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VOYAGER TECHNOLOGIES SECOND QUARTER 2026 EARNINGS AUGUST 4 , 2026 VOYAGER TECHNOLOGIES Q2_26
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VOYAGER TECHNOLOGIES Important Notice and Disclaimers Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 . Voyager intends for all such forward -looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Voyager’s business strategy and plans, financial outlook, anticipated financial and operational performance and liquidity , including without limitation, long-term cash generation, and other projections, including, without limitation regarding M&A activity, Starlab, technology an innovation advances and 2026 growth goals. The w ords “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “goal,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These forward-looking statements are based on management’s current expectations. All forward-looking statements are based upon the Company’s current expectations and various assumptions. The Company has developed its assumptions and estimates in good faith and believes there is a reasonable basis for its expectations and beliefs, but there are inherent uncertainties, many of which are not within the control of the Company. Accordingly, actual results may vary, and such variations may be material. Accordingly, the forward -looking statements herein should not be regarded as facts or as representations by the Company or its management that the projected results will be achieved. Such forward-looking statements are neither promises nor guarantees and involve risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from what is expressed or implied by the forward-looking statements, including, but not limited to: Voyager’s ability to generate, sustain and manage its growth given its limited operating history in an evolving industry; factors out of Voyager’s control that affect its success and revenue growth; Voyager’s ability to generate a sustainable order rate for its products and services and develop new technologies to meet customer needs; Voyager’s compliance with development contracts with third -parties and losses from fixed price contracts; Voyager’s history of losses and ability to achieve profitability; risks related to Starlab; the unpredictable environment of space; Voyager’s customer concentration and risks with contracting with the U.S. government; risk related to Voyager’s international operations , currency fluctuations and political or economic instability in markets in which Voyager operates; risks related to Voyager’s compliance with new or existing data privacy, cybersecurity and other applicable regulations; Voyager’s inability to adequately enforce and protect its intellectual proper ty; Voyager’s ability to consummate future acquisitions on satisfactory terms or effectively integrate acquired operations; and other important factors discussed in the section entitled “Risk Factors” in Voyager’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as any such factors may be updated from time to time in Voyager’s other filings with the SEC , accessible on the SEC’s website at www.sec.gov and Voyager’s investor relations site at investors.voyagertechnologies.com. Forward- looking statements speak only as of the date they are made and, except as may be required under applicable law, Voyager undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Non-GAAP Financial Measures Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non -GAAP financial measures have limitations as analytical and comparative t ools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In add ition, in evaluating Adjusted EBITDA, Adjusted EBITDA margin, adjusted loss per share and free cash flow, you should be aware that in t he future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted loss per share and free cash flow supplementally. Market, Industry and other Data The market data, industry data and other statistical information used in this presentation are based on independent industry publications, reports by market research firms or other published independent sources. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, but there can be no assurance as to the accuracy or completeness of included information. We have not independently verified any of the data from third -party sources, nor have we ascertained the underlying economic assumptions relied upon therein. Certain market, ranking and industry data includ ed in this presentation are based on the estimates of our management. These estimates have been derived from our management’s knowledge and experience in the markets in which we operate, as well as information obtained from surveys, reports by market research firms, trade and business organizations and other contacts in the markets in which we operate. We believe these management estimates are reliable; however, no independent sources have verified such surveys and estimates. Unless otherwise noted, all of our market share and market position information presented in this presentation is an approximation based on