Voyager Technologies, Inc. Class A

Ladies and gentlemen, this is the operator. Today's conference is scheduled to begin momentarily. Until that time, your lines again will be placed on a music hold. Thank you for your patience. Welcome to the Voyager Technologies First Quarter 2026 Financial Results Conference Call. At this time, all participants have been placed in a listen-only mode and the floor will be open for your questions following the presentation. If you would like to ask a question at that time, please press star 1 on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star 1. Though others can hear your questions clearly, we ask that you pick up your handset for best sound quality. Lastly, if you should require operator assistance, please press star zero. I would now like to turn the call over to your first speaker today, Adi Padva, Senior Vice President, Corporate Development and Investor Relations. Mr. Padva, the floor is yours.

Thank you and good morning, everyone. I am joined today by Dylan Taylor, our Chairman and Chief Executive Officer, and Phil D'Souza, our Chief Financial Officer. Today's call includes four looking statements which involve risk and uncertainties detailed in our earnings materials and SEC filings, including in the risk factor section of our annual report on Form 10-K. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures, A reconciliation of these measures is available on our earnings materials on our website. I will now turn the call over to Dylan to begin with slide three.

Thank you, Adi, and good morning, everyone. Voyager had an outstanding first quarter with record backlog, a book-to-bill ratio of 1.3, and significant traction on new contracts, including Golden Dome. First quarter bookings of $45 million drove our backlog to a new record of 275 million, up 54% year over year. The backlog growth reflects broad-based demand and multiple awards across the Golden Dome architecture, additional work on Next Generation Interceptor, and as importantly, we were awarded a contract with Raytheon to develop advanced technologies for their standard missile interceptor program, a major win for us. Further, Booking's momentum continues into the early part of the second quarter, reinforcing our confidence in near-term revenue conversion, and consequently, we are increasing our 2026 revenue guidance to 230 to 255 million, a significant acceleration relative to last year. Voyager's high-growth platform is built to scale alongside customer demand in the most critical defense, national security, and space programs. Our ability to deploy differentiated capabilities across complex architectures, whether as a prime or a key technology partner, strongly positions us to participate across multiple programs as they move from development into production. That positioning is reflected in our first quarter performance, including strong bookings, record backlog, and improving visibility into the revenue conversion, which underpins our confidence in raising our full-year guidance. With that context, let me turn to slide four and walk through how we are scaling capacity and infrastructure to support execution as demand accelerates. As our demand scales, execution depends on capacity. And in line with our guidance last quarter, we have continued to invest in the infrastructure and production capability required to deliver at speed and at scale. In January, we broke ground on a major expansion of the Voyager American Defense Complex in Southern Colorado. The facility is designed for high-volume manufacturing, operations, and testing, supporting the production of advanced military-grade components, propulsion systems, including our proprietary controllable technology, and energetics. In March, we extended our capacity build-out of advanced electronics, mission hardware, and software with the launch of our Space Beach facility in Long Beach, California. This facility is strategically located next to our customers and expands our ability to deliver integrated, mission-critical solutions across national security, civil, and commercial space programs, while at the same time improving throughput and delivering timing as programs transition into higher-rate production enabling the conversion of backlog into revenue. Turning to slide five, innovation remains central to our strategy, and our investments are focused on differentiated technologies that address real operational needs and can scale across multiple markets. In the first quarter, internally funded R&D, or IRAD, was 17% of revenue, with total innovation spend of 48%, excluding Starlab. This record level of innovation spend this year reflects the strategic shaping of next-generation space and defense capabilities. Our R&D priorities are focused on, first, advanced mission-critical electronics and communications that form the backbone of constellations and space-borne cloud applications. Second, new capabilities for Golden Dome. Third, enabling next generation space domain maneuverability for commercial and defense markets. And lastly, our investment in AI is going to significantly accelerate manufacturing across the Voyager technology portfolio, materially shortening go to market and delivery timelines for our customers. At the same time, we're continuing to build an ecosystem that accelerates the path for microgravity research to commercialization. Through our Voyager Institute for Space Technology and Advancement, or VISTA Science Park, as well as the collaboration with NASA's Glenn Research Center, we announced strategic partnerships with Yonsei University in South Korea and Obuda University in Hungary. VISTA is the first of its kind U.S. science park dedicated to in-space research, manufacturing, and services located on the campus of the Ohio State University. This unites aerospace companies, fast-moving startups, leading academic institutions, and government agencies in a dynamic platform-agnostic ecosystem built to accelerate discovery, collaboration, and commercialization of space. Our strong commitment to innovation positions Voyager to not only develop differentiated technologies, but to scale and deploy them into a mission-ready application. This approach is central to our strategy and underpins long-term growth opportunities. Among these long-term opportunities is our alignment with NASA's priorities in LEO and lunar as presented recently during NASA's ignition event, which I'll review on slide six. Our confidence in Starlab as a transformational growth opportunity continues to be reinforced by our progress. including the successful completion of the commercial critical design review with NASA at the end of last year, a key milestone as the program advances into full system procurement and integration. This milestone further de-risks the program and reinforces our confidence in Star Labs' readiness to support commercially-led operations in low-Earth orbit. During the first quarter, Starlab achieved four additional milestones and received $24 million in cash payments from NASA. We recently provided feedback to NASA's request for information after the ignition event, and we remain confident we can deliver a strong and economic solution to NASA and other customers. In parallel, we're advancing our lunar strategy in alignment with NASA and broader national priorities. Through our investment in MaxSpace, we are positioning Voyager to play a meaningful role in enabling sustained lunar operations and habitation. Our focus is on delivering foundational infrastructure and scalable space systems where we see strong alignment with long-term funding priorities and mission demand. Since quarter end, we announced an important milestone that further underscores our momentum as a commercial space mission provider. Voyager was selected by NASA for the seventh private astronaut mission to the International Space Station, targeted for no earlier than 2028. This award builds on decades of operational heritage with NASA and reflects confidence in Voyager's ability to execute complex, crewed missions safely and reliably. We named the mission Voyage 1 for its historic significance. Importantly, the mission serves as a bridge between current ISS operations, and the next generation of commercial space stations, including Starlab. It will be used to advance and validate microgravity-based innovation, crew operations, and integrated architectures that are directly relevant to the future commercial and lunar missions, reinforcing Voyager's role at the center of the transition to a commercially-led low-Earth orbit ecosystem. Looking ahead, our strategic priorities remain consistent, accelerate growth, build capacity and infrastructure to deliberate scale, invest deliberately in innovation aligned with our customer needs, and advance Starlab and our lunar initiatives as the next generation of space infrastructure. In summary, we are off to a fantastic start, executing well and progressing on all of our strategic initiatives. We are raising our full-year revenue guidance to 230 to 255 million, representing 38% to 53% year-over-year growth, a significant acceleration relative to the growth last year. With that, I will turn the call over to Phil to walk through the financials in more detail.