Voyager Technologies, Inc. Class A

Welcome to the Voyager Technologies second quarter 2026 financial results conference call. At this time, all participants have been placed on 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 again. So 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, Phil de Sousa, Voyager's Chief Financial Officer. Mr. de Sousa, the floor is yours.

Thank you and good morning, everyone. I'm joined today by Dylan Taylor, Chairman and Chief Executive Officer. Today's call includes forward-looking statements which involve risks and uncertainties detailed in our earnings materials and SEC filings, including the risk factors 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 in our earnings materials on our website. I'll now turn the call over to Dylan to begin with slide three.

Thank you, Phil, and good morning, everyone. Our record second quarter results further validate what we've been discussing with investors over the past year. That demand across defense modernization, national security, and the rapidly expanding space economy continues to accelerate. And Voyager is increasingly converting that demand into measurable growth. This quarter was a decisive milestone. We delivered record revenue, record bookings, and enter the second half with record backlog. We recently completed the acquisition of Astrobotic and are today raising our full year revenue guidance. Collectively, these achievements demonstrate the strength of our strategy, the quality of our execution and increasing relevance of our technologies across some of the world's highest priority growth markets. Revenue reached a record $53 million. increasing 51% sequentially as programs continued that transition from development into production. Just as importantly, bookings accelerated to a record $113 million, driving backlog to a record $336 million and providing increased visibility into both the remainder of 2026 and 2027. Perhaps the most significant takeaway is that demand continues to build faster than what we're converting into revenue. As bookings consistently outpace revenue, backlog continues to expand reinforcing our confidence that today's growth is supported by durable customer demand rather than quarterly timing. The acquisition of Astrobotic significantly expands our participation across the lunar economy and provides another example of our disciplined approach to capital allocation. Combined with our existing capabilities, Astrobotic further strengthens Voyager's leadership position across the future of the space infrastructure market. Taken together, continued execution, accelerating demand, strategic capital deployment and increased revenue visibility, we are confident in raising our full-year 2026 revenue guidance to $275 million to $305 million representing growth of approximately 66% to 84% over last year. Turning to slide four, the wide breadth of our bookings this quarter demonstrates that demand continues expanding across our platform rather than being driven by a single customer or a single program. During the quarter, we secured $113 million in new awards Spanning propulsion, advanced electronics, autonomous mission systems, AI-enabled technologies, and commercial space infrastructure. This broad-based demand reinforces our confidence that the markets we serve continue to strengthen and provide significant long-term growth potential. Golden Dome-related awards totaled $84 million and spanned across multiple customers, multiple programs of record, and several distinct technology platforms. We view Golden Dome as much more than a single procurement opportunity. It represents a multi-year modernization initiative, spanning sensing, communications, propulsion, autonomous mission systems and resilient space infrastructure. All areas where Voyager already delivers differentiated technologies. As this architecture continues to develop, We believe Voyager is exceptionally well positioned to participate across numerous layers of this critical missile defense architecture. We also secured a multi-million dollar award to deliver an agentic AI spectrum operations platform supporting autonomous mission systems for an undisclosed customer. This reflects increasing customer demand for AI-enabled decision advantage and highlights our growing position within Next Generation Defense Technologies. Finally, we continued expanding our commercial space leadership through additional mission management awards, including ExoBiosphere. While relatively limited today by the operating capacity of the International Space Station, opportunities like these reinforce our confidence that commercial space infrastructure will become an increasingly important growth driver over the coming decade.

Turning to slide five.

Following quarter end, we completed the acquisition of Astrobotic, an important milestone in executing our long-term growth strategy. We believe the next generation of the space economy will increasingly be defined by permanent infrastructure rather than individual missions. The moon represents one of the most compelling long-term infrastructure opportunities within that broader trend. and Astrobotic significantly expands Voyager's contributions across that ecosystem. Astrobotic brings highly differentiated capabilities across lunar delivery, surface mobility, infrastructure, autonomous systems, reusable launch technologies, and advanced robotics. Combined with Voyager's existing strengths in communications, computing, propulsion, mission systems, and Space Infrastructure, we now participate across substantially more of the lunar value chain and technology stack, clearly differentiating us from other lunar competitors. Beyond the strategic fit, Astrobata contributes an experienced team, a strong intellectual property portfolio, deep customer relationships, and a proven position supporting both government and commercial customers. Turning to slide six, what makes this acquisition particularly compelling is that it combines exceptional strategic alignment with attractive financial characteristics. Astrobotic strengthens Voyager's leadership across one of the fastest growing areas of the future space economy while expanding our addressable market and increasing our participation across critical lunar infrastructure. Operationally, there is very little overlap between the businesses creating substantial opportunities for revenue synergies as we combine complementary technologies across existing customer relationships. Financially, Astrobotic strengthens our long-term growth profile and is expected to become accretive to revenue growth, EBITDA, earnings per share, and cash generation over time. Turning to slide seven, looking briefly at the transaction structure, We acquired Astrobotic for a total potential enterprise value of approximately $300 million, including approximately $171 million of upfront cash and equity consideration, with additional performance-based earn-out opportunities aligned with future growth. More importantly, this transaction significantly enhances Voyager's long-term financial profile. We expect Astrobotic to contribute approximately $40 to $50 million of revenue to Voyager in 2026. When combined with Voyager's existing organic growth opportunities, increasing operating leverage, and meaningful revenue synergies, we believe the acquisition accelerates our pathway towards profitability while strengthening our competitive position across the rapidly expanding space economy. With that, I'll turn the call over to Phil.

Thanks, Dylan.

