Income statement, balance sheet and cash flow statement for the last 3 fiscal years, taken from the XBRL data Voyager Technologies, Inc./TX files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2023
FY2025
FY2025
Revenue
136
144
166
Cost of revenue
108
109
137
Gross profit
27.8
34.9
29.9
Research and development
18.5
13
19
Selling, general and administrative
54
62.6
117
Operating income
-14.2
-48.4
-108
Interest expense
10.6
12
6.82
Interest income
0.08
1.88
11.6
Other non-operating income
1.19
2.13
10.4
Pre-tax income
-24.9
-67.3
-113
Income tax
0.34
-1.71
-0.44
Net income to minority interests
0.24
-3.56
-7.52
Net income
-25.4
-62.1
-105
EBITDA
-3.88
-34.8
-95.1
EPS, basic
-3.50
-6.59
-2.89
EPS, diluted
-3.65
-7.01
-2.89
Shares, basic (weighted)
12.4
12.7
40.2
Shares, diluted (weighted)
12.8
12.7
40.2
Balance sheet
FY2023
FY2025
FY2025
Cash and equivalents
30.3
55.9
491
Receivables
15.4
29.8
Inventory
1.53
3.83
Other current assets
11.5
26.5
Total current assets
102
581
Property, plant and equipment
49.4
164
Lease right-of-use assets
8.17
18.2
Goodwill
46.5
158
Intangible assets
34.7
99
Other non-current assets
7.21
30
Total assets
248
1,050
Accounts payable
22.8
27.4
Accrued liabilities
39.6
75.5
Deferred revenue
21.4
24.3
Total current liabilities
87.4
133
Long-term debt
23.9
0
Lease liabilities
6.21
13.3
Other non-current liabilities
0.1
10.2
Total liabilities
188
621
Paid-in capital
15.1
797
Retained earnings
-217
-281
-386
Treasury stock
0
-27.7
Other comprehensive income
0.03
-0.1
Shareholders' equity
-69.7
384
Minority interests
3.7
45.8
Total equity
-92.6
-66
430
Total liabilities and equity
248
1,050
Cash flow statement
FY2023
FY2025
FY2025
Net income
-25.2
-65.6
-112
Depreciation and amortization
10.3
13.6
13.4
Stock-based compensation
2.71
3.76
18.9
Deferred income tax
-1
-2.61
-0.48
Change in receivables
0.53
-4.43
-5.16
Change in inventory
1.49
1.58
-0.34
Change in payables
-1.56
-6.07
4.07
Cash from operations
-15.4
-25.5
-60.9
Capital expenditures
-17.2
-82.7
-145
Acquisitions
2.05
0
-152
Purchases of investments
-0.1
0
-15.5
Cash from investing
11.6
-27.8
-262
Stock issued
0
0
45.9
Share buybacks
0
0
-27.7
Cash from financing
1.93
79
758
Net change in cash
-1.84
25.7
435
Free cash flow
-32.6
-108
-206
Interest paid
6.07
5.89
2.91
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.35 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
10.9%
Gross profit / revenue.
Operating margin
-88.5%
Operating income / revenue.
EBITDA margin
-80.2%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
-83.5%
Pre-tax income / revenue.
Net margin
-78.6%
Net income / revenue.
FCF margin
-165.0%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-65.5%
Cash from operations / revenue.
Return on equity (ROE)
-42.1%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-13.6%
Net income / average total assets.
SG&A / revenue
77.8%
Selling, general and administrative expense / revenue.
Stock-based pay / revenue
7.8%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
99.6%
Capital expenditures / revenue.
D&A / revenue
8.3%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
15.4%
Revenue vs the same period a year earlier. Only from a positive base.
Gross profit growth, 1y
-14.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
324.3%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
215.5%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
3.80x
Current assets / current liabilities.
Quick ratio
3.24x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
2.92x
(Cash + short-term investments) / current liabilities.
Days inventory + days sales outstanding - days payables.
Per share
Metric
Value
How it is calculated
EPS, diluted
-$2.34
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$2.98
Revenue / diluted weighted shares.
FCF per share
-$4.91
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.95
Cash from operations / diluted weighted shares.
Book value per share
$5.57
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/S
11.2x
Market cap / revenue.
P/B
5.96x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
24.9x
Market cap / tangible book value, when positive.
EV/Sales
9.01x
Enterprise value / revenue.
FCF yield
-14.8%
Free cash flow / market cap.
Earnings yield
-7.1%
Net income / market cap (the inverse of P/E).
What was Voyager Technologies, Inc./TX's revenue in fiscal 2025?
Voyager Technologies, Inc./TX reported revenue of $166.4M for fiscal 2025, 15.4% higher than the year before.
Was Voyager Technologies, Inc./TX profitable in fiscal 2025?
No. It reported a net loss of $104.8M.
How much free cash flow did Voyager Technologies, Inc./TX generate in fiscal 2025?
Cash from operations of $60.9M minus capital expenditures of $144.7M left free cash flow of -$205.6M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.