VOYG

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 one on your telephone keypad. If at any point your question has been answered, you may remove yourself from the queue by pressing star one. 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. Adi 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 De Sousa, our Chief Financial Officer. Today's call includes forward-looking statements, which involve risks and uncertainties detailed in our earnings materials and SEC filings, including in 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 on our earnings materials on our website. I will now turn the call over to Dylan to begin with slide three.

Thank you, Adi. 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. Bookings momentum continues into the early part of the second quarter, reinforcing our confidence in near-term revenue conversion. Consequently, we are increasing our 2026 revenue guidance to $230 million-$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 4 and walk through how we are scaling capacity and infrastructure to support execution as demand accelerates. 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 spaceborne cloud applications. Second, new capabilities for Golden Dome. Third, enabling next-generation space domain maneuverability for commercial and defense markets. Lastly, our investment in AI is going to significantly accelerate manufacturing across the Voyager Technologies 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 Óbuda 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. Vista 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 Starlab's 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 Max Space, 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 One 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 deliver at 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 million-$255 million, representing 38%-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.

Thanks, Dylan. Turning to slide seven, I'll begin with our first quarter results. Net sales were $35 million, up modestly year-over-year and in line with our plan. Bookings totaled $45 million, resulting in a book-to-bill ratio of 1.3 and driving backlog to a new record level of $275 million. Importantly, backlog growth was driven by demand across the Golden Dome architecture, including multiple awards for new weapon systems, additional work on Next Generation Interceptor, and as Dylan mentioned, we were awarded a contract with Raytheon to develop advanced technologies for their Standard Missile interceptor program, a major win for us. Adjusted EBITDA was a loss of $33 million, reflecting our deliberate investment in engineering talent, internally funded R&D, and infrastructure to support programs that are scaling. These investments are aligned with customer demand and are the building the foundation to support higher program volume.

Adjusted EPS for the quarter was a loss of $0.61 per share. With that, let's turn to slide eight. Starting this quarter, we've simplified reporting from three segments to two. First, Defense and Space Technologies, and second, Starlab space stations. This reflects how we operate our business and how we are engaging with our customers. Our defense and space activities now operate as a vertically integrated platform spanning propulsion, advanced electronics, data, mission services, and of course, space infrastructure. As shown on this slide, this integrated platform is aligned to fast-growing defense and space markets and is positioned to drive durable growth. Going forward, Defense and Space Technologies captures this integrated platform, while Starlab remains separate, given its distinct role as a next-generation commercial space station and long-term growth driver. This change improves clarity, better aligns reporting with how we operate, and simplifies how we communicate performance.

Turning to slide 9, I'll provide segment highlights for the quarter. In the Defense and Space Technologies segment, we delivered a strong start to the year with $45 million of bookings, up 232% year-over-year, reinforcing continued demand across our core defense and space portfolio. Specifically, with the new awards for Golden Dome and Standard Missile programs we discussed earlier. Revenue was up modestly year-over-year and in line with plan, driven by strategic growth, including acquisitions completed last year, and partially offset by the planned wind down of a NASA services contract. Adjusted EBITDA for the segment was negative $11.5 million, reflecting, as I previously mentioned, deliberate investment in manufacturing capacity, operating infrastructure, and internally funded R&D to support long-term growth.

In Starlab, we received $24 million of NASA milestone cash receipts in the quarter, bringing program inception to date milestone cash receipts to a total of $207 million. Starlab's adjusted EBITDA reflects the cadence of investment as the program matures and enters its full system procurement phase. Overall, the quarter reflects strong demand, momentum in defense and space technologies, continued milestone execution in Starlab, and disciplined investment to position both segments for long-term growth. With that, let's turn to slide 10, and I'll cover off our financial position. As we execute our growth strategy, we continue to operate from a position of financial strength and flexibility. We ended the first quarter with $429 million in cash and access to $212 million in credit facilities, thus resulting in total liquidity of $641 million.

During the second quarter, we will be upsizing our credit facility, reflecting support from our creditors as our growth trajectory accelerates. Our liquidity supports a disciplined, growth-oriented capital allocation strategy. We continue to fund organic investments to develop new technologies to further scale our existing platform while also pursuing accretive M&A to enhance scale, margins, and our overall market position. Turning to slide 11. We are raising our 2026 sales guidance to a range of $230 million-$255 million, representing a 38%-53% year-over-year growth. This outlook is supported by record backlog, strong recent bookings activity, specifically demand in Golden Dome aligned programs as well as growth contributions from other areas. We expect to see significant revenue growth acceleration in each of the next three quarters.

Gross margin for the year is expected to be in the mid-teens, reflecting continued investment in manufacturing capacity and program readiness ahead of growth acceleration. Internally funded research and development will increase to approximately 20% of sales as we are advancing mission-critical capabilities aligned with customer priorities, including defense initiatives such as Golden Dome, while continuing to innovate across our existing platforms, as Dylan discussed earlier. We expect modest SG&A leverage as revenue growth begins. We also absorb public company costs as we lap pre-IPO periods. With more significant leverage as revenue increases and growth accelerates, we continue to see that leverage increase over time. In addition to innovation investments, capital expenditures, excluding Starlab, are expected to be approximately $60 million-$70 million.

This directed towards scaling domestic production, advanced electronics, propulsion capacity, and infrastructure investments tied to multi-year programs where we have clear line of sight to revenue. Starlab investments will ramp as the program enters full system procurement. These investments are expected to be supported through a combination of NASA CLD funding, other government sources, and the capital markets, consistent with our previously outlined funding strategy. As we look ahead, 2026 represents an important step in executing toward our long-term financial framework. We continue to target approximately 25% organic revenue growth, gross margins in the range of 30%-35% and mid-teens adjusted EBITDA margins excluding Starlab, with low teens free cash flow margins excluding Starlab as the platform continues to scale. Starlab is a meaningful driver of long-term value creation.

Once operational, we continue to expect Starlab to generate approximately $4 billion of annual revenue and $1.5 billion of annual free cash flow, reflecting its role as the next generation commercial space station infrastructure platform. In summary, the first quarter reflected disciplined execution, strong bookings, expansion of backlog to a new record level. We are investing ahead of growth, we're supported by improving demand and ample liquidity. With that, I'll turn it back over to Dylan.

Thanks, Phil. To wrap up on slide 12, I am very happy with our first quarter performance, reflecting solid execution and continued momentum, supported by growing demand and a platform built to deliver mission-critical capabilities at scale. We are seeing expanding opportunities across missile defense, national security, and commercial space, reinforced by strong bookings and a record backlog. Our priorities remain consistent as we move through 2026: disciplined execution, investment to support scale, and advancing Starlab as the next generation of space infrastructure. With strong demand, improving visibility, and a strengthened operating foundation, we believe Voyager is well-positioned to convert this momentum into sustained growth and long-term shareholder value. Operator, with that, we're now ready to take questions.

Thank you. The floor is now open for questions. In the interest of time, we ask that you please limit yourself to one question and one follow-up. Thank you. Our first question is going to come from Sheila Kahyaoglu with Jefferies. Please go ahead.

Good morning, guys. Good morning Dylan, Phil, and Adi. Maybe Dylan, just to start, the backlog increased despite the seasonal downward trend typically. You know, what were key wins in the quarter, especially related to Golden Dome, and what do they mean to your capability stack, if you could elaborate?

Well, thank you, Sheila. Great, great question. Appreciate the thoughtfulness of the question. Q1 really was a seminal milestone quarter for us on Golden Dome. You know, as we said in the IPO roadshow, our technology is very relevant to multiple missile programs. What we said in the roadshow was that we could expect, in addition to Next Generation Interceptor, that we would be added to these additional missile programs. Frankly, that timing has actually been accelerated beyond what I would have expected. We've had a lot of success here in Q1 in the early part of 2026. As I mentioned in my remarks, we've been added to Standard Missile by Raytheon. That's a huge win for the company.

There's also an announcement that's just out in the last 15 minutes about our relationship with Anduril on space-based interceptors as well. That wasn't in the, my previous remarks because it literally just was issued about 15 minutes ago. Think of this as in two different categories: being added to programs where our technology is relevant to upgrade to next generation technology. The second part is actually being an on-ramp for additional volumes because of course, there's a big ramp up that the government is looking to achieve on these programs with existing technology. We're being added as a second source, and we're being added as a upgrade to next generation technology. Both of those are playing out.

Again, if I look at our backlog that's showing up in Q1 backlog, to your point, it reversed the trend of actually burning backlog off in Q1. We were able to actually increase backlog in Q1. Of course, our pipeline continues to grow, Sheila, really significantly. We're extremely optimistic that this is a validation of our technology and additional programs' awards are forthcoming as well. Hopefully, that answers your question. Happy to take any follow-up.

Yeah, super helpful. Maybe as a follow-up, thinking about how you raised the low end of the guidance for 26, which one of the following is increasing it? Was it NGI? Was it the Anduril relationship? Maybe if you could talk about milestones over the next three quarters we should be looking for.

Sounds good. I'm gonna give that to Phil for the detail.

Good morning, Sheila. How are you? Great question. Just as a reminder, right? We raised the guidance here this quarter, but this is following us raising the lower end of the guidance last quarter, and that was obviously following us initiating guidance here for 2026 back in November. What we've seen the last six months has been the continued strengthening of that customer signal demand. Our pipeline remains extremely strong, over $5 billion. The confidence raise in the bottom end is the conversion of that pipeline into backlog that we know we will deliver beginning here in Q2 and all the way through the back end of the year this year.