So turning to slide eight, the second quarter represented an important operational inflection point for Voyager. After several years of investing in technology development, manufacturing capacity, and customer programs, we're beginning to see those investments translate into accelerating financial performance. Revenue reached a record $53 million, increasing 51% sequentially and 15% year over year as multiple development programs transitioned into production, and backlogs increasingly converted into revenue. Equally important, demand continued to strengthen across the business. Bookings reached a record $113 million, resulting in a 2.1 times book-to-bill ratio and increasing backlog to a record $336 million. Gross profit improved sequentially as higher production volumes began absorbing fixed manufacturing and overhead costs. While margins remained below our long-term targets, The quarter represents yet another step along the path toward improving operating leverage as production and volumes continue to scale. Adjusted EBITDA was a loss of $38 million, modestly ahead of our internal expectations despite continued investment across engineering, internally funded R&D, and production capacity. Importantly, these investments are intentional. We continue allocating capital toward differentiated technologies manufacturing capacity, and future growth opportunities because we believe today's demand environment supports significant long-term value creation. Turn to slide nine. We believe bookings and backlog continue to represent one of the strongest indicators of Voyager's future growth trajectory. Record quarterly bookings of $113 million were driven by broad-based demand. Importantly, the quality of our bookings remains exceptionally strong. Our awards continue to be diversified across multiple customers, agencies, programs of record, contract vehicles, and technology platforms. As bookings continue outpacing revenue conversion, backlog increased to a record $336 million, providing increasing visibility into both 2026 and 2027 while reinforcing our confidence in our long-term growth outlook. The key takeaway here is that trajectory of both bookings and backlog continues to accelerate. Over the past several quarters, we have seen demand build across the portfolio. We believe this reflects increasing customer adoption, expanding program participation, and growing demand across our core offerings. Turning to slide 10, I'll provide some additional insight to our defense and space segment. This segment continues to demonstrate the strength of Voyager's operating model with investments made over the past several years increasingly translating into improved operating and financial performance. The second quarter marked an important milestone for this business. We generated record bookings representing growth of more than 205% year over year. This drives company backlog to a new record of $336 million. Demand continues to expand across several of our high priority technology areas. including advanced propulsion technology and mission electronics, classified autonomous and agentic AI capabilities, Golden Zone-related programs, and of course, continued expansion with our existing customers. These opportunities are supported by long-term secular trends including defense modernization, missile defense, resilient space architectures, AI-enabled mission systems, and of course, the increasing national security investments. We believe this diversity reinforces that the demand environment is structural rather than program-specific and provides increasing confidence in the durability of our long-term growth outlook. During the quarter, segment revenue increased 15% year-over-year, more than 51% sequentially, reflecting improved execution, higher production volumes, and stronger backlog conversion across multiple programs. While we continue investing aggressively for future growth, We are beginning to realize the benefits of increasing scale. During the quarter, we continue to invest in engineering talent. Internally funded research and development, advanced manufacturing capabilities, automation and production infrastructure support the significant demand opportunities we see ahead. As we've discussed previously, 2026 remains an investment year as we continue to scale our capabilities to meet growing customer demand. While these investments create near-term pressure on profitability, we continue to expect meaningful operating leverage over time as production volumes increase, manufacturing utilization improves, and revenue growth increasingly outpaces our investment spending. We believe this operating leverage is already beginning to emerge. Adjusted EBITDA continues to reflect our strategic investments while demonstrating early improvements in fixed cost absorption as production activity accelerates. This progression remains consistent with our long-term financial framework and reinforces our confidence in the pathway towards expanding operating margins and profitability. Stepping back, we believe this quarter illustrates the strength of Voyager's strategy. The investments we've made in differentiated technologies, advanced manufacturing, and strategic capabilities are increasingly translating into operating performance, while the markets we serve continue to expand. Combined with record backlog, Accelerating Production Activity, and a Robust Opportunities Pipeline, we believe the Defense and Space segment is exceptionally well positioned to deliver sustained organic growth and increase profitability over the coming years. Turning to slide 11, I'll now discuss Star Labs. Star Labs continues to execute well during the quarter, achieving important technical and program milestones while further strengthening the commercial foundation of the program. A key milestone worth highlighting is that Starlab has now secured over $500 million of signed commercial reservations, demonstrating strong market demand and continued commercial momentum. This demonstrates that Starlab has progressed well beyond a development concept and is already attracting meaningful government and commercial commitments. Operationally, we've achieved additional maps and milestones during the quarter and received $4 million of milestone funding bringing our cumulative milestone receipts to approximately $211 million, or nearly all of the $218 million expected under the current phase of our funded Space Act agreement. As anticipated, milestone funding naturally moderates as we complete this phase of development and transition toward the next phase of the program. Notably, we view this as a progression of the program, not a slowdown, as focus shifts from phase one development to next stage of commercialization. Following quarter-end, NASA released the draft Commercial LEO Destination Phase II RFP, marking another milestone in the evolution of commercial lower-orbit markets. We believe this represents the transition from early development towards competitive commercial procurement and further reinforces NASA's long-term commitment to establishing a commercially-led successor to the International Space Station. While NASA continues to refine the timing and structure of the Phase II procurement process, our long-term outlook for startup remains unchanged, and we continue to believe the program is exceptionally well-positioned within NASA's commercial legal strategy. From a financial perspective, we continue to take a disciplined approach, facing investments alongside technical progress, customer demand, and procurement activity. This disciplined capital allocation remains a core differentiator as we balance near-term financial performance with long-term shareholder value creation. Stepping back, we continue to view Starlab as one of Voyager's most strategic long-term assets. Together with our recent acquisition of Astrobotic, Voyager is building a differentiated position across the emerging space infrastructure ecosystem. From the sense technologies and mission systems today to the commercial infrastructure that will enable sustained human and commercial activity in low-Earth orbit, cislunar space, the moon, and of course and beyond. Looking ahead, we remain focused on executing against the upcoming NASA procurement process and continue to believe Starlab is well positioned to become a foundational commercial infrastructure platform supporting the next generation of the space economy. Turning to slide 12, I'll cover our financial position and capital allocation strategy. So we ended the quarter with $429 million of cash and cash equivalents. Approximately $212 million of available borrowing capacity and total liquidity of approximately $641 million. Subsequent to the quarter end, we further strengthened our financial flexibility by expanding our credit facility by an additional $50 million, increasing our available liquidity to support future growth opportunities. We believe our balance sheet remains one of Voyager's most important strategic advantages. It provides the financial flexibility to execute our long-term growth strategy while maintaining a disciplined and balanced approach to capital allocation. Throughout today's call, we've discussed accelerated demand, improved execution, and disciplined capital deployment. Our financial position enables all three. It allows us to continue investing behind growing customer demand today while simultaneously building the capabilities that will support the next phase of Voyager's growth. As I have covered previously, we maintain a disciplined capital allocation strategy. Our first priority remains investing organically in the business, allocating capital toward differentiated technologies, internally funded research and development, and of course, advancing our manufacturing capabilities, automation, and production capacity as we extend. These investments are directly aligned with growing customer demand across defense modernization, national security, and the expanding space economy. We believe they will continue to strengthen our competitive position while supporting long-term margin expansion. We are equally disciplined in evaluating strategic acquisitions that expand our technology portfolio, broaden our addressable markets, deepen customer relationships and accelerate our long-term financial objectives. The recent acquisition of Astrobotic is a strong example of this strategy in action. It expands Voyager's participation across the emerging lunar infrastructure economy while creating opportunities for meaningful revenue synergies, operating leverage, and long-term value creation. Importantly, every capital allocation decision is evaluated through the lens of long-term shareholder returns. Whether we're investing organically, expanding production capacity, funding innovation, or pursuing acquisitions, our objective remains the same. Deploying capital where we believe it will generate the highest long-term returns while strengthening Voyager's strategic positioning. We will continue to balance organic growth investment, discipline strategic M&A, and maintain financial flexibility with every investment expected to enhance our long-term growth profile and support increasing returns on invested capital over time. Looking ahead, We remain confident that our current liquidity provides ample capacity to execute our strategy. It allows us to support increasing production requirements, continue to invest in differentiated technologies, pursue attractive strategic opportunities as they arise, and maintain the flexibility to navigate an evolving market environment. Stepping back, we believe the strength of Voyager's balance sheet is about much more than liquidity. It is a strategic asset that enables us to invest through market cycles, respond quickly to customer demand, accelerate innovation, and selectively deploy capital and opportunities that enhance our technology leadership and long-term earnings balance. Turning to slide 13, I'll conclude with our outlook for the remainder of 2026. Based on our strong first half execution, accelerating backlog conversion, continued customer demand, and the contribution from Astrobotic following the July acquisition, we are raising our full year revenue guidance to a range of $275 million to $305 million, representing growth of 66% to 84% year over year. This increase reflects more than a strong quarter. It reflects our growing confidence in the trajectory of the business. We continue to see increasing demand across defense modernization, national security, and Commercial Space Markets, with record backlog providing greater visibility and continued operational execution as programs continue to transition from development into production. As we discussed earlier, Astrobotic is expected to contribute approximately $40 to $50 million of revenue during the remainder of 2026. Looking at the balance of the year, we continue to expect revenue to accelerate through the second half. with approximately 40% of second half revenue generated in the third quarter and 60% in the fourth quarter. This reflects the timing of program execution, increasing production activity, continued backlog conversion, and remains consistent with our expectations entering the year. As second half production volumes continue to scale, manufacturing utilization improves, and fixed costs are absorbed across a larger revenue base We expect meaningful sequential improvement in gross margin. While 2026 remains an investment year, we believe we are beginning to see the early benefits of operating leverage that support our long-term margin objectives. Consistent with our strategy, we expect internally funded research and development to increase to approximately 20% on a full-year revenue basis. reflecting continued investment in differentiated technologies that strengthen our competitive position across propulsion, advanced electronics, autonomous systems, AI-enabled mission capabilities, supporting Golden Dome, and next-generation space infrastructure. Capital expenditures excluding Starland are expected to be approximately $70 to $80 million as we continue expanding manufacturing capacity, automation, advanced production capabilities, and infrastructure to support expected long-term demand. Within Starlab, program activities continue to be aligned with NASA's evolving commercial LEO development program schedule. While development timing continues to evolve, our long-term outlook for Starlab remains unchanged, and we continue to believe the program represents a highly differentiated commercial infrastructure opportunity. So stepping back once again, we believe today's guidance reflects the continued execution of the strategy we've outlined since becoming a public company. We are converting record demand into accelerating revenue growth, investing to expand our technology leadership and production capabilities, deploying capital in a disciplined manner and strengthening our competitive position across defense technology, national security, and the expanding space economy. While we remain focused on disciplined execution and recognize the timing of customer awards and program execution to influence quarterly results, the underlying demand environment has continued to strengthen. Combined with our record backlog, strong balance sheet, differentiated technology portfolio, and expanded capabilities following the astrobotic acquisition, we believe Voyager is exceptionally well positioned to deliver sustained growth, expanding profitability, and long-term shareholder value. With that, I'll turn the call back over to Dylan.