management’s knowledge. References herein to our being a leader in a market refer to our belief that we have a leading market share position in each such specified market, unless the context otherwise requires. In addition, the discussion herein regarding o ur various markets is based on how we define the markets for our solutions. Certain estimates of market opportunity, forecasts or market growth and other forward-looking information included in this presentation involve risks and uncertainties and are subject to change ba sed on various factors. Trademarks, Service Marks and Trade Names The Voyager Technologies, Inc. design logo and our other registered or common law trademarks, service marks or trade names appearing in this presentation are our property. This presentation may also contain trademarks, tradenames, and service marks of other companies that are the property of their respective owners. We do not intend our use or display of other companies’ tra demarks, trade names or service marks to imply, and such use or display should not be construed to imply, relationships with, or endor sement or sponsorship of us by, these other companies. Solely for convenience, our trademarks, tradenames, and service marks referred t o in this presentation appear without the ®, TM, and SM symbols, but those references are not intended to indicate, in any way, th at we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademar ks, tradenames, and service marks. Acknowledgment This presentation may not be reproduced or redistributed in whole or in part. By receiving this presentation, you acknowledge that you will be solely responsible for your own assessment of the market and our market position and that you will conduct your own a nalysis and be solely responsible for forming your own view of the potential future performance of our business. Q2_26 EARNINGS | 2
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CEO HIGHLIGHTS Record Bookings $113M driving new Record Backlog $336M – supporting 2H Revenue growth and providing visibility into 2027 STRONG EXECUTION, ACCELERATING GROWTH, STRATEGIC CAPITAL DEPLOYMENT, RAISING GUIDANCE Q2_26 EARNINGS | 3 Completed Astrobotic acquisition, significantly accelerating growth and expanding Voyager's space leadership position Raising FY26 Revenue guidance range to $275M to $305M Exceptional performance – powerful demonstration of Voyager's ability to convert opportunity into growth acceleration Record Revenue $53M – strong execution driving 51% sequential quarterly growth – ahead of 2H growth acceleration
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KEY WINS Won $113M in new awards in Q2 across multiple high-growth areas, building on Q1 momentum Awarded multi-million-dollar contract to deliver an Agentic AI spectrum operations platform applicable to all domains DRIVING RECORD BACKLOG OF $336M Expanding LEO Mission Management leadership; Exobiosphere award for microgravity biological research Q2_26 EARNINGS | 4 Golden Dome related awards $84M, across multiple programs of record, multiple customers and technology platforms
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Geographical Footprint Select Customers Mojave, CA Reuseable Rockets Pittsburgh, PA HQ (Lunar Delivery & Infra.) OVERVIEW OF ASTROBOTIC TECHNOLOGY, INC. • Founded 2007 • Vertically integrated next-gen autonomous space technologies • Track record across government & commercial space sectors • 200+ employees across two facilities Business Overview Business Segments • Lunar Delivery – end-to-end lunar payload delivery via landers & rovers • Lunar Infrastructure – power distribution system, solar arrays • Reuseable Rockets – launch vehicles, EDL simulation, engine systems • Labs – R&D advancing navigation, autonomy, sensors, propulsion Q2_26 EARNINGS | 5
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*Note: As announced during NASA Moon Base press conference 5/26/26 ACQUISITION HIGHLIGHTS Pure-play lunar infrastructure company with flight-validated, proprietary IP across delivery, power, and mobility, positioned to provide critical technology for NASA’s Moon Base Attractive financial profile – accretive to Voyager's revenue growth, EBITDA, EPS and cash flows Leading provider of lunar landers under NASA’s Commercial Lunar Payload Services (CLPS) program Minimal overlap with Voyager’s offering, provides significant revenue synergies Strong strategic fit – accelerates Voyager's lunar initiative High-tech growth platform spanning landers, rovers, power, and precision landing technology Q2_26 EARNINGS | 6
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• Voyager acquired 100% of Astrobotic Technology, Inc., for a total potential enterprise value of $300M • Guaranteed consideration: $171M combination of cash & equity ($96M cash + 2.0M Shares) • Additional Earnout potential: $129M (cash & equity), subject to performance milestones TRANSACTION SUMMARY Transaction Terms • Strong pipeline & positioning with NASA provides confidence and visibility for an accelerated growth trajectory • Full Year 2026 Expected Revenue $60M - $70M • Post-acquisition contribution to Voyager of $40M - $50M • Revenue growth and cost synergies creates significant leverage and value over the long-term • Accelerates Voyager's pathway to profitability - accretive to EBITDA, excl. M&A and integration related costs Financial Benefits Q2_26 EARNINGS | 7