Obviously, we still have quite a ways to go, so we'll reserve touching the midpoint or effectively the top end of the range for future quarters, but increasing confidence in us delivering as we planned here in 2026.

Awesome. Thank you.

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

Hey, good morning. This is Alex Preston on for Ronald. First, I just wanted to follow up on the Anduril award. I actually noticed that a bit before you mentioned it, Dylan, so you stole my thunder there. Just curious if you can maybe talk broadly about the contributions you'll make it on that team or what the partnership means for the business in general. Just some more color would be great if you could.

Yeah. Yeah. Thanks for the question, Alex. It's obviously a very significant award. It pertains to the space-based interceptors. We have to be vague as to exactly what role we're playing in the team. That's really driven by the customer. I think you're aware of our suite of technologies, advanced technologies, and the ones that are relevant to space-based interceptors and call it Golden Dome in particular. What I can say is we have multiple technologies on the SBI program. Furthermore, Alex, what I can also say is there are additional news forthcoming on SBI, stay tuned on that. We're extremely pleased with how central our technology is to the architectures being put forward on Golden Dome and space-based interceptors in particular.

As I said, in my response to Sheila, you know, we had anticipated that our technology would be relevant for Golden Dome. Frankly, I'm quite surprised at how quickly that technology is gaining traction within this architecture, and we're extremely bullish on what we see there. Hopefully that answers your question, Alex. I'm happy to take any follow-up.

Yeah, appreciate the color. Then if I could shift to Starlab and CLD, right?

Sure

parts, obviously. Sounds like NASA's got maybe funding challenges, but they put out this RFI for a core module path forward. I guess, broadly maybe, how are you thinking about the updates here on Starlab's timeline, perhaps, your view on the competitive landscape, if there maybe aren't two free flyers as was once thought? Sort of broad thoughts there would be also really helpful.

Well, first of all, we're still very, very optimistic about Starlab and the program because either direction NASA takes, whether it's core module with commercial modules attached or it's commercial free flyers, we think we have the technology and, in particular, the market traction to service both those models. We responded to the RFI. As you mentioned, NASA put out the RFI, we responded to that. We're awaiting NASA's response on that, which is likely to be an RFP. Keep in mind, we're already at 130% of commercial demand capacity spoken for on Starlab, and that commercial demand could translate to a different solution if NASA goes a different path. We're actually quite bullish, and as you probably are aware, we won the PAM-7 private astronaut mission from NASA.

That's really a validation of our mission management business. We're actually quite optimistic that no matter what path NASA takes, our capabilities will be relevant. We did pass another four milestones in the quarter on Starlab itself, and got some additional cash payments in. I don't know if we mentioned on the last quarter or not, but we had this high-fidelity mock-up in Building 9 at Johnson Space Center. We're getting a lot of people through there. It's quite impressive just seeing the volume of that Starlab design. I would encourage you, Alex, or anybody on the call, if they happen to be in Houston, we can arrange a tour. I think, just to put a finer point on it, we're very optimistic that we're well-positioned on CLD no matter what path NASA chooses to take.

Great. Thank you very much for taking the questions. Appreciate it.

Thank you, Alex.

Your next question comes from the line of Myles Walton with Wolfe Research. Please go ahead.

Yeah. Thanks. Good morning. I was hoping to maybe clarify first on the Standard Missile contract during the IPO roadshow. That was, I think, the largest single opportunity in the pipeline, around $300 million-plus. Is the part of the win that you've gotten this quarter in there? Is that the entirety? Is it something new? Maybe just put it in context what you were looking for versus what you get.

Yeah, Myles. It's all good news here. I'll let Phil give you the particulars, but this is all incremental to what we reported.

I think really important to highlight too, Myles, is one, this is just the initial contract we've received here from Raytheon for SM-3. This is a pre-production award, so significant upside to the backlog that we've added here strategically. More importantly, as we look beyond 2026 and expect that program to then continue, it absolutely aligns well with what we had talked about around the IPO, where there wasn't just a Next Generation Interceptor program that had $1 billion worth of leg to it from a production standpoint. We still expect that, if you would, to come to fruition later this year as we enter into 2027 from a low-rate to high-rate production perspective. Raytheon SM-3, early stages. We'll continue to report out as we make progress on that specific program.

I think more exciting news as we've validated our disruptive technologies in the space.

Okay. Phil, while I have you, the sales cadence for the rest of the year obviously has to accelerate quite substantially. Could you talk about the first quarter headwinds you had, did those alleviate in the second quarter? Maybe just the magnitude of acceleration you're expecting here in the near term versus the tail end of the year.

Yeah, appreciate the question, Myles. A bit to unpack there. Let's remind everybody, $35 million of revenue this first quarter, slightly up year-over-year. As a reminder, we did have some pretty substantial programs rolling off. For example, the SpaceDock II contract that we've been flagging and highlighting as a year-over-year headwind latter part of last year, contributed about $5 million of revenue last year, first quarter. That's just about wrapped up completely. About a $5 million, I think 13 percentage point headwind into the quarter for us this year. We also had a fantastic software design radio contract with Airbus. That was a big growth driver for us last year and in 2024, frankly speaking.

That program is also wrapping up here early 2026, another headwind. I think about looking ahead, the new record backlog that we've established, the momentum we're building from a bookings perspective, we anticipate revenues to ramp sequentially and accelerate growth sequentially. Going from $35 million of revenue should increase sequentially by 37%. Think high 40s, if you would. That'd be about, you know, mid-single digit growth year-over-year. Just based on the backlog, the customer timeline that we've received, the delivery of longer lead material items, we know we have in our backlog a substantial amount of second half revenue to deliver.

That's how we're planning it, about 33% of our full year revenue at the midpoint in the first half and about 67% of the revenue in the second half of the year, with great visibility, given our backlog.

Yeah.

Okay.

Myles, just to emphasize the points that Phil made there, it's not only line of sight for what we have in the backlog and what we're reporting on in Q1, all of these incremental awards that we're talking about are all gonna be additive to that confidence that we have including, for example, that PAM-7 mission that I mentioned earlier. None of that is in backlog. First of all, that was a Q2 award. Secondly, being the conservative company we are, we're not gonna count that as backlog until we actually get a signed contract and a down payment towards a mission slot. That's all upside to backlog as well. I just wanna emphasize that point.

Maybe just to put a finer point on the momentum story, I'm just reflecting back to my answer to Sheila at the opening of the call. One thing to highlight here, I know it's early in the second quarter, we continue to see the bookings momentum continue for us here early Q2. We've already booked quite a substantial amount of the second quarter. I know, Miles, you and I have had that discussion around we typically burn backlog in the first half of the year and build it in the second half of the year. I wouldn't say it's unusual. It's a realization if you will, of the strong demand signal that we're getting here, that we had a 1.3 book-to-bill ratio in Q1.

Expect our book-to-bill ratio will exceed one again in the second quarter. We should well exceed even the $45 million of bookings that we had in Q1. Momentum continues to build. Line of sight, even the bookings we have here in early April, these are also revenue generating programs here for the calendar year 2026. A substantial portion of these won't be delivered until the second half of the year, again, supporting that second half ramp. Again, appreciate the question. I just wanna make sure we highlighted the continued momentum that we've seen early Q2 as well.

Thanks so much.

Thanks, Myles.

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

Hi, good morning. This is Rob on for Seth.

Hey, Rob.

I was wondering what were the main factors that kind of weighed on Q1 gross margins, and how should we expect the margin to progress through the year? Will it just be a kind of a quick step up in Q2 or more of a ramp throughout the year?

I'll take that question, Rob. From a gross profit margin perspective, if you recall, we anticipated this year will be a gross profit margin in the mid-teens. I think 14%, 15% on a full year basis. That reflects year-over-year an incremental investment ahead of growth, scale growth as we move into higher rate production contracts later this year and into next year. We're already anticipating a challenging first half of the year. You see negative gross profit reflects exactly that, some program mix as well. As we look out second quarter, anticipate gross profit to be positive. Think low mid-single digits in Q2, a significant acceleration thanks to leverage just reflected on the revenue profile.

I think 33% first half, 67% of our full year, revenue guidance, split that way. From a gross profit sequential perspective, you should see a step up into the mid-to-high teens in Q3 and then back into the mid-20s in Q4 as we significantly leverage our cost structure.

Great. Thank you. Then, what drove the decision to combine the defense and space businesses into one segment? Is there an opportunity for the combination to drive any synergies in the business?

I'll start with that, Rob, I will ask Phil to chime in. I think couple things. One is there's increasing convergence between our national security and defense business and our space business. Of course, it's been said before that space is the ultimate high ground, there's a lot of national security implications for that. There was also a lot of overlap in the technologies that were being deployed. We had a single executive, Matt Magaña, running those businesses as well. That also allowed us to merge the growth teams and a lot of other things that were relevant to actually running the business. Those were the main drivers. I'll ask Phil to chime in as well.

Yeah. As a reminder, for everyone, we IPO'd last June with three external segments: Defense, National Security, Space Solutions, and Starlab. Going forward, we've got the two segments now. To Dylan's point, internally, we had already integrated the Defense and National Security and Space Solutions segment under the leadership of Matt Magaña. Equally as importantly, as we progressed post-IPO last year, made three strategic acquisitions, EMSI, ExoTerra Resources, and Este Energeticss, late in the fourth quarter. As we've already well on our way to integrating these businesses fully, the way we go to market, the way we go and highlight and bring our technologies, our disruptive space tech and defense tech technologies to the customer, it's bringing a portfolio solution sell to the customer. Take Next Generation Interceptor is a great example.