Thank you, Phil. Before we wrap up, I'd like to mention that we plan to host our 2026 Investor Day on December 3rd in Pittsburgh. We look forward to welcoming investors and providing additional details closer to the event. Before we open the line for questions, I'd like to leave you with a few closing thoughts. The second quarter represents another critical milestone in Voyager's evolution as a public company. We delivered record revenue, record bookings, record backlog, and completed the acquisition of Astrobotic and increased our full-year revenue guidance. We believe these results validate our strategy, that it's working, and that we're systematically converting growing market demand into accelerating financial performance. Throughout today's call, we've discussed the powerful trends shaping our business. Defense modernization continues to accelerate. National Security Priorities continue to expand and the commercial space economy continues to mature. These are not short-term market dynamics. We believe they represent long-term structural growth opportunities that will continue to drive growth potential for years to come. We believe Voyager occupies a differentiated position at the convergence of these markets. Our portfolio of mission-critical technologies Combined with our growing manufacturing capabilities, disciplined innovation strategy, and expanding space infrastructure platform positions us to participate across some of the highest priority programs supporting the future of defense in space. Just as importantly, we continue executing with discipline. We're converting backlog into revenue, investing capital to expand capacity and technology leadership, and we're allocating capital strategically, integrating acquisitions to strengthen our platform while enhancing our long-term growth profile. Record backlog, a huge opportunity pipeline, a strong balance sheet and the successful integration of Astrobotic provides us with a solid foundation to continue building long-term value for our customers, employees and shareholders. We remain focused on disciplined execution Thank you.

