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VOYAGER TECHNOLOGIES THIRD QUARTER 2026 EARNINGS November 3, 2026
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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 and innovation advances and 2026 growth goals. The words “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; risks 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. Q3_26 EARNINGS | 2
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CEO HIGHLIGHTS Record performance demonstrated strength of business model and execution Q3_26 EARNINGS | 3 $816M of total liquidity, providing substantial capacity to support growth and strategic investment Raising FY26 revenue guidance to $285M–$305M In Q3, we achieved record bookings of $116M (+135% YoY), record revenue (+124% YoY), and record backlog (+293% YoY) Strong execution and growth acceleration reflect robust demand, with record backlog providing visibility to strength into 2027 Milestones advancing: Griffin-1 launch preparations and NASA’s CLD Phase 2 RFP released, de-risking Starlab’s forward timeline; award expected spring 2027 Q3_26 EARNINGS | 3
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KEY WINS Astrobotic expands Voyager’s contracted lunar position $298M NASA task order for two additional lunar lander missions Q3_26 EARNINGS | 4 $62M of advanced national security and defense awards Diversified across multiple defense programs (six awards across five platforms) ISS biopharma awards indicative of future demand for Starlab Two additional drug-screening campaigns for pharma and biotech customers, launching mid-to-late 2027 Anduril strategic partnership for advanced weapons & propulsion Partnership will build on the $60M of existing contracts the two companies are already collaborating on and provide a defined path to high-rate production Agentic-AI platform gaining commercial traction Q3 bookings build on successful Q2 awards, demonstrating growing customer adoption and demand for autonomous mission capabilities
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2026 PRIORITIES Q3_26 EARNINGS | 5 Advance Starlab Bringing the next- generation commercial space station to reality Accelerate Growth Expanding our customer base and addressable market Innovation Investments Investing in differentiated technologies aligned with priority customer requirements and programs Capacity Build-Out Expanding production capacity to support a growing program base and customer demand
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Q3_26 EARNINGS | 6 +131% Bookings, YoY ($M) $119 $274 YTD 2025 YTD 2026 +48% Net Sales, YoY ($M) $120 $177 YTD 2025 YTD 2026 +293% Backlog, YoY ($M) $189 $742 Q3 2025 Q3 2026 ↑ Mix diversification Propulsion controls, agentic AI products, core customer expansion driving YTD bookings growth ↑ Converting to revenue Revenue growth driven by strength in Lunar Systems and missile defense programs ↑ High-growth areas $150 million of advanced national security and defense awards YTD across multiple programs of record ACCELERATE GROWTH Expanding our customer base and addressable market Accelerating growth across bookings, revenue and backlog
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A Distinctive Long-term Value Creation Opportunity STRATEGIC RELEVANCE Positions Voyager at the center of the post-ISS transition across civil, sovereign and commercial markets FINANCIAL UPSIDE Potential infrastructure-like economics create material upside beyond Voyager’s core growth framework $4B+ LONG-TERM ANNUAL REVENUE FRAMEWORK $1.5B+ LONG-TERM ANNUAL FREE CASH FLOW FRAMEWORK 61% VOYAGER OWNERSHIP OF STARLAB JOINT VENTURE NEXT VALIDATION MILESTONE NASA CLD PROCUREMENT OCT. 2026 Final RFP DEC. 2026 Proposals due 2027 Award announced Defined path to a potential 2027 catalyst Bringing the next-generation commercial space station to reality ADVANCE STARLAB RESERVATIONS ($M) Q3_26 EARNINGS | 7 $500 $700 August 2026 October 2026 ~ ~ NASA's CLD process advances a transformative strategic and financial opportunity +40%
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CAPACITY BUILD-OUT Q3_26 EARNINGS | 8 The American Defense Complex in Pueblo, Colorado is up and running; first production units expected in early 2027 Proof point: $40.8M YTD invested in facility & infrastructure (~$14M grant-funded) for energetics and munitions Scale with programs moving from development to higher-rate production Investing to address industry capacity constraints; focus on domestic production of energetics and munitions Expanding production capacity to support a growing program base and customer demand Energetics & Munitions Scaling domestic energetics and munitions production
