The company's capital structure has shifted toward higher leverage, with total debt surging to $491.3 million and retained earnings falling to -$429.9 million as of 2026Q1.
| Total Current Assets | 508.7M | 581.3M | 101.58M | 69.2M |
| Cash & Short-Term Investments | 429.36M | 491.33M | 55.93M | 30.28M |
| Cash Only | 429.36M | 491.33M | 55.93M | 30.28M |
| Short-Term Investments | 0 | 0 | 0 | 0 |
| Accounts Receivable | 47.96M | 59.6M | 32.66M | 32.9M |
| Days Sales Outstanding | 99.21 | 130.73 | 82.69 | 88.25 |
| Inventory | 5.72M | 3.83M | 1.53M | 3.1M |
| Days Inventory Outstanding | 7.37 | 9.62 | 5.1 | 10.46 |
| Other Current Assets | 25.66M | 26.54M | 0 | 0 |
| Total Non-Current Assets | 515.01M | 469.15M | 146.01M | 119.69M |
| Property, Plant & Equipment | 233.33M | 182.45M | 57.61M | 23.54M |
| Fixed Asset Turnover | 1.10x | 0.91x | 2.50x | 5.78x |
| Goodwill | 157.67M | 157.67M | 46.52M | 46.52M |
| Intangible Assets | 94.75M | 98.98M | 34.68M | 44.27M |
| Long-Term Investments | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 29.26M | 30.05M | 7.21M | 5.37M |
| Total Assets | 1.02B | 1.05B | 247.6M | 188.89M |
| Asset Turnover | 0.19x | 0.16x | 0.58x | 0.72x |
| Asset Growth % | 180.12% | 324.26% | 31.08% | - |
| Total Current Liabilities | 111.25M | 133.03M | 87.41M | 111.22M |
| Accounts Payable | 19.85M | 27.39M | 22.79M | 13.49M |
| Days Payables Outstanding | 52.84 | 68.9 | 76.12 | 45.49 |
| Short-Term Debt | 6.76M | 0 | 665K | 45.15M |
| Deferred Revenue (Current) | 10.17M | 0 | 21.36M | 16.26M |
| Other Current Liabilities | 84.64M | 98.53M | 27.63M | 17.52M |
| Current Ratio | 4.57x | 4.37x | 1.16x | 0.62x |
| Quick Ratio | 4.52x | 4.34x | 1.14x | 0.59x |
| Cash Conversion Cycle | 53.73 | 71.45 | 11.67 | 53.21 |
| Total Non-Current Liabilities | 507.99M | 487.89M | 100.26M | 47.38M |
| Long-Term Debt | 484.56M | 447.63M | 88.35M | 30.56M |
| Capital Lease Obligations | 12.24M | 13.34M | 6.21M | 7.34M |
| Deferred Tax Liabilities | 21.08M | 8.86M | 112K | 2.67M |
| Other Non-Current Liabilities | 3.51M | 10.17M | 2.83M | 396K |
| Total Liabilities | 619.25M | 620.92M | 187.67M | 158.6M |
| Total Debt | 491.32M | 466.8M | 98.22M | 86.33M |
| Net Debt | 61.96M | -24.53M | 42.29M | 56.05M |
| Debt / Equity | 1.21x | 1.09x | 1.64x | 2.85x |
| Debt / EBITDA | -5.03x | - | - | - |
| Net Debt / EBITDA | -0.63x | - | - | - |
| Interest Coverage | -20.32x | -15.11x | -4.60x | -1.35x |
| Total Equity | 404.47M | 429.53M | 59.93M | 30.29M |
| Equity Growth % | 131.42% | 616.76% | 97.88% | - |
| Book Value per Share | 6.93 | 1.07 | 1.03 | 0.52 |
| Total Shareholders' Equity | 357.23M | 383.72M | 23.79M | -12.47M |
| Common Stock | 6K | 6K | 1K | 1K |
| Retained Earnings | -429.91M | -385.93M | -281.11M | -216.8M |
| Treasury Stock | -35.88M | -27.7M | 0 | 0 |
| Accumulated OCI | -64K | -95K | 28K | -189K |
| Minority Interest | 47.24M | 45.81M | 36.13M | 42.76M |
Unsustainable capital intensity
According to recent SEC filings, Voyager Technologies has seen total assets grow to $1.0 billion as of 2026Q1, yet this expansion is largely driven by debt accumulation rather than organic asset productivity, signaling a shift toward a more leveraged capital structure during this high-investment phase.
The rapid increase in total assets from $365.5 million in 2025Q1 to $1.0 billion in 2026Q1 suggests an aggressive scaling strategy that has yet to yield operational returns. Investors should monitor whether this asset growth translates into future revenue capacity or if it merely reflects the accumulation of non-productive capital expenditures.
Based on reported financial statements, VOYG's total debt has surged to $491.3 million in 2026Q1, resulting in a debt-to-equity ratio of 1.21, which indicates that the company is increasingly relying on external financing to bridge the gap between its current cash burn and long-term development goals.
The transition from a near debt-free position in 2025Q3 to significant leverage in 2026Q1 suggests that management is prioritizing liquidity over balance sheet conservatism. This reliance on debt warrants further investigation into the company's refinancing risk and the potential for future interest expenses to further constrain cash flow.
As reported in quarterly filings, VOYG maintains a cash balance of $429.4 million, but the current ratio of 4.57 masks the underlying reality that the company is consuming capital at an accelerating rate to support its Starlab infrastructure and ongoing defense-linked project milestones.
While the current ratio appears robust, the company's negative retained earnings of -$429.9 million suggest that liquidity is being sustained by financing activities rather than operational success. The sustainability of this cash position remains a critical concern given the company's deeply negative operating margins.
Based on the latest balance sheet data, VOYG's equity base has been significantly eroded by accumulated losses, with retained earnings falling to -$429.9 million in 2026Q1, reflecting the high cost of the company's transition toward a unified technology-focused operational model.
The persistent decline in retained earnings indicates that the company is effectively consuming its shareholder capital to fund R&D and infrastructure development. This trend suggests that future growth may require additional equity dilution if the company cannot achieve a path to operational profitability.
As indicated by recent financial disclosures, VOYG's goodwill has increased to $157.7 million, a development that warrants caution as it may reflect the premium paid during the company's roll-up phase and introduces potential impairment risks if the acquired units fail to meet performance expectations.
The reliance on goodwill as a significant component of total assets suggests that the balance sheet's strength is partially dependent on the valuation of past acquisitions. Investors should monitor for potential write-downs, which could further weaken the company's equity position and signal integration challenges.
Quick answers to the most common questions about buying VOYG stock.
As of 2025, Voyager Technologies, Inc. (VOYG) had total assets of $1.05B including $581.3M in current assets.
Voyager Technologies, Inc. (VOYG) carries total debt of $466.8M, offset by $491.3M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Voyager Technologies, Inc. (VOYG) has total shareholders' equity (book value) of $383.7M ($1.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Voyager Technologies, Inc. (VOYG) reported a current ratio of 4.37x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.