v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 491,329 $ 55,930
Accounts receivable, net 29,819 15,360
Contract assets 29,786 17,304
Inventories 3,825 1,526
Prepaid expenses and other current assets 26,541 11,461
TOTAL CURRENT ASSETS 581,300 101,581
Property and equipment, net 164,286 49,439
Operating lease right-of-use assets 18,164 8,167
Intangible assets, net 98,982 34,684
Goodwill 157,674 46,515
Other assets 30,048 7,210
TOTAL ASSETS [1] 1,050,454 247,596
Current liabilities:    
Accounts payable 27,386 22,787
Contract liabilities 24,338 21,365
Operating lease liabilities 5,831 3,000
SMI promissory note, current 0 665
Accrued expenses and other current liabilities 75,472 39,594
TOTAL CURRENT LIABILITIES 133,027 87,411
Term Loan, net 0 56,991
Operating lease liabilities, non-current 13,336 6,205
Contract liabilities, non-current 7,899 2,762
Convertible notes, net 447,634 7,435
Embedded derivatives 0 2,723
Deferred tax liabilities 8,858 112
SMI promissory note 0 23,928
Other long-term liabilities 10,167 102
TOTAL LIABILITIES [1] 620,921 187,669
Mezzanine equity:    
Class A-1 redeemable preferred stock: $0.0001 par value; 0 shares authorized, issued and outstanding at December 31, 2025; 7,500,000 shares authorized and 6,967,720 shares issued and outstanding at December 31, 2024; redeemable at the option of the holder with a liquidation preference of $105,581 0 93,496
Redeemable noncontrolling interests 0 32,431
Equity (Deficit):    
Additional paid-in capital 797,438 15,081
Treasury stock, at cost (27,702) 0
Accumulated other comprehensive (loss) income (95) 28
Accumulated deficit (385,927) (281,113)
Total Voyager Technologies, Inc. equity (deficit) 383,720 (69,704)
Noncontrolling interests 45,813 3,704
TOTAL EQUITY (DEFICIT) 429,533 (66,000)
TOTAL LIABILITIES, MEZZANINE EQUITY, AND EQUITY (DEFICIT) 1,050,454 247,596
Series A Preferred Stock    
Equity (Deficit):    
Preferred stock 0 0
Series B Preferred Stock    
Equity (Deficit):    
Preferred stock 0 132,835
Series C Preferred Stock    
Equity (Deficit):    
Preferred stock 0 63,464
Common Stock    
Equity (Deficit):    
Common stock 0 1
Class A Common Stock    
Equity (Deficit):    
Common stock 5 0
Class B Common Stock    
Equity (Deficit):    
Common stock $ 1 $ 0
[1] Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “TOTAL ASSETS” that can only be used to settle obligations of the VIE as well as liabilities of the VIE reflected within “TOTAL LIABILITIES” for which creditors do not have recourse to the general credit of Voyager. Refer to Note 20, “Joint Ventures”, for additional information