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$53M Net Sales ($0.70) AEPS1 Q2 2026 FINANCIAL HIGHLIGHTS 8 $113M Bookings $336M Backlog 2.1 Book-to-Bill (1) See Appendix for Non-GAAP Reconciliations STRONG MOMENTUM CONTINUED IN Q2, DRIVING RECORD BOOKINGS & BACKLOG ($38M) AEBITDA1 Q2_26 EARNINGS | 8
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RECORD BOOKINGS DRIVING RECORD BACKLOG Booking Highlights Backlog Revisit Q2 bookings of $113M, up from $48M in Q1’26 and $37M in Q2’25 TTM bookings of $238M across Q3’25-Q2’26 Record bookings support backlog conversion through 2026 and into 2027, with booking momentum expected to continue building Q3 2025 Q4 2025 Q1 2026 Q2 2026 Quarterly Bookings (Millions, USD) Backlog increased from $171M at Year-End 2025 to $275M in Q1’26 Q2’26 backlog reached a record $336M Record backlog supports revenue visibility into 2027 FY 2025 Q1 2026 Q2 2026 Backlog Progression (Millions, USD) +61% +22%+151% $49 $33 $45 $113 $171 $275 $336 Q2_26 EARNINGS | 9
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$46.0 $53.0 Q2 2025 Q2 2026 Q2 2026 DEFENSE & SPACE SEGMENT Millions, USD *See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. Adj. EBITDA* ($9.0) ($37.0) $37.0 $113.0 Q2 2025 Q2 2026 Q2_26 EARNINGS | 10 Bookings growth of 205% and new record backlog of $336M Driven by strength in propulsion controls, classified agentic AI products, and core existing customer expansion Sales growth accelerated in Q2, up 15% YoY and up 51% sequentially from Q1 Programs transitioned from development into production Adj. EBITDA reflects continued strategic investment while delivering improved operating leverage Bookings Net Sales Performance Highlights +205% +15%
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Q2 2026 STARLAB SPACE SEGMENT Millions, USD *See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. Q2_26 EARNINGS | 11 Adj. EBITDA* ($2.0) ($6.6) Q2 2025 Q2 2026 Performance Highlights 38 Milestones achieved to date demonstrating steady and continued progress Inception-to-date milestone receipts of $211M, including Q2'26 receipts of $4M Growing commercial demand >$500M signed reservations NASA CLD Program Phase 2 RFP in progress - expect update in 2H'26, including next phase funding award Cumulative Milestone Cash Receipts $65 $127 $183 $211 2023 2024 2025 2026
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FINANCIAL POSITION 12 $373M Cash $212M Available Credit Facilities $586M Total Liquidity Liquidity Position 1 Disciplined & Growth-Oriented Capital Allocation WELL-CAPITALIZED TO SUPPORT STRATEGIC GROWTH INITIATIVES (1) As of June 30, 2026 Organic Growth Investments Investing in high-return, value-added technologies to drive organic growth and margin expansion Accretive M&A Targeting accretive businesses to enhance scale, margins, and market position Q2_26 EARNINGS | 12 +$50M Increased Credit Facility Increased Credit Facility (July 6, 2026) Upsized facility to enhance financial flexibility and supports growing customer demand
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2026 GUIDANCE *See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. $166 FY 2025 FY 2026 $275 - $305 NET SALES Millions, USD +66-84% YoY +15% YoY • Revenue guidance increased - strong 1H execution & bookings conversion and Astrobotic $40M to $50M • 2H Revenue phasing 40/60 • FY Gross profit margin in the mid-teens, reflecting investments and under- absorption ahead of growth • FY IRAD increasing to ~20% of revenue • Modest SG&A leverage expected in 2026 • CapEx of ~$70M–$80M (excl. Starlab), representing capacity growth investments, including Astrobotic • Starlab program rephasing to align with NASA's CLD program update • Outstanding share count increases by 2M to reflect Astrobotic close in July Diversified portfolio with attractive growth opportunities • +25% Organic revenue CAGR (2024-2030) • Track record provides confidence M&A to provide significant upside Attractive business model provides for differentiated performance • Gross profit margin 30% - 35% • Adj. EBITDA mid-teens (excl. Starlab) • Free cash flow margin low-teens (excl. Starlab) Starlab provides long-term upside • Annual revenue $4+ Billon • Annual free cash flow $1.5 Billion ACCELERATING GROWTH Q2_26 EARNINGS | 13 2026 GUIDANCE FRAMEWORK LONG-TERM GUIDANCE FRAMEWORK
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VOYAGER TECHNOLOGIES Private and Confidential – Do Not Distribute | 14 Q2_26 EARNINGS | 14
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KEY TAKEAWAYS *See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. Q2_26 EARNINGS | 15 Astrobotic strengthens lunar platform, provides scale while accelerating revenue growth and pathway to profitability 2026 Revenue guidance range increased to $275M to $305M Delivered record Revenue $53M, sequential growth of 51% Record backlog $336M, driving accelerated growth H2'26 and increased visibility into 2027 Strong pipeline conversion drove record Bookings $113M