We will now begin the question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad to raise your hand and join the queue. And if you would like to withdraw your question, again, press star 1. Your first question comes from the line of Sheila Kaheglu with Jefferies. Please go ahead.

Good morning, guys, and thank you so much for the time. Maybe I'll just start off on the 2026 guidance range. It looks like it's all astrobotic contribution, but the core business is doing really well. You know, record bookings up 2x essentially from where you've been. Can you maybe talk about the puts and takes of how we should think about the second half and how you're thinking about the pacing items to unlock any pull forward of the backlog recognition and where you see potential upside? Thank you.

Sheila, thanks for the question. Appreciate it very much. I'm going to let Phil handle that one.

Go ahead, Phil. Good morning, Sheila. How are you? Look, from a guidance perspective, the best way to think about it, Astrobotics specifically, we've included a range of $40 to $50 million post-acquisition. So think $45 million at the midpoint there. So by definition, that means certainly our business, our core business is also contributing to the increase in our guidance. And just that reflects really the first half performance. Tremendous job by Matt Magana and the team across all of our businesses. delivering on execution even slightly better than we expected here in the second quarter. And as a result, that's why we've got the confidence to raise guidance for the full year. From a visibility perspective, you can see our backlog build sequentially pretty significantly from the first quarter to the second quarter. That provides us tremendous visibility and confidence in delivering the second half ramp that you guys will all pencil out. And from an upside perspective, I would just say certainly there is that, but like all things Voyager, we've taken it pretty down the middle of the fairway each of the last few quarters. We'll continue to provide you guys transparency and updates to those things as we progress forward, but certainly there's upside potential there as well.

Your next question comes from the line of Miles Walton with Wolf Research. Please go ahead.

Thanks. I was wondering if you could talk about the astrobotic annualized revenue, 60, 70 million in fiscal 26, but 40, 50 in the back half of the year. Should we use that back half of the year as the run rate into 27? And then also, if you can fold into that the big award for the lunar payload of about 300 million, how should that fold into both the revenue as well as the third quarter bookings? Thanks.

Miles, thanks for that.

I'm going to ask Phil to give you some additional specifics. But as you know, we just closed on the acquisition about two and a half weeks ago. So the 2027 outlook we're still working through, and that'll be dependent on the mission timing as well. But as you correctly pointed out, we had very significant CLPS wins with NASA just as we were closing that transaction. So we're super optimistic about the business and the growth prospects there. But in terms of the exact timing for next year and beyond, we're still working through the details of that. I think we'll have a lot more to say on that at Investor Day on December 3rd, because that'll not only give us a very clear outlook for 27 for Astrobotic, but of course for Voyager as a whole. So over to Phil.

Yeah, and Miles, maybe I'll just add some incremental color there. When we talked about on a full year basis, that $60, $70 million, obviously you guys can see that there is a second half ramp. Particularly this year for Astrobotic. That's tied specifically with the Griffin mission that we're very excited for coming up later this year, early next year. And so a lot of the revenue is in that backlog coming into the year. And just a point of emphasis, too, as a reminder to everybody, when you look at our ending backlog here in the second quarter, record backlog, there's absolutely zero dollars in there associated with Astrobotic. So we'll provide more color as we kind of progress here through the quarter. Obviously anticipate backlog, not just at the end of the third quarter, but the end of the fourth quarter will be substantially higher than where it is even here today. As you noted, we got nearly a $300 million award, or two awards really, for NASA for Eclipse missions. As we work through those details, to Dylan's point earlier, and another shameless plug for December 3rd, please everybody circle that date. We look forward to seeing you all in Pittsburgh. We provide ample visibility to not just how those specific missions play themselves out over the course of 27 and years ahead, but more importantly, also our full year visibility into Voyager because we're excited about how the core business is actually accelerating here in the second half of the year. And we anticipate not just from a bookings perspective, you guys will be pretty impressed with the numbers we put up over the second half, giving us a lot of momentum as we had in 2027.

Thank you.

Your next question comes from the line of John Godwin with Citi. Please go ahead.

Hey, guys. Thanks for taking my question. Obviously, the astrobotic deal is a very interesting deal. But, Dylan, I was hoping to just plug into your broader views on strategic M&A. I feel like you've always been unusually plugged into the landscape. So maybe you can just kind of talk about M&A from here, what you've learned with prior deals, as well as the business and vision you have, you know, over the next few years and how M&A plays into that.

