VOYG

Voyager is a recently-public defense-tech and space company whose top line is growing only modestly while its losses are accelerating. Revenue rose 15.4% to $166M in FY2025, but net loss widened to -$105M (from -$62.1M in FY2024 and -$25.4M in FY2023) and operating income swung to -$108M (-124% YoY), a -65.2% operating margin. That is the wrong trajectory: spending is scaling far faster than sales. Management's own framing — twelve acquisitions since 2019 and a heavy Starlab build — explains the burn, but it also means the P&L gives no line of sight to profitability from the data provided.

The balance sheet is the bull case and the only thing keeping this out of deeper trouble. The IPO lifted cash 778% to $491M (≈40% of the $1.21B market cap) and equity to $384M, with current assets of $581M against just $133M of current liabilities. That funds the spend for now, but FY2025 already saw -$60.9M operating cash flow plus $145M of capex, so the war chest is being consumed quickly and the 215.7% jump in shares is a reminder that dilution is the funding mechanism. Liabilities/equity of 1.62x is manageable but climbing fast (liabilities +230.9%).