Voyager's Q1 debut: $35M revenue, widening losses, $429M cash cushion for Starlab build

Filed May 5, 2026 · Period ending March 31, 2026 · ~1 min read

Key Changes

• high

  Operating loss ballooned 70% YoY to $44.6M as gross margin flipped negative ($1.5M loss vs. $5.6M profit prior year), driven by $6M in cost overruns on fixed-price government contracts.

  MD&A: Operating Results verify on EDGAR →
• high

  Starlab development consumed $36.6M in Q1, pushing innovation spend to 151% of revenue. NASA grant is 95% drawn ($207M of $217M), leaving $10M buffer as capex runs $51M/quarter.

  MD&A: Starlab Funding verify on EDGAR →
• high

  Free cash flow negative $66.8M (vs. $23.3M prior year) despite $429M cash on hand. Government contracts represent 84% of revenue and 84% of backlog, concentrating customer risk.

  MD&A: Liquidity & Backlog verify on EDGAR →