Very thoughtful question, John. I really appreciate the thought behind that. Yeah, we're very optimistic about what we see in the M&A landscape in our pipeline. and specifically what's happening in the industry. I think increasingly companies understand that they need to be part of a larger platform to be successful long-term, especially for larger infrastructure projects that are being bid out, whether it's on the DOW side or the NASA side. So I think here, John, as you're I think alluding to a bit, relationships really matter and the trust and the reputation in the market I think goes a long way. in terms of not only creating opportunities for M&A, but also convincing those M&A opportunities that your company's the right home for their technology and for their people. So I think I really am encouraged by what we see. Now, that being said, we're building to a specific strategy here. It's not an opportunistic one. It is a strategic one. So for example, within the lunar tech stack, we've talked in the past about how important it is to really have the integrated approach for lunar. So, for example, not only the lander, but mobility on the moon, habitation, power, propulsion, all the different things that you need to live and work on the moon and survive the night, in quotes. Those are all important technologies that are part of our strategic technology stack that we're either investing in from an IRAP perspective or targeting from an M&A perspective. So we're super excited about that. Similarly on propulsion, as you've seen over the last six to nine months with, in particular, the ExoTerra acquisition, but also the investments we're making into the Pueblo American Defense Complex as it relates to scaling our propulsion technology and the success we've had on Golden Dome. We're really completing that technology stack from an integrated propulsion standpoint, including energetics. and we're really getting multiplier effects, not only technologically, but with the customer seeing us increasingly solving larger mission critical solutions for them. And then this final point I'll make, you know, we had a big win. I think it was understated, frankly, and people don't fully understand it on the agentic AI initiative for an undisclosed customer. That initiative has been led internally by our co-founder, Matt Kuta, who is, rapidly becoming, I think, the industry leader and expert in agentic AI as it applies to defense and national security. And so I expect a lot of very interesting growth opportunities there. And as we know, that's a very rapidly growing and evolving market as well. So very optimistic about what we see. The M&A pipeline is extremely robust, and we're going to continue to be disciplined with our capital allocation. But at the same time, we're seeing a lot of opportunities for accretive M&A, not only financially accretive, but technologically and strategically accretive to our overall vision and plan. So I hope that answers that. I'm happy to take any follow-ups, John.

No, I think that was fantastic.

Really appreciate it. Thank you, John.

Your next question comes from the line of Seth Seifman with JP Morgan. Please go ahead.

Thanks very much and good morning. I wanted to follow up on that. You mentioned Golden Dome. It seems like roughly three quarters of the awards this quarter were Golden Dome related. Can you talk in a little bit more detail about what you've won there and what the opportunities are for you going forward and should we expect to see this continuing to be a significant portion of the bookings?

Yes, thank you, Seth. I'm going to have Phil give the detail on how that $84 million of Goldman Dome awards break down in the quarter. But just generally, a couple points. As we've said previously on previous calls and also at our Investor Day last November, our technology, because it has been demonstrated on the highest technical standards on, for example, Next Generation Interceptor, we're seeing a very high level of adoption for the technology. Couple that with some of the geopolitical circumstances, including what's happening, of course, in Iran and elsewhere, depleting inventories. We're seeing extremely significant demand for Golden Gnome-related activities. So obviously, this $84 million print on backlog for Q2 is where we are today, but anticipate that additional Traction will be demonstrated as we go forward the back half of the year with respect to Golden Dome. And frankly, it's a tiger by the tail in the sense that we have so many opportunities on the Golden Dome platform to implement our technology that we're super excited about what that prospect is going to bring forward. But Phil will give you the specifics on how the $84 million breaks down.

Yeah, good morning, Seth. Hope all's well. Yeah, from a Golden Dome perspective, again, $84 million in total awards this quarter. Just to put a little bit more details to that, we're looking at more than five awards, five different customers, five different platforms, five different awards. And I would highlight about 60% of that $84 million tied specifically to space-based interceptor programs. And that's programs in plural. That's an important note. I think back, Dylan, a year since we've gone public, and I want to say for the first three, four calls that we've had, we focused a lot of times on Next Generation Interceptor. It's still a major program of ours and an incredible base to our revenue, continues to be and expected to be this year. But this will be the first call we've gotten like three, four questions into this, and we haven't talked about NGI yet. That's an important note, and that's because even in this quarter, and sequentially, obviously we increased from the first quarter up to $53 million of revenue, we actually had the same amount of contribution from space-based interceptor programs hearing Q2 from a revenue perspective as we did from NGI. I think that's a really important milestone for not just analysts and investors alike to recall as we kind of came out as a public company, we talked about national defense or national security and defense providing significant ample opportunities extended far beyond just next generation interceptor. As I look out over the balance of the year, I anticipate space-based interceptor revenue will continue to be along the same par of NGI. over the back half, with a significant upside to that as we continue to progress from a technical development perspective.

Yeah, and Seth, just final point, I think Phil articulated it extremely well, but again, SBIs were not even on our radar screen six months ago. We didn't even talk about that as part of our investor day in November because Golden Dome, of course, architecture hadn't been specified, but it also technologically wasn't something that was yet specced. So the fact that that architecture has now been configured. SPIs are now a thing. It's technically extremely difficult and our technologies inspect in on multiple SPI programs I think bodes extremely well for how our technologies are being developed in Golden Dome generally and is not only consistent but I would say exceeds the expectations that we had for how much traction we would get within the Golden Dome ecosystem and not only in terms of the quanta, but how quickly the adoption is happening. So extremely bullish on what we see on Golden Dome.

Excellent. That's very helpful. Thanks. If I could follow up on just a totally different topic, but on the lunar opportunity you've talked about, which obviously is considerable. When you think about how that matures and the opportunity that's there, To what extent is the runway for your growth governed by the Artemis program and the pace at which that moves forward and stays on schedule?

Well, it's a thoughtful question. I would say a couple things. The fact that the CLPS missions have been awarded, and we were awarded two of those, I think bodes very well. Of course, Artemis has A difficult component to it, which is the human landing component, right? And I think that is dependent on things that are not within our constraints.

So, for example, spacesuits, surface landers, you know, human rated hardware.

Pardon the interruption. Phil, can you hear me?

Ladies and gentlemen, this is the operator. We are experiencing technical difficulties and your line will be placed on a music hold at this time. Thank you for your patience.

