VOYG · US
VOYG.US: Defense space capabilities + commercial station narrative
Voyager space systems + station narrative.
Cite a section with a deep link, e.g. /en/r/voyg-us-research#thesis
Snapshot
- Price
- USD 35
- Mkt cap
- USD 1.5B
- Revenue
- USD 166.0M
- Revenue YoY (approx)
- 0.2
Thesis
Voyager Technologies Newly public: revenue growth stepped up ~6%→~15% plus Starlab-type commercial station narrative; earnings/OCF not yet positive—separate contract reality from station optionality.
Business
Model: space/defense systems & services + long-dated station optionality. Flagships: gov/defense space missions; Starlab-class commercial LEO station efforts. Edge: integrated space tech/mission experience (must be proven in backlog). Strategy: near-term gov revenue; long-term commercial station/infrastructure.
Value chain
Mid-stack space systems integration; upstream components/launch; downstream agencies and future commercial station users. Risks: gov timing; critical suppliers; station regulation/partners.
Valuation
Narrative + backlog dual track; sensitive to guidance delivery and cash burn.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Operations
Volume: contract delivery/milestones; price: cost-plus/FFP mix; cost: engineering labor + R&D. Negative OCF.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| FY2025 rev (approx) | ~$166M | +15% | Acceleration vs +6% prior |
| FY2024 rev | ~$144M | +6% | Low base growth |
| OCF | Negative | — | Investment phase |
| Starlab | Optional narrative | — | Not yet core revenue |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| Voyager (self) | Defense space+station | Neg | Station narrative | Scale/cash |
| Redwire | In-space infra | Neg/var | Hardware focus | Station overlap |
| Rocket Lab | Launch+sat | Neg OM | Clearer launch KPI | Different mix |
| Northrop (space) | Defense space | High | Incumbent | Not pure-play |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| CEO | Public-company leadership | IPO era | Verify latest 10-K/proxy |
| CFO | Finance leadership | IPO era | Verify latest filings |
| Program leads | Station / defense | ongoing | Execution key |
Stability: Transition: short public history—defer to latest disclosures.
Outlook
Track guidance, gross margin, cash runway, whether Starlab milestones become revenue.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
Not investment advice; defer to latest company filings.