Voyager Therapeutics, Inc.

Good morning, ladies and gentlemen, and thank you for standing by. My name is Calvin, and I will be your conference operator today. At this time, I would like to welcome everyone to the Voyager Technologies Q2 2025 earnings call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, please press star one again. Thank you. I would now like to turn the call over to Adit Padwa, Senior Vice President of Corporate Development and Investor Relations. Please go ahead.

Thank you and good morning. Welcome to Voyager's second quarter 2025 earnings call. I'm joined today by Dylan Taylor, our Chairman and Chief Executive Officer, and Phil D'Souza, our Chief Financial Officer. Today's calls include forward-looking statements which involve risk and uncertainties detailed in our earnings material and SEC filing, including the risk factor section of our IPO prospectus. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures. Reconciliation of these measures is available in our earnings material on our website. I will now turn the call over to Dylan.

Thank you, Adi, and good morning, everyone. It's my pleasure to welcome you to our first earnings call as a public company. I am super excited to share how Voyager is executing on the platform we purpose-built to lead the next era of defense, national security, and space innovation. Voyager was founded with a clear mission to build an innovation and technology platform designed to both disrupt as well as anticipate the involving needs of the unique and mission-critical industries that we serve. Our success is supported by three strategic pillars, which we will cover on each earnings call going forward. First, a high growth in profitable segments. Secondly, a relentless commitment to leading with innovation. And third, the transformational opportunity of Starlab space stations. To be specific, Voyager is a high-growth platform expected to deliver an organic CAGR of over 25% with additional upside through disciplined and accretive M&A. We operate within a $179 billion addressable market, spanning missile defense, space-based systems, and advanced deterrent capabilities. Our robust pipeline of $3.6 billion in qualified opportunities underscores our ability to convert visible opportunities into long-term revenue and create meaningful shareholder return. We've built a company that can operate with the scale and discipline of a prime contractor, but with the agility and innovation engine of a high-growth technology company, where product development, IP creation, and a creative capital allocation are core to our business model. Over 18% of our revenue is invested in innovation in developing proprietary mission critical capabilities with much of that funded by our customers. We are also accelerating the deployment of our multi-use technologies. For example, to support Golden Dome missile defense systems, we leverage our technological capabilities from propulsion to optical sensors, navigation and controls, all of which enable us to capture new opportunities. Importantly, we operate with a commercial business model in markets traditionally dominated by government structures, enabling us to move with speed and efficiency. Whether it's smart missile defense systems and our propulsion technology or our software enabled signals intelligence, we're advancing scalable next generation solutions to directly address the growing needs of our customers. This foundation makes Voyager fundamentally different from traditional defense and space contractors. As a commercial platform, we are CapEx light IP focused and operationally efficient. Furthermore, we maintain a fortress balance sheet with $460 million in cash, $200 million in available credit and no debt, which is highly differentiated amongst our competitors. And additionally, we offer a once in a generation opportunity through our Starlab joint venture, where Voyager is the majority owner and lead developer of a commercial replacement to the International Space Station. Turning to slide four, as a reminder, Voyager operates across three compelling business segments, each aligned to high growth and markets and the evolving priorities of defense, national security, and space. Our defense and national security segment is our largest and fastest growing. We are a leader in controllable solid fuel propulsion and signals intelligence technologies driving the future of missile defense, threat detection, and advanced communications. Programs like Next Generation Interceptor, where our propulsion system recently passed critical design review, highlight our alignment with mission critical defense priorities, including Golden Dome, as I mentioned earlier. Our space solution segment has a strong track record of enabling and expanding the space domain by delivering innovative solutions for government and commercial missions. Furthermore, as demand grows, we will continue to develop advanced hardware and software systems that enable critical capabilities like communications, infrastructure, and mission management. And finally, Starlab Space Stations, perhaps one of the most compelling long-term growth opportunities in the commercial space market, We are the majority shareholder of the joint venture building the commercial successor to the ISS. To date, we've been awarded over $218 million by NASA. And to emphasize, Starlab is an infrastructure-like project with an upfront investment to develop the station, followed by massive multi-decade free cash flow streams. As indicated in our prospectus, once in orbit, we expect Starlab to generate over $4 billion in annual revenue and over $1.5 billion in free cash flow. Collectively, our segments provide shareholders unique access to growing mission-critical systems and programs and create multiple paths for long-term value creation. Turning to slide five, our first quarter as a public company marks another step forward in our company's trajectory, driven by advancing our strategic growth priorities and executing with discipline. We completed our IPO in June, raising more than $400 million in net proceeds and establishing a $200 million credit facility, providing us with a fortress balance sheet to further support our growth strategy. Now, on the second quarter results, I am extremely pleased to share that we have posted record quarterly revenue of $46 million, up 25% year over year, driven by 85% growth in our defense and national security segment. We continue to scale our platform through targeted acquisitions that enhance our technology stack and open new market opportunities. During the quarter, we acquired LeoCloud, an optical physics company. These businesses expand our vision for space-based cloud services and smart missile defense systems, strengthening our ability to pursue high-value contracts across our segments. These acquisitions reflect our disciplined approach to M&A, proprietorially sourced, relationship-driven, strategically aligned, and designed to create long-term accretive growth by enhancing core strategic capabilities. And on Starlab, we continued to make meaningful progress. In the second quarter alone, we achieved four key development milestones, resulting in $22.5 million in cash receipts from NASA. That brings us to 25 milestones completed to date, each one marking tangible progress towards building the commercial replacement for the ISS, that is scheduled to launch to orbit in 2029. Over the next two slides, we highlight two visible growth drivers for Voyager. First, our advanced throttle propulsion technology selected for next generation interceptor, also referred to as NGI. As mentioned, we recently completed critical design review for the second stage roll control system on NGI, a major technical milestone. This propulsion solution is the first of its kind enabling precise in-flight targeting and control. Completing CDR is a critical step towards delivering a flight-qualified, production-ready subsystem for NGI's fielding. NGI is the premier U.S. missile defense program, a multi-decade, billion-dollar-plus revenue opportunity for us, and a clear example of how Voyager is positioned to lead the next generation of missile defense. On slide seven, we highlight our accretive capital deployment strategy. During the quarter, we completed two acquisitions, and today we highlight optical physics company, OPC, a vertically integrated addition that strengthens our defense and national security segment with proprietary optical technologies. OPC extends our platform into critical subsystems used across missile defense and advanced surveillance applications. OPC Star Tracker systems enhance our optical navigation product suite, This positions Voyager to compete for higher value programs and increases the relevance of our broader platform. Our M&A strategy is focused on identifying high impact technologies, integrating them into our platform and driving accretive growth while deepening our alignment with customer needs. In summary, we are executing with focus and momentum supported by a platform purpose-built for this market. The opportunities ahead are significant and measurable. and I'm confident in our team, strategy, and technology to capitalize on them. And with that, I'll turn it over to Phil to walk through the financials in more detail.