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Non-GAAP Reconciliations Q2_26 EARNINGS | 16
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VOYAGER TECHNOLOGIES Non-GAAP Reconciliations - KPIs (dollars in thousands) As of June 30, 2026 As of December 31, 2025 Funded backlog(1) Defense and Space Technologies $183,003 $140,102 Starlab Space Stations 6,005 6,003 Total funded backlog 189,008 146,105 Unfunded backlog(2) 146,504 119,485 Total backlog $335,512 $ 265,590 (1) Funded backlog is comprised of projects for which we have received a written contract or purchase order, either executed or a waiting execution, excluding any unfunded contract options. Our backlog may also include, as of any date of estimation, change orders for any project that have been confirmed, either in writing or verbally, or formally contracted. (2) Unfunded backlog represents unfunded contract value remaining on contracts, customer options for future products or services that have not yet been exercised and potential bookings under IDIQ contracts. As of June 30, 2026, unfunded backlog was primarily comprised of customer options for future products or services that have not yet been exercised in the Defense and Space Technologies segment. (3) Gross profit is defined as Net sales less Costs of goods sold (4) See “Non-GAAP Financial Measures” below for a discussion of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss attributable to Voyager Technologies, Inc., the most directly comparable GAAP measure to Adjusted EBITDA. (5) See “Non-GAAP Financial Measures” below for a discussion of free cash flow and a reconciliation of free cash flow to net cash pr ovided by operating activities, the most directly comparable GAAP measure to free cash flow. Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net sales $52,746 $45,674 $87,992 $80,181 Gross (loss) profit(3) $4,457 $8,210 $2,911 $13,795 Net loss attributable to Voyager Technologies, Inc. $(46,490) $(31,382) $(90,473) $(58,320) Adjusted EBITDA(4) $(37,500) $(9,066) $(70,831) $(30,422) Adjusted net loss per share $(0.70) $(0.52) $(1.31) $(2.10) Cash used in operating activities $(44,315) $(16,549) $(84,027) $(30,903) Free cash flow(5) $(72,829) $(27,194) $(139,623) $(50,518) Q2_26 EARNINGS | 17
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VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted EBITDA (1) Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2) Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3) Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net loss attributable to Voyager Technologies, Inc. $(46,490) $(31,382) $(90,473) $(58,320) Finance and interest expense, net 1,905 2,523 4,019 5,252 Depreciation and amortization 7,170 2,708 13,203 5,310 Income tax (benefit) expense (2,195) 81 1,031 129 EBITDA (39,610) (26,070) (72,220) (47,629) Stock-based compensation 3,762 11,547 7,891 13,270 Business acquisition costs(1) 2,008 284 2,419 440 Restructuring(2) 966 529 1,710 947 Net loss attributable to noncontrolling interests (2,256) (1,683) (4,217) (2,674) Interest income (3,279) (2,428) (7,098) (3,513) Other(3) 909 8,755 684 8,737 Adjusted EBITDA $(37,500) $(9,066) $(70,831) $(30,422) Q2_26 EARNINGS | 18
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VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Adjusted Earnings Per Share (1) Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2) Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3) Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net loss attributed to common shareholders $(46,490) $(36,640) $(90,473) $(69,579) Stock-based compensation 3,762 11,547 7,891 13,270 Business acquisition costs(1) 2,008 284 2,419 440 Restructuring(2) 966 529 1,710 947 Deferred income tax (benefit) expense (2,179) 30 985 28 Other(3) 909 8,755 684 8,737 Adjusted net loss attributable to common shareholders $(41,024) $(15,495) $(76,784) $(46,157) Adjusted net loss per common share $(0.70) $(0.52) $(1.31) $(2.10) Q2_26 EARNINGS | 19
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VOYAGER TECHNOLOGIES Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Cash used in operating activities $(44,315) $(16,549) $(84,027) $(30,903) Purchases of property and equipment (35,536) (30,895) (86,652) (57,865) Grant funding for property and equipment 7,022 20,250 31,056 38,250 Free cash flow $(72,829) $(27,194) $(139,623) $(50,518) Q2_26 EARNINGS | 20
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VOYAGER TECHNOLOGIES Operating Metrics – Innovation Spend (1) Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs. Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Qualified research and development under section 174 $32,939 $32,658 $77,979 $66,257 Development program innovation spend(1) 20,866 5,989 29,184 11,502 Innovation spend 53,805 38,647 107,163 77,759 Less: Starlab Space Stations innovation spend 24,766 30,538 61,337 59,916 Innovation spend excluding Starlab Space Stations $29,039 $8,109 $45,826 $17,843 Q2_26 EARNINGS | 21