Classic, if you will, propulsion technology that we've been long developing alongside with Lockheed Martin for years. Combine that with traditional space, or effectively dual use space technology and navigation controls. That's a great example of how we're bringing a more portfolio set, getting a greater wallet share with our customer. The segmentation helps us clarify and clearly convey those results the way that we manage the business internally to the external community. It should help from that perspective as well.

Great. Thank you, guys.

Thanks, Rob.

Your next question comes from the line of John Goodwin with Citigroup. Please go ahead.

Hey, guys. Thanks for taking my question. Dylan, you had a great dialogue in the beginning about AI investments, reducing go-to-market time, you know, preparing for rising production rates. With the strong booking commentary and outlook you guys have here, I just wanted to revisit that topic, understand it a little bit better, and understand how you guys are kinda preparing to scale.

Yeah. Thank you for the question. Very thoughtful question. We're thinking about AI in a two different ways, and this has got very senior level executive sponsorship. Matthew J. Kuta, our overall company President is driving a lot of this. We also made a key hire, and I credit Paul Tilghman, our CTO, for this, a key hire out of (uncertain), who was involved very much in agentic AI. We're thinking of AI beyond just personal productivity, which is the way I think a lot of people are thinking about it, and we're really thinking of it as more of a technical tool that allows us to not only enhance our ability to create technical solutions for our customers, but to, as I said in my remarks, reduce cycle time.

Cause when you're a technology and innovation company, which Voyager is, it's all about being first to market with advanced technology. That's really the way we're thinking about it, and that's really where we're seeing the primary benefits. Think of, you know, everything from a custom ASIC design to other things that might go in a program. Instead of that being a multi-year approach, it could be a multi-month approach. It's not only getting a better outcome, but it's reducing that cycle time and bringing the innovation to bear sooner. That's really the key way we're thinking about it. Early indications are this is gonna have a significant impact on our business. It's still, you know, too early to say exactly, you know, what meaningfully will change, you know, from a margin profile and things like that.

I would tell you, as you would expect being a technology and innovation company, we are on the leading edge of innovation in this area as well, and I really like what I see, initially here. I think we'll have a lot more to say about this probably on our next earnings call.

Great. That's great color. If I could just sort of ask a nit. This is probably more for Phil. You guys raised the low end of the revenue guidance but not the high end. I know it's very early in the year, very small percentage of revenue, you know, in 1Q versus the full year. That may be it, but I'm just kinda curious. Scope to kind of revisit the high end or execute to the high end throughout the year. I mean, the bookings commentary was great. I think there might be, you know, a little bit of potential for that. Phil, any thoughts?

Yeah. John, appreciate the question. love it when the conservative CFO gets put in the corner. I'm smiling here on this end. No. Again, just reminding everybody, we've now consistently raised, yes, the bottom end. It's because it is early in the year. We're wrapping up the first quarter. As I mentioned earlier, great momentum heading into Q2. We'll provide an update on what we think about what the top end could be once we get through the second quarter this year and we've got that crystallized visibility into the second half of the year. You know, I do highlight, and I mentioned it earlier, there's second half revenue, about 67% of the full year guide with a substantial amount of that in the fourth quarter.

You know, our customer schedules tend to move around. You know, no fault of theirs, but things get delayed and get pushed, et cetera. You know, again, perhaps more on the conservative side here before we start to think about moving the top end up. We'll keep it where we laid out today and provide an update in August. Look forward to that update, obviously. Things continue to progress well as they have here through the, you know, strong start to the year. I'm optimistic that there could be some upside, but we'll stay a bit short from guiding that way until we have that crystallized visibility. Thanks for the question, John.

Your next question comes from the line of Gautam Khanna with TD Cowen. Please go ahead.

Hi. This is Anton on for Gautam. Assuming Starlab does win CLD phase two, and when do you expect Starlab to start generating revenue? Can we start to see revenue from things like on-ground astronaut training as soon as 2027, or is this really only meaningful in 2028? And, you know, maybe how much revenue can you generate from on-ground work?

Appreciate the question. This is Phil. Yes, our expectation is that we could start seeing some revenue recognition as early as 2027, and certainly in 2028 from a training perspective. I think most importantly for everybody to kinda keep an eye on, and I highlighted this the last quarter, I keep an eye out from a balance sheet perspective the deferred revenue that we start to recognize, or not recognize specifically, but, you know, realize. We expect advanced bookings could start as early as, like they did, here in 2026. Certainly expect that to accelerate as we move into 2027 and beyond. I think that'd be the strongest indicator. As Dylan mentioned, we already have over 130% of our commercial capacity spoken for.

As we move through the year, out the back end of the year into next year, we start to see that convert into cash reservations. Nothing better than that from a CFO's perspective. We'll start to turn that and flip that into revenue, like I said, the year after in 2027 and in 2028.

Awesome. Thanks.

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

Hey, good morning. Wanted to ask on Golden Dome. Is the early Golden Dome revenue more R&D prototype-like, or is it more pro-production-like with more established gross margins? Just appreciate any additional color you can provide on the margin profile for Golden Dome-related work.

Hey, Michael, it's Phil. I'll take that from a gross profit margin perspective, but certainly have Dylan weigh in as well. We highlight it as a pre-production contract, it's certainly not research and development. This is revenue-generating contract that we've received here and expect to deliver on. It is a firm fixed price contract, I know that wasn't your question. From a margin perspective, we're looking at 20-plus percent margin. These are healthy margins, early stage, clearly. As we move into the higher production, no different than NGI, we expect that margin profile to only improve or increase as we move into that phase. Thanks for the question.

Great.

Your next question comes from the line of Kristine Liwag with Morgan Stanley. Please go ahead.

Hey, good morning, everyone. Dylan, you mentioned earlier for NASA CLD that, depending on the approach NASA wants to take, that, you know, Voyager's prepared with Starlab. I was wondering, is a third option possible? I mean, if NASA still seems to be uncertain about the path they wanna take, considering the maturity of your investments in Starlab and your ability to have raised private capital to support the investments, could you still go forward with Starlab as a private enterprise, even if the NASA CLD doesn't materialize in what you had initially thought? It'd be helpful to get your thoughts on that.

I think the short answer is yes, Kristine, we could, but I don't anticipate that being the case. I mean, NASA, of course, is the largest user in commercial LEO today. You know, as we all know, the International Space Station is aging and, you know, even if it's extended to 2032, it's hard to imagine it being extended much past that. Even if we were to go it alone, so to speak, and actually build Starlab, I would still anticipate that major space agencies around the world would be an important part of that. If your question is could we capitalize this independent of NASA, I don't think that's gonna end up having to be the case.

Like I say, I think we're very well positioned for CLD phase II, but it's not out of the realm of possibility that we could independently finance this. The other thing I would say, I just wanna reinforce for everyone on the call, you know, space is an incredibly important part of our key strategy. We have this 3 L strategy that we've been referring to. That refers to LEO, which is, of course, Low Earth Orbit. That's where Starlab plays and a lot of our other technologies play. We also have a key lunar initiative, so that's the 2nd L, the 3rd L being Lagrangian, which just is a proxy for deep space technology. As it relates to Lunar, we have a key initiative there. We call it Project Prevail.

There was a lot to work with in the Ignite presentation that Jared Isaacman made that we're very excited about vis-a-vis lunar, including lunar habitation, and that really brings into focus our key strategic investment in Max Space, which is on expandable inflatable technology. We really like what we see in that 3 L strategy from a growth prospect standpoint, far above and beyond just Starlab and just LEO. I really wanna reinforce that for everyone. We're very, very bullish on what we see on the space economy.

Great. Super helpful. Dylan, just, you know, doubling down on the CLD and just understanding it a little bit better. What are the milestones we should be watching for the phase 2 announcement? I mean, is the program still on hold, or is that still expected to be early summer for the down select? Also, you know, just understanding, you know, the size of this potential contract. Can you just level set us again regarding the investments in Starlab so far and what you need to do and fund if you know, you have to go in this alone or as a standalone entity?

Well, the second part of your question really depends on what the final design and parameters are, so it's hard to answer that second question without answering the first question, which is what the award is. What we know is that the RFI was submitted, and I think industry has all participated in that RFI. It's our understanding, based upon what NASA has said, that they will then take that RFI, and they will create an RFP around that. In terms of the timing, it's uncertain. We would anticipate sometime early summer, so, you know, June, July. There's nothing official so far as we know from NASA, you know, with a firm deadline on that.

Yeah, TBD on timing, Kristine, but I think what I would say is I'm confident that we have the right commercial model, the right team, and the right technology to address NASA's needs. No matter what comes out in the form of the RFP, I think we're going to be extremely well positioned. That's really what I want to leave you with.

Super helpful, Dylan. you know, congrats again on your, or your announcement with Anduril this morning. As a follow-up to that announcement, I wanna understand, is this an exclusive partnership, or are you able to partner with other players for other space-based interceptor approaches?

We are on multiple award-winning teams is what I can say, Kristine. More to come, but we are on multiple SBI winning teams.

Great. Thank you very much.

Thank you.