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INNOVATION INVESTMENTS Q3_26 EARNINGS | 9 Friction Removed Faster decisions, fewer handoffs Standards Held No compromise on mission- critical requirements Flexible Contracting Supply base partnered to move at our pace Proven Designs Built around flight-proven components Clean Sheet Design Released Component Testing Hardware Integration Hot Fire Test Propellant Cast CASE STUDY | Speed without compromise ~200 DAYS Clean Sheet Design to Hot Fire Test We invest ahead of demand in reusable systems and early-horizon technologies so that when requirements are released, our capabilities are ready to deploy. Innovation spend for Q3 was $32.7 million (36.9% of net sales) and $78.6 million year to date (44.5%) (excluding Starlab) Investing in differentiated technologies aligned with priority customer requirements and programs
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$89M Net Sales ($0.87) AEPS1 Q3 2026 FINANCIAL HIGHLIGHTS 10 $116M Bookings $742M Backlog 1.3x Book-to-Bill Strong momentum continued in Q3, driving record bookings and backlog ($45M) AEBITDA1 Q3_26 EARNINGS | 10 1. See Appendix for Non-GAAP Reconciliations
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$40 $89 Q3 2025 Q3 2026 Q3 2026 DEFENSE & SPACE SEGMENT Millions, USD Adj. EBITDA1 ($2.6) ($9.8) $49 $116 Q3 2025 Q3 2026 Q3_26 EARNINGS | 11 Bookings growth of 135% and new record backlog of $742M Bookings Net Sales Performance Highlights +135% +122% 1. See Appendix for Non-GAAP Reconciliations Driven by strength in propulsion controls, classified agentic AI products and core existing customer expansion Sales growth accelerated in Q3, up 122% YoY and up 67% sequentially from Q2 Programs transitioned from development into production Adj. EBITDA reflects continued investment in capacity, innovation and strategic programs while scaling revenue growth
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$122 $178 9M Ended 9/30/2025 9M Ended 9/30/2026 $119 $274 9M Ended 9/30/2025 9M Ended 9/30/2026 YEAR TO DATE 2026 DEFENSE & SPACE SEGMENT Millions, USD Q3_26 EARNINGS | 12 YTD Bookings of $274M, up 131% YoY, with book-to-bill of 1.5x Bookings Net Sales Performance Highlights +131% +46% See Appendix for Non-GAAP Reconciliations Investment in capacity, innovation and strategic programs, with margins improving as revenue scales Driven by propulsion controls, classified agentic AI products and expansion with core existing customers, including $62M of advanced national security and defense awards in Q3 Net sales of $178M, up 46% year over year Driven by demand for defense and national security solutions, programs moving from development into production, and the addition of Astrobotic Gross margin expanded from (4.4%) in Q1 to 11.5% in Q3, while YTD Adj. EBITDA of $(30.7)M reflects continued investment
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$336 $379 $116 $742 ($89) June 30,2026 Astrobotic Acquired Q3 2026 Bookings Q3 Net Sales Sep. 30, 2026 RECORD BOOKINGS DRIVING RECORD BACKLOG Booking Highlights Q3 bookings of $116M, up from $113M in Q2’26 and $49M in Q3’25 TTM bookings of $329M across Q4’25-Q3’26 Record bookings support backlog conversion through 2026 and into 2027, with booking momentum expected to continue building Q4 2025 Q1 2026 Q2 2026 Q3 2026 Quarterly Bookings1 (Millions, USD) $55 $45 $113 Q3_26 EARNINGS | 13 $116 1. Bookings shown are nearly all ex-Astrobotic 2. Astrobotic Acquired includes FX impact Backlog Additional Detail 1.3x Q3 Book-to-Bill Backlog grew 121% sequentially from Q2'26 to Q3'26 Excluding Astrobotic, backlog grew 8% sequentially from Q2'26 to Q3'26 Q3 advanced national security and defense awards totaled $62M Q2 2026 to Q3 2026 Backlog Bridge (Millions, USD) New Record 2
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Q3 2026 STARLAB SPACE SEGMENT Millions, USD Q3_26 EARNINGS | 14 Adj. EBITDA1 ($6.2) ($7.5) Q3 2025 Q3 2026 Performance Highlights Cumulative Milestone Cash Receipts $65 $127 $183 $213 2023 2024 2025 2026 39 milestones achieved to date, demonstrating steady and continued progress Millions, USD Cumulative Reservations Inception-to-date milestone receipts of $213M, including Q3'26 receipts of $1.5M Growing commercial demand; ~$700M signed reservations NASA CLD Program Phase 2 RFP released – proposals due in December 2026; award anticipated in 2027 $500 $700 August 2026 October 2026 ~ ~ +40% 1. See Appendix for Non-GAAP Reconciliations
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FINANCIAL POSITION 15 $554M Cash $262M Available Credit Facilities $816M Total Liquidity Liquidity Position 1 Disciplined & Growth-Oriented Capital Allocation Well-capitalized to execute growth strategy and pursue strategic growth initiatives 1. As of September 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 Q3_26 EARNINGS | 15
