Voyager Technologies, Inc. ($VOYG)

Welcome to the Voyager Technologies Investor and Analyst Conference Call. Participating on today's call are Dylan Taylor, Chairman and Chief Executive Officer; Matt Kuta, President; Phil de Sousa, Chief Financial Officer; and Matt Magana, President of our Defense and Space Technologies segment. [Operator Instruction] I would now like to hand the call over to your first speaker today, Phil de Sousa, Chief Financial Officer. Mr. de Sousa, the floor is yours.

Before we begin, let's turn to Slide 2. I'd like to remind everyone that today's discussion will include forward-looking statements regarding the acquisition, its anticipated benefits, integration plans, future financial performance and other strategic objectives. These statements are based on the current expectations and assumptions and are, of course, subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those described today. We ask that you please refer to our SEC filings, including the risk factors in our annual report on Form 10-K and today's presentation materials for a discussion of these risks and other important factors. We undertake no obligation to update any forward-looking statements, except as required by law. With that, let's turn to Slide 3. On today's call, we will begin with a summary of the transaction. We will then provide an overview of Astrobotic. Next, we'll discuss the strategic rationale for the acquisition. And finally, we'll outline our broader lunar strategy and how this acquisition accelerates Voyager's vision of building America's path to the moon. Following our prepared remarks, we'll open the call for questions. With that, let's turn to Slide 4, and I'll turn the call over to Dylan.

Thank you, Phil, and good morning, everyone. Thank you for joining us. For much of the last decade, the focus has been on when and how we will get back to the moon. That question is being answered with increasing clarity, and we have never been closer. The opportunity with the moon is massive and will define much of space commerce for decades to come. Over the last year, we've discussed this fundamental development and why Voyager is already well positioned as a system integrator and infrastructure provider with strengths in mission and payload operations, control systems, communications, propulsion and sensing. Today, I'm extremely excited to announce an important milestone for Voyager, our next step forward in the evolution of the lunar economy, the acquisition of Astrobotic Technology. Over the next few slides, I'll provide a deeper understanding of the business, the rationale for this strategic acquisition and how it complements Voyager's capabilities geared towards building America's path back to the moon. But first, let's summarize the transaction terms. Voyager has agreed to acquire 100% of Astrobotic for a total potential enterprise value of up to $300 million, consisting of cash and stock. At closing, approximately $162 million of value will be delivered with the remaining consideration tied directly to the achievement of future performance-based milestones. We also assume $9 million of debt as part of the transaction, and that will be paid at closing. Importantly, we believe we are acquiring a highly strategic asset at an accretive valuation. The guaranteed portion of the purchase price represents approximately 2.9x 2025 revenue. Taking into consideration the potential full value of the performance-based earnouts, the transaction remains well within Voyager's historical acquisition range based on 2027 estimated revenue. From a financial perspective, Astrobotic brings substantial growth opportunities with essentially no overlap to Voyager's existing capabilities. The combination expands and solidifies our participation across the Lunar value chain, providing direct access to large and growing addressable markets, and it enhances our positioning on critical NASA and commercial programs. We're also acquiring a business with strong momentum, a growing pipeline and increasing visibility into future revenue opportunities. As a result, we expect the transaction to be accretive to earnings in 2027, while creating meaningful revenue growth and cost synergies over time. Finally, from a transaction time line perspective, we are targeting a third quarter 2026 closing, subject to customary regulatory approvals. Between now and closing, our teams will remain focused on maintaining execution momentum while developing a thoughtful integration plan designed to maximize long-term value creation for shareholders. Turning to Slide 5. Before discussing the strategic rationale for the transaction, I'd like to spend a few minutes on Astrobotic and the capabilities they bring to Voyager. Founded in 2007, Astrobotic has established itself as one of the leading lunar technology and space robotics companies in the world. Their mission is clear: to enable a sustained human and robotic presence on the moon. What makes Astrobotic so compelling is the breadth of its platform. The company has built capabilities that span lunar delivery, mobility, infrastructure and advanced technology development, allowing it to participate across multiple stages of the lunar mission life cycle rather than just a single point solution. Today, Astrobotic employs more than 200 highly skilled engineers, scientists and operators across facilities in Pittsburgh, Pennsylvania and Mojave, California. These teams have developed a portfolio of technologies that include lunar landers and rovers, power and charging infrastructure, reusable launch vehicle technologies and advanced autonomy, navigation, sensing and propulsion systems. The company has also built strong relationships with some of the world's most important space and national security organizations, including NASA, DARPA, the Space Force, European Space Agency and a broad set of commercial partners. These relationships reflect years of technical execution and position Astrobotic to participate in some of the most significant lunar and space infrastructure opportunities ahead. Taken together, Astrobotic represents a highly differentiated platform with proven technology, strong customer relationships and a talented team operating at the forefront of the emerging lunar economy. Simply put, Astrobotic is one of the few companies that has assembled the technology, talent, customer access and mission experience necessary to help build the next generation of lunar infrastructure. That's what makes this acquisition so compelling. Turning to Slide 6. At its core, this acquisition is about accelerating Voyager's vision to become a leading provider of the infrastructure required for sustained lunar operations. Astrobotic immediately expands our capabilities across some of the most critical elements of the lunar economy, including delivery, mobility, power systems and precision landing technologies. Combined with Voyager's existing strength in systems integration, habitats and in-situ resource utilization, the transaction creates a complete and differentiated lunar platform. Just as importantly, Astrobotic is one of a very limited number of companies with a demonstrated lunar flight heritage and a leading position within NASA's Commercial Lunar Payload Services or CLIPS ecosystem. The upcoming Griffin mission further strengthens that position and provides additional opportunities to participate in future lunar exploration and infrastructure programs. We also believe the timing of this acquisition is particularly attractive. NASA is significantly increasing investment in lunar exploration and has articulated a long-term vision that includes dozens of lunar missions, substantial cargo delivery requirements and the development of a sustained human and robotic presence on the moon. As these investments accelerate, we believe demand for proven lunar infrastructure providers will increase accordingly. The combination of Voyager and Astrobotic positions us to capitalize on that opportunity. Together, we bring a highly complementary set of technologies spanning delivery, power, mobility, habitat and mission systems. These capabilities mutually reinforce one another through shared customers, shared technology development and participation in common mission architectures. Ultimately, this transaction is not simply an acquisition of a company, it's the acquisition of critical infrastructure capabilities that advance Voyager's strategy and strengthen our position as a key enabler of America's return to the moon and the development of a sustained lunar economy. This acquisition accelerates Voyager's path to becoming a fully