Revenue rose to $88.7M, yet gross margin of 11.5% and an operating margin of -67.6% suggest direct program costs and SG&A of $47.8M are absorbing nearly all incremental revenue.
Voyager Technologies, Inc. (VOYG) annual income statement — 3-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 |
|---|
| Sales/Revenue | 223.36M | 166.42M | 144.18M | 136.06M |
| Revenue Growth % | 41.83% | 15.42% | 5.97% | - |
| Cost of Goods Sold | 207.85M | 145.08M | 109.27M | 108.28M |
| COGS % of Revenue | - | 87.18% | 75.78% | 79.58% |
| Gross Profit | 15.51M | 21.34M | 34.91M | 27.79M |
| Gross Margin % | 6.94% | 12.82% | 24.22% | 20.42% |
| Gross Profit Growth % | - | -38.88% | 25.66% | - |
| Operating Expenses | 203.39M | 124.41M | 83.36M | 41.96M |
| OpEx % of Revenue | - | 74.76% | 57.81% | 30.84% |
| Selling, General & Admin | 154.23M | 111.66M | 62.57M | 54.04M |
| SG&A % of Revenue | - | 67.1% | 43.4% | 39.72% |
| Research & Development | 36.37M | 12.75M | 7.61M | -18.54M |
| R&D % of Revenue | - | 7.66% | 5.28% | -13.63% |
| Other Operating Expenses | 2M | 0 | 13.18M | 6.46M |
| Operating Income | -187.89M | -103.07M | -48.44M | -14.17M |
| Operating Margin % | -84.12% | -61.94% | -33.6% | -10.42% |
| Operating Income Growth % | - | -112.77% | -241.79% | - |
| EBITDA | -155.45M | -86.68M | -32.06M | -1.24M |
| EBITDA Margin % | -69.59% | -52.09% | -22.24% | -0.91% |
| EBITDA Growth % | -121.52% | -170.33% | -2477.57% | - |
| D&A (Non-Cash Add-back) | 32.44M | 16.39M | 16.38M | 12.93M |
| EBIT | -179.49M | -105.95M | -55.32M | -14.27M |
| Net Interest Income | -8.08M | -6.82M | -12.02M | -10.59M |
| Interest Income | 0 | 0 | 0 | 0 |
| Interest Expense | 8.08M | 6.82M | 12.02M | 10.59M |
| Other Income/Expense | 317K | -9.7M | -18.89M | -10.68M |
| Pretax Income | -187.57M | -112.77M | -67.34M | -24.86M |
| Pretax Margin % | -83.98% | -67.76% | -46.7% | -18.27% |
| Income Tax | -1.51M | -440K | -1.71M | 341K |
| Effective Tax Rate % | 0.8% | 0.39% | 2.54% | -1.37% |
| Net Income | -176.37M | -104.81M | -62.07M | -25.44M |
| Net Margin % | -78.96% | -62.98% | -43.05% | -18.7% |
| Net Income Growth % | -111.09% | -68.86% | -144.01% | - |
| Net Income (Continuing) | -186.06M | -112.33M | -65.63M | -25.2M |
| Discontinued Operations | 0 | 0 | 0 | 0 |
| Minority Interest | 49.15M | 45.81M | 36.13M | 42.76M |
| EPS (Diluted) | -2.89 | -1.99 | -1.44 | -0.74 |
| EPS Growth % | -58.82% | -38.19% | -94.59% | - |
| EPS (Basic) | - | -1.99 | -1.44 | -0.74 |
| Diluted Shares Outstanding | 61.01M | 58.38M | 58.23M | 58.23M |
| Basic Shares Outstanding | 61.01M | 58.38M | 58.23M | 58.23M |
| Dividend Payout Ratio | - | - | - | - |
Quick answers to the most common questions about buying VOYG stock.
For fiscal year 2025, Voyager Technologies, Inc. (VOYG) reported total revenue of $166.4M. This represents a 22.3% increase compared to $136.1M in 2023.
Voyager Technologies, Inc. (VOYG) reported a net loss of $104.8M for the fiscal year ending 2025.
