Filing Flows › Voyager Technologies (VOYG) › Q3 2025
Voyager Technologies (VOYG) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Voyager Technologies (VOYG) reported revenue of $39.6M for the third quarter 2025 (Q3 2025), 0% from a year earlier and -13% from the quarter before. Operating margin was -60.7%, net loss $18.3M (46.3% of revenue).
Voyager Technologies, Q3 2025: revenue $39.6M (0% year over year), operating margin -60.7%, net loss $18.3M, operating cash flow −$15.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $39.6M | -13% | 0% |
| Operating profit | −$24.0M | — | — |
| Net earnings | −$18.3M | — | — |
| Operating cash flow | −$15.1M | — | — |
What changed
Revenue was $39.6M in Q3 2025, roughly flat year over year and down 13% from the previous quarter.
Operating costs exceeded revenue by $24.0M, an operating margin of -60.7%. Total costs grew 23% against flat revenue. The fastest-growing cost line was SG&A (+65%). The quarter ended with a net loss of $18.3M, narrower than the previous quarter's $33.1M loss. Minority interests bore $2.1M of it: to shareholders the quarter was a loss of $16.3M.
Operating cash flow was −$15.1M. Non-cash charges added back $3.1M of depreciation and amortization and $2.1M of share-based compensation. Working capital and other items used $2.0M. Capital expenditures of $38.7M exceeded it, leaving free cash flow of −$53.8M.
Questions
What was Voyager Technologies' revenue in the third quarter 2025?
Voyager Technologies (VOYG) reported revenue of $39.6M for the third quarter 2025 (Q3 2025), 0% from a year earlier and -13% from the quarter before.
Was Voyager Technologies profitable in the third quarter 2025?
Operating loss was $24.0M (-60.7% of revenue) and net loss $18.3M.