Voyager Technologies, Inc. — Blitz Index 18 (D)
Voyager scores 18 — record orders ($113.0M bookings, 2.1x book-to-bill) against a collapsing gross margin (8.4%) and 20 points of demerits.
Confidence: High · Category: frontier
Score breakdown
| Section | Score | Detail |
|---|---|---|
| A · Speed | 13 / 25 | Q2 2026 revenue $52.7M (+15.5% YoY, record quarter); bookings $113.0M (record, 2.1x) and backlog $335.5M (record) — but growth is mid-teens, not blitz-rate |
| B · Moat | 18 / 60 | No user-side network effect; heritage (1,400+ ISS missions) and the Starlab JV ecosystem are real but pre-revenue — no flywheel yet |
| C · Creative destruction | 7 / 15 | Positioned inside the official ISS-replacement process (Starlab) and commercial lunar logistics (Griffin) — but replacement has not occurred |
| D · BlitzFailing | −20 | ⚠️ BlitzFailing watch: debt + burn (D1 −8) · margin collapse and EAC charges (D2 −4) · CEO ~61% voting control (D3 −4) · 93.2% U.S. Government revenue (D4 −4) |
Radar axes (0–100): Moat 30 · Speed 52 · Creative 46.7.
Watch item
⚠️ BlitzFailing watch (D −20). Gates: G1 ✓ (weak pass — growth is real and continuing) · G2 ✓ (borderline — three-part wedge, depends on two pre-revenue programs). 47 points below the threshold — first score.
Strengths
- Q2 bookings $113.0M (record, 2.1x) + backlog $335.5M (record, funded $189.0M) — demand visibility is real
- Golden Dome $84.3M in Q2 + an Agentic AI spectrum-dominance award — inside current defense priorities
- Griffin-1 acceptance testing passed (2026-10-13; 10 payloads, 6 countries incl. NASA and ESA) — last ground gate before a late-2026 launch target
- Starlab JV ecosystem (Airbus, Mitsubishi, MDA, Palantir) + NASA ISS-replacement selection + SpaceX Starship launch contract
- Capital access: IPO $402M → 0% converts $402.5M (2032) → $250M revolver + shelf — liquidity itself is secured
- FY2026 guidance $275–305M (+66–84%) — the acceleration the company claims is blitz-scale
Concerns
- Gross margin collapse: 18.0% → 8.4% (Q2), Q1 −4.4%, H1 3.3% — fixed-price mix 59.3% with unfavorable EAC adjustments (−$11.7M H1)
- Burn: H1 FCF −$139.6M, Q2 alone −$72.8M — the September $402.5M raise bought time, not sustainability
- Guidance achievability: H2 needs $187–217M (+117–152% YoY) — Astrobotic contribution and backlog conversion undisclosed
- Single buyer: 93.2% of Q2 revenue and 87.7% of funded backlog from the U.S. Government; contracts terminable for convenience
- Governance: CEO ~61% voting power on ~9.4% of shares; controlled-company exception; classified board; CEO also Chairman
- Two binary bets: Griffin landing failure or Starlab Phase II loss would narrow the G2 path at once
More Frontier companies
Other Frontier names on the Blitz Index, highest score first: Rocket Lab (62/B), Tesla (62/B), Illumina, Inc. (60/B).
Next earnings
Nov 2, 2026 · After close · Confirmed
Coverage
Voyager Technologies, Inc. · Q3 2026 due Nov 2, 2026 (AMC) · Score 18 · Grade D · ⚠️ BlitzFailing watch
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BlitzLab scores businesses against a scholar’s standard — not investment advice. No price targets, no buy/sell recommendations. Figures are from SEC filings (XBRL) as labeled in the source scorecard.