Filing Flows › Voyager Technologies (VOYG) › Q4 2025
Voyager Technologies (VOYG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 10, 2026
Voyager Technologies (VOYG) reported revenue of $46.7M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +18% from the quarter before. Operating margin was -72.9%, net loss $33.0M (70.7% of revenue).
Voyager Technologies, Q4 2025: revenue $46.7M (+24% year over year), operating margin -72.9%, net loss $33.0M, operating cash flow −$15.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.7M | +18% | +24% |
| Operating profit | −$34.0M | — | — |
| Net earnings | −$33.0M | — | — |
| Operating cash flow | −$15.0M | — | — |
What changed
Revenue was $46.7M in Q4 2025, up 24% year over year and up 18% from the previous quarter.
Operating costs exceeded revenue by $34.0M, an operating margin of -72.9%. Total costs grew 63% against revenue growth of 24%. The fastest-growing cost line was Other operating costs (+151%). The quarter ended with a net loss of $33.0M, wider than the previous quarter's $18.3M loss. Minority interests bore $2.8M of it: to shareholders the quarter was a loss of $30.2M.
Operating cash flow was −$15.0M. Non-cash charges added back $5.0M of depreciation and amortization and $3.5M of share-based compensation. Working capital and other items added $9.5M. Capital expenditures of $48.1M exceeded it, leaving free cash flow of −$63.1M.
Questions
What was Voyager Technologies' revenue in the fourth quarter 2025?
Voyager Technologies (VOYG) reported revenue of $46.7M for the fourth quarter 2025 (Q4 2025), +24% from a year earlier and +18% from the quarter before.
Was Voyager Technologies profitable in the fourth quarter 2025?
Operating loss was $34.0M (-72.9% of revenue) and net loss $33.0M.