So here's the thing about earnings season: sometimes a company can beat expectations on one metric and miss on another, and the market has to decide which one it cares about more. That's the story with Voyager Technologies Inc (VOYG) right now.
The space and defense technology company reported its fourth-quarter results after the market closed on Monday, and the numbers were... well, mixed. Revenue came in at $46.65 million. That's up a solid 24% compared to the same quarter last year, which is good. But it also missed what analysts were expecting, which was $48.22 million. So, a miss on the top line.
On the bottom line, however, the story was better. Voyager reported an adjusted loss of 37 cents per share. That's still a loss, obviously, but it's a lot better than the 55-cent loss that analysts had penciled in. So, a beat on the loss-per-share figure.
Investors seemed to focus on the revenue miss, at least initially. The stock was down 2.59% in after-hours trading, slipping to $25.95.
Digging into the revenue breakdown shows where the growth is—and isn't—coming from. The company's Defense and National Security segment brought in $35.7 million, which is a whopping 63% increase. That's the engine right now. Meanwhile, the Space Solutions segment pulled in $12.5 million, which is actually down 29% year-over-year.
The company also highlighted its pre-revenue Starlab Space Stations business, which received $9.5 million in cash from NASA during the quarter under a Space Act Agreement. It's not revenue yet, but it's cash in the door for future projects.
Looking ahead, management seems optimistic. "Demand across defense, national security and space continues to accelerate and we are investing to address that increasing demand," said CEO Dylan Taylor.
The company provided guidance for the full year 2026, expecting revenue to land between $225 million and $255 million. The consensus estimate among analysts sits at $231.70 million, so the midpoint of Voyager's range is above that.
Voyager ended the quarter with a healthy backlog of $265.6 million and a cash pile of approximately $491.33 million, giving it plenty of runway to fund its growth plans.
Executives will have a chance to explain the quarter in more detail and make their case to investors on an earnings call scheduled for Tuesday morning at 9 a.m. ET. The big question for that call will likely be: when does the strong growth in defense fully offset the softness in space, and when does the Starlab business start contributing to the top line?
