Voyager Technologies is an early-stage aerospace and defense company with 86% U.S. government customer concentration, quality metrics below the minimum investment threshold, three of four recent quarters missing earnings estimates, high short interest of 19%, and a stock trading above its analyst price target despite burning cash at 137% of revenue.
Thesis pillars
- Below Quality Floor Cash Burning→Stable
- Rich Valuation Above Analyst Target↓Deteriorating
- Government Customer Concentration Risk↑Improving
- +1 more pillar — see the Why tab for full reasoning
Voyager Technologies, Inc. (VOYG) Stock Analysis
Industrials · Aerospace & Defense
Sell if holding. Engine safety override at $42.92: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: High short interest: 20%; Below-average business quality; Rich valuation.
Voyager Technologies designs and operates defense technology and space systems across three segments — Defense & National Security, Space Solutions, and Starlab Space Stations — serving primarily U.S. government customers. Revenue was $166.4 million in 2025, with approximately... Read more
Sell if holding. Engine safety override at $42.92: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: High short interest: 20%; Below-average business quality; Rich valuation. Chart setup: No clear chart pattern; technical signals are mixed. Score 4.2/10, moderate confidence.
Passes 6/8 gates (positive momentum, clean insider activity, no SEC red flags, earnings proximity 78d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio. Suitability: aggressive.
About Voyager Technologies, Inc.
About Voyager Technologies, Inc.
Voyager Technologies generated $166.4 million in revenue for fiscal year 2025, up from $144.2 million in 2024, with approximately 86% derived from U.S. government contracts across three segments — Defense & National Security, Space Solutions, and Starlab Space Stations. Founded in 2019 and expanded through 12 acquisitions, the company has received $183.2 million of its $217.5 million NASA development grant for Starlab and reported a net loss of $112.3 million for 2025.
Revenue comes primarily through government and commercial contracts, including approximately 13.9% from development contracts in 2025 under terms that include fixed-price arrangements exposing the company to cost-overrun risk. The Defense & National Security segment covers solid propulsion for Lockheed Martin's Next Generation Interceptor program, signals intelligence analytics via the August 2025 EMSI acquisition, and guidance and navigation systems. Space Solutions manages mission operations for NASA and commercial customers through the Bishop Airlock — the first privately-owned ISS module — and has overseen more than 1,000 customer space missions across 35 nations. Starlab, the company's third segment, holds a $217.5 million NASA Phase I development grant and operates through a joint venture with Airbus, Mitsubishi, MDA Space, and Palantir as equity partners; launch is anticipated in 2029. Competitors include Northrop Grumman, Raytheon Technologies, and L3Harris in defense and Rocket Lab and Redwire in space components.
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The U.S. government revenue concentration — 86.0% in 2025 — creates binary risk around budget cycles, continuing resolutions, and program cancellations; the 10-K notes that a significant shift in government priorities or delays in spending could have a material adverse effect. Separately, the Starlab segment exposes the company to a long-term pipeline dependency: the $2.8–3.3 billion station must survive competitive NASA Phase II selection against two other funded rivals, with revenue expected no sooner than the first full year of operation post-launch, currently targeted for 2029.
See also: Industrials · Aerospace & Defense
From Voyager Technologies, Inc.'s most recent 10-K filing, extracted June 16, 2026.
Recent developments
updated 2026-08-16Recent Developments — Voyager Technologies, Inc.
Latest news
- NEWS Voyager Technologies Files For Mixed Shelf Offering; Size Not Disclosedg — benzinga Aug 14, 2026 negative
- NEWS Citigroup Maintains Buy on Voyager Technologies, Raises Price Target to $54 — benzinga Aug 13, 2026 neutral
- NEWS Voyager Technologies Awarded Space-To-Space Communication Development Contract From The U.S. Space Force Space Systems C — benzinga Aug 10, 2026 positive
- NEWS Voyager Technologies Announces Raytheon Contract To Supply Throttleable Propulsion, Divert And Attitude Control Systems — benzinga Aug 6, 2026 positive
- NEWS Jim Cramer Looked At This 'Not Great' Uranium Stock 'For Years' — benzinga Aug 6, 2026 negative
Generated 2026-08-16T21:32:09Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHCustomerU.S. government86%10-K Item 1A: 'approximately 86.0% ... of our revenues were derived from contracts with the U.S. government and its agencies'
- MEDIUMpipelineStarlab10-K Item 1: 'we anticipate Starlab will generate a significant portion of our long-term revenue and cash flows'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
4 floor-breakers
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Unprofitable operations — net margin -78.6%. Quality floor flags this regardless of sector context.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $42.92: a dimension score below its floor triggers a hard block regardless of the otherwise-positive setup — overall score 4.2/10. Specifically: High short interest: 20%; Below-average business quality; Rich valuation. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $39.97. Score 4.2/10, moderate confidence.
Take-profit target: $44.49 (-7.8% upside). Prior stop was $39.97. Stop-loss: $39.97.
Concentration risk — Customer: U.S. government (86.0%); Target reached (-7.8% upside); Quality below floor (1.9 < 4.0).
Voyager Technologies, Inc. trades at a P/E of N/A (forward -25.0). TrendMatrix value score: 2.4/10. Verdict: Sell.
17 analysts cover VOYG with a consensus score of 4.2/5. Average price target: $46.
What does Voyager Technologies, Inc. do?Voyager Technologies designs and operates defense technology and space systems across three segments — Defense &...
Voyager Technologies designs and operates defense technology and space systems across three segments — Defense & National Security, Space Solutions, and Starlab Space Stations — serving primarily U.S. government customers. Revenue was $166.4 million in 2025, with approximately 86% from U.S. government contracts; the company reported net losses of $112.3 million. Starlab, a commercial space station planned to launch in 2029 at an estimated $2.8–3.3 billion cost, is anticipated to generate a significant portion of long-term revenue.