Your next question comes from the line of Steven Wahrhaftig with Wedbush Securities. Please go ahead.

Hey, good morning, guys. Thank you for taking the question, and congrats on a good quarter. I kinda wanna take a big picture look at the entire defense space, considering the fiscal year 2027 defense budget is expected to expand to about $1.5 trillion. This includes about $75 billion of munitions procurements and $17 billion specifically for Golden Dome. I wanted to kind of touch on how Voyager's positioning to gain some of this incremental deal flow if this budget were to pass. Then also about $350 billion of that $1.5 trillion is sitting in reconciliation rather than the discretionary base. I just wanted to figure out exactly where your programs fall in the defense budget for reconciliation for discretionary.

Really smart question. I'll ask Phil to chime in on it, but let me just give you the headline. Obviously, $1.5 trillion defense budget would be an absolute windfall, not only for our industry but for Voyager in particular. Everything that we've talked about today sort of assumes a steady state budget. If we were to have dramatically increased spending in the DOD, that would all be potential upside to our growth profile and our organic CAGR. That's one point I'd like to make. Second point I'd like to make is, if you look at the incremental spending contemplated, whether it's in reconciliation or not, just take the Space Force, for example. The vast majority of that incremental spending is really in advanced technology and products that directly play into where we're positioned in the market.

Yes, they're ramping up production level on existing programs, but the vast majority of the incremental spend is really directed towards advanced technology. That's why we're extremely bullish at having the right technology at the right time, solving the right customer challenges. Again, we like what we see with whatever budget number you wanna put in there, whether it's $1.2 or $1.5. I would say our programs are protected, and we've got line of sight because everything in our backlog is funded backlog, just to remind you. Yeah, I'll ask Phil to put a finer point on it, but that would be the headline I would give you.

I think, Dylan, you answered the near term question. I would say a lot less exposure to any reconciliation impacts than not. As expected, we've seen an actual incremental step up in the funded status of our backlog, which we obviously provide details in our filings, et cetera. We are well over 50% funded here at the end of Q1, which is seasonally, if you would, higher than typical for any quarter, let alone Q1. We feel great about not just the impacts, but the actual reflection in our guidance that we gave out earlier. I'm gonna take another step back and just highlight, 'cause you asked an interesting point around around the priorities effectively for our national security.

You mentioned effectively energetics. I think it was asked earlier a question around our pipeline. You know, when we first IPO'd last June, we entered the capital public markets with an opportunity pipeline that was about $3.6 billion in size. That has increased meaningfully since last summer. Today, we sit with an opportunity pipeline, this is factored and qualified at over $5 billion with a significant amount of that tied to programs of record like Next Generation Interceptor, is over $1 billion of that opportunity. We mentioned Golden Dome. You mentioned Golden Dome. That is still a $1 billion-plus opportunity within our pipeline. The biggest increase to our pipeline is on the energetic side.

This is, if you would, significantly tied to our strategic entry points, via the EMSI acquisition, ExoTerra as well, in the late fourth quarter last year. That brings meaningful opportunity for us, from a growth perspective as we look out. Great question. Thank you.

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

Hi, good morning. This is Ben Tomik going for David Strauss. I was just wondering if you guys can provide any color on the M&A pipeline right now, and then any areas like you're specifically trying to target, and then how that activity kind of compares to 2025.

Thanks for the question, Ben. We are very pleased with our M&A pipeline. We're seeing some really great opportunities in the market. In terms of areas that we're interested in, of course, expect more related to advanced technology as it relates to smart missile defense and products and services around that. We also back to our 3L strategy, LEO, Lunar, and Lagrange. We really like opportunities that we're seeing in that area as well. We're never, you know, we're obviously very well capitalized. We have lots of dry powder. We're in a really good position to take advantage of these opportunities.

We're certainly not gonna, you know, set a milestone if we're gonna do two or three deals a year because we're gonna always be very disciplined in terms of the acquisitions we make. We're very pleased with the robust M&A pipeline we have, and we're very confident that we're gonna have an opportunity to augment our very high organic growth rate with some additional M&A in the near term. Stay tuned on that, but we like what we see.

Great. Thanks. Any update to EBITDA and free cash flow guidance? Are you guys still expecting to be EBITDA positive end of next year and then free cash flow positive end of 2028? Do you expect to revisit this anytime this year?

We'll keep it nice and short because we're almost up here on time. Certainly no change in our outlook. Expect to exit 2027 positive EBITDA overall for the year, and free cash flow positive in 2028. Of course, that's all excluding Starlab, just as a reminder. If anything, the confidence that we're building here, the growth, if you would, signals that we're getting from the market has me, if you would, giddy with confidence in delivering on those key metrics. Appreciate the question there.

Great. Thanks.

Thank you. I would now like to turn the conference back over to Adi Padva.

Thank you. We'll now take a question from our retail investors via the Say Technologies platform. Following the NASA recent commentary during the ignition event, how has your outlook for Starlab demand evolved?

Yeah, thank you for that question. I think I touched on that a bit earlier when I was answering Kristine's question. Ignition event I think was a very positive overall message from the administrator. We were very bullish on what we heard on lunar initiatives in particular. CLD, they're thinking through different options on CLD. Again, I think we're very well-positioned no matter what NASA ultimately decides to do in terms of architecture. I think we have the right team, the right commercial model, and the right technology to address that. I'm very confident that we're well-positioned there. We'll know more when the RFP actually comes out, which again, we don't know for sure, but should be in the next couple of months.

Thank you. With that, Dylan, passing to you for closing remarks.

Thank you, Adi, and thank you, Phil, and thank you everyone for being on the call. I am extremely pleased with how 2026 is shaping up. We won significant awards on multiple key programs, including Golden Dome, Standard Missile, and Space. These awards really validate our unique and proprietary technologies and position us for multiple years of strong growth. Thank you for joining the call, and thank you for your interest in Voyager. Have a great day.

Thank you. This concludes today's Voyager Technologies first quarter 2026 financial results conference call. Please disconnect your lines at this time, and have a wonderful day.

Welcome to the Voyager Technologies, Inc. Fourth Quarter and Full Year 2025 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. 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 0. I would now like to turn the conference 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 Filipe de Sousa, our Chief Financial 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 IPO prospectus. We undertake no obligation to update these statements. We will also discuss non-GAAP financial measures. Reconciliation of these measures is available in our earnings materials on our website. I will now turn the call over to Dylan to begin with Slide 3. Thank you, Adi, and good morning, everyone. 2025 was a fantastic year for Voyager, which was founded just six years ago.

