Voyager Technologies Redomesticates to Texas, Changing Stockholder Rights

Voyager Technologies is a Denver-based defense and space technology company that completed its NYSE IPO in June 2025. Its businesses span missile defense propulsion and energetics, signals intelligence, guidance and navigation systems, and commercial space infrastructure through its Starlab space station joint venture. The company has grown rapidly through acquisition — closing five deals in 2025 alone — and reported full-year 2025 net sales of $166.4 million, up 15% year over year.

The financial profile is that of a company spending heavily to build scale. The first quarter of 2026 produced a net loss of $44.0 million on $35.2 million in revenue, with $39.7 million of cash consumed by operations. Management characterizes the losses as deliberate investment in Starlab development and defense R&D. As of March 31, 2026, the balance sheet showed $429 million in cash and $448 million net carrying value of convertible notes, the latter issued in November 2025 at $460 million aggregate principal.

Backlog has grown steadily, reaching $275.3 million at the end of Q1 2026, up 54% year over year, and management has raised 2026 revenue guidance to $230–$255 million. A pending acquisition of Astrobotic Technology, agreed on June 1, 2026, will add up to 2,031,694 Class A shares as partial consideration at closing, which is expected in the second half of 2026.