Capital intensity remains extreme, with capital expenditures reaching 145% of revenue in 2026Q1, contributing to an unsustainable free cash flow burn rate.
| Cash from Operations | -86.3M | -60.94M | -25.5M | -15.38M |
| Operating CF Margin % | - | -36.62% | -17.69% | -11.3% |
| Operating CF Growth % | -176.66% | -138.97% | -65.8% | - |
| Net Income | -121.86M | -104.81M | -65.63M | -25.2M |
| Depreciation & Amortization | 23.63M | 16.39M | 16.38M | 12.93M |
| Stock-Based Compensation | 23.03M | 18.92M | 3.76M | 2.71M |
| Deferred Taxes | 2.69M | -478K | -2.61M | -645K |
| Other Non-Cash Items | 42.09M | 17.74M | 25.5M | 1.81M |
| Working Capital Changes | -19.46M | -8.7M | -2.9M | -6.98M |
| Change in Receivables | 7.1M | -5.16M | -5.92M | -1.46M |
| Change in Inventory | -2.52M | -341K | 1.58M | 1.49M |
| Change in Payables | -197K | 4.07M | -6.07M | -1.56M |
| Cash from Investing | -240.75M | -261.61M | -27.77M | 11.6M |
| Capital Expenditures | -195.79M | -144.67M | -82.7M | -17.21M |
| CapEx % of Revenue | 117.13% | 86.93% | 57.36% | 12.65% |
| Acquisitions | -145.26M | -151.83M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 115.8M | 50.4M | 54.93M | 28.91M |
| Cash from Financing | 580.85M | 757.82M | 78.96M | 1.93M |
| Debt Issued (Net) | 381.1M | 379.08M | 11.45M | 7.49M |
| Equity Issued (Net) | 396.42M | 532.04M | 66.6M | 3.13M |
| Dividends Paid | -55.17M | -27.58M | 0 | 0 |
| Share Repurchases | -27.7M | -30.75M | 0 | 0 |
| Other Financing | -141.51M | -125.72M | 914K | -8.68M |
| Net Change in Cash | 253.87M | 435.4M | 25.65M | -1.84M |
| Free Cash Flow | -255.12M | -205.62M | -108.2M | -32.59M |
| FCF Margin % | -152.62% | -123.55% | -75.05% | -23.95% |
| FCF Growth % | - | -90.02% | -232.01% | - |
| FCF per Share | -4.37 | -0.51 | -1.86 | -0.56 |
| FCF Conversion (FCF/Net Income) | 2.09x | 0.58x | 0.41x | 0.60x |
| Interest Paid | 0 | 0 | 5.89M | 0 |
| Taxes Paid | -95K | 0 | 374K | 0 |
Unsustainable cash burn trajectory
According to recent financial disclosures, VOYG's operating cash flow to net income ratio of 0.90 in 2026Q1 highlights a persistent disconnect between accounting losses and actual cash outflows, suggesting that non-cash charges and accruals are significantly obscuring the firm's underlying operational cash generation capabilities.
The consistent gap between net income and operating cash flow suggests that the company's reported losses do not fully capture the cash-intensive nature of its aerospace development projects. Investors should monitor whether this conversion ratio remains volatile, as it may indicate aggressive revenue recognition practices relative to actual cash collection.
As reported in quarterly filings, VOYG's free cash flow trajectory has deteriorated significantly, reaching a negative $90.8 million in 2026Q1, which represents a substantial expansion of the cash burn compared to the $24.0 million deficit observed in the same period of the prior year.
The widening FCF deficit suggests that the company's capital-intensive growth strategy is currently outpacing its ability to generate internal funding. This trend warrants further investigation into whether the current level of investment is yielding the expected milestone progress required for long-term commercial viability.
Based on the provided financial statements, VOYG's capital expenditure reached 145% of revenue in 2026Q1, indicating an extremely high level of capital intensity that suggests the firm is prioritizing infrastructure development over immediate operational efficiency or profitability in its space solutions segment.
The elevated ratio of CapEx to revenue implies that the company is heavily reinvesting in orbital infrastructure and hardware manufacturing capabilities. Such high capital intensity may indicate that the firm is in a critical build-out phase, though it raises questions regarding the sustainability of this spending without external financing.
As evidenced by the 2025Q4 data, VOYG utilized $27.6 million for dividends and $27.7 million for share repurchases, a move that appears counterintuitive given the company's deeply negative operating margins and the substantial cash requirements for its ongoing Starlab development projects.
The decision to return capital to shareholders while simultaneously burning cash for operations suggests a complex capital allocation strategy that may prioritize investor sentiment over internal liquidity preservation. This approach warrants caution, as it may limit the company's financial flexibility should project milestones face unexpected delays.
Quick answers to the most common questions about buying VOYG stock.
Voyager Technologies, Inc. (VOYG) generated $-60.9M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Voyager Technologies, Inc. (VOYG) reported negative free cash flow of $205.6M in 2025, indicating capital requirements exceeded cash from operations.
Voyager Technologies, Inc. (VOYG) spent $144.7M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Voyager Technologies, Inc. (VOYG) returned $27.6M to shareholders via cash dividends and spent $30.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.