Thank you for joining us. I've got a factored pipeline that's probability win, probability fund, good factored pipeline of over $5 billion. Now, obviously, strategic systems, we're talking propulsion, missile defense, Golden Dome, space-based interceptors, all significant component of that, but still much larger than they were even just a year ago, to Dylan's point earlier. That's at about $3.5 billion. When I think about lunar, obviously with the astrobotic acquisition, this is complementary already to the lunar strategy that we have been developing and part of the product and capabilities we've been innovating and developing on our own organically. I think of Lunar and Space Mission Management, and that's a rich pipeline, over a billion dollars of opportunity. So we're excited as we look out. The great news is we're not tied to any one specific program and or award as we execute, and the team's been doing exactly that. So exciting times as we look ahead.

And just final points, Seth. I know we're kind of running on on this topic, but it's an important one. We'll have more to say about this on Investor Day, December 3rd in Pittsburgh. But there are other parts of our technology stack that are very relevant to the moon that we see huge long-term growth opportunities for. And two I'll mention, both of which Astrobotic has been working on. But the two I think that are absolutely essential that we can play a key role in are comms and power. And if you look at building permanent infrastructure on the moon, living and working on the moon, everything is downstream of power as we know. and to a lesser extent, everything is downstream of comps. And so those are two areas that we're really focused on. We'll have more to say about that, as I mentioned, at Investor Day. But that's another thing I'd like to just surface as key parts of our strategy that I think are going to have very significant financial implications to our strategic plan going forward.

Thank you very much.

Your next question comes from the line of Christine Luweg with Morgan Stanley. Please go ahead.

Hey, good morning everyone. You've discussed how the Starlab program is being re-phased to align with NASA's updated CLD plan. Now there appears to be a lot of information from NASA's approach and fluidity around the program and the timing for this. Can you provide more color on what specifically changed in the plan, how these changes impacted your program schedule and outlook, and what gives you the confidence that the current development and funding timeline is what's going to go forward?

Thanks for the question, Christine. I think our confidence, frankly, since the last call has increased pretty dramatically on Starlab. As you know, the issue NASA did in RFI that they got some feedback from the market on, which included sort of a, I'll call it a government-owned core module. The general consensus from the industry was that that was not the right approach, and to NASA's credit, they reversed course on that particular approach, and the draft RFE that they issued here recently was much more consistent with the original CLB Phase I approach. Now, there are still some mechanisms within that draft RFP that I think the industry is going to provide feedback on. Requirements primarily, because you want the requirements to be robust because it's human rated hardware, of course, but you don't want them to be so robust that nobody can build it on time and on budget. So I think there are going to be elements of the requirements that in the final RFP will be either changed or relaxed a bit. But in general, Christine, we're feeling really good about where we're positioned. Even if the RFP came out, you know, as sort of issued in the draft, I think we'd be very well positioned. And I think we're hopeful that additional changes from the draft to the final RFP will only enhance our competitive position. Because keep in mind, our single launch to orbit solution are, you know, operational day one approach as opposed to on-orbit assembly. The full scale of Starlab with its larger design is highly differentiated compared to some of the other solutions out there. So we feel good about that. I think you also talked about timing. You know, obviously we would prefer that a decision be made sooner rather than later, of course. Really the time pressure for the industry and frankly for the country and for Western Allies is making sure this gets built before the ISS has to come down and there's of course a planned deorbit of the ISS but we also want to make sure that you know the station is aging and of course it's got issues on it from time to time. We want to make sure that we have a commercial solution in plenty of time before the ISS no longer has functionality. So, yeah, I think, you know, timing is a bit delayed just because they went through the RFI and the draft RFP process, but we still anticipate a final RFP here shortly and submissions, I would say, you know, sometime mid to late fall and then a selection early next year. That's our current belief on timing.

With that, I'll ask Phil if he's got anything else to contribute. Phil, if I could add, and good morning, Christine, appreciate the question. Yeah, so just from a... A competitive advantage perspective. I just want to make sure not just our analysts but our investors are well aware the strategic advantage we have with the actual construct of the Starlab joint venture. The way we've actually formulated the cost structure to that program and to that business effectively allows us to flex our spend and adapt to delays like this with NASA. A lot of credit to the hard work that Marshall Smith, who leads Starlab and the team at Starlab, they've continued to make really meaningful progress. They continue to advance, obviously, the technological development, commercial customer engagement. And to that note, I just remind everybody to highlight this in my prepared remarks. Now we're well over 500 million, actually quickly approaching the $600 million mark of signed commercial reservations for Starlab. These are the things that are our control and the things that our team has been focused on every day since we initiated this program. And so, again, we're really happy with the progress that we've made. We're happy and continue to work closely with NASA during this RFI process, and we'll continue to adapt to it as things evolve.

And I just, final point, Christine, I'll make. I really want to... Thank and compliment Administrator Isaac Ben, because I think they have done a fantastic job of testing different ideas in the market, soliciting feedback from industry, and then I wouldn't say pivoting, but I would say incorporating that feedback from industry into what they reissue and approaches that they're taking. And so I think that's fantastic. That's exactly what you would hope for from your customer is that they They float ideas, they take feedback, and then they adjust based upon your feedback. So I think we have a great partner in NASA, and we're excited about the future with them on this program.

Great. Thank you for the color.

Your next question comes from the line of Guantanamcana with Cohen. Please go ahead.

Yeah, good morning. I was wondering if you could Give us an update on the American Defense Complex, how that is, what it's doing right now, how far along the build out and staffing is. And if you could also talk a little bit about whether you've seen any traction on SRMs with, you know, the captive black powder asset that you guys own. And if you could talk about kind of how you're positioned in that market. Thank you.

