Voyager Technologies, Inc./TX

Well-funded but heavily loss-making defense-and-space company scaling via acquisitions with a marquee NASA Starlab program.

Strengths

• Strong liquidity: $491M cash (76.4th pct), current ratio 4.4 (87.5th pct), ~9.6-quarter runway
• Strategic positioning: NASA Starlab ISS-replacement grant, defense/space backlog, and rapid revenue growth via acquisitions

Risks

• Deep losses: net margin -63% (21.8th pct), operating margin -65%, FCF -$206M (4.4th pct)
• Acquisition-integration and program-execution risk; profitability path is distant and capital-intensive

Notable findings

• Net lossNet loss (net margin -63.0%)
• Cash burnNegative free cash flow (-205.6M)
• Customer concentration~25% of revenue from one customer/distributor — ” Cost of Sales Years Ended December 31, Change (dollars in thousands) 2025 2024 Year over Year % Cost of sales $ 136,544 $ 109,265 $ 27,279 25
• Strong balance sheetStrong balance sheet — $491M cash & investments, ~10 quarters of runway
• Revenue declineRevenue -24.4% YoY