The following discussion of our financial condition and results of operations should be read together with the unaudited interim condensed consolidated financial statements and related notes that are included within Part I, Item 1 of this Quarterly Report, as well as the audited financial statements and the related notes thereto and the discussion under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended December 31, 2025 ("Form 10-K"). This discussion contains forward-looking statements based upon our current expectations that involve risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those set forth under “Risk Factors” in Part I, Item 1A. of our Form 10-K and “Forward-Looking Statements” elsewhere in this Quarterly Report. Overview We are a purpose-built, innovation-driven defense technology and space solutions company focused on delivering mission-critical solutions across national security, space exploration and infrastructure and commercial space markets. Our company was purpose-built to address some of the most complex and consequential challenges facing the defense and space sectors, where technological leadership, operational execution and long-term resilience are essential. Our work strengthens national security, protects critical assets and enables sustained human and economic activity in space. Our founding was rooted in our goal of building a company that would address challenges at the forefront of the defense, national security and space industries. Since 2019, we have accomplished significant achievements, including the successful deployment of first-of-its-kind missile defense maneuvering capabilities, the development of groundbreaking space technology and the selection by NASA to develop a replacement for the ISS. We have grown both organically and through acquisitions, including Nanoracks, Valley Tech Systems, Space Micro, Zin Technologies, ExoTerra, Estes and most recently, Astrobotic in July 2026. We serve as a “prime” contractor and “subcontractor” to various government and private enterprise customers through our defense, national security, and space product offerings. Since 2019 to the period ended June 30, 2026, we have executed and successfully vertically and horizontally integrated twelve acquisitions, with revenue of $52.7 million and $88.0 million for the three and six months ended June 30, 2026, respectively. In addition, we received cash proceeds from NASA grants of $3.8 million and $27.8 million during the three and six months ended June 30, 2026, respectively and $211.0 million cash proceeds to date. We have $6.5 million of eligible proceeds remaining as of June 30, 2026, from our $217.5 million development grant with NASA to design Starlab, the commercial space station replacement for the ISS when it is decommissioned in 2030. We intend to operate Starlab through the Starlab JV, a Voyager-led and majority-owned global joint venture, with international equity partners that include Airbus, Mitsubishi and MDA Space. Our growth and increased size and scale are the result of investment and focus on our key technology offerings, as well as our ability to attract, cultivate and integrate accretive acquisitions. Unless otherwise indicated, our significant accounting policies and estimates, material cash requirements, commitments, contingencies and business risks and uncertainties as described in our Management’s Discussion and Analysis (“MD&A”) are substantially unchanged from what was disclosed in our Form 10-K. Key Factors Affecting Our Performance Our results have been affected, and are expected to be affected in the future, by a variety of factors. A discussion of key factors that have had, or may have, an effect on our results is set forth below. For a further discussion of the factors affecting our results of operations, see Part I, Item 1A. “Risk Factors” disclosed in our Form 10-K. 36 Government Expenditures and Private Enterprise Investment Government expenditure and private enterprise investment have fueled the growth in our target markets and we expect the continued availability of government expenditures and private investment for our customers to help fund purchases of our products and services. However, changes in the volume and relative mix of government expenditures and private investment, as well as in areas of spending growth, may impact our results of operations. In particular, our results can be affected by shifts in strategies and priorities on defense-related programs, commercial space exploration, and space infrastructure. Cost-cutting and efficiency initiatives, current and future budget restrictions, spending cuts, and other efforts to reduce government expenditures and private enterprise investment, as well as shifts in overall priorities, could cause our government and private enterprise customers to reduce or delay funding or invest appropriated funds on a less consistent basis or not at all, and demand for our solutions or services could diminish. Furthermore, any disruption in the functioning of government agencies, including as a result of government closures and shutdowns, could have a negative impact on our operations and cause us to lose revenue or incur additional costs due to, among other things, our inability to maintain access and schedules for government testing or deploy our staff to customer locations or facilities as a result of such disruptions. There is also uncertainty around the timing, extent, nature, and effect of Congressional and other U.S. government actions to address budgetary constraints and caps on the discretionary budget for defense and non-defense departments and agencies. In addition, there is uncertainty around the ability of Congress to determine how to allocate the available budget authority and pass appropriations bills to fund both U.S. government departments and agencies that are, and those that are not, subject to the caps. Additionally, budget deficits and the growing U.S. national debt may increase pressure on the U.S. government to continue to reduce federal spending across all federal agencies, with uncertainty about the size and timing of those reductions. Furthermore, delays in the completion of future U.S. government budgets could delay procurement of the federal government services that we provide. A reduction in the amount of, or reductions, delays, or cancellations of funding for, services that we are contracted to provide to the U.S. government due to any of these impacts or related initiatives, legislation or otherwise could have a material adverse effect on our business and results of operations. Backlog Our total backlog is comprised of funded and unfunded backlog. Our funded backlog represents the portion of definitized contracts with customers that contain remaining performance obligations. Unfunded backlog includes contractual value that has yet to be funded, unexercised contract options and bookings under indefinite delivery/indefinite quantity (“IDIQ”) contracts that has been definitized. In order to effectively manage our resources and develop our financial budgets, we continuously monitor our backlog. Our backlog may also include, as of any date of estimation, change orders that have been confirmed for any project, either in writing or verbally, or formally contracted. Change orders may increase or decrease the amount we ultimately bill for a particular project, causing us to realize more or less revenue from a project than was reflected in our backlog as of the date of estimation. Additionally, prior to categorizing a project as part of our backlog, we maintain a running list of projects that are in an advanced stage of active bidding and discussion, including potential change orders for current projects, but for which the customer has not yet confirmed the commercial terms, the value of the contract, and/or the scope of our work. These projects are tracked for project planning and budgeting of the business. Once the terms of these projects are further progressed in line with our backlog criteria, they are recorded in our funded backlog. Backlog in our segments includes both single and multi-year awards. Fluctuations in backlog are driven primarily by the timing of large program wins. Total backlog as of June 30, 2026 was $335.5 million, of which $189.0 million was funded. We expect to convert 62.1% of the total $189.0 million of funded backlog as of June 30, 2026 into revenue in the remaining periods of 2026. 