Good morning, Phil. I'll take this one and then Dylan might add some additional color. But we were excited not just to break ground earlier this year, but to get off with a flying start. We've made a considerable amount of investment on on-prem already. I'd say most notably here, think about the benefits we're already reaping. So some of the technological advancements that we have made, even though we're not done constructing the facility, but it has allowed us to do a significant amount of innovation prototyping and testing on site, which has actually been the catalyst leading to a lot of these space-based interceptor award wins. and so we've talked about this year being an investing year. There's still significant amount of investment to go at that site as well as the development out at Space Beach or specifically Long Beach, California. And so we're continuing to look forward to making those investments. But more importantly, we're already seeing returns on that invested capital, which is exciting to us.

Yeah, and I would say also that the CapEx deployment is on schedule. Again, being led by Matt Kuta, our co-founder and president, who's doing a great job. He's got an entire team dedicated to that, and I know he's very closely managing that, and they're doing a great job. I think you also asked about SRMs and black powder traction. We like what we see there, certainly, and I think we'll have more to say on that in Q3. But yes, the short answer is we are very optimistic that that growth factor will is what we thought it was. And we'll have more to say on that in the very near future.

That's helpful. And just a quick follow-up, because you did mention the huge pipeline of opportunities you're pursuing. I'm curious, do you have a sense for what the book to bill might look like in the second half of the year, just based on what you have out there already?

I certainly do, Gwatham. So I will...

highlight that with the significantly large $300 million award that we received from NASA for those CLPS missions with Astrobotic, those certainly have come in actually post-acquisition. So there'll be an exceptional third quarter performance. That said, when I think of fourth quarter, where things start to normalize again, positive book-to-bill, again, despite us having well over a one book-to-bill ratio in the first half where we're typically south of one. So I would guide towards Q4 being quite similar to the combination of the first half. So about 1.2, 1.3 book to bill in Q4 with a truly exceptional third quarter in between.

Thanks a lot, guys.

You bet.

Thank you. Your next question comes from the line of Michael Leshock with KeyBank Capital Markets. Please go ahead.

Hey, good morning. I just wanted to clarify the magnitude of NGI. I think you previously said the 2026 revenue contribution would be relatively flattish versus the 50 million in 25. Has that changed at all? And then secondly, you know, what milestones need to happen to hit LRIP in 2027? Is that, you know, all based on the customer or capacity expansions or any other milestones to be looking for on NGI just to hit that initial production cadence? Thank you.

Hey, Mike. Good morning. It's Phil here on this side. Appreciate the question. Yeah, no, NGI, no change in the program from our perspective. Again, the team there just continues to execute on behalf of the customer as they have been for, frankly speaking, quite a number of years now. So if I recall correctly off the top of my head, last year, full year, NGI revenue was just about $47 million. That flat comment that I've carried forward still holds true. We should be in the range of $45 to $50 million this year. Again, all tied really specifically to specific customer timing on that front. Our critical design review from the propulsion side of the house. Last year, if you guys recall, that was June. That was a pretty significant milestone for us as we continue to march out for the balance of the year. And we are certainly still awaiting for the LRIP contract, which we anticipate could still come before the end of the year. We'll obviously provide an update as soon as we can. But obviously, just as a reminder, we anticipate That's a pretty significant contribution, not just 2027, 28, but then as we move from low rate production to high rate production, we view Lockheed Martin's next generation interceptor at approximately a billion dollars worth of value to us to be generated over the next five plus years.

Great. Thanks so much.

Your next question comes from the line of David Strauss with Wells Fargo. Please go ahead.

Hey, good morning. This is Ben Tomic on for David. I was just wondering, could you guys talk about how you're feeling about the certainty of Starship's capacity to launch Starlab and if there's any risk to the timeline there?

Hey, Ben, how are you? I don't think I've had a chance to meet you before. Nice to hear from you. We're not concerned about that. Keep in mind what we need Starship to do is orbital insertion. which Starship's really already demonstrated. So a lot of the refinements that Elon and team are working on right now have to do with reentry, heat shield, refueling, human rated hardware, et cetera, et cetera. So from our perspective, what we need them to do, which is safe delivery to orbit, they've already demonstrated. So short answer is no, we're not concerned with their ability to launch us.

Great, thank you.

Your next question comes from the line of Andre Madrid with U.S. Bancorp. Please go ahead.

Good morning. Thanks for taking my question. I think you mentioned it a little bit before, but can we maybe just go into some more detail about the pace of revenue recognition on Moonbase 2 and the Two Clips Lunar Landers Awards as, you know, those progress towards eventual delivery?

Hey, Andre, good morning. Great question.

It was asked earlier. I'll stick to the script here. As we get closer to our investor day, we're going to have a significant more and many more. And in part that's because, look, we just acquired the business, frankly speaking, just a couple weeks ago. Just received both awards from NASA. And as we start to work through the contracting dynamics associated with it, and you can appreciate it's far more complex than we'd all appreciate, we anticipate, we will certainly, as always, provide the level of transparency we always have. But I ask you to just be patient with us. Anticipate that obviously it will be a significant contribution to us in future periods. Not counting on any significant contribution from it here in 2026. I think that's an important piece to note. The team there is obviously really focused on the Griffin mission first. And then obviously we'll tackle these both contractually and then from an execution perspective once we get into 2027.

Got it, got it. And I guess on my follow-up, something a little bit different, you know, obviously given your experience in providing, you know, advanced propulsion subsystems on programs like NGI, I mean, looking at these recent framework agreements, I mean, does this present really any opportunity for Voyager to support as a sub?

Specifically on propulsion Golden Dome activities?

Yeah, no, I'm more specific to, I guess, the recent framework agreements. If any of the work that you do is maybe tangential and could support that at all, do you view it as an opportunity or not really?

