VOYG Shares Decline On Double Q4 Miss Despite Record 2025 Backlog

• The company also reported adjusted loss per share of $2.05, while consensus estimates reported an expectation of loss per share of $0.36. 
• The company also said that it had a record year-end total backlog of $265.6 million in 2025, a 33% increase over the prior year. 
• Voyager said that it expects total revenue for 2026 to be in the range of $225 million to $255 million, a 35% to 53% year-over-year growth.

Shares of Voyager Technologies, Inc. (VOYG) slipped 2% in Monday’s post-market hours after the company reported fourth-quarter (Q4) results that were below Wall Street expectations.

The defense and space tech company posted Q4 revenue of $46.7 million, compared with analysts’ estimates of $48.07 million, according to data from Fiscal.ai.

The company also reported adjusted loss per share of $2.05, while consensus estimates reported an expectation of loss per share of $0.36.

Other Details

Meanwhile, Voyager said that it expects total revenue for 2026 to be in the range of $225 million to $255 million, a 35% to 53% year-over-year growth. At the midpoint, this is higher than Street expectations of $231.81 million, as per data from Fiscal.ai.

The company also said that it had a record year-end total backlog of $265.6 million in 2025, a 33% increase over the prior year.

Voyager’s Starlab had also achieved 10 NASA milestones in 2025, with four of these occurring during Q4, taking the total milestones to 31 till date, as per the company. For this, the company had received $56 million in 2025 and $183.2 million till date in cash milestone proceeds.

“Demand across defense, national security and space continues to accelerate and we are investing to address that increasing demand,” said CEO Dylan Taylor.

“Starlab accomplished meaningful milestones, ending the year with the completion of our commercial Critical Design Review, validating the maturity of the program as we transition to full system procurement and development. With record backlog, enhanced capabilities, and ample liquidity, we are entering 2026 from a position of strength — focused on converting accelerating demand into sustained revenue growth and long-term shareholder value,” he added.

How Did Stocktwits Users React?

On Stocktwits, retail sentiment around VOYG shares jumped from ‘bullish’ to ‘extremely bullish’ over the past 24 hours amid ‘high’ message volumes.

One user appreciated the results, adding that the backlog represents U.S. government defense contracts, not informal agreements.

However, another user pointed out that backlogs are not inventory, adding that they could turn into a “lack of ability” to convert to cash.

Meanwhile, shares of VOYG have declined over 52% in the past year.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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