v3.25.4
NET LOSS PER COMMON SHARE (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Calculation of Basic and Diluted Net Loss Income Per Common Share
The following table includes the calculation of basic and diluted net loss per common share:
Years Ended December 31,
(dollars in thousands, except per share amounts)202520242023
Numerator:
Net loss attributable to Voyager Technologies, Inc.$(104,814)$(62,072)$(25,438)
Accrued value of preferred stock dividends11,258 21,816 17,840 
Net loss attributed to common shareholders(116,072)(83,888)(43,278)
Accretion and fair value adjustment on ZIN earnout
— (5,411)(3,276)
Net loss attributed to common stockholders, diluted
$(116,072)$(89,299)$(46,554)
Denominator:
Weighted-average common shares outstanding, basic
40,213 12,736 12,362 
Shares issuable assuming ZIN earnout
— 10 392 
Weighted-average common shares outstanding, diluted
40,213 12,746 12,753 
Net loss per share:
Basic
$(2.89)$(6.59)$(3.50)
Diluted
$(2.89)$(7.01)$(3.65)
Schedule of Computation of Diluted Net Loss Per Share The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated:
Years Ended December 31,
(in shares of common stock)202520242023
Equity Compensation Awards5,643,823 3,592,463 2,805,060 
Warrants1,104,489 974,156 798,306 
SMI Promissory Note— 1,130,195 3,421,960 
Preferred stock (as converted to common shares)— 23,989,872 19,352,707 
Total common stock equivalents
6,748,312 29,686,686 26,378,033