Filing Flows › Voyager Technologies (VOYG) › Q2 2025
Voyager Technologies (VOYG) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Voyager Technologies (VOYG) reported revenue of $45.7M for the second quarter 2025 (Q2 2025), +25% from a year earlier and +32% from the quarter before. Operating margin was -52.8%, net loss $33.1M (72.4% of revenue).
Voyager Technologies, Q2 2025: revenue $45.7M (+25% year over year), operating margin -52.8%, net loss $33.1M, operating cash flow −$16.5M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $45.7M | +32% | +25% |
| Operating profit | −$24.1M | — | — |
| Net earnings | −$33.1M | — | — |
| Operating cash flow | −$16.5M | — | — |
What changed
Revenue was $45.7M in Q2 2025, up 25% year over year and up 32% from the previous quarter.
Gross margin was 18.0%. Operating costs exceeded revenue by $24.1M, an operating margin of -52.8%. The fastest-growing cost line was SG&A (+127%). The quarter ended with a net loss of $33.1M, wider than the previous quarter's $27.9M loss. Minority interests bore $1.7M of it: to shareholders the quarter was a loss of $31.4M.
Operating cash flow was −$16.5M. Non-cash charges added back $2.7M of depreciation and amortization and $11.5M of share-based compensation. Working capital and other items added $2.3M. Capital expenditures of $30.9M exceeded it, leaving free cash flow of −$47.4M.
Questions
What was Voyager Technologies' revenue in the second quarter 2025?
Voyager Technologies (VOYG) reported revenue of $45.7M for the second quarter 2025 (Q2 2025), +25% from a year earlier and +32% from the quarter before.
Was Voyager Technologies profitable in the second quarter 2025?
Operating loss was $24.1M (-52.8% of revenue) and net loss $33.1M.