2025 was the first year we operated as a public company, moving from building the platform to rapidly scaling it, and we are now well positioned to accelerate and industrialize our growth in 2026. In fact, based upon a record backlog, we are significantly raising our revenue guidance for the year and will provide more specifics on that raise in a moment. For the sixth consecutive year, we delivered growth. Our Defense and National Security segment grew significantly, up 59% year over year, driven by execution on Next Generation Interceptor and other classified programs. Our backlog increased 33% year over year, entering 2026 with $266,000,000 to support our accelerating growth. During 2025, we raised over $1,000,000,000, including executing on a successful IPO and issuing a follow-on convertible note, all strengthening our liquidity to fund innovation and strategic growth initiatives. We completed and integrated several acquisitions, expanding our capabilities to meet growing customer demand, which we expect to remain strong in today's geopolitical environment. These expanded capabilities are enabling us to advance several of our key initiatives, including Golden Dome. We established our orbital data center capabilities, launching the first space-hardened managed cloud infrastructure to the International Space Station. We enhanced our missile defense capabilities with integrated optical technology for Next Generation Interceptor and cutting-edge electric propulsion. We are enhancing space situational awareness with AI-enabled automated target recognition and intelligence analytics for space-based radar systems. Later in my remarks, I will provide more details on Estes Energetics, a significant growth opportunity for the company. Innovation is key to our strategy. Given the large opportunity set in front of us, we increased our innovation spend in 2025, which includes customer and internally funded R&D, to over 20% of revenue. Examples of the outcomes of our efforts include successful Critical Design Review of our throttable propulsion for NGI, new products such as AI-enabled edge computing, patented extraterrestrial manufacturing method for high-performance optical communications, and patented dust-repellent coating technology that landed on the moon aboard Firefly's Blue Ghost lander. We expect to accelerate our innovation spend going forward to strengthen our competitive moats and capitalize on our growing addressable markets. We are also expanding our innovation ecosystem through strategic partnerships. During the year, we formed new partnerships; VISTA, or Voyager Institute for Space Technology and Advancement, at the Ohio State campus, is a first-of-its-kind U.S. campus purpose-built to accelerate the commercial space economy within space research, manufacturing, and services by bringing together aerospace, defense, and commercial industries, academia, and government. We recently announced partnerships with the University of North Dakota and the University of Connecticut and anticipate expanding this ecosystem to other innovative campuses domestically and internationally. In addition to investing in technology and partnerships, we also continue to invest in our people. We added Paul Tildman as Chief Technology Officer. He joined us from Androle and was previously at DARPA and Microsoft. John Baum, as Chief Marketing Officer, a former fighter pilot who joined us after a successful career at the Department of War and was cofounder of Draken, and most recently, Shoshana Moody as Chief Administrative Officer with experience scaling emerging businesses such as Instacart and Lyft. Moving on to Starlab, a transformational growth engine for Voyager. We view Starlab as a generational investment opportunity built as an infrastructure-like platform with the potential to deliver attractive and enduring returns over multiple decades. During 2025, Starlab accomplished meaningful milestones, ending the year by completing our commercial Critical Design Review, a major technical milestone with NASA that validates the maturity of the program and clears the path to full-scale construction of the station. To date, we have completed 31 program milestones, generating $183,000,000 of cash receipts from NASA, which underscores both performance and disciplined execution. Many investors attended our first Investor Day in Houston in November, where they also toured the full-scale, high-fidelity Starlab mock-up at NASA's Johnson Space Center. It is the only commercial space station mock-up in the facility, right next to the ISS mock-up where NASA trains astronauts. During the year, Starlab secured meaningful capital from marquee investors and partners, including Janus Henderson, Sumitomo, Mitsubishi, Seven Grand Managers, and Space Applications Services, strengthening Starlab's balance sheet and reinforcing external confidence in the platform. Finally, we are seeing strong customer demand, and I am excited to share with you that Starlab's commercial payload capacity is fully reserved, providing early visibility into the future utilization and revenue potential. To summarize, in 2025, we strengthened the foundation of our growth engines in national security and commercial space, leveraging our disruptive innovation platform and multiuse technology stack. Acquisitions will continue to be an integral part of our growth strategy, and our strong financial position supports that effort. Now I will review our most recent acquisition, Estes Energetics, now Voyager Energetics, on Slide 4. Voyager Energetics strengthens the foundational layer of our missile defense and national security platform. Energetics, propulsion, and critical resources are essential to interceptors, solid rocket motors, and propulsion architectures that sit at the heart of modern missile defense and are highly applicable to Golden Dome. In an environment where supply chain sovereignty and domestic manufacturing capacity are strategic imperatives, control over these inputs directly impacts program execution, schedule readiness, and mission readiness. Estes converts a historically vulnerable segment of the value chain into a strategic advantage. Specifically, it provides the U.S. with controlled onshore manufacturing and surge capacity aligned with the Department of War's priorities at a time when freedom of maneuver and deterrence are increasingly important. Voyager Energetics also deepens our vertical integration across propulsion and interceptor architectures, increasing the portion of high-value content we control within missile defense systems. As programs such as Next Generation Interceptor and other advanced missile defense initiatives transition from development to production, this integration enhances throughput, improves margin durability, and reinforces customer confidence in our ability to deliver at speed and at scale. This acquisition is a great example of how we intentionally build Voyager, acquiring durable infrastructure-level capabilities that strengthen the industrial base, align tightly with customer priorities, and compound long-term returns for shareholders. Turning to Slide 5, I will now highlight our priorities for 2026. Our top priority for the year is to accelerate growth. First, as I mentioned previously, we are meaningfully raising our 2026 revenue guidance initially provided at our Investor Day in November to a range of $225,000,000 to $255,000,000, representing growth of 35% to 53% year over year. This acceleration relative to last year and long-term CAGR is driven by demand for our Defense and National Security technologies. Programs aligned with Golden Dome are expanding in scope and urgency. Signet, now bolstered with new AI capabilities, is also seeing higher customer interest, and importantly, acquisitions are adding to our growth momentum. Our next priority is building a sustainable platform for scaled growth. We recently broke ground on the Voyager American Defense Complex in Colorado, a major expansion advancing the Pentagon's urgent call for industry to accelerate domestic missile defense and tech munition supply. The Voyager American Defense Complex will be 150,000 feet for advanced manufacturing, operations, and testing, and designed to support high-volume production of military-grade components, propulsion systems, and energetics used to address the increasing demand from the Department of War. Next, we are making deliberate investments in technology innovation to meet customer demand. Our increased IRAD spend is focused on strategic campaigns directly aligned to customer priorities such as Golden Dome, mission-critical advanced electronics, dynamic space operations such as propulsion and navigation, and also AI and autonomous industrialization to shorten lead times from design to output. Finally, 2026 will be a pivotal year for Starlab as we transition to full-scale procurement and development. We anticipate NASA will soon release the RFP for the second phase of the Commercial LEO Development Program, or CLD, with a decision later in the year. We are highly confident in the modernized, cost-efficient, and commercially scalable solution that Starlab is delivering to NASA and other key stakeholders. The architecture is designed to provide continuous U.S. presence in low Earth orbit while enabling a broader transition to commercially led operations. As the program advances, we are expanding Starlab's commercial ecosystem, building durable partnerships across mission logistics, life sciences, biopharma, advanced materials, and other high-growth verticals. The approach strengthens demand visibility and reinforces Starlab's role as an ecosystem, not a single-use platform. The early demand signals of Starlab commercial capacity being fully reserved are reinforcing our confidence. So to recap, we closed 2025 very strongly despite a prolonged government shutdown, and our growth is accelerating into 2026, giving us the confidence to raise our full-year revenue guidance. We have tremendous opportunities to capture additional market share, and we will continue to fund innovation and IRAD to fully capitalize on these opportunities. With that, I will turn the call over to Filipe to walk through the financials in more detail.

Thanks, Dylan. Turning to Slide 6, I will begin with the fourth quarter results. Net sales increased 24% year over year, driven by strong execution in our Defense and National Security segment. Growth was driven by continued progress on the Next Generation Interceptor program, classified programs, as well as contributions from newly acquired businesses. We ended the year with total backlog of $266,000,000, a 41% sequential increase from last quarter. This step-up reflects new program awards, expanding scope on existing programs, and contributions from acquired businesses, all of which are significantly improving our revenue visibility and accelerating growth in 2026. Adjusted EBITDA for the fourth quarter was a loss of $21,800,000 compared to a loss of $6,300,000 last year. The year-over-year change reflects investments in innovation, talent acquisition, and corporate infrastructure build. These investments are intentional and placed ahead of growth, establishing the operational foundation to ensure we scale efficiently. On the bottom line, adjusted EPS was a loss of $0.37. This compared to a loss of $2.90 in the prior year, with comparability reflecting a higher share count following our IPO. Turning to Slide 7, I will discuss segment performance for the fourth quarter. Defense and National Security net sales increased 63% year over year, driven by execution on Next Generation Interceptor, classified programs, as well as contributions from acquired businesses. Segment adjusted EBITDA was a loss of $4,500,000, reflecting increased R&D and talent investments. Space Solutions net sales declined 29% year over year, entirely due to the anticipated conclusion of a multiyear NASA services contract. Segment adjusted EBITDA improved to $2,300,000 compared to $1,200,000 in the prior year; here, our volume decline was more than offset by favorable mix and disciplined cost management. Today, while Starlab does not generate revenue, during the quarter, Starlab continued to achieve NASA milestones, generating cash receipts of $10,000,000, highlighting the continued execution progress and momentum. It is noteworthy that in addition to NASA milestone cash receipts, we are also seeing very strong support of Starlab from high-quality investors as part of Starlab's Series A capital raise. Now turning to Slide 8 to recap our full-year performance. For the full year, net sales increased 15% year over year, a 33% year-over-year increase excluding the planned wind-down of the legacy NASA contract within Space Solutions. The growth here was led by Defense and National Security expanding 59% year over year. Adjusted EBITDA for the full year was a loss of $69,900,000 compared to a loss of $30,000,000 last year. Adjusted EPS was a loss of $2.05 compared to a loss of $5.72 in the prior year. Turning to Slide 9 for a review of our full-year segment performance. Defense and National Security net sales increased 59% year over year, while segment adjusted EBITDA was a loss of $4,500,000. Significant growth in Next Generation Interceptor and classified ISR programs were the main growth drivers here. Space Solutions net sales declined 36% year over year and, as I mentioned earlier, primarily due to the planned wind-down of a legacy NASA services contract. Segment adjusted, there was a slight loss of $800,000. Starlab achieved 11 milestones during 2025, and we have achieved 31 milestones program to date, with milestone-based cash receipts since inception of $183,000,000. As a reminder, this is part of our $218,000,000 NASA Commercial LEO Development Phase 1 award to support program development and execution in replacing the International Space Station. Wrapping up here, we are encouraged by the momentum across our businesses, and we are increasingly confident in our ability to execute our backlog, scale our business, and deliver long-term value through disciplined growth and strategic investment. Let us turn to Slide 10 and cover our financial position. As we execute our growth strategy, we continue to operate from a position of financial strength and flexibility. We ended the year with $491,000,000 in cash and access to $213,000,000 in credit facilities, resulting in total liquidity of well over $700,000,000. Our liquidity supports a disciplined, growth-oriented capital allocation strategy. We continue to execute our targeted priorities within and for acquisitions, particularly opportunities that enhance our vertical integration or add differentiated capabilities, all the while also funding organic investments to develop new technologies and to further scale our existing platform. Turning to Slide 11. We are raising our 2026 net sales guidance to a range of $225,000,000 to $255,000,000, representing 35% to 53% year-over-year growth, and a clear acceleration from 2025. This growth is driven by demand in Defense and National Security, including Golden Dome–aligned programs as well as contributions from other areas. With the wind-down of the NASA services contract behind us, we expect to see Space Solutions once again return to growth in 2026. In 2026, we are making investments directly linked to opportunities we are seeing across our markets. Investment and incremental growth are clearly connected. We are investing because demand is expanding and customers are pulling us into larger, multiyear mission-critical programs. Gross margin for the year is expected to be in the mid-teens, reflecting targeted investments in manufacturing capacity ahead of growth acceleration. Notably, internally funded research and development will increase to approximately 20% of net sales, advancing mission-critical capabilities aligned with customer priorities, including national defense initiatives such as the Golden Dome, all the while continuing to also innovate across our existing platforms. We expect modest SG&A leverage as revenue growth begins to absorb public company costs. In addition to innovation investments, capital expenditures excluding Starlab are expected to be approximately $60,000,000 to $70,000,000. Here, we are focused on scaling domestic energetics and munitions production, advanced electronics and propulsion capacity, as well as product line enhancements. Importantly, these investments are tied to programs where we have line of sight to growing demand. Starlab enters its full system development phase in 2026 and is expected to ramp investment levels, executing to plan. Starlab investments, including operating expenses, procurement, and capital expenditures, will continue to be supported by diversified funding sources, including NASA's CLD program, other government entities, domestic and international, as well as capital markets. 2026 is a pivotal year towards delivering on our long-term financial framework. To emphasize, we continue to target a 25% organic growth CAGR, gross margins in the range of 30% to 35%, resulting in mid-teens adjusted EBITDA margin excluding Starlab, and low-teens free cash flow margin, again excluding Starlab. Starlab, once in orbit, is expected to generate $4,000,000,000 of annual revenues and $1,500,000,000 of annual free cash flow, providing a significant value creation opportunity for shareholders. In summary, we continue to invest in growth to support accelerating demand for our mission-critical capabilities with a clear line of sight to scale, operating leverage, and cash generation as execution builds. This framework balances our near-term execution with durable long-term value. With that, I will turn it back over to Dylan.

