HIGHBuilt-in & outside partyCustomer
86%
U.S. government
“10-K Item 1A: 'approximately 86.0% ... of our revenues were derived from contracts with the U.S. government and its agencies'”
VOYG · Concentration risk · 10-K extracted
Voyager Technologies (VOYG) concentration risks
Updated
The most significant concentration Voyager Technologies discloses is U.S. government at 86%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Voyager Technologies’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH1
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMBuilt-inPipeline
Starlab
“10-K Item 1: 'we anticipate Starlab will generate a significant portion of our long-term revenue and cash flows'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-06-24The company's concentration profile is dominated by a single customer relationship that is both high-share and mixed in character. Approximately 86.0% of revenues were derived from contracts with the U.S. government and its agencies — a large exposure that combines structural elements (the company's business model is oriented toward federal space programs) with dependency elements (government contracts are awarded through competitive processes, subject to appropriations, and can be terminated for convenience or restructured). The mixed character is important: while the federal government as a customer provides a degree of stability relative to commercial counterparties, it also introduces unique risks including funding gaps during continuing resolutions, unilateral termination rights, and the potential for program cancellations driven by budget or policy changes. The high-share nature of this exposure means that any disruption to federal contract revenue — whether through sequestration, program restructuring, or competitive displacement — would have a material enterprise-level impact. Layered on top is a pipeline concentration around Starlab, which the company anticipates will generate a significant portion of long-term revenue and cash flows — a medium-share, structural exposure reflecting the company's positioning as a commercial space station provider. That program represents both the primary long-term growth driver and a concentrated source of future revenue risk tied to NASA funding and program milestones. On balance, federal contract continuity and Starlab program execution are the dominant monitoring variables.
For the engine’s reasoning on VOYG’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Aerospace & Defense
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| AVAV | AeroVironment, Inc. | 1 | 1 | 2 | 4 |
| VOYG● | Voyager Technologies, Inc. | 1 | 1 | 0 | 2 |
| ACHR | Archer Aviation Inc. | 1 | 0 | 0 | 1 |
| AXON | Axon Enterprise, Inc. | 0 | 2 | 0 | 2 |
| AIR | AAR Corp. | 0 | 0 | 1 | 1 |
| ATRO | Astronics Corporation | 0 | 0 | 1 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.