Voyager Technologies, Inc. Class A

Good morning and welcome to the Voyager Technologies third quarter 2025 earnings conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please raise your hand. If you have dialed into today's call, please press star 9 to raise your hand and star 6 to unmute. I would now like to turn the call over to Adi Padva, Senior Vice President, Corporate Development and Investor Relations. Please proceed.

Thank you and good morning, everyone. Welcome to Voyager third 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 filings, including the risk factor section of our IPO prospectus. We undertake no obligation to update these statements, We will also discuss non-GAAP financial measure. Reconsideration 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. I'm pleased to kick off Voyager's third quarter earnings call, recapping a very successful quarter. Our third quarter results reflect continued strength in our core business and acceleration of our innovation roadmap, strategic expansion of our technology stack through targeted acquisitions, and steady advancement of Starlab milestones. This translated into strong revenue growth, solid earnings performance, and robust growth and backlog. Building on this momentum and despite the impact of the government shutdown, we expect our revenue for the full year to be at the upper end of the previously communicated range, which we'll talk through in more detail later in the call. We built Voyager to lead the next era of defense, national security, and space innovation, and we continue to execute on this vision. Missile defense modernization is front and center. The Golden Dome Initiative and Space Force budget expansion are driving demand for advanced tracking and interceptor systems. Voyager's next generation interceptor, known as NGI, propulsion and intelligence, Surveillance and reconnaissance, known as ISR, capabilities are directly aligned with these national priorities, and we've actively engaged across key programs supporting the next generation of missile defense architecture. At the same time, the space industry is ongoing a structural transformation, launch costs are falling, satellite architectures are shifting to LEO constellations, and both public and private priorities are accelerating investment. This is unlocking new opportunities for agile, vertically integrated players like Voyager. We're also seeing the commercialization of space infrastructure take hold. Voyager's leadership in developing Starlab, a commercial successor to the ISS, and a generational investment opportunity positions us at the forefront of the evolution of space infrastructure, research platforms, and national security. We are designed to scale, adapt, and win these attractive and growing markets that demand speed, innovation, and mission critical capabilities. From propulsion and signal intelligence to secure communications and orbital infrastructure, we are executing with precision and accelerating momentum. Voyager's success is anchored in three strategic pillars. First, high growth and profitable and growing national security and defense segments. Second, a relentless commitment to leading with innovation. And third, the transformational opportunity of Starlab space stations. Voyager is a high growth platform expected to deliver an organic CAGR of over 25% with additional upside through disciplined and accretive M&A that presents additional opportunities for growth. 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 generate meaningful returns for shareholders. We 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 revenue is invested in innovation and developing proprietary mission critical capabilities with much of that funded by 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 $413 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 shareholder and lead developer. Turning to slide four. For the third quarter, total revenue was up 15% when adjusting for planned wind down of the NASA services contract within the space solution segment. Defense and national security revenue increased very significantly at 31% year over year, driven by continued execution on key propulsion and sensing programs. As a reminder, in Q2, we completed critical design review for our NGI second stage role control system a major technical milestone that positions Voyager to deliver a flight-qualified subsystem for one of the most strategic missile defense programs in the US portfolio. Golden Dome is emerging as an exciting new opportunity. Voyager is actively engaged across multiple mission threads with the Golden Dome architecture, with opportunities spanning the space layer, propulsion, guidance and navigation, sensors, communications, and mission-critical electronics. We have submitted multiple Golden Dome-related proposals in partnership with several major primes and neoprimes, further strengthening our position as a trusted technology partner across the defense and space industry. The defense and national security segment remains our largest and fastest-growing, supported by multiyear visibility and expanding demand across missile defense and advanced surveillance. We've remained very active in pursuing strategic M&A opportunities. During the quarter, we acquired BridgeCom's optical communications technology, fast-tracking our ability to deliver secure high-speed connectivity for defense and commercial customers. The deal shortens development timelines and strengthens our position in the rapidly growing market for advanced communications. For defense, it supports DOD missions with resilient, low latency links in contested environments. For commercial use, it boosts data capacity for global networks like aircraft to satellite connections. This acquisition expands our tech stack and reinforces Voyager's leadership in next generation space and defense communications. During the quarter, we also made a minority investment in an AI platform, Latent AI, which specializes in optimizing AI for contested and constrained environments. By embedding advanced models directly at the edge, they enable faster targeting, sharper situational awareness and resiliency, real-time decision-making, and these capabilities are mission critical in environments where every second counts and traditional cloud-based AI is impractical. This investment underscores Voyager's commitment to staying at the forefront of innovation bringing the decisive advantage of edge AI to missions where outcome depends on speed, precision, and resilience. I will discuss our additional acquisitions of EMSI and recently of ExoTerra in more detail on the next slide. Lastly, Starlab continues to advance as a transformational growth engine. We completed two additional development milestones during the quarter, resulting in $4 million in milestone-based cash receipts from NASA. To date, we've completed 27 milestones under our $218 million funded Space Act agreement, marking steady progress towards launching the commercial successor to the ISS. This quarter, Starlab selected Vivace Corporation to manufacture the primary structure for its next generation commercial space station. We are excited about this important development in partnership with Vivace, a company with advanced aerospace engineering expertise, high technology readiness level or trl deep capabilities and world-class facilities the aluminum-based structure will be one of the largest single spaceflight structures ever developed for launch and will be built at babachi's engineering and manufacturing center located within nasa's assembly facility in louisiana as the majority owner and lead developer of starlab Voyager is building a scalable, multi-decade infrastructure platform with significant recurring revenue potential. Once operational, we expect Starlab to generate over $4 billion in annual revenue and more than $1.5 billion in free cash flow, anchored by long-term demand from government, commercial, and international customers. This program not only reinforces our leadership in commercial space infrastructure, but also complements our broader platform strategy leveraging shared technologies across propulsion, sensing, and mission systems to drive innovation and value creation. Turning to slide five and focusing on our M&A engine. We continue to execute against our strategic growth priorities, combining organic momentum with disciplined capital deployment. Our M&A strategy is focused on acquiring high impact technologies that diversify and deepen our platform, solidifying our role as a key enabler in defense and space innovation. Recent acquisitions underscore our strategic focus, enhancing capabilities in radar-based analytics, electric propulsion, and vertically integrated subsystems. During the quarter, we completed the acquisition of Electromagnetic Systems, known as EMSI, a radar AI software company serving high priority U.S. defense and intelligence missions. EMSI specializes in synthetic aperture radar exploitation using proprietary AI machine learning models and synthetic training data pipelines. With prime positions on NGA's LUNO program and DARPA's Midnight Earthquake Initiative, EMSI brings differentiated IP, a cleared technical team, and a commercial SAS model with strong margin potential. Following the quarter, we close on the acquisition of ExoTerra, a market-leading manufacturer of electric propulsion systems for advanced satellites. Their turnkey propulsion modules, Hall effect thrusters, and domestic manufacturing capabilities align with our roadmap across LEO, GEO, and CIS lunar missions. ExoTerra expands our ability to deliver integrated propulsion solutions and supports our strategic shift towards hardware-enabled space infrastructure. Together, these acquisitions reinforce Voyager's differentiated strategy and strengthen our vertical technology stack, bringing together propulsion sensing and software into a unified platform. They enhance our ability to compete for higher value programs, accelerate the innovation curve, and expand our relevance. Most importantly, they support our long-term growth strategy by deepening alignment with national security priorities, unlocking new market opportunities, and creating durable accretive value for shareholders. And with that, I will turn it over to Phil to walk through the financials in more detail. Phil, over to you.