Voyager Technologies, Inc. (VOYG) reported an operating income of $-103.1M, resulting in an operating profit margin of -61.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Voyager Technologies, Inc. (VOYG) generated $21.3M in gross profit for the year, representing a gross profit margin of 12.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent deep operating losses
Metrics are mathematically derived from official filings.
Revenue Growth Reaccelerating From a Low Base
Based on reported quarterly figures, VOYG's revenue rose to $88.7M in the latest quarter, a 124.1% year-over-year gain, though the trend has been uneven across the ten-quarter window, with Q1 2026 revenue of $35.2M showing a contraction from the prior quarter.
The reported figures suggest growth is lumpy and driven by project timing rather than a steady recurring base, which is typical of milestone-based government and space contracts. The sharp latest-quarter jump may reflect a single large contract recognition or acquisition-related revenue, and investors should determine whether the increase is durable before extrapolating it. The Q2 2026 record revenue of $52.7M alongside a 15.5% year-over-year gain looks more consistent with underlying growth, but the series remains too volatile to confirm a stable trajectory.
Gross Margin Structurally Compressed Under Development Load
Reported gross margins have oscillated between -16.4% and 20.5% over recent quarters, with the latest period at 11.5%, well below the mid-teens-to-20% range seen in 2024 and suggesting direct program costs are absorbing most incremental revenue.
The erosion from roughly 20% gross margin in early 2024 to negative territory in Q1 2026 indicates that cost-plus or early-stage hardware programs are carrying labor and materials costs faster than they convert to billings. Peer gross margins such as AST SpaceMobile at 53.4% highlight that VOYG lacks a high-margin service or data layer to offset hardware intensity. Investors should monitor whether recent recovery to 8.4% and 11.5% reflects better program execution or simply timing of revenue recognition.
Operating Losses Scaling Faster Than Revenue
Operating loss widened to -$59.9M in the latest quarter against $88.7M of revenue, a -67.6% operating margin, with SG&A alone at $47.8M, indicating overhead and development spending are growing faster than the top line can absorb.
Negative operating leverage is evident because operating income has deteriorated in absolute terms even as revenue expanded, pointing to a cost base that scales with program ambition rather than volume. The gap between gross profit of $10.2M and SG&A of $47.8M implies that overhead efficiency is currently the binding constraint. Until operating expenses stabilize relative to gross profit, the reported figures do not suggest a near-term path to operating breakeven.
Net Losses Driven by Operating Burn, Not Anomalies
Net loss of -$55.7M in the latest quarter closely tracks the -$59.9M operating loss, with EPS of -$0.91, suggesting reported earnings reflect core operating performance rather than large non-operating items.
Because net income sits close to operating income, the loss appears substantively operational instead of being distorted by one-time gains or tax effects. Stock-based compensation of $5.0M in the latest quarter is modest relative to the operating loss, so it does not appear to explain the bulk of the deficit. Some quarters show divergence between operating and net results, such as Q2 2025 where net loss exceeded operating loss, which warrants further investigation into non-operating charges.
SG&A Dominates Cost Base Over R&D
Based on reported quarterly figures, SG&A of $47.8M in the latest quarter represents roughly 54% of revenue and dwarfs R&D of $16.3M, indicating that overhead rather than core engineering is the largest recurring cost pressure.
The elevated SG&A relative to R&D suggests that a significant portion of spending is administrative, integration, or commercial-development related, which may reflect the cost of building a multi-segment organization following its restructuring. Management discipline is difficult to assess from these figures alone, since SG&A has fluctuated substantially between quarters. Investors should examine whether overhead scales down as revenue matures or remains a structural drag.
Growth Quality Challenged by Persistent Losses
The bear case centers on the fact that despite revenue rising, net margin remains at -62.8% in the latest quarter and has been deeply negative across nearly all periods, raising doubt about whether scale alone can close the profitability gap.
A skeptical reading is that the recent revenue spike may be non-recurring or acquisition-driven, masking an unchanged structural loss rate. Gross margins below 12% leave little room to absorb overhead, and operating losses have worsened in absolute terms, which challenges the thesis that growth will self-correct margins. Without clearer disclosure on program backlog conversion and acquisition contributions, the reported figures warrant caution regarding the sustainability of the growth narrative.