Free cash flow of -$57.9M, a -65.3% FCF margin, and net acquisition outflows of -$115.8M suggest capital deployment is outpacing operating cash generation, with no dividends or buybacks recorded.
Voyager Technologies, Inc. (VOYG) cash flow statement — 3-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Cash from Operations | -128.71M | -60.94M | -25.5M | -15.38M |
| Operating CF Margin % | - | -36.62% | -17.69% | -11.3% |
| Operating CF Growth % | -614.06% | -138.97% | -65.8% | - |
| Net Income | -176.37M | -112.33M | -65.63M | -25.2M |
| Depreciation & Amortization | 34.28M | 16.39M | 16.38M | 12.93M |
| Stock-Based Compensation | 16.4M | 18.92M | 3.76M | 2.71M |
| Deferred Taxes | -1.82M | -478K | -2.61M | -645K |
| Other Non-Cash Items | 18.91M | 25.26M | 25.5M | 1.81M |
| Working Capital Changes | -10.41M | -8.7M | -2.9M | -6.98M |
| Change in Receivables | -14.35M | -5.71M | -5.92M | -1.46M |
| Change in Inventory | -9.56M | -341K | 1.58M | 1.49M |
| Change in Payables | 5.36M | 4.07M | -6.07M | -1.56M |
| Cash from Investing | -367.04M | -261.61M | -27.77M | 11.6M |
| Capital Expenditures | -162.95M | -144.67M | -82.7M | -17.21M |
| CapEx % of Revenue | 72.95% | 86.93% | 57.36% | 12.65% |
| Acquisitions | -240.83M | -151.83M | 0 | 0 |
| Investments | - | - | - | - |
| Other Investing | 49.75M | 50.4M | 54.93M | 28.91M |
| Cash from Financing | 636.07M | 757.82M | 78.96M | 1.93M |
| Debt Issued (Net) | 852.44M | 395.58M | 11.45M | 7.49M |
| Equity Issued (Net) | -136.52M | 406.4M | 66.6M | 3.13M |
| Dividends Paid | 0 | -27.58M | 0 | 0 |
| Share Repurchases | -158.85M | -161.89M | 0 | 0 |
| Other Financing | -79.84M | -16.57M | 914K | -8.68M |
| Net Change in Cash | 140.29M | 435.4M | 25.65M | -1.84M |
| Free Cash Flow | -291.66M | -205.62M | -108.2M | -32.59M |
| FCF Margin % | -130.58% | -123.55% | -75.05% | -23.95% |
| FCF Growth % | -63.88% | -90.02% | -232.01% | - |
| FCF per Share | -4.78 | -3.52 | -1.86 | -0.56 |
| FCF Conversion (FCF/Net Income) | 1.65x | 0.58x | 0.41x | 0.60x |
| Interest Paid | 0 | 0 | 5.89M | 0 |
| Taxes Paid | -95K | 0 | 374K | 0 |
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 $161.9M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent operating cash burn
Metrics are mathematically derived from official filings.
Operating Cash Flow Tracks Losses Imperfectly
Based on reported quarterly figures, VOYG's operating cash flow has run at roughly half to nearly all of net losses across the ten-quarter window, with the latest quarter showing an OCF-to-net-income ratio of 0.53 on a net loss of -$55.7M and operating cash outflow of -$29.7M. This pattern suggests non-cash charges are cushioning reported losses rather than signaling underlying cash generation.
The ratio swinging between 0.50 and 0.95 indicates that working capital movements and non-cash items such as D&A and SBC are consistently narrowing the gap between accounting losses and cash losses. Because the operating loss itself is large relative to revenue, the cushion provided by these adjustments does not change the fundamental direction of cash consumption. Investors should monitor whether the conversion ratio stabilizes as program billings mature, as the current figures warrant further investigation into the timing of milestone-linked receipts.
Free Cash Flow Deeply Negative Across Periods
As reported in financial statements, VOYG's free cash flow margin has ranged from -2.6% to -151.4% across recent quarters, with the latest quarter at -65.3% on negative FCF of -$57.9M. Trajectory has been persistently negative without a sustained inflection.
The most recent quarter shows a meaningful improvement in FCF margin compared with the prior two periods, which may reflect a lower capex base and a favorable working capital swing of $11.5M. However, one quarter does not establish a trend, and the company has not recorded positive FCF in any period shown. The data suggests that the business continues to depend on external funding to sustain development spending.
Capital Intensity Exceeds Revenue in Several Quarters
Based on VOYG's reported figures, capital expenditure reached 145.0% of revenue in Q1 2026 and 103.1% in Q4 2025, falling to 31.8% in the latest quarter on CapEx of -$28.2M. This implies investment spending has been large relative to the operating base for much of the period.
CapEx running above revenue in multiple periods is characteristic of infrastructure-heavy programs such as the Starlab platform, where development outlays precede commercial revenue. The lower ratio in the latest quarter may indicate phasing rather than a durable reduction in capital needs. Because the data does not separate maintenance from growth capex, the sustainability of the current spending level cannot be assessed from the supplied figures alone.
Acquisition Outflows Drive Capital Deployment
According to reported cash flow data, VOYG's net acquisition outflows reached -$158.8M in Q4 2025 and -$115.8M in Q3 2026, with no dividends or buybacks recorded in any quarter. Capital deployment has therefore been directed toward acquisitions and internal investment rather than shareholder returns.
The scale of acquisition spending relative to operating cash flow raises questions about how the company funds these transactions while burning cash from operations. The supplied data does not disclose the financing sources or purchase terms, so the return profile of these deals remains unverifiable. Investors should monitor integration progress and whether acquired units contribute to cash generation over time.
Cumulative Losses Outweigh Cash Adjustments
Based on the ten-quarter reported window, cumulative net income is deeply negative while cumulative operating cash flow is also negative, with the gap narrowing only partially through SBC and D&A add-backs. This suggests the cash reality is consistently weaker than an earnings-only view would imply in the aggregate.
Aggregating across the reported quarters, net losses and operating cash outflows both accumulate to large negative totals, indicating the business has not generated cash from operations over this period. The modest D&A and SBC add-backs are insufficient to change this conclusion. Analysts should treat the current cash burn as the operative economic signal rather than any single-quarter improvement.
What the Cash Flow Statement Obscures
Based on reported figures, VOYG's cash flow statement may understate the true funding requirement, since SBC add-backs of $5.0M in the latest quarter and capitalized development outlays could mask the economic cost of the Starlab program. Investors should monitor how these items are classified.
Stock-based compensation is added back to operating cash flow, which flatters reported cash conversion even though it represents a real economic cost to shareholders. Large development spending tied to the joint venture may be partially capitalized or held in equity-method structures, which would make the reported burn rate an incomplete picture of total program funding needs. The supplied data does not disclose these accounting treatments, so these concerns remain analytical inferences warranting further investigation.