37 In addition, our backlog is subject to meaningful customer concentration risk. As of June 30, 2026, 87.7% of the total dollar value of our funded backlog related to our top customer, the U.S. government. For purposes of evaluating our backlog, we consider all U.S. government entities to be one customer. Additionally, backlog that is originally funded through U.S. government efforts is considered to be U.S. government backlog even if the program is directly contracted through an intermediary. In general, our customers have the right to cancel their contracts under termination for convenience clauses. If a customer cancels a contract before full performance of such contract, we may not receive the full revenue from such booking. Instead, we would recognize revenue under the contract on a cost basis with reasonable margin to the extent of the progress performed under such contract. In addition, our backlog is typically subject to large variations from quarter to quarter and comparisons of backlog from period to period are not necessarily indicative of future revenues. Some contracts comprising the backlog are for programs scheduled many years in the future and the economic viability of contractual counterparties is not guaranteed over time. As a result, the contracts comprising our backlog may not result in actual revenue in any particular period, or at all, and the actual revenue from such contracts may differ from our backlog estimates. The timing of recognition of revenues, if any, on projects included in the backlog could change. We review these projects regularly and increase or decrease our backlog accordingly. The failure to realize some portion of our backlog could adversely affect our financial performance. Project Revenue Mix and Impact on Margins We may experience future variability in the profitability of our contracts and such variability may occur at levels and frequencies different from historical experience. Such variability in profitability may be due to strategic decisions, cost overruns, or other circumstances within or outside of our control. Accordingly, our historical experience with profitability of our contracts is not indicative or predictive of future experience. Our financial success is based on our ability to deliver high quality products on a timely basis and at a cost-effective price for our customers. When agreeing to contractual terms, our management team makes assumptions and projections about future conditions and events. The accounting for our contracts and programs involves assumptions and estimates about these conditions and events. These projections and estimates assess: •the productivity and availability of labor; •the allocation of indirect costs to labor and material costs incurred; •the complexity of the work to be performed; •the cost and availability of materials and components; and •schedule requirements. If there is a significant change in one or more of these circumstances, estimates or assumptions, or if the risks under our contracts are not managed adequately, the profitability of contracts could be adversely affected. This could materially affect earnings and margins. In particular, profitability can fluctuate depending on the type of contract award. Contracts with certain customers reflect firm fixed pricing structures. As a result, our gross profit is dependent on the efficient and effective execution of our contracts. Our ability to maximize gross profit may be impacted by, but not limited to, unanticipated cost overruns, disruptions in our supply chains, learning curve, and non-recurring engineering costs related to our contracts with customers. If our fixed-price development efforts create a larger portion of our revenue output, we may have a higher risk profile, which may result in reduced margins. 38 From time to time, we may strategically enter into contracts with low or negative margins relative to other contracts or that are at risk of cost overruns. This may occur due to strategic decisions built around positioning ourselves for future contracts or to enhance our product and service offerings. However, in some instances, loss contracts may occur from unforeseen cost overruns that are not recoverable from the customer. We establish loss reserves on contracts in which the cost estimate-at-completion (“EAC”) exceeds the estimated revenue. The loss reserves are recorded in the period in which a loss is determined. Our reference to adjustments to EAC in the context of describing our results of operations includes net changes during the period in our aggregate program contract values, EAC and other program estimates, and includes the impact of cost overruns and recognition of loss reserves. Additionally, the timing of our cash flows is impacted by the timing of achievement of billable milestones on contracts. Historically, this has resulted and could continue to result in fluctuations in working capital levels and quarterly free cash flow. As a result of such quarterly fluctuations in free cash flow, we believe that quarter-to-quarter comparisons of our results of operations may not necessarily be meaningful and should not be relied upon as indicators of future performance. Ability to Improve Profit Margins and Scale our Business We intend to continue to invest in initiatives to improve our operating leverage and significantly ramp up production. We believe continued reductions in costs and increases in production volumes will cause the cost of production to decline and improve our profit margins. Our ability to achieve our production-efficiency objectives have been and could in the future be negatively impacted by a variety of factors including, but not limited to, lower-than-expected facility utilization rates, manufacturing and production cost overruns, increased purchased material costs, and unexpected supply-chain quality issues or interruptions. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of Voyager Technologies, Inc. and our consolidated subsidiaries and have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”). All intercompany amounts have been eliminated in consolidation. Our business is organized into market sectors based on our products and services, and we have two reportable segments: (i) Defense and Space Technologies and (ii) Starlab Space Stations. Effective the first fiscal quarter of 2026, we combined our Defense and National Security and Space Solutions segments into a single Defense and Space Technologies segment. The segment data for the comparable period presented has been recast to conform to the current period presentation for all activities of the reorganized segments. Recasting this historical information did not have an impact on our consolidated financial performance for the periods presented. See Part I “Notes to Condensed Consolidated Financial Statements—Note 13. Segment Reporting” elsewhere in this Quarterly Report. Components of Results of Operations Net Sales Net sales in our consolidated statements of operations consist entirely of revenue from contracts with customers. Our sales are derived from a combination of cost plus contracts, firm fixed-price contracts, and time and materials contracts for both U.S. government and commercial and international deliverables. We account for a contract when it has approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance and collectability of consideration is probable. We recognize revenue upon satisfying the performance obligations identified in the contract, which is achieved as services are rendered, upon completion of a service, or through the transfer of control of the promised good or service to the customer either at a point-in-time or over time. Our contracts can range from short-term periods of less than 12 months to multi-year obligations. We generate net sales in our Defense and Space Technologies segment by delivering mission-critical systems that protect the nation, strengthen the industrial base and extend humanity's presence from low-Earth orbit to the Moon and beyond. Our portfolio offering includes advanced electronics, space technologies, propulsion, energetics, 39 critical resources, AI-enabled electronic warfare solutions, science and space exploration and mission management as a service. The following table sets forth our net sales by contract type for the periods indicated: (dollars in thousands) Three Months Ended Six Months Ended Net sales by contract type June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Cost-plus fee and time and materials $ 21,482 $ 27,709 $ 38,416 $ 48,144 Firm fixed price 31,264 17,965 49,576 32,037 Total net sales $ 52,746 $ 45,674 $ 87,992 $ 80,181 The following table sets forth our net sales by customer for the periods indicated: (dollars in thousands) Three Months Ended Six Months Ended Net sales by customer June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 U.S. Government $ 49,148 $ 42,070 $ 78,863 $ 70,956 Commercial and international 3,598 3,604 9,129 9,225 Total net sales $ 52,746 $ 45,674 $ 87,992 $ 80,181 Starlab Space Stations does not and is not expected to generate revenue from customers in the near term. However, the Starlab program has received significant funding from NASA under our SAA. The Starlab program is partially funded through government grants. These grants are not considered revenue. We expect to continue to receive funding from NASA in the near term and before we begin to generate revenue. Cost of Sales Cost of sales represent the costs required to fulfill performance obligations on a direct or indirect basis. Our cost of sales are primarily driven by labor, materials, and subcontractors necessary to fulfill our contractual obligations along with program application indirect costs. Selling, General, and Administrative Selling, general, and administrative expenses consist primarily of personnel-related expenses for our sales, marketing, supply chain, finance, legal, human resources and administrative personnel, as well as the costs of customer service, information technology, risk management and related insurance, travel, allocated overhead and other marketing, communications and administrative expenses. We also expect to further invest in our corporate infrastructure and continue to incur additional expenses associated with operating as a public company, including increased legal and accounting costs, investor relations and compliance costs. As a result, we expect that selling, general, and administrative expenses will continue to increase in absolute dollars in future periods but decline as a percentage of total revenue over time. In addition, as a public company, we anticipate that we will continue to incur significant additional annual expenses including, among other things, additional directors’ and officers’ liability insurance, costs to administer a public company stock compensation plan, director fees, costs to comply with reporting requirements of the SEC, transfer agent fees, costs for additional accounting, legal and administrative personnel, increased auditing, tax and legal fees, stock exchange listing fees, additional stock-based compensation expense and similar expenses. 40 Research and Development Costs Research and development costs are expensed as incurred. Research and development costs include employee compensation, contractor fees, materials and supplies, software and facility costs. For the three and six months ended June 30, 2026, gross research and development costs were $10.6 million and $23.7 million, respectively. For the three and six months ended June 30, 2025, gross research and development costs were $2.8 million and $8.8 million, respectively. Government Grants We recognize government assistance when there is reasonable assurance that we will comply with the conditions of the assistance and that the assistance will be received. NASA established the Low Earth Orbit ("LEO") Development program, or the SAA to help facilitate two objectives: •Develop a robust commercial space economy in LEO, including supporting the development of commercially owned and operated LEO destinations from which various customers, including private entities, public institutions, NASA and foreign governments, can purchase services; and •Stimulate the growth of commercial activities in LEO. On December 1, 2021, Nanoracks LLC, a subsidiary of Voyager, entered into an agreement under the SAA with NASA (the “Nanoracks Agreement”), pertaining to the LEO Development program, to design, build and maintain a commercial space station, known as “Starlab”. The Nanoracks Agreement and its subsequent amendments signed through 2023 provides $217.5 million in funding for the design and manufacture of Starlab, which is earned upon completion of defined milestones. Once a milestone is earned, we are under no further obligation to continue work on Starlab. All milestone payments have now been earned as of June 30, 2026. As of June 30, 2026, we have cumulatively earned $211.0 million. In addition to the SAA program, we are under contract for other governmental grant assistance programs associated with funding critical government initiatives for operations and infrastructure development within our company. When the government grant assistance is related to an asset, the assistance will be deducted from the carrying value of the asset. When the government grant assistance is related to costs incurred, the assistance is deducted from the related expense. The following table sets forth the government grant assistance offset against research and development and construction in progress for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Government grant assistance offset against research and development $ 3,305 $ 2,250 $ 8,895 $ 4,250 Government grant assistance offset against construction in progress $ 7,022 $ 20,250 $ 27,456 $ 38,250 Amortization of Acquired Intangibles Amortization of acquired intangibles includes amortization of acquired intangibles related to acquisitions. Finance and Interest Expense, net Finance and interest expense, net consists primarily of finance gains and charges on debt extinguishments and issuances, along with interest expense incurred on debt. 41 Other Income, net Other income, net consists primarily of interest income on our cash and cash equivalents along with gain (loss) on foreign exchange relates to currency fluctuations that generate foreign exchange gains or losses on invoices denominated in currencies other than the U.S. dollar. Income Tax Expense Income tax expense includes the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. For further information, see Part II, Item 8, “Notes to Consolidated Financial Statements—Note 2. Summary of Significant Accounting Policies–Income Taxes” in our Form 10-K for further details. Results of Operations The following table sets forth our results of operations for the periods indicated: Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ 52,746 $ 45,674 $ 7,072 15.5 % Cost of sales 48,289 37,464 10,825 28.9 % Gross profit 4,457 8,210 (3,753) (45.7) % Operating expenses: Selling, general, and administrative 43,672 30,241 13,431 44.4 % Research and development 7,336 502 6,834 * Amortization of acquired intangibles 4,857 1,604 3,253 * Loss from operations $ (51,408) $ (24,137) $ (27,271) 113.0 % Other income (expense): Loss on debt extinguishment — (7,804) 7,804 * Finance and interest expense, net (1,905) (2,523) 618 (24.5) % Other income, net 2,372 1,480 892 60.3 % Loss before income taxes (50,941) (32,984) (17,957) 54.4 % Income tax (benefit) expense (2,195) 81 (2,276) * Net loss (48,746) (33,065) (15,681) 47.4 % Net loss attributable to noncontrolling interests (2,256) (1,683) (573) 34.0 % Net loss attributable to Voyager Technologies, Inc. $ (46,490) $ (31,382) $ (15,108) 48.1 % __________________ *% Change not meaningful; non-meaningful changes are defined as greater than absolute value of 200% change or a change from 0% 42 Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ 87,992 $ 80,181 $ 7,811 9.7 % Cost of sales 85,081 66,386 18,695 28.2 % Gross profit 2,911 13,795 (10,884) (78.9) % Operating expenses: Selling, general, and administrative 75,029 56,527 18,502 32.7 % Research and development 14,847 4,542 10,305 * Amortization of acquired intangibles 9,090 3,152 5,938 188.4 % Loss from operations $ (96,055) $ (50,426) $ (45,629) 90.5 % Other income (expense): Loss on debt extinguishment — (7,804) 7,804 * Finance and interest expense, net (4,019) (5,252) 1,233 (23.5) % Other income, net 6,415 2,617 3,798 145.1 % Loss before income taxes (93,659) (60,865) (32,794) 53.9 % Income tax expense 1,031 129 902 * Net loss (94,690) (60,994) (33,696) 55.2 % Net loss attributable to noncontrolling interests (4,217) (2,674) (1,543) 57.7 % Net loss attributable to Voyager Technologies, Inc. $ (90,473) $ (58,320) $ (32,153) 55.1 % __________________ *% Change not meaningful; non-meaningful changes are defined as greater than absolute value of 200% change or a change from 0% Net sales Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ 52,746 $ 45,674 $ 7,072 15.5 % The increase in net sales for the three months ended June 30, 2026, compared to the three months ended June 30, 2025 was primarily related to an increase in U.S. sales of $8.6 million and partially offset by a decrease in sales in the international market. For a further discussion of the drivers behind the change in revenues, see “—Results by Segment.” Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ 87,992 $ 80,181 $ 7,811 9.7 % The increase in net sales for the six months ended June 30, 2026, compared to the six months ended June 30, 2025 was primarily related to an increase in U.S. sales of $10.4 million and partially offset by a decrease in sales in the international market. For a further discussion of the drivers behind the change in revenues, see “—Results by Segment.” 43 Cost of sales Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Cost of sales $ 48,289 $ 37,464 $ 10,825 28.9 % The increase in costs of sales was primarily due to the increase in total net sales volumes, primarily driven by an increase in U.S. sales volume of $8.6 million and program mix for the three months ended June 30, 2026, compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Cost of sales $ 85,081 $ 66,386 $ 18,695 28.2 % The increase in costs of sales was primarily due to the increase in total net sales volumes, primarily related to an increase in U.S. sales of $10.4 million and program input costs associated with firm fixed price programs, which experienced an increase in aggregate of $6.4 million more for the six months ended June 30, 2026, compared to the six months ended June 30, 2025. Selling, general, and administrative Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Selling, general, and administrative $ 43,672 $ 30,241 $ 13,431 44.4 % The increase in selling, general, and administrative costs was primarily due to the increase in corporate expenses and expenses related to headcount growth of $10.5 million due to our expansion and oversight functions for the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Selling, general, and administrative $ 75,029 $ 56,527 $ 18,502 32.7 % The increase in selling, general, and administrative costs was primarily due to the increase in corporate expenses related to headcount growth, oversight functions, and acquisitions of $18.8 million for six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Research and development Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Research and development $ 7,336 $ 502 $ 6,834 * The increase in research and development was primarily due to the increase in Starlab research and development efforts of $4.3 million, along with $2.3 million in combined efforts primarily related to strategic systems research and development during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Research and development $ 14,847 $ 4,542 $ 10,305 * The increase in research and development was primarily due to the increase in Starlab research and development efforts of $5.9 million, along with $4.7 million in combined efforts primarily related to strategic 44 systems research and development for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Amortization of acquired intangibles Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Amortization of acquired intangibles $ 4,857 $ 1,604 $ 3,253 * The increase in amortization of acquired intangibles during the three months ended June 30, 2026 was primarily driven by additional acquired intangibles related to business acquisitions in 2025 incurring a full amortization period for the three months ended June 30, 2026. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Amortization of acquired intangibles $ 9,090 $ 3,152 $ 5,938 188.4 % The increase in amortization of acquired intangibles during the six months ended June 30, 2026 was primarily driven by additional acquired intangibles related to business acquisitions in 2025 incurring a full amortization period for the six months ended June 30, 2026 contributing to an additional amortization of $4.8 million. Loss on debt extinguishment Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Loss on debt extinguishment $ — $ (7,804) $ 7,804 * The $7.8 million loss on debt extinguishment during the three months ended June 30, 2025 was driven by the extinguishment of our Term Loan and Convertible Debt, as compared to no activity during the three months ended June 30, 2026. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Loss on debt extinguishment $ — $ (7,804) $ 7,804 * The $7.8 million loss on debt extinguishment during the six months ended June 30, 2025 was driven by the extinguishment of our Term Loan and Convertible Debt, as compared to no activity during the six months ended June 30, 2026. Finance and interest expense, net Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Finance and interest expense, net $ (1,905) $ (2,523) $ 618 (24.5) % The decrease in finance and interest expense, net was driven primarily by lower interest expenses associated with our Term Loan extinguishment during the three months ended June 30, 2025, which did not incur interest during the three months ended June 30, 2026. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Finance and interest expense, net $ (4,019) $ (5,252) $ 1,233 (23.5) % The decrease in finance and interest expense, net was driven primarily by lower interest expenses associated with our Term Loan extinguishment during the three months ended June 30, 2025, which did not incur interest during the six months ended June 30, 2026. 45 Other income, net Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Other income, net $ 2,372 $ 1,480 $ 892 60.3 % The increase in other income, net was associated with increased interest income associated with increased cash holdings during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Other income, net $ 6,415 $ 2,617 $ 3,798 145.1 % The increase in other income, net was associated with increased interest income of $3.1 million associated with increased cash holdings during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Income tax (benefit) expense Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Income tax (benefit) expense $ (2,195) $ 81 $ (2,276) * The change in income tax (benefit) expense during the three months ended June 30, 2026 was associated with a decrease in deferred tax liabilities, as compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Income tax expense $ 1,031 $ 129 $ 902 * The increase in income tax expense was associated with an increase in deferred tax liabilities not able to support the realization of deferred tax assets during the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Results by Segment Our Chief Operating Decision Maker (“CODM”) measures the performance of our reportable segments based on net sales and Adjusted EBITDA. Our operating and reportable segments are: (i) Defense and Space Technologies and (ii) Starlab Space Stations. Effective the first fiscal quarter of 2026, we combined the Defense and National Security and Space Solutions segments into a single Defense and Space Technologies segment in order to align with how CODM views results. The segment data for the comparable period presented has been recast to conform to the current period presentation for all activities of the reorganized segments. Recasting this historical information did not have an impact on our condensed consolidated financial performance for the period presented. 46 Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net Sales: Defense and Space Technologies $ 53,211 $ 46,064 $ 89,337 $ 81,537 Starlab Space Stations — — — — Total net sales, reportable segments 53,211 46,064 89,337 81,537 Intersegment eliminations (465) (390) (1,345) (1,356) Total net sales $ 52,746 $ 45,674 $ 87,992 $ 80,181 Adjusted EBITDA: Defense and Space Technologies $ (9,985) $ 498 $ (20,970) $ (568) Starlab Space Stations (6,624) (1,969) (12,044) (4,783) Total Adjusted EBITDA, reportable segments $ (16,609) $ (1,471) $ (33,014) $ (5,351) Intersegment eliminations $ 126 $ — $ 127 $ — Corporate and other expenses $ (21,017) $ (7,595) $ (37,944) $ (25,071) Defense and Space Technologies The following tables provide selected financial information for the Defense and Space Technologies segment. Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ 53,211 $ 46,064 $ 7,147 15.5 % Adjusted EBITDA $ (9,985) $ 498 $ (10,483) * Adjusted EBITDA margin percentage (18.8) % 1.1 % The increase in net sales during the three months ended June 30, 2026 was driven primarily by an increase of $7.1 million in U.S. government net sales as compared to the three months ended June 30, 2025. The decrease in Adjusted EBITDA during the three months ended June 30, 2026 was driven by increases in segment research and development expenses related to increased investment in product development, selling expenses, and program cost growth of $18.7 million compared to the three months ended June 30, 2025, offset partially by the increase in net sales of $7.1 million. Six Months Ended Change June 30, 2026 June 30, 2025 Year over Year % Net sales $ 89,337 $ 81,537 $ 7,800 9.6 % Adjusted EBITDA $ (20,970) $ (568) $ (20,402) * Adjusted EBITDA margin percentage (23.5) % (0.7) % The increase in net sales during the six months ended June 30, 2026 was driven primarily by a $7.9 million increase in U.S. government net sales as compared to the six months ended June 30, 2025. The decrease in Adjusted EBITDA during the six months ended June 30, 2026 was driven by increases in segment research and development expenses related to increased investment in product development, selling expenses, and program cost growth of $29.9 million compared to the six months ended June 30, 2025, offset partially by the increase in net sales of $7.8 million. 47 Starlab Space Stations The following table provides selected financial information for the Starlab Space Stations segment: Three Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ — $ — $ — * Adjusted EBITDA $ (6,624) $ (1,969) $ (4,655) * Adjusted EBITDA margin percentage * * The decrease in Adjusted EBITDA during the three months ended June 30, 2026 was driven primarily by the $4.3 million increase in Starlab's research and development expenses due primarily to an increase in non-cash related research and development efforts of $1.8 million during the three months ended June 30, 2026, as compared to the three months ended June 30, 2025. Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year % Net sales $ — $ — $ — * Adjusted EBITDA $ (12,044) $ (4,783) $ (7,261) 151.8 % Adjusted EBITDA margin percentage * * The decrease in Adjusted EBITDA during the six months ended June 30, 2026 was driven primarily by the $5.9 million increase in Starlab's research and development expenses due primarily to an increase in non-cash related research and development efforts of $2.6 million for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025. Intersegment Eliminations As a result of the segment change effective for the first quarter of fiscal 2026, intersegment eliminations for comparative periods have been recast. Intersegment eliminations are related to projects between our segments, including the construction of our Starlab program. Intersegment eliminations increased to $0.5 million for the three months ended June 30, 2026, compared to $0.4 million for the three months ended June 30, 2025. This change in intersegment eliminations was primarily related to an increase in Starlab driven programs. Intersegment eliminations decreased to $1.3 million for the six months ended June 30, 2026, as compared to $1.4 million for the six months ended June 30, 2025. This change in intersegment eliminations was primarily related to a decrease in Starlab driven programs. Key Performance Indicators and Non-GAAP Financial Measures In assessing the performance of our business, in addition to considering a variety of measures in accordance with GAAP, our management team also monitors key operational metrics and non-GAAP financial measures that assist us in evaluating our business, measuring our performance, identifying trends, formulating financial projects and making strategic decisions. We believe that these operational metrics and non-GAAP financial measures provide useful information to users of our financial statements in understanding and evaluating our results of operations in the same manner as our management team. The presentation of operational metrics and non-GAAP financial measures is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. 48 The following tables set forth our key performance metrics, which are further discussed below: (dollars in thousands) June 30, 2026 December 31, 2025 Funded backlog(1) Defense and Space Technologies $ 183,003 $ 140,102 Starlab Space Stations 6,005 6,003 Total funded backlog 189,008 146,105 Unfunded backlog(2) 146,504 119,485 Total backlog $ 335,512 $ 265,590 __________________ (1)Funded backlog is comprised of projects for which we have received a written contract or purchase order, either executed or awaiting execution, excluding any unfunded contract options. Our backlog may also include, as of any date of estimation, change orders for any project that have been confirmed, either in writing or verbally, or formally contracted. (2)Unfunded backlog represents unfunded contract value remaining on contracts, customer options for future products or services that have not yet been exercised and potential bookings under IDIQ contracts. As of June 30, 2026, unfunded backlog was primarily comprised of customer options for future products or services that have not yet been exercised in the Defense and Space Technologies segment. Three Months Ended Six Months Ended (dollars in thousands, except per share amounts) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net sales $ 52,746 $ 45,674 $ 87,992 $ 80,181 Gross profit $ 4,457 $ 8,210 $ 2,911 $ 13,795 Net loss attributable to Voyager Technologies, Inc. $ (46,490) $ (31,382) $ (90,473) $ (58,320) Adjusted EBITDA(1) $ (37,500) $ (9,066) $ (70,831) $ (30,422) Adjusted net loss per share(2) $ (0.70) $ (0.52) $ (1.31) $ (2.10) Net cash used in operating activities $ (44,315) $ (16,549) $ (84,027) $ (30,903) Free cash flow(3) $ (72,829) $ (27,194) $ (139,623) $ (50,518) ___________________ (1)See “Non-GAAP Financial Measures” below for a discussion of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to net loss attributable to Voyager Technologies, Inc., the most directly comparable GAAP measure to Adjusted EBITDA. (2)See “Non-GAAP Financial Measures” below for a reconciliation of Adjusted net loss attributable to common shareholders and Adjusted net loss per common share. (3)See “Non-GAAP Financial Measures” below for a discussion of free cash flow and a reconciliation of free cash flow to net cash provided by operating activities, the most directly comparable GAAP measure to free cash flow. Non-GAAP Financial Measures Non-GAAP financial measures are not calculated or presented in accordance with GAAP and other companies in our industry may calculate them differently than we do. As a result, non-GAAP financial measures have limitations as analytical and comparative tools and you should not consider them in isolation, or as a substitute, for analysis of our results as reported under GAAP. In addition, in evaluating Adjusted EBITDA, adjusted loss per share and free cash flow, you should be aware that in the future we may incur expenses similar to those eliminated in this presentation. Our presentation of Adjusted EBITDA, adjusted loss per share and free cash flow should not be construed as an inference that our future results will be unaffected by unusual items. Management compensates for these limitations by primarily relying on our GAAP results in addition to using Adjusted EBITDA, adjusted loss per share and free cash flow supplementally. Adjusted EBITDA We consider Adjusted EBITDA to be a useful, supplemental, measure of our operating performance. We use Adjusted EBITDA to supplement GAAP measures in evaluating the performance of our business and the effectiveness of our strategies, to make budgeting decisions, make certain compensation decisions, and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures. 49 In addition, we believe Adjusted EBITDA provides a useful measure for period-to-period comparisons of our business, as it removes the impact of our capital structure and other items not indicative of our core operating performance from operating results. We define EBITDA as net loss attributable to Voyager Technologies, Inc. plus (less) finance and interest expense, provision for income tax expense, and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for stock-based compensation, business acquisition costs, restructuring charges, net (loss) income attributable to noncontrolling interests, and other items we do not believe are indicative of our core operating performance, including incremental organizational costs attributable to our initial public offering, changes in the fair value of earnout liabilities, and foreign exchange gain/loss. The reconciliation between EBITDA, Adjusted EBITDA, and net loss attributable to Voyager Technologies, Inc. (the most comparable GAAP measure) is shown below: Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net loss attributable to Voyager Technologies, Inc. $ (46,490) $ (31,382) $ (90,473) $ (58,320) Finance and interest expense, net 1,905 2,523 4,019 5,252 Depreciation and amortization 7,170 2,708 13,203 5,310 Income tax (benefit) expense (2,195) 81 1,031 129 EBITDA (39,610) (26,070) (72,220) (47,629) Stock-based compensation 3,762 11,547 7,891 13,270 Business acquisition costs(1) 2,008 284 2,419 440 Restructuring(2) 966 529 1,710 947 Net loss attributable to noncontrolling interests (2,256) (1,683) (4,217) (2,674) Interest income (3,279) (2,428) (7,098) (3,513) Other(3) 909 8,755 684 8,737 Adjusted EBITDA $ (37,500) $ (9,066) $ (70,831) $ (30,422) ___________________ (1)Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2)Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3)Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Adjusted net loss attributable to common shareholders and Adjusted net loss per common share We consider adjusted net loss attributable to common shareholders and adjusted net loss per common share to be useful, supplemental measures of our operations on a consolidated basis and on a per share basis adjusting for items that are considered either non-operational, significant infrequent expenses, or sources of income that are not recurring to the business on a frequent basis. We define adjusted net loss attributable to common shareholders as the net income or loss attributable to common shareholders adjusted for stock-based compensation, business acquisition costs, restructuring, impairment losses, deferred income tax (benefit) expense and other items mainly related to financing expenses and other individually immaterial items. We define adjusted net loss per common share as adjusted net loss attributable to common shareholders divided by our diluted basis number of weighted-average shares outstanding during the period. Since the adjustments made for presentational purposes do not impact the tax basis, the adjustments have been presented on a tax free basis. 50 Three Months Ended Six Months Ended (dollars in thousands, except per share data) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net loss attributed to common shareholders $ (46,490) $ (36,640) $ (90,473) $ (69,579) Stock-based compensation 3,762 11,547 7,891 13,270 Business acquisition costs(1) 2,008 284 2,419 440 Restructuring(2) 966 529 1,710 947 Deferred income tax (benefit) expense (2,179) 30 985 28 Other(3) 909 8,755 684 8,737 Adjusted net loss attributable to common shareholders $ (41,024) $ (15,495) $ (76,784) $ (46,157) Adjusted net loss per common share $ (0.70) $ (0.52) $ (1.31) $ (2.10) __________________ (1)Business acquisition costs include legal costs and incremental transaction costs associated with an acquisition. (2)Restructuring includes costs for retention and severance payments related to management’s decision to undertake certain actions to realign our cost structure through workforce reductions and the closure of certain facilities, businesses and product lines. (3)Other includes capital market and advisory fees related to advisors assisting with transitional activities associated with becoming a public company, changes in fair value of earn out liabilities, and foreign exchange gain/loss that are all individually insignificant for the period. Free Cash Flow We consider free cash flow to be a useful, supplemental measure of our ability to generate cash on a normalized basis. We use free cash flow to supplement GAAP measures in evaluating our flexibility to allocate capital and pursue opportunities that may enhance shareholder value and the effectiveness of our strategies, to make budgeting decisions and to compare our performance against that of our peer companies, many of which present similar non-GAAP financial measures. We believe that while expenditures and dispositions of property and equipment will fluctuate on a period-to-period basis, we seek to ensure that we have adequate capital on hand to maintain ongoing operations and enable growth of the business. Additionally, free cash flow is of limited usefulness in that it does not represent residual cash flows available for discretionary expenditures due to the fact the measure does not deduct the payments required for debt service and other contractual obligations or payments. We define free cash flow as the sum of our cash used in operating activities less our net capital expenditures. The net capital expenditures are defined as the gross capital expenditures for the purchase of property and equipment less the grant funding we received in order to make such purchases. Based on the nature of government grants for purposes of funding capital expenditures on our Starlab program or other government funded capital expenditure programs, these grants are pass through for purposes of making capital expenditures as they are directly used to source funding on capital expenditures. Our calculation of free cash flow may not be comparable to the calculation of similarly titled measures reported by other companies. The reconciliation between free cash flow and net cash used in operating activities (the most comparable GAAP measure) is shown below: Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Net cash used in operating activities $ (44,315) $ (16,549) $ (84,027) $ (30,903) Purchases of property and equipment (35,536) (30,895) (86,652) (57,865) Grant funding for property and equipment 7,022 20,250 31,056 38,250 Free cash flow $ (72,829) $ (27,194) $ (139,623) $ (50,518) 51 The reconciliation between total Voyager capital expenditures, Starlab Space Stations capital expenditures and capital expenditures excluding Starlab for the periods presented is shown below: Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Total Voyager capital expenditures $ 35,536 $ 30,894 $ 86,652 $ 57,865 Less: Starlab Space Stations capital expenditures 18,760 30,214 56,588 56,108 Capital expenditures excluding Starlab Space Stations $ 16,776 $ 680 $ 30,064 $ 1,757 Innovation Spend We are focused on delivering innovative solutions to the defense, national security, and space end markets, and research and development is at the core of our business. We believe innovation spend and innovation spend excluding Starlab provide our management and investors useful measures of our aggregate spend on research and development type activities in support of our customers’ needs and our future growth. However, innovation spend is an operating metric, not a financial measure calculated or presented in accordance with GAAP, and companies in our industry may calculate innovation spend or similar operating metrics differently than we do. We define innovation spend as qualified research and development costs associated with the Internal Revenue Service (“IRS”) Section 174 categorization, as well as spend on designated development programs. Development programs are defined as initiatives that, when developed, will expand our product offerings under a customer funded arrangement. Innovation spend is comprised of various costs recognized in cost of sales and research and development costs within our consolidated statements of operations, as well as certain costs capitalized within property and equipment, net on our consolidated balance sheets. We define innovation spend excluding Starlab as innovation spend, minus the portion of innovation spend attributable to Starlab Space Stations. The table below sets forth the components of our innovation spend and innovation spend excluding Starlab for the six months ended June 30, 2026 and June 30, 2025: Three Months Ended Six Months Ended (dollars in thousands) June 30, 2026 June 30, 2025 June 30, 2026 June 30, 2025 Qualified research and development under section 174 $ 32,939 $ 32,658 $ 77,979 $ 66,257 Development program innovation spend(1) 20,866 5,989 29,184 11,502 Innovation spend 53,805 38,647 107,163 77,759 Less: Starlab Space Stations innovation spend 24,766 30,538 61,337 59,916 Innovation spend excluding Starlab Space Stations $ 29,039 $ 8,109 $ 45,826 $ 17,843 Innovation spend as a percentage of net sales 102.0 % 84.6 % 121.8 % 97.0 % Innovation spend excluding Starlab Space Stations as a percentage of net sales 55.1 % 17.8 % 52.1 % 22.3 % ___________________ (1)Development program innovation spend represents program spend on designated innovation programs within the business that is necessary for fulfillment of performance obligations on revenue generating programs. Liquidity and Capital Resources As of June 30, 2026, we had cash and cash equivalents of approximately $373.4 million, which primarily consisted of proceeds from our 2030 Convertible Notes, demand deposits, and money market mutual funds substantially all held within U.S. bank accounts. As of June 30, 2026, we also had $212.1 million in available revolver capacity, which brings our available liquidity to approximately $585.5 million. We currently expect that our principal sources of funding will include our cash from operations, current cash balances and ability to draw on our Credit Facility (as defined below). We are focused on maintaining flexibility in the future evolution of our capital structure and seeking to access the lowest cost of capital while also remaining opportunistic as organic and external opportunities arise. Targeted external growth opportunities would be funded primarily with a mix of equity, cash, and debt. In addition to NASA funding, we expect to consider all financing options for Starlab, including funding through a combination of customer prebuys, the largest examples being other 52 international space agencies, where prospective customers pay us in advance for usage of Starlab, as well as capital markets financing, including equity and project-based financing. Since inception, we have incurred cumulative losses from operations and had an accumulated deficit of $476.4 million as of June 30, 2026. We will need to raise additional funds to meet our long-term strategic plans, and management believes it will be able to obtain additional financing to fund its operations. However, there can be no assurance that we will be successful in achieving our strategic plans, that our cash balance and future capital raises will be sufficient to support our ongoing operations, or that any additional financing will be available in a timely manner or on acceptable terms, if at all. Management’s plans include, but are not limited to, generating revenue from engineering services and product sales to customers and seeking external sources of liquidity via a mix of equity and debt. In June 2025, we completed our initial public offering ("IPO") of an aggregate of 14,200,645 shares of our Class A common stock, par value $0.0001 (“Class A common stock”), which includes the exercise in full by the underwriters of their option to purchase an additional 1,852,258 shares of Class A common stock, at a public offering price of $31.00 per share. We received aggregate proceeds of $409.4 million, net of underwriting discounts. On November 12, 2025 and November 30, 2025, we issued $435.0 million and $25.0 million, respectively, in aggregate principal amount of 0.75% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act. The total net proceeds from the offering, after deducting debt issuance costs, was $447.3 million without taking into account the Capped Call Transactions and Prepaid Forward Transaction. The 2030 Convertible Notes accrue interest at a rate of 0.75% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. Our primary operating cash requirements include the payment of compensation and related costs, financing acquisitions, ongoing investment in Starlab and costs for our facilities and information technology infrastructure. As of June 30, 2026, we believe our existing cash and cash equivalents and cash from operations will be sufficient to meet our working capital and capital expenditure needs over the next twelve months. We expect our cost of sales, operating expenses, and capital expenditures to increase in connection with our ongoing activities, particularly as we grow with our customers and win new business, expand our portfolio offering with new technologies, and continue to develop the next generation of space infrastructure. Specifically, our costs, operating expenses and capital expenditures will increase as we: •grow our revenue base; •scale up our manufacturing processes and capabilities; •maintain, expand and protect our intellectual property portfolio; and •hire additional personnel in management to support the expansion of our operational, financial, information technology, and other areas to support our operations as a public company. Although we believe that our current capital is adequate to sustain our operations for a period of time, changing circumstances may cause us to consume capital significantly faster than we currently anticipate, and we may need to spend more money than currently expected because of circumstances beyond our control. 53 Summary of Cash Flows The following table presents the major components of our cash used in operating activities, cash used in investing activities and cash provided by financing activities for the periods presented: Six Months Ended Change (dollars in thousands) June 30, 2026 June 30, 2025 Year over Year Net cash used in operating activities $ (84,027) $ (30,903) $ (53,124) Net cash used in investing activities (61,433) (26,187) (35,246) Net cash provided by financing activities 27,600 469,955 (442,355) Effect of foreign exchange on cash and cash equivalents (33) 130 (163) Net (decrease) increase in cash and cash equivalents $ (117,893) $ 412,995 $ (530,888) Operating Activities Cash flows from operating activities can vary significantly from period to period as a result of our working capital requirements, given our portfolio of programs and the timing of milestone receipts and payments with customer and suppliers in the ordinary course of business. Investment in working capital is also necessary to build our business and manage supplier activities within program arrangements. We expect working capital balances to continue to vary from period to period. We efficiently fund our working capital requirements with financing activities. The increase in cash used in operating activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was driven by the increase in net loss year over year of $33.7 million, along with the decrease in working capital changes of $13.1 million. Investing Activities The primary driver for the increase in cash used in investing activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was the increase in cash used to purchase property and equipment of $28.8 million and a reduction of grants to offset purchases of $7.2 million. Starlab capital investment accounted for $8.1 million of the increase in cash used for purchases of property and equipment, net of grants, with the remaining utilized for increasing manufacturing capacity. The cash provided by grant funding for construction in progress was partially offset by activities to settle acquisition working capital amounts. Financing Activities The decrease of cash generated in financing activities for the six months ended June 30, 2026, as compared to the six months ended June 30, 2025, was driven by proceeds from our cash raised during the six months ended June 30, 2025 of $409.4 million from our IPO proceeds along with $161.9 million raised in our issuance of common stock and preferred stock prior to IPO. This decrease was slightly offset by the $37.6 million payments on preferred shares and a $64.4 million repayment of the Term Loan during the six months ended June 30, 2025. Noncontrolling interest sale increased of $13.0 million during the six months ended June 30, 2026, and stock option exercise inflows of $8.4 million also partially offset the decrease in financing inflows. 54 Outstanding Indebtedness The following table summarizes our long-term debt: (dollars in thousands) June 30, 2026 December 31, 2025 2030 Convertible Notes $ 460,000 $ 460,000 Less: debt issuance costs (11,097) (12,366) Net carrying amount 448,903 447,634 Less: current portion — — Total long-term debt, net $ 448,903 $ 447,634 Credit Facility On May 30, 2025, we entered into a new senior secured revolving credit facility with a syndicate of lenders, led by JP Morgan Chase Bank, N.A., providing for aggregate commitments of $200.0 million. On July 6, 2026, we entered into a Fourth Amendment (the " Fourth Amendment") to such senior secured revolving credit facility (as amended, the "Credit Facility"). The Fourth Amendment amended the Credit Facility to, among other things, (i) increase the aggregate amount of the commitments by $50.0 million to $250.0 million and (ii) provide for certain changes to the covenants and other provisions contained therein. The Credit Facility is being used for working capital and other general corporate purposes. The Credit Facility has an initial maturity of four years from the original closing date and includes an uncommitted accordion feature that permits us, subject to certain conditions, to request an increase in the aggregate commitments by up to an additional $150.0 million, for a total potential facility size of $400.0 million. Borrowings under the Credit Facility bear interest at a variable rate based on Adjusted Term SOFR plus an applicable margin. The applicable margin for borrowings ranges from 2.25% to 2.75%, depending on our consolidated liquidity levels, as defined in the agreement. In addition, we are required to pay an undrawn commitment fee ranging from 0.25% to 0.30% on the unused portion of the Credit Facility, also based on liquidity levels. The Credit Facility contains customary covenants, representations and warranties, and events of default, including, among others, restrictions on the incurrence of additional indebtedness, the creation of liens, certain fundamental changes, and certain restricted payments. Covenants include financial covenants, such as a minimum liquidity amount as of the last day of each fiscal quarter and minimum consolidated revenue amounts over a trailing four quarter period. The obligations under the Credit Facility are secured by substantially all of Voyager and our domestic subsidiaries’ assets, with the exception of Starlab, subject to certain customary exceptions. During the year ended December 31, 2025, we used the Credit Facility to draw down $64.5 million and repay our outstanding Term Loan commitment. The withdrawn funds were repaid the same day to the Credit Facility. As of June 30, 2026, the Company had no drawn amounts on the Credit Facility. 2030 Convertible Notes On November 12, 2025 and November 30, 2025, we issued $435.0 million and $25.0 million, respectively, in aggregate principal amount of 0.75% Convertible Senior Notes due 2030 (the “2030 Convertible Notes”), which will mature on November 15, 2030, unless earlier repurchased, redeemed or converted. The initial conversion rate is 32.2799 shares of Class A common stock per $1,000 principal amount of 2030 Convertible Notes, which represents an initial conversion price of approximately $30.98 per share of Class A common stock. As of June 30, 2026, the principal outstanding is $460.0 million. Unamortized debt discount and issuance costs related to the 2030 Convertible Notes totaled $11.1 million as of June 30, 2026 and are amortized to interest expense, included within other income (expense), net on our condensed consolidated statements of operations over the contractual term of the notes. For the six months ended June 30, 2026, there was $1.3 million in amortization of debt discount and issuance costs. The 2030 Convertible Notes accrue interest at a rate of 0.75% per annum, payable semi-annually in arrears on May 15 and November 15 of each year, beginning on May 15, 2026. Interest expense associated with the 2030 Convertible Notes was $1.7 million for the six months ended June 30, 2026. 55 Capped Call Transactions In connection with the pricing of the 2030 Convertible Notes, we entered into privately negotiated capped call transactions (the “Capped Call Transactions”) with certain of the initial purchasers in the offering of the 2030 Convertible Notes or their affiliates and certain other financial institutions. Pursuant to the Capped Call Transactions, we used approximately $66.7 million of the net proceeds from the offering of the 2030 Convertible Notes to fund the Capped Call Transactions. The Capped Call Transactions cover, subject to customary adjustments, the number of shares of Class A common stock initially underlying the 2030 Convertible Notes. The Capped Call Transactions are expected generally to reduce the potential dilution to holders of our Class A common stock upon any conversion of the 2030 Convertible Notes and/or offset any potential cash payments we are required to make in excess of the principal amount of 2030 Convertible Notes upon conversion of the 2030 Convertible Notes in the event that the market price per share of the Class A common stock is greater than the strike price of the Capped Call Transactions, with such reduction and/or offset subject to a cap. The cap price of the Capped Call Transactions was $59.58 per share, which represented a premium of approximately 150.0% over the last reported sale price of the Class A common stock on November 6, 2025, and is subject to certain adjustments under the terms of the Capped Call Transactions. The Capped Call Transactions are separate transactions we have entered into and are not part of the terms of the 2030 Convertible Notes and will not change any Noteholders’ rights under the 2030 Convertible Notes. The Capped Call Transactions meet the criteria for classification in equity, are not remeasured each reporting period, and are included as a reduction to additional paid-in capital within stockholders’ equity. Prepaid Forward Transaction On November 6, 2025, in connection with the pricing of the 2030 Convertible Notes, we entered into a prepaid forward stock purchase transaction (the “Prepaid Forward Transaction”) with one of the initial purchasers or its affiliates (the “Forward Counterparty”) of the 2030 Convertible Notes. Pursuant to the Prepaid Forward Transaction, we used approximately $131.1 million of the net proceeds from the offering of the 2030 Convertible Notes to fund the Prepaid Forward Transaction. The initial aggregate number of shares of our Class A common stock underlying the Prepaid Forward Transaction is 5,503,464 shares. If we pay a cash dividend on our Class A common stock, then the Forward Counterparty is required to pay an equivalent amount to us. The maturity date for the Prepaid Forward Transaction is scheduled to be the maturity date of the 2030 Convertible Notes, subject to early settlement. Upon settlement of the Prepaid Forward Transaction, at maturity or upon any early settlement, the Forward Counterparty will deliver to us the number of shares of Class A common stock underlying the Prepaid Forward Transaction or the portion thereof being settled early. The Prepaid Forward Transaction has been accounted for as a reduction to additional paid-in capital, and will be considered treasury stock upon physical settlement. The shares purchased under the Prepaid Forward are treated as a reduction in Additional paid-in capital and are not outstanding for purposes of the calculation of basic and diluted earnings per share. The Prepaid Forward Transaction is a separate transaction we entered into and is not a part of the terms of the 2030 Convertible Notes and will not change any Noteholders’ rights under the 2030 Convertible Notes. We mitigate this risk by limiting our counterparty to a major financial institution. During the three months ended June 30, 2026, 111,500 shares were physically delivered to us, and are considered treasury stock. These shares are not included in the weighted-average shares outstanding calculation because they are considered shares issued but not outstanding. As of June 30, 2026, 454,700 shares have been physically delivered to us in connection with the Prepaid Forward. Treasury Stock Repurchase On November 12, 2025, we used approximately $27.7 million of the net proceeds of the offering of the 2030 Convertible Notes to repurchase 1,162,477 shares of Class A common stock. The purchase price of the treasury 56 stock is $23.83 per share. Treasury stock repurchases are not included in the weighted-average shares outstanding calculation because they are considered shares issued but not outstanding. Starlab Credit Facility On December 18, 2025, our Joint Venture, Starlab Space LLC, entered into a credit agreement in the form of a revolving credit facility (the “Starlab Credit Facility”) with a syndicate of lenders, led by Texas Capital Bank (“TCB”), providing for aggregate commitments of up to $20.0 million. The percentage of the credit facility will be based on the amount of preferred equity raised. The Starlab Credit Facility has an initial maturity of three years from the closing date or upon denial of a NASA contract. Borrowings under the Starlab Credit Facility bear interest based on the Secured Overnight Financing Rate (“SOFR”) rate plus basis points ranging depending on total liquidity. In addition, we are required to pay an undrawn commitment fee ranging from 0.25% to 0.50% on the unused portion of the Starlab Credit Facility, also based on liquidity levels. As of June 30, 2026, we had no drawn amounts on the Starlab Credit Facility. See Part I, Item 1, “Notes to Condensed Consolidated Financial Statements— Note 9. Debt”, for additional information. Off-Balance Sheet Arrangements As of June 30, 2026, we had no material off-balance sheet arrangements that have or are reasonably likely to have a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources. Critical Accounting Policies and Estimates There were no material changes to our critical accounting policies, estimates or judgments, that occurred in the period covered by this Quarterly Report from those discussed in our Form 10-K.