Voyager Technologies Inc：收购推动2026年指引上调；维持减持评级

研报英文原文证据摘录

M

Update

August 5, 2026 04:01 AM GMT

Morgan Stanley & Co. LLC

Voyager Technologies Inc | North America

Kristine T Liwag

Equity Analyst

Acquisition Drives 2026 Guide

Increase; Maintain UW

Justin M Lang

Equity Analyst

Jason T Holcomb

Research Associate

What’s Changed

Voyager Technologies Inc (VOYG.N)

From

To

Price Target

$39.00

$37.00

Gabrielle Knafelman

Research Associate

Shaina C Zuber

Research Associate

AlphaSignals Earnings Reaction

Unchanged

Modest upside

Largely unchanged

Impact to our thesis

Financial results versus consensus

Direction of next 12-month

consensus EPS

Source: Company data, Morgan Stanley Research

Despite a strong b2b qtr. (~2.1x in 2Q), the 3Q acquisition of

Astrobotic drives VOYG’s full-year outlook increase. SBI

momentum is building while NGI is flat y/y. Expect CLD award in

early 2027 as program stabilizes. Maintain relative UW; lower PT

to $37 from $39.

Outlook Increased on Astrobotic Acquisition

We recognize 2Q26 was strong qtr. of organic awards for VOYG (~2.1x book-to-bill),

and are encouraged by momentum around high-priority (albeit also higher-political

risk) efforts like Space Based Interceptors (SBI), which mgmt. suggested could

contribute ~$30mn to sales this year. That said, nearly all of VOYG’s revenue

outlook raise (+$47.5mn at the midpoint of the range) is driven by the early 3Q26

acquisition of Astrobotic, which mgmt. expects to contribute ~$40-50mn of revenue

Kyle Benvenuto

Research Associate

Voyager Technologies Inc (VOYG.N, VOYG UN)

Space Technology | United States of America

Stock Rating

Industry View

Price target

Shr price, close (Aug 4, 2026)

Mkt cap, curr (mm)

52-Week Range

Underweight

Attractive

$37.00

$33.49

$1,851

$52.39-17.41

Fiscal Year Ending

12/25 12/26e 12/27e 12/28e

EPS ($)**

Prior EPS ($)**

P/E

EPS ($)§

Div yld (%)

(2.89)

NM

(1.98)

0.0

(3.49)

(3.35)

NM

(3.03)

0.0

Quarterly EPS ($)

Quarter

2025

2026e 2026e

Prior Current

year given uncertainty around the path forward for NASA’s Commercial LEO

Q1

Q2

Q3

Q4

(3.45)

(1.23)

(0.28)

(0.52)

- (0.75)a

- (0.79)a

(2.02) (0.88)

(2.29) (1.12)

(RFP) shortly, with a mid-to-late Fall submission and selection early in 2027. Next

…