Thank you, Filipe. To wrap up on Slide 12, 2025 was a year marked by transformational execution for Voyager, backed by customer momentum and supported by a platform purpose-built for mission urgency and scale. We strengthened our foundation by entering the public markets, delivered strong growth, completed strategic acquisitions that deepen vertical integration, and advanced Starlab through major milestones. Each step expanded capability and reduced risk. The opportunities ahead across missile defense, national security, and commercial space are funded, measurable, and accelerating, and we are well positioned to convert that demand into sustained growth and long-term shareholder value. I am confident in our team, our strategy, and the strength of our technology stack as we execute in 2026 and beyond. Operator, we are now ready to take questions.

Thank you. The floor is now open for questions. In the interest of time, we ask that you please limit yourself to one and one follow-up. Thank you. Your first question comes from Ron Epstein with Bank of America. Please go ahead.

Yeah. Hey. Good morning, and thanks for all the detail on the call. Dylan, I was wondering if you could just go into some more detail on what really prompted the revenue guide and what you are feeling really comfortable about to do that.

Well, I appreciate it, Ron. Good to hear from you. So a couple points I would make. First of all, it is a terrific environment for our products and services in general. Certainly, defense spending, as we know, is on the increase, but probably more importantly than that, structurally, the way the Department of War is procuring products and services is evolving, and it is really playing to our strengths. It is really leaning into the innovation side of things. Everything is being challenged in terms of legacy programs versus new advanced technologies, so that is playing directly into our strengths. It is a great environment: record pipeline, record backlog. And then if I dive deeper into the demand signals, it is really across the board. It is everything from our advanced electronics capability, which is really seminal to a lot of these programs. We are seeing the demand signal very strong in propulsion on multiple programs factoring into Golden Dome. The energetics business that we just acquired, we are seeing huge demand signals on that as well as the Department of War looks to replenish their stockpiles. And then I would say also on communications, sensing, and data processing, huge demand signals on that as well. So it is really across the board, and that is why we have the conviction, based upon the record pipeline and based upon the record backlog, to raise revenue guidance into the year.

And then maybe just as a follow-up to that. On Starlab, with a NASA administrator set and things seeming more stable on the top of NASA, when would you expect a down-select decision on the Starlab?

Definitely this year, Ron. We still anticipate a down-select this year. To be more precise, it is difficult to say. We would anticipate the RFP is going to come out in the next 60 days or so, and basing that on language that was in the NASA authorization bill, which has passed committee. But if you figure roughly, I do not know, four to five months for selection once that RFP is out, then that would be late summer, early fall. But I would definitely anticipate selection within calendar year 2026.

Got it. Got it. Thank you very much. I will jump back in the queue.

Thank you, Ron.

Your next question comes from the line of Myles Walton with Wolfe Research. Please go ahead.

Thanks. Maybe, Filipe, you gave us a number of the moving pieces on the EBITDA walk. Could you maybe flesh that out if you want to get to sort of a range? And then relating to the higher CapEx, we have seen a lot of the missile providers find a way to get what are effectively advances, but basically higher milestone payments coincident with the CapEx expenditures to lessen the load on free cash flow. Could you touch on that as well?

Myles, I will take the first one and just ask you to repeat the second question for me. But from an EBITDA perspective, you are 100% right. We are guiding to an EBITDA loss in 2026. It should not come as a surprise. We continue to see tremendous opportunity to grow our business and invest in our business, so as part of that, we are accelerating a significant amount of our own internally funded research and development. We know that there is a strong signal for demand for our product, for innovative solutions that we already have and are contracted, and the next generation of those, and so we are going to continue to invest in growing our business. We see a strong signal, as Dylan mentioned earlier, from the marketplace that that is going to continue. It is not just a short-term duration, so we are going to continue to invest in our business here in 2026. Important too is as we start to scale and grow through the back half of this year, we anticipate still achieving our longer-term aspirations of being EBITDA positive exiting 2027 and being free cash flow positive in 2028. And so that is a really important element to make sure that investors and analysts alike understand. We are committed. In fact, if anything, we are infused with the increasing demand for our product and see opportunity to actually potentially achieve some of those targets earlier than we had previously anticipated despite investment here in 2026.

Myles, just to touch on the second part of your question, if I understood it correctly. We are seeing tremendous demand on the propulsion missile defense side across multiple programs. So I think part of what I would want to communicate on that is in addition to Next Generation Interceptor, our technology is quite relevant to other programs, whether it is THAAD or PAC-3 or some of these others. And so two things are happening. One is our technology continues to be relevant to being specced in on those programs, and then the second part is the demand for the quantities under those programs are increasing, given the geopolitical circumstances in the world. And then touching on another part of your question, which is, is there nondilutive funding and/or milestone payments available for these programs? The answer to that is yes, and we are absolutely driving that and expect some additional detail and announcements on that as we roll forward into 2026. But right now, we are not communicating any of that quite yet; we are not in a position to do so. But you are absolutely right. There is a lot of nondilutive funding available to accelerate not only these programs, but the quantities on these programs. So we are very optimistic that that is going to be very beneficial as we look to scale our propulsion technology as well.

Yep. Yeah, that was the question, Dylan. Thank you. And just one follow-up if I could. The Starlab percentage ownership at this point by Voyager, following the fundraising, where does that sit today?

I believe we can get you an exact number, Myles, but I believe we are sitting at about 60%. Yeah. It is just north of 60%. I think it is 61% last time I checked, but we can get you a precise number.

That is perfect. Thank you.

Sure. Thanks, Myles.

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

Good morning. This is Rocco on for Seth. Good morning. How should we think about growth in Defense and National Security next year? Should NGI remain the main growth driver, or are there other growth drivers that should be called out in 2026?

Yeah, no, it is really across the board. So NGI for sure on the propulsion side of things, that is a big part of it. I wish I could give you more specificity on the Golden Dome in general, but there are a lot of programs associated with Golden Dome that are being specced in currently. Those award announcements have not been made public yet, but rest assured, our technology is quite relevant to those various programs, so stay tuned on that. And then as I mentioned earlier, in addition to the propulsion technology, we are seeing huge demand signal on the advanced electronics part of our business, which is really foundational to a lot of defense programs in general, and then the energetics side, as I mentioned, and then advanced communications and sensing. So a lot of our SIGINT, data processing, the SIS, mostly in the intelligence community and classified programs, we are seeing strong demand signals there as well. So yeah, it is really across the board, with an emphasis, I would say, on propulsion. Filipe, would you add anything to that?

Yeah, I certainly—well, one, I would want to remind everybody how diverse our Defense and National Security portfolio is today, especially with the strategic acquisitions of Exotera and Estes in the back half of last year. So to kind of reframe, certainly this past fourth quarter, NGI was a significant driver of our growth. NGI actually grew over 100% year over year in Q4. NGI was up about 100% year over year in the calendar year 2025. As we enter 2026, bear in mind about $200,000,000 of our backlog sits within Defense and National Security, and only about 25% of that is actually tied to NGI, which is fantastic. Program as a base, and we look forward to the scaling of that program as we move from design phase here in 2026 into low-rate production and high-rate production 2027, 2028 respectively. Just as a key reminder to investors, we are far more diversified than just Next Generation Interceptor, as important a program as it is to us.

Yeah, and the final point I would make is, again, record backlog and that record backlog is based upon record pipeline. So we really like the visibility we are seeing and the demand drivers we are seeing. And, you know, as a management team, the way we think about value creation is build pipeline—that is why we are super excited about the record pipeline—make sure that we turn that into backlog, and, of course, we are at record backlog, which then transfers into revenue, EBITDA, and then cash flow. So the funnel, Rocco, is just tremendous, and we are super bullish about the demand signals that we are seeing.

Right. And digging into that funded backlog in Defense and National Security, it has more than doubled quarter over quarter. Should we think about the unannounced Golden Dome awards as being the primary driver there of the growth, or is there another program to call out?

