Newsletter Michel Nizon - 4ème saison : Voyager Technologies, Inc.
Désignation :Voyager
Code Mnémonique :VOYG
Date de Création : 2019
Bourse américaine : Nyse
Date d’Introduction : 16 juin 2025
Cours d’Introduction : 31 dollars
Site : voyagertechnologies.com
La conquête spatiale semble toujours faire rêver les foules. Mais est ce que les résultats financiers de Voyager Technologies, Inc. suivent ?
Communauté (+)
Lu sur sa page d’accueil ce vendredi matin.
LinkedIn : 35000 followers
Instagram : 3 692 followers
X : 9 065 abonnés.
Faisabilité (+)
Voyager Technologies, Inc. est une des nombreuses sous-traitantes de l’industrie spatiale…
We are an innovation-driven defense technology and space solutions company. Our company was purpose-built to address issues at the forefront of defense, national security and space industries and we have organized our business to reflect this goal. We strive to solve complex challenges to fortify national security, protect critical assets and unlock new frontiers for human progress and economic development. We are committed to developing and delivering an array of transformative, mission-critical solutions to customers enabled by our advanced technology, analytics and space infrastructure capabilities. Our solutions include communications and intelligence collection systems, defense systems, advanced space technology, in-space infrastructure and space mission services. Our business consists of diversified solutions across three business segments: Defense & National Security, Space Solutions and Starlab Space Stations. Since 2019, we have accomplished significant achievements in each of these segments, 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. (page 122 du prospectus)
Modèle Économique (-)
Un marché adressable immense :
We operate in markets that have tailwinds supporting investment from both commercial and government clients worldwide. From a Defense & National Security perspective, we believe our solutions serve a total addressable market of $163 billion. Our serviceable addressable market is $11 billion. Our Space Solutions & Starlab Space Stations segments serve a total addressable market of $16 billion, of which we serve $1 billion. There are significant opportunities both in the U.S. as well as for allied international economics and governments. (page 6 du prospectus)
Malgré de nombreux contrats publics aidés de la NASA, l’entreprise reste déficitaire…
We have experienced losses in each year since our founding in 2019. During the years ended December 31, 2024 and 2023, we reported net losses of $65.6 million and $25.2 million, respectively. During the three months ended March 31, 2025 and 2024, we reported net losses of $27.9 million and $15.0 million, respectively. We believe that we will continue to incur net losses for the next several years and we may not achieve or maintain profitability in the future, either on the timetable we expect or at all. Because the markets in which we operate are evolving, it is difficult for us to predict our future results of operations or the limits of our market opportunity. We expect our operating expenses to significantly increase as we make significant investments, expand our operations and infrastructure, develop and introduce new technologies and hire additional personnel. These efforts may be more costly than we expect and may not result in revenue growth or increased efficiency. When we become a public company, we will incur additional significant legal, accounting, and other expenses that we did not incur as a private company. If our revenue does not increase to offset these expected increases in our operating expenses, we will not be profitable in future periods. Any of the foregoing could have a material adverse effect on us. We cannot assure you that we will ever achieve or sustain profitability and may continue to incur significant losses going forward, which could cause the value of our Class A common stock to decline. (page 42 du prospectus)
Chiffre d’affaires
(dollars in thousands)
Net sales 2024 $144,180 2023 $136,062
Net loss 2024 $ (65,628) 2023 $ (25,198) (page 33 du prospectus)
Concurrence
We operate in highly competitive industries and many of our competitors have significant advantages, including, among other things, strong customer relationships, more experience with regulatory compliance, greater financial and management resources and access to technologies not available to us. Many of our competitors are substantially larger than we are and may be able to adapt more quickly to changing technology or market conditions or may be able to devote greater resources to the development, promotion and sale of their products. Such competitors may also have ready access to capital to fund their activities, which could provide a competitive advantage relative to us, as we will need financing to fund our development activities. In addition, competition may increase and intensify as more or larger competitor companies, including those formed through joint ventures or consolidation, enter our markets. Our ability to compete may also be adversely affected by limits on our capital resources and our ability to invest in maintaining and expanding our market share.
Competition in the technologies that we prepare as well as the consulting, administrative and advisory services that we deliver is highly diverse, and while our competitors offer different products and services, there is often competition for contracts. Further, many of our contracts and task orders with the federal government are awarded through a competitive bidding process, which is complex and sometimes lengthy. To the extent there is any reduction in the overall number of government contracts, as a result of shifting government priorities or otherwise, we may face increased competition.
Moreover, we face competition from companies that have served as prime contractors on projects for which we served as subcontractors. Conversely, we may face competition from companies that have served as subcontractors on projects for which we served as prime contractor. For example, those companies could choose to offer services that we would typically provide or those companies that previously served as subcontractors could seek prime contractor roles on certain projects.
We may also face competition in the future from emerging low-cost competitors. In addition, some of our foreign competitors currently benefit from, and others may benefit in the future from, protective measures by their home countries where governments are providing financial support, including significant investments in the development of new technologies. Government support of this nature greatly reduces the commercial risks associated with technology development activities for these competitors. This market environment may result in increased pressures on our pricing and other competitive factors. (page 45 du prospectus)
Voyager Technologies, Inc. reçoit la note Kb+. Comme j’ai l’habitude de l’écrire, n’est pas Elon Musk qui veut (avec Space X) et d’envoyer une voiture Tesla dans l’espace… Vous pouvez télécharger/lire son Certificat de Fast-Kchehcking ici. Pour cause d’absence de nouvelles IPO’s, je vous souhaite de bonnes vacances d’été et je vous donne rendez-vous le vendredi 5 septembre 2025 pour une nouvelle analyse boursière.
Cordialement.
Michel Nizon
Cofondateur/CEO Kchehck, Inc.
PS : N’investissez que dans des Ka+
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Cette newsletter est publiée par Kchehck, Inc qui, selon sa propre méthode brevetée et validée, évalue sur 3 critères principaux, principalement extra financiers, souvent des entreprises de moins de 10 ans en croissance et présentes principalement sur le Nasdaq. Ces analyses ne peuvent constituer en aucun cas des conseils d’achat ou de vente d’actions des sociétés ainsi étudiées mais exclusivement une source d’information supplémentaire pour nourrir votre réflexion entrepreneuriale et micro économique. Les analyses kchehck sont strictement réservées aux investisseurs particuliers pour un usage personnel, et sont interdites aux usages professionnels par des investisseurs institutionnels.