v3.26.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 553,613 $ 491,329
Accounts receivable, net 42,899 29,819
Contract assets 40,929 29,786
Inventories 12,451 3,825
Advanced payments, current 6,000 0
Prepaid expenses and other current assets 31,974 26,541
TOTAL CURRENT ASSETS 687,866 581,300
Property and equipment, net 267,609 164,286
Operating lease right-of-use assets 37,643 18,164
Intangible assets, net 203,351 98,982
Goodwill 371,825 157,674
Other assets 23,978 30,048
TOTAL ASSETS [1] 1,592,272 1,050,454
Current liabilities:    
Accounts payable 46,414 27,386
Contract liabilities 74,233 24,338
Operating lease liabilities 8,132 5,831
Accrued expenses and other current liabilities 105,633 75,472
TOTAL CURRENT LIABILITIES 234,412 133,027
Operating lease liabilities, non-current 33,267 13,336
Contract liabilities, non-current 39,742 7,899
Convertible notes, net 841,070 447,634
Deferred tax liabilities 8,767 8,858
Other long-term liabilities 66,144 10,167
TOTAL LIABILITIES [1] 1,223,402 620,921
Commitments and Contingencies (Note 17)
Additional paid-in capital 899,696 797,438
Treasury stock, at cost (47,840) (27,702)
Accumulated other comprehensive loss (58) (95)
Accumulated deficit (532,080) (385,927)
Total Voyager Technologies, Inc. equity 319,724 383,720
Noncontrolling interests 49,146 45,813
TOTAL EQUITY 368,870 429,533
TOTAL LIABILITIES AND EQUITY 1,592,272 1,050,454
Class A Common Stock    
Current liabilities:    
Common stock 5 5
Class B Common Stock    
Current liabilities:    
Common stock $ 1 $ 1
[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. See “Notes to Condensed Consolidated Financial Statements—Note 16, “Joint Venture”, for additional information.