Yeah, it is not included. It is not included. So think of this as things that have been announced, and things that have not been announced are not yet in those numbers. I go back to the initial question from Ron, asking us about the confidence in our visibility and our revenue guide for 2026. And, obviously, it starts with that record backlog position. But it is also—and I do not mean to sound overly enthusiastic; I am supposed to be the CFO, I am more of the realist here in the room—but we are tremendously excited by the pipeline and how that is going to crystallize for us over the course of not just the first half of this year, but as we extend out to the back half of the year. We know this administration is going to be heavy into upping the defense budget, the defense allocations, if you would, and clearly a lot of the onshoring demand that we are excited about is not reflected in this backlog. It is all in front of us in terms of order opportunity first into our 2026. We have to get through 2026 first, but as we look out to 2027, it will make for yet another acceleration in the growth profile for Voyager.

Great. Thank you.

Thank you.

Your next question comes from the line of Justin Lang with Morgan Stanley. Please go ahead.

Good morning. I am on for Christine today. Thanks for taking the questions. Appreciate all the detail at the top on the Estes. I was hoping you could provide a little more color on how that business factors into your 2026 outlook, how you think about synergy capture from here, and we have heard a lot about fragility within the missile propulsion supply base, so just curious if you could size the magnitude of investment required to build out capacity in that business? And then I have a follow-up. Thanks.

Yeah, so I will take a stab at that, and I will pass it over to Filipe to talk about the cost portion. But yes, the energetics portion of our business is going to be increasingly strategic and critical. If you look at the value chain for propulsion and missile defense in general, but also factoring into things like munitions, which is another key focus of the administration, within that value chain, energetics is one of the key components not only from a value capture standpoint, but also as a critical supply chain input. And it is at the confluence of not only the fact that this is essential to make these systems work, but it is also at the confluence of the administration's priority for critical chemicals, which is the same strategic orientation that they had towards critical minerals like antimony and things like that. So that is a key focus. It also is at the confluence of onshoring. A lot of these energetics are currently not made in the U.S. So there are a few factors here. One is we can control more of the production inputs, which gives us more control over the supply chain, which ultimately gives us speed to market, which is what the customer is asking for. Furthermore, it allows us to build out this Voyager ADC, the American Defense Complex, which is relevant to all of our propulsion technologies. There is actually some CapEx offset with the Estes Energetics acquisition we made. We are able to use some of their facilities to offset some CapEx that we had anticipated with our TDAX technology, so we are super excited about that. And then the other thing, which is not in our numbers but we are still, I think, very optimistic about, is all of this is eligible for nondilutive funding from the government under this critical chemicals framework and onshoring framework. So I think that is another opportunity for value capture and CapEx offset. So when you think about this Voyager American Defense Complex and what it is supporting, it is not only supporting the energetics business, which is a critical input, it is setting us up for scale production for our entire propulsion technology suite. So think of this as a foundational investment that is going to lead to huge scaling and upside on the revenue side for propulsion more generally. So we are super excited about that. I think it is going to be ultimately a critical competitive advantage and moat that we are going to have that other providers are not going to have, and I think it is completely aligned with the administration's goals, stated goals, for these critical inputs as well. So with that, I will pass over to Filipe.

Yeah, good, and again, thanks for the question. So one thing I think I would really start by highlighting is as we have acquired these businesses, the first thing that Voyager looks to do is integrate the businesses into our portfolio. So do not think of these as a standalone operation going forward. We will quickly integrate them. As Dylan mentioned, it is not just Estes; it is Exotera, it is our former predecessor Valley Tech business. It is all really part of our strategic defense portfolio. And so Estes, along with Exotera, which does nothing but strengthen our vertical integration around propulsion, is tied to multiple growth drivers, including Golden Dome. Estes alone, from an energetics perspective, adds over a billion dollars of opportunity to our pipeline. So, again, back to the backlog, $266,000,000 entering the year, very little of that tied to energetics. The opportunity is all in front of us. We know the demand is real. The U.S. government continues to call for it. We highlight $60,000,000 to $70,000,000 of CapEx in 2026—of course, that is all excluding Starlab. A significant portion of that is going to be tied to the Voyager American Defense Complex. Again, it is not only specifically Estes or energetics related. It is also tied to propulsion, the broader propulsion portfolio, and supporting our grander Golden Dome growth drivers and initiatives.

Got it. That is great color. And then sort of relatedly, just on Golden Dome specifically, as that opportunity set takes shape, just curious the signal you are getting from the customer; they are really stressing on industry sort of desktop front here and you are seeing maybe a pay-to-play type dynamic emerge? Any color there would be helpful.

Yeah. Well, again, record pipeline. About $1,600,000,000 of our record pipeline is associated with Golden Dome opportunities. So we are super bullish on the opportunity that we see. In terms of the procurement strategy, which is really, I think, embedded in your question, we are seeing the customer in the Department of War looking for new ways to incentivize commercial providers to not only spec the technology they need, but to move faster to develop these systems. And, of course, that need is urgent. I think that plays to our strengths, because we are more maneuverable, more entrepreneurial, more flexible, more adaptable than certainly a lot of the legacy players in this space are. So we actually welcome this, I would say, creative procurement approach that the customer is asking for. And then, ultimately, keep in mind the technologies that we are putting into play into Golden Dome have already passed things like Critical Design Review on Next Generation Interceptor. So this is already proven technology. So even if it is a milestone-based contract, we have a lot of confidence that the tech is already going to work, as opposed to, let us say, developing systems that might have unproven technology being specced in. We could be more specific on the Golden Dome, but currently we are not able to talk specifically about the specifics of those contracts. But I would say, generally speaking, the customer is looking for new and innovative ways to procure that are disrupting the status quo approach.

I think, Dylan, if I could just double down and emphasize. So think of not just the CapEx, but the innovation investment that we have planned for here in 2026. It is extremely deliberate, and it is a deliberate investment ahead of growth, not ahead of opportunity. If we did not have line of sight to orders in our pipeline, line of sight to larger programs that are scaling in terms of moving from design phase into production phase, we would not be making these investments ahead of this growth. So it is just to reiterate our confidence in what that growth profile looks like. And of course, like Voyager has demonstrated in years past, being ahead of the curve, if you would, so not necessarily waiting for the opportunities to knock on our door. We are positioning ourselves to capture a great share of that market as it unveils and evolves.

Yeah, and I just want to emphasize one thing. Our record backlog does not include the upside from the Golden Dome opportunities.

Perfect. Thank you.

Your next question comes from the line of Greg Conrad with Jefferies. Please go ahead.

Good morning.

Morning, Greg.

Morning. So you spent a lot of time talking about the Defense and National Security side. If maybe we could talk about Space Solutions a little bit. I think you said now that some of the wind-down is behind them, you expect it to return to growth in 2026. What do you see as the biggest drivers of that, and any way to maybe quantify the growth expectations for Space?

Yes, so I will take that, Greg. Just a reminder: fourth quarter revenue down, entirely driven by the planned wind-down of the NASA low-margin services contracts. As we reset 2026, we see continued demand for mission management services on the ISS as it certainly continues to operate today, and think of that as the bridge to Starlab, which we are already seeing continuous demand for. And, in fact, we know it is our current mission management services customer relationships, managing things on the International Space Station today, that is leading to that overbooked commercial demand that we are seeing on Starlab already. So as we look out to 2026 and 2027, we continue to see low Earth orbit as a demand driver. Looking out even beyond, certainly the focus on lunar, and perhaps we can talk a little bit about the announcement we made today in that space and how that lends itself to that. I think that there is upside opportunity in Space Solutions. I look forward to seeing it return to growth in 2026, albeit modest relative to our Defense and National Security business, which is supported by a tremendous amount of backlog entering the year. But make no mistake, Space Solutions continues to be a growth driver and a growth focus for Voyager.

Yeah, and I would just add, we are very bullish on Space Solutions. We have spent a lot of time talking about the defense side, but we also see great demand on the Space Solutions side. Just to reiterate our strategy there, we call it the three L's, which is LEO, Lunar, and Lagrange, Lagrange being a proxy for deep space. So we will have more to talk about on our Max Space investment probably on our next quarterly call because that is fresh. But think of us as focusing on the technologies that enable administration goals in all three of those domains—low Earth orbit, the lunar environment, and deep space. And so we have relevant technology already that applies to all three of those domains, and we are going to look to fund IRAD and/or make acquisitions and/or investments in technologies that are, again, going to address all three of those domains. And as Filipe pointed out, we see huge opportunity in lunar and the return to the moon with lunar infrastructure. And then, of course, a lot of our foundational mission management business is leading directly to these demand signals we are getting on Starlab, which is really positioning us well to capture the majority of the market share available in low Earth orbit. So we are feeling very bullish about that. One hundred percent of our commercial demand for Starlab is already reserved, which I think is a fantastic outcome given the fact that we will not be in orbit for another 36 months.

And then maybe just as a follow-up, that is a good transition to Starlab. Any way to maybe quantify some of the financial impact in 2026? I think most of the numbers you gave are ex-Starlab thinking about, you know, innovation, CapEx, and then it seems like some offset given you have sold out the payload capacity. How should we think about the free cash flow usage and any inflows tied to Starlab in 2026?

