Voyager: Scaling Defence Momentum, Starlab Optionality Remains

Voyager Technologies is positioned to benefit from accelerating defense spending, with a record $266M backlog and a $1.6B pipeline tied to programs like Golden Dome. FY25 saw strong 15% revenue growth, driven by Defense and National Security, but profitability remains challenged with a $116.1M net loss and negative $155M free cash flow. VOY trades at a significant premium (6.2x trailing sales), reflecting confidence in backlog conversion and long-term upside from projects like Starlab, despite ongoing losses.