We view it as an opportunity. No, I think it's a very astute question. We see it the same way. Obviously, we've got a lot of other growth opportunities here and things that we're excited about, but yes, we do see that as an opportunity, full stop.

Got it. No, I appreciate the color. Thanks so much. I'll leave it there.

Your next question comes from the line of Stephen Warhoftake with Wedbush Securities. Please go ahead.

Hey, morning team. Congrats on the quarter. Thanks for taking the call. Dylan, I want to talk a little bit more about this agentic contract that you got in the pipeline. I more so want to talk about the opportunity that you really see to expand in this space because it really seems like a unique contract and it seems a little bit different than what you are going after with the defense and space industry. So can you break down the opportunity that you're seeing within the agentic field and then I will follow up. Thank you.

Yeah, thanks for the question. I wish we could give you more detail, including who the customer is, but this is deeply embedded in the classified community. But there are a couple themes I think are important to point out here. As we've seen with our friends Palantir, who, just a reminder, strategic partner of ours, shareholder within Starlab, early shareholder within Voyager, they're getting tremendous traction within the DOW and the federal government at large. Not only in the US, but other governments around the world with their ability to generate intelligence around data. And a lot of that has to do with, as we know, increased demands for autonomy. And when we say autonomy, those are decisions being made in real time. in environments that might not necessarily have the ability for a human to provide intervention before something needs to take place. So autonomy is a big driver, and I would say there's a big opportunity between what I would call traditional agentic AI, which is more data processing, data analyzation, data sorting, and what Palantir does, which is like full operating model, full autonomy. In between those two extremes, there is a huge, I wish I could capitalize on the phone here, but a huge opportunity for companies like ours that are at the very forefront of what is possible in that middle layer to help the customer think through solutions. And we made a critical hire, Matt Kuta did, who leads this initiative, as I mentioned earlier, who led agentic AI initiatives at DARPA. And he has been a fantastic hire internally to the company. So this is kind of a Skunk Works project internally that we're, as we've already seen in this quarter, getting traction on from a customer demand and contracting standpoint. I expect a lot of growth opportunity here. and again, I'll just emphasize what I said earlier. I don't think the market fully understands this opportunity that we have captured here. And we'll have a lot more to say about it on future calls, but we are extremely well positioned for a part of the market that frankly, I don't think a lot of people are understanding or have the capability to focus on.

Okay, I appreciate the color on that. And then Phil, More so about the guidance, specifically on the gross margin side of things, because you're still reaffirming the fiscal year 26 guidance for gross margins in the mid-teens. And when looking at the results, it was negative in the first quarter, and then it was high single digits in 2Q. So can we get a better idea of what the cadence will be like in the second half of the year? And should we expect a seasonality in fiscal year 27?

Great question. I appreciate you actually asking it. Really important element of focus and certainly in our commentary. We haven't provided a total amount of specifics, but here we go. Great point. Negative gross margin in the first quarter, but just as a reminder, we were already investing for our manufacturing capacity capabilities, if you would, some of which did lend itself to obviously some of these early wins coming out of our American defense complex. You saw what happens from a leverage perspective even at the gross margin line in Q2 when we got a little over 8% gross profit margins. As I look out over third quarter and fourth quarter, and obviously there's going to be a revenue ramp here, significantly supported by our backlog, I anticipate gross profit margins in the mid to high teens, so call around 17% in the third quarter, and we will eclipse the 20% mark, think low 20 percentage points in the fourth quarter. That ultimately gets you to that mid-teens full-year gross profit margin guidance there. As I look out to 2027, there's no question that as our revenue continues to scale and increase, we'll continue to get significant margin leverage, not just at the gross profit line, but certainly at the operating profit or think EBITDA margin line.

Thank you.

Your next question comes from the line of Ron Epstein with Bank of America. Please go ahead.

Hey, good morning. This is Alex Preston on for Ron. Thanks for taking the questions. I was wondering if you could just talk a little bit about incremental investment in Astrobotic post-acquisition. It looks like the CapEx outlook is up. I presume that's primarily or maybe all Astrobotic. Can you just maybe give a bit more color on what investments you're making there and maybe the broader framework as you look to execute on these new awards at Astrobotic going forward? Thanks.

Great question. I appreciate it. Yes. So in the past, we had guided approximately $70 million of CapEx, excluding Starlab. Update to the guidance framework, we're looking at anywhere from $70 to $80 million. There is a little bit of investment in there for Astrobotic. There's also, if you would, incremental investment there. for our base business as we look ahead. Growth and supporting that growth capacity is an absolute prerequisite for us as we look into 2027 being another record year for Voyager. And so that's really what's underpinning that increase there. There is some modest investment there for Astrobotic. Like all of the acquisitions we've done in the past, it's one of the great reasons why we're thought of as an acquirer of choice. It's because we do have a strategic position Thanks for the call. I appreciate it.

Ladies and gentlemen, that does conclude our question and answer session. I will now turn the call back over to Phil for closing comments.

Krista, since we've gotten over here on time, I think we're just going to end, and I'll address the retail questions we typically have had during the third quarter as we kind of stand up a new investor relations website going forward, and we'll be very responsive to that team, to that group of interest. With that, I'll turn it back over to Dylan for any closing remarks.

Thank you, Phil. Well, just to wrap up, thank you all for the very thoughtful questions. We are super excited as we enter this Q3 not only with the Astrobotic acquisition, but the opportunity with the Starlab Phase 2 contract award and RFP, our ability to execute on these Golden Dome awards and continue to build significant pipeline and opportunities there and executing on our overall business. So thank you all. Again, just want to plug one more time, one last time, our Investor Day, December 3rd in Pittsburgh. We'll have lots of hardware to show off. We're also thinking about providing a few slots for retail investors, so stay tuned on that approach. But yes, thank you all for your attention and your support of Voyager Technologies. We appreciate it. Have a great day.

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.