Okay. Okay. Yep. Yeah, Greg, I think it is really important to note in terms of planning cash flow around Starlab in 2026 is, one, I am driving a—think of it as a cash-neutral profile, meaning it is not just about free cash flow, but it is also about our successful fundraising for Starlab, and that is nondilutive capital as well as dilutive capital through our successful Series A for Starlab that has been ongoing. We anticipate, obviously, NASA to step in during the year as well. It is going to be also the other international space agencies. As we start to approach the latter part of the year, we will start to see some pre-advanced fundings come in from customers already. To that point, and I will highlight, I know we have talked a lot about our record backlog in the $266,000,000, but just to highlight and be fully transparent with everybody, there is actually $6,000,000 of backlog associated with Starlab, which is quarters ahead of when I would have expected to actually have hit. And so back to the growing demand, growing necessity for a low Earth orbit replacement for ISS, and Starlab is great positioned to do so. We feel great about that. From a financial perspective, Starlab is intended to be, if you would, cash neutral for the year. We do anticipate free cash flow to be a cash outflow that will be funded by both dilutive and nondilutive capital coming in during the year. I think that is the important piece to highlight. From a Voyager perspective, just to remind everybody, the JV structure actually reduces Voyager's capital exposure to Starlab. Our diversified funding within Starlab itself limits Voyager's capital burden, and again, just to highlight the early demand visibility and the diversified customer base we see for Starlab gives us tremendous excitement as we look out to later in 2026 and certainly 2027 as we start to move from design into actually constructing the new station.

Thank you.

You bet. Thank you.

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

Hey, good morning. I wanted to ask on the government shutdown and what you are expecting from the catch-up there to how that plays out in 2026. Is there one quarter that might see the biggest benefit, or is that relatively consistent as the year progresses? And then on the NGI program, can you provide any color on next milestones or key watch points for NGI to hit its target for LRIP in late 2026? Is there any facility or capacity expansions that are needed to hit your target and drive the strong growth that you are seeing there?

I can take that as well. And good morning, Michael. Thanks for making the call. The government shutdown had a minor, relatively small impact that is actually in the fourth quarter. We probably would have had even bigger backlog, even more orders to report in Q4 if not for the prolonged government shutdown. So as excited as we are about total record backlog of $266,000,000, that would have been higher. So I look forward to Q1, and certainly Q2, being perhaps a little bit higher in terms of orders than historically speaking we would have seen. From a revenue perspective, that delay in the fourth quarter probably means our first quarter will be a bit muted from an actual revenue crystallization perspective, and so we would anticipate revenue to accelerate through the year in 2026. But the government shutdown, for what it is worth, does not necessarily impact Voyager that significantly. The underlying demand drivers here, these national security growth drivers, are not temporary. Obviously, with the geopolitical environment that we are in today—last quarter we were talking about the impact potentially of the prolonged impact of the Ukraine war with Russia, now we have the Iran conflict, etcetera—if anything, these things are just depleting our national security resources, and Voyager is well positioned to replenish that. And it is not going to be a six- or twelve-month resupply mission. This is going to be a multiyear growth support driver for Voyager.

Yeah, the only other thing I would say is that, given the fact that we were shut down for half of the fourth quarter, call it 90 days, the fact that we essentially hit our revenue target, I think, is a very good fact, and I think shows not only the resilience of the diversification of the business, and again, exiting the year with record backlog, record pipeline, raising revenue guidance, all on the heels of a prolonged government shutdown, I think, is a very good fact.

As for NGI, we work very closely, obviously, with the prime, Lockheed Martin. Just case in point, we have continued to stay on time and stay on schedule from our perspective irrespective of other potential supply chain issues. Ultimately, we will take that final order through a full low-rate production from the customer when it is ready. We do anticipate those orders to come in the second half of this year as we move into low-rate production next year. As far as the manufacturing capacity and investment, to be clear, we are investing in the Voyager American Defense Complex ahead of demand for Golden Dome opportunities in excess of, or incremental to, Next Generation Interceptor. We know that those opportunities are real. We are working very closely with other primes, not named Lockheed Martin, as an example, on various initiatives and various programs, and so that is the reason why we are making that investment. That said, we are well positioned as we scale on NGI when Lockheed is good and ready.

Great. Thank you.

Thanks, Michael.

Your next question comes from the line of Sam Brandes with Wedbush Securities. Please go ahead.

Hi, everybody. I am on for Dan. Looking ahead to 2026, can you walk us through the two or three most critical growth drivers or milestones—whether contract awards, Starlab development targets, program execution gates—that you would point to as the clearest proof points that Voyager's long-term thesis is well on track?

Well, we have a lot more than three. I will try to pick the biggest three. I think a few things. One is continued delivery of our propulsion technology on programs like NGI, but I would say more specific to that would be being announced on additional programs of record, including Golden Dome programs and including legacy programs of record. I think evidence that we can hopefully talk about in the public domain here in the near term that would show that we are getting traction on additional programs, I think, would be a key indicator and validation point, and that would be—in addition to the record backlog that we have already talked about—this is all incremental. So I think that is one thing. A second key thing would be our ability to scale our production capacity, because that is really what is going to set us up for a remarkable 2027–2028, both from a revenue growth perspective, but also from an operating leverage, EBITDA, free cash flow, all the things that we anticipate. And then the third thing I would say, which is relevant, is the successful outcome of CLD Phase 2, which, of course, is the space station selection by NASA, and we anticipate that selection to happen within calendar year 2026. And we feel very good about our strategic position there. And then just to emphasize, we have ample liquidity—lots of dry powder on the balance sheet. We are seeing huge opportunities not only for internal investment to drive growth, but also still on the acquisition side as well. So those would be three pillars that I would put out there, and we have a lot more than just those three, but I think those are three to keep an eye on.

Great. Thank you. And you guys made five acquisitions in 2025. Where do you think are the remaining capability gaps in the portfolio? And when do you think the strategy shifts from capability filling to driving scale as the company further matures?

Thank you. I think we have already made the pivot or shift to that second part. We are in scale mode for sure. I think on the capability side, there are a few areas that we are still interested in exploring. Anything in power and propulsion—we are going to continue to look at the value chain there. How do we go faster? How do we scale capability and production availability? We will also be responsive to the needs of the customer as we have been with this critical chemicals and onshoring initiative that we talked about. On space exploration, I think the lunar environment is something that we are really keen on. There is a huge opportunity there with NASA's focus on going back to the moon and going back to the moon to stay, and we are very well positioned with our technology to be a major player in that domain as well. So I think those are two key areas. And then I think our acquisition pipeline is quite robust, and we are seeing a lot of opportunities there. I think one way to think about this might be geographic expansion as well that would lead to other customers around the world that would be non-U.S. based. I think that is a huge growth opportunity for the company. Nothing imminent there, but I think that is another area that we can scale our business. So those are some thoughts, and, yeah, happy to dive deeper with you on any of those points.

Thank you.

Mr. Padva, I would like to turn the conference back over to you.

Thank you very much. We will now take a couple of questions from Fei Technology. First one: As Voyager seeks to grow content in missile programs, how should we think about the incremental investment required to supply programs like PAC-3 or others which have higher production rates relative to Next Generation Interceptor?

Yeah. Well, thank you for the question. I really appreciate that. So a couple ways to think about this. Our Voyager American Defense Complex—we are building that out in anticipation not only of addressing the record pipeline that we have, but scaling from there. So this would be existing programs of record, missile defense programs of record like PAC-3, like THAAD, like Trident, like others, but in addition to that, opportunities on things like Golden Dome, which have not been announced publicly yet. So think of the American Defense Complex as setting the table for us to take advantage of all these demand signals that we are seeing, and we are confident with the investment that we are planning in 2026 for the Voyager ADC. We will not have additional incremental investment in order to capture these large pipeline and backlog opportunities that we see, so we feel very good about that.

The next question: Given that NASA is expected to award the CLD Phase 2 later this year, what is Voyager's strategy in case NASA further delays the Phase 2 selection to 2027, for example? And do you have any other financing to maintain the 2029 launch schedule without the federal funding?

Yes. Well, we do not anticipate a delay outside of calendar year 2026. There was a NASA authorization bill that just cleared the Senate Commerce Committee here recently, and it specifically says the RFP is within 60 days, so I do not anticipate the RFP pushing in or the selection pushing into 2027. The other thing about the Starlab joint venture model is it is fantastic from a Voyager perspective because there is a lot of capital flexibility in that model. So the cost structure itself—well, first of all, the JV is actually raising third-party capital into the JV, so that is one key point. But the second key point is the way the joint venture is set up is a lot of the cost structure is in procurement and integration, and those things can be modulated, and the time that those costs are spent can be chosen at our option, as opposed to, let us say, some of the competitors have very, very, very heavy run-rate cost structure, and if there is a delay in procurement on their side, their cash burn is extremely high. Our model is different, and that gives us much more capital flexibility in our approach.

This concludes our questions. I will hand it back to Dylan for closing remarks.

Well, thank you, everybody. We are super excited about our 2025, the record backlog that we have going into 2026, the growth opportunities we see in the company throughout all of our growth vectors, including power and propulsion, energetics, space solutions, Starlab, and the like. So with that, I want to thank everybody for joining the call. Thanks for your interest in Voyager Technologies, Inc., and we look forward to speaking with you after we wrap up Q1. Thank you.

Thank you. This concludes today's Voyager Technologies, Inc. fourth quarter and full year 2025 financial results conference call. Please disconnect your lines at this time and have a wonderful day.