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Voyager Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$57.9M in Q3 2026 · −$292M over twelve months

Operating cash flow−$29.7M
Capital spending−$28.2M
Free cash flow−$57.9M
Cash conversion cycle7 days

Analysis

In Q3 2026, Voyager Technologies generated −$29.7M of operating cash flow and spent $28.2M on capital projects, leaving free cash flow of −$57.9M. That is $4.1M less than in Q3 2025 (−$53.8M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$129M; the largest uses were acquisitions ($241M), other financing ($175M), capital spending ($163M); besides operations, cash came from net borrowing (+) / repaid (−) ($862M), partners ($64.9M); the cash balance rose by $140M.

Operating cash flow was −$29.7M against net income of −$58.4M. The largest differences: deferred revenue +$20.6M, depreciation & amortization +$10.0M, contract assets −$8.4M.

Its cash conversion cycle was 7 days (receivables 43 + inventory 13 − payables 49).

Free cash flow

Voyager Technologies: free cash flow by quarterVoyager Technologies: free cash flow by quarter−$35.4MQ4 2024−$41.3MQ1 2025−$47.4MQ2 2025−$53.8MQ3 2025−$63.1MQ4 2025−$90.8MQ1 2026−$79.9MQ2 2026−$57.9MQ3 2026
Operating cash flow less capital spending.
Voyager Technologies: operating cash flow against capital spendingVoyager Technologies: operating cash flow against capital spendingOperating cash flowCapital spending−$5.5M$29.9MQ4 2024−$14.4M$27.0MQ1 2025−$16.5M$30.9MQ2 2025−$15.1M$38.7MQ3 2025−$15.0M$48.1MQ4 2025−$39.7M$51.1MQ1 2026−$44.3M$35.5MQ2 2026−$29.7M$28.2MQ3 2026
Latest (Q3 2026): Operating cash flow −$29.7M, Capital spending $28.2M.

Capital allocation, year by year

Voyager Technologies: where the cash came from (up) and went (down), by fiscal yearVoyager Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2023: Operating cash flow −$15.4MFY2023: Net borrowing $7.5MFY2023: Capital spending −$17.2MFY2023: Acquisitions $2.0M$9.5MFY2023FY2024: Operating cash flow −$25.5MFY2024: Net borrowing $11.4MFY2024: Shares issued $66.6MFY2024: Capital spending −$82.7M$78.0MFY2024FY2025: Operating cash flow −$60.9MFY2025: Net borrowing $80KFY2025: Shares issued $162MFY2025: Capital spending −$145MFY2025: Acquisitions −$152MFY2025: Buybacks −$27.7M$162MFY2025
Over these 3 years operating cash flow totalled −$102M; the largest uses were capital spending ($245M) and acquisitions ($152M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$554M
Debtnone
Net cash$554M
Cash runway23 months

Voyager Technologies is burning cash: its operations consume cash, a free cash flow of −$292M a year at the current rate against $554M of cash and investments: a runway of about 23 months before any new financing.

Where the cash came from and went

Voyager Technologies: sources (+) and uses (−) of cash, Q3 2026Voyager Technologies: sources (+) and uses (−) of cash, Q3 2026Net borrowing (+) / repaid (−)$402MCash drawn (+) / kept (−)−$180MAcquisitions−$116MOther financing−$62.6MOperating cash flow−$29.7MCapital spending−$28.2MOther investing$10.1MPartners$2.0MShares issued$1.8MExchange rates−$2K
Voyager Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Voyager Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Net borrowing (+) / repaid (−)$862MAcquisitions−$241MOther financing−$175MCapital spending−$163MCash drawn (+) / kept (−)−$140MOperating cash flow−$129MShares issued−$116MPartners$64.9MOther investing$36.7MExchange rates−$34K

From profit to cash

Voyager Technologies: net income to operating cash flow, Q3 2026Voyager Technologies: net income to operating cash flow, Q3 2026Net income−$58.4MDepreciation & amortization$10.0MStock-based pay$5.0MDeferred taxes−$3.9MOther non-cash$221KReceivables$3.6MInventory−$3.6MPayables$3.1MAccrued liabilities$8.2MDeferred revenue$20.6MContract assets−$8.4MPrepaid and other assets−$7.9MOther liabilities−$2.2MOperating cash flow−$29.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20264313497
Q2 20264514546
Q1 20265412587
Q4 202546763-11
Q3 202534460-22

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$29.7M−$28.2M−$116M$402M$1.8M−$180M−$57.9M
Q2 2026−$44.3M−$35.5M——$4.9M$55.9M−$79.9M
Q1 2026−$39.7M−$51.1M——$3.6M$62.0M−$90.8M
Q4 2025−$15.0M−$48.1M−$119M——−$78.0M−$63.1M
Q3 2025−$15.1M−$38.7M−$26.0M——$55.6M−$53.8M
Q2 2025−$16.5M−$30.9M——$19.4M−$293M−$47.4M
Q1 2025−$14.4M−$27.0M—$130K$143M−$120M−$41.3M
Q4 2024−$5.5M−$29.9M—$5.1M$20.2M−$13.7M−$35.4M

Voyager Technologies: income statement and cash flow

Voyager Technologies, Q3 2026: revenue $88.7M (+124% year over year), operating margin -69.8%. The chart follows the revenue to costs, profit and cash.

Voyager Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.