibility to scale up production, invest in innovation and pursue “disciplined” merger and acquisition (M&A) opportunities.
Voyager completed two acquisitions in the second quarter, of space cloud computing company LEOCloud and Optical Physics Company, which produces star trackers and other optical systems for space and defense applications. Voyager executives said they expected to make additional acquisitions later this year.
“We have a very, very robust M&A pipeline,” Taylor said. “We mentioned two acquisitions in this quarter. I don’t think those will be the only acquisitions we get done” this year.