Voyager Technologies (VOYG) financial statements
Voyager Technologies reported revenue of $166M in fiscal 2025, up 10.6% a year over 2 years.
Net income was -$105M and the operating margin -65.2%, against -10.4% in 2023.
Free cash flow was -$206M.
The diluted share count rose 215% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Voyager Technologies's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | $136M | $144M | $166M |
| Cost of revenue | $108M | $109M | $137M |
| Gross profit | $28M | $35M | $30M |
| Research and development | $18M | $13M | $19M |
| Selling, general and admin | $54M | $63M | $117M |
| Operating income | -$14M | -$48M | -$108M |
| Interest expense | $11M | $12M | $7M |
| Pre-tax income | -$25M | -$67M | -$113M |
| Income tax | $341,000 | -$2M | -$440,000 |
| Net income | -$25M | -$62M | -$105M |
| EPS (diluted) | -$3.65 | -$7.01 | -$2.89 |
| Diluted shares | 13M | 13M | 40M |
| Gross margin | 20.4% | 24.2% | 18.0% |
| Operating margin | -10.4% | -33.6% | -65.2% |
| Net margin | -18.7% | -43.1% | -63.0% |
Balance sheet
Fiscal years, from Voyager Technologies's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Cash and short-term investments | $30M | $56M | $491M |
| Receivables | — | $15M | $30M |
| Inventory | — | $2M | $4M |
| Total current assets | — | $102M | $581M |
| Property, plant and equipment | — | $49M | $164M |
| Goodwill | — | $47M | $158M |
| Total assets | — | $248M | $1.1B |
| Total current liabilities | — | $87M | $133M |
| Total liabilities | — | $188M | $621M |
| Shareholders' equity | -$93M | -$70M | $384M |
| Net debt | -$30M | -$56M | -$491M |
Cash flow
Fiscal years, from Voyager Technologies's 10-K filings with the SEC.
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Operating cash flow | -$15M | -$26M | -$61M |
| Capital spending | $17M | $83M | $145M |
| Free cash flow | -$33M | -$108M | -$206M |
| Stock-based compensation | $3M | $4M | $19M |
| Free cash flow margin | -24.0% | -75.0% | -123.6% |
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Open VOYG in InvestinglyQuestions
What was Voyager Technologies's revenue in 2025?
$166M in fiscal 2025, from its 10-K filing.
How much free cash flow does Voyager Technologies generate?
-$206M in fiscal 2025 (operating cash flow minus capital spending).
From Voyager Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.