Voyager Technologies (VOYG) Q2 FY26 earnings call: guidance and Q&A

Clarify the components of the raised 2026 revenue guidance, specifically the contribution from Astrobotic versus core business, and discuss potential upside or pull-forward of backlog.

The raised guidance includes a $40M-$50M contribution from Astrobotic, but the core business is also performing better than expected, leading to the overall increase. Strong backlog provides confidence for the second half ramp, and while guidance is 'down the middle of the fairway,' there is certainly upside potential.

“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.”

asked by Sheila Kahyaoglu · answered by Filipe de Sousa

Inquire about Astrobotic's annualized revenue run rate into 2027, given the $40M-$50M H2 2026 contribution, and how the recent $300M lunar payload award will impact revenue and Q3 bookings.

The 2027 outlook for Astrobotic is still being worked out, dependent on mission timing, but the company is very optimistic. The $300M CLPS awards will lead to an 'exceptional' Q3 bookings performance, but revenue recognition will primarily occur in 2027 and beyond. Astrobotic's backlog was not included in the Q2 company backlog.

“As you noted, we got nearly a $300 million award or 2 awards really for NASA for CLPS missions. As we work through those details, to Dylan's point earlier and another shameless plug for December 3, 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 has actually accelerated here in the second half of the year.”

asked by Myles Walton · answered by Filipe de Sousa

Seek Dylan Taylor's broader views on strategic M&A, lessons learned from prior deals, and how M&A fits into the company's vision for the next few years.

The M&A landscape is robust, with companies increasingly seeking larger platforms for success. Voyager's approach is strategic, focusing on specific technology stacks like lunar tech (lander, mobility, habitation, power, propulsion) and integrated propulsion (ExoTerra, Pueblo American Defense complex). The company also sees significant growth in Agentic AI, led by internal expertise. The M&A pipeline is strong, focusing on financially and technologically accretive opportunities.

“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.”

asked by John Godyn · answered by Dylan Taylor

Request more detail on Golden Dome awards, future opportunities, and whether it will remain a significant portion of bookings. Also, how the Lunar opportunity's growth runway is governed by the pace of the Artemis program.

Golden Dome awards totaled $84M in Q2, with ~60% tied to space-based interceptor programs. Demand is extremely significant due to geopolitical factors and technology adoption. The Lunar opportunity is considerable, with CLPS awards being positive. While Artemis has human-landing complexities, Voyager's focus on comms and power for permanent lunar infrastructure provides significant long-term growth independent of Artemis's exact pace.

“SBIs were not even on our radar screen 6 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 spec-ed. So the fact that, that architecture has now been configured, SBIs are now a thing.”

asked by Seth Seifman · answered by Dylan Taylor

Seek clarification on changes in NASA's Commercial LEO Destinations (CLD) plan, their impact on Starlab's schedule and outlook, and confidence in the current development and funding timeline.

Confidence in Starlab has increased. NASA reversed course on a government-owned core module, and the draft RFP is more consistent with Phase 1. While timing is delayed due to the RFI process, a final RFP is expected shortly, with submissions mid-to-late fall and selection early next year. Voyager's single-launch solution and operational day-one approach are highly differentiated. The JV structure allows flexibility to adapt to delays, and commercial reservations exceed $500M.

“I think our confidence, frankly, since the last call has increased pretty dramatically on Starlab. As you know, they issue NASA did an 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.”

asked by Christine Iouig · answered by Dylan Taylor

Request more detail on the Agentic AI contract, the opportunity in this space, and the expected cadence of gross margins for the second half of 2026.

The Agentic AI contract is deeply embedded in the classified community, representing a 'huge opportunity' in the middle layer between data processing and full autonomy, driven by demand for real-time decision-making. Gross margins are expected to be mid-to-high teens (~17%) in Q3 and low 20s in Q4, leading to a mid-teens full-year margin, driven by revenue ramp and increased production volumes.

“In between those 2 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.”

asked by Steven Wahrhaftig · answered by Dylan Taylor