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ACCELERATING GROWTH, EXPANDING MARGINS: 2026 AND BEYOND *See appendix for definitions of non-GAAP measures and non-GAAP reconciliations. $166 FY 2025 FY 2026 $285 - $305NET SALES Millions, USD +72-84% YoY +15% YoY ACCELERATING GROWTH Q3_26 EARNINGS | 16 2026 GUIDANCE FRAMEWORK LONG-TERM GUIDANCE FRAMEWORK EXPANDING MARGINS (4.4%) 8.5% 11.5% Q1'26 Q2'26 Q3'26 Q4'26 “Mid Teens” REVENUE GUIDANCE $285 million–$305 million LOW DOUBLE DIGITS FY Gross Profit Margin reflecting investments and under- absorption ahead of growth MID-TEENS FY IRAD as a percentage of revenue MODEST SG&A Leverage expected in 2026 ~$70-80M Capex (excl. Starlab) representing capacity growth investments GROSS MARGIN DIVERSIFIED PORTFOLIO, ATTRACTIVE GROWTH +25% Organic revenue CAGR (2024- 2030) M&A Disciplined, proven M&A formula drives significant upside 30–35% Gross profit margin MID-TEENS Adj. EBITDA margin (excl. Starlab) LOW-TEENS Free cash flow margin (excl. Starlab) $4B+ Annual revenue $1.5B+ Annual free cash flow TARGET FINANCIAL MODEL STARLAB PROVIDES LONG-TERM UPSIDE
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Non-GAAP Reconciliations Q3_26 EARNINGS | 17
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Non-GAAP Reconciliations - KPIs (dollars in thousands) As of September 30, 2026 As of December 31, 2025 Funded backlog(1) Defense and Space Technologies $384,310 $140,102 Starlab Space Stations 6,018 6,003 Total funded backlog 390,328 146,105 Unfunded backlog(2) 351,747 119,485 Total backlog $742,075 $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 September 30, 2026, unfunded backlog was primarily comprised of customer options for future products or services that h ave 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 Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net sales $88,715 $39,587 $176,707 $119,768 Gross profit(3) $10,231 $6,090 $13,142 $19,885 Net loss attributable to Voyager Technologies, Inc. $(55,680) $(16,273) $(146,153) $(74,593) Adjusted EBITDA(4) $(44,899) $(17,693) $(115,730) $(48,115) Adjusted net loss per share $(0.87) $(0.25) $(2.19) $(1.78) Net cash used in operating activities $(29,704) $(15,061) $(113,731) $(45,964) Free cash flow(5) $(47,751) $(49,896) $(187,374) $(100,676) Q3_26 EARNINGS | 18
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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 actio ns 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 be coming 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 Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net loss attributable to Voyager Technologies, Inc. $(55,680) $(16,273) $(146,153) $(74,593) Finance and interest expense, net 2,695 200 6,714 5,452 Depreciation and amortization 10,045 3,130 23,248 8,440 Income tax benefit (3,730) (1,762) (2,699) (1,633) EBITDA (46,670) (14,705) (118,890) (62,334) Stock-based compensation 5,002 2,120 12,893 15,390 Business acquisition costs (1) 1,487 482 3,906 922 Restructuring(2) 471 613 2,181 1,560 Net loss attributable to noncontrolling interests (2,693) (2,063) (6,910) (4,737) Interest income (2,264) (4,313) (9,362) (7,826) Other(3) (232) 173 452 8,910 Adjusted EBITDA $(44,899) $(17,693) $(115,730) $(48,115) Q3_26 EARNINGS | 19
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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 actio ns 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 Nine Months Ended (dollars in thousands, except per share amounts) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net loss attributed to common shareholders $(55,680) $(16,273) $(146,153) $(85,852) Stock-based compensation 5,002 2,120 12,893 15,390 Business acquisition costs(1) 1,487 482 3,906 922 Restructuring(2) 471 613 2,181 1,560 Deferred income tax benefit (3,879) (1,641) (2,894) (1,613) Other(3) (232) 173 452 8,910 Adjusted net loss attributable to common shareholders $(52,831) $(14,526) $(129,615) $(60,683) Adjusted net loss per common share $(0.87) $(0.25) $(2.19) $(1.78) Q3_26 EARNINGS | 20
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Non-GAAP Reconciliations – Free Cash Flow Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Net cash used in operating activities $(29,704) $(15,061) $(113,731) $(45,964) Purchases of property and equipment (28,187) (38,435) (114,839) (96,562) Grant funding for property and equipment 10,140 3,600 41,196 41,850 Free cash flow $(47,751) $(49,896) $(187,374) $(100,676) Q3_26 EARNINGS | 21
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Operating Metrics – Innovation Spend (1) Development program innovation spend represents program spend on designated innovation programs within the business that is n ecessary for fulfillment of performance obligations on revenue generating programs. Three Months Ended Nine Months Ended (dollars in thousands) September 30, 2026 September 30, 2025 September 30, 2026 September 30, 2025 Qualified research and development under section 174 $22,382 $44,080 $100,361 $110,337 Development program innovation spend(1) 21,394 5,277 50,578 16,779 Innovation spend 43,776 49,357 150,939 127,116 Less: Starlab Space Stations innovation spend 11,043 41,865 72,380 101,781 Innovation spend excluding Starlab Space Stations $32,733 $7,492 $78,559 $25,335 Innovation spend as a percentage of net sales 49.3% 124.7% 85.4% 106.1% Innovation spend excluding Starlab Space Stations as a percentage of net sales 36.9% 18.9% 44.5% 21.2% Q3_26 EARNINGS | 22