Assuming Coverage: VOYG; Capitalizing on the Defense & Space Buildout

Research evidence excerpt

Assuming Coverage: VOYG; Capitalizing on the Defense & Space Buildout

Company Report

June 30, 2026 Voyager Technologies (VOYG)

Rating: Assuming Coverage: VOYG; Capitalizing on the Defense &OUTPERFORM Space BuildoutPrice:

$29.26

12-Month Price Target: The Wedbush View

$46.00 (from $60.00)

We are assuming coverage of VOYG from Dan Ives, Global Head of Technology

Analysts Research. Voyager sits at the intersection of two of the most consequential

Sam Brandeis priorities in US national security spending, the urgent buildout of layered missile

(212) 222-3005 defense under Golden Dome and the commercial transition of low Earth orbitsam.brandeis@wedbush.com as the ISS approaches retirement, and we believe the market is mispricing theDan Ives

(212) 344-2073 company as a single story when it is in fact two. Voyager is best understood not as

Dan.Ives@wedbush.com a speculative space station bet but as a profitable-trajectory defense technology

platform with record backlog, validated by tier-one primes, that carries meaningful

Starlab optionality embedded at a fraction of its targeted economics.

Company Information

Market Cap (M) $1,734 Golden Dome Traction Is Accelerating. VOYG's differentiated propulsion,

Enterprise Value (M) $1,842 energetics, and advanced electronics make it relevant across multiple missile

Shares Outst (M) 58.3 programs as both a second source and a next-generation technology upgrade,52-Week Range $17.41 - $52.40

with management noting the timing of these additions has run ahead of its own

REV (M) in $ expectations. 1Q26 bookings of ~$45 million (up 232% y/y in Defense & Space)

FYE Dec 2025A 2026E 2027E drove backlog to a record ~$275 million (up 54% y/y) at a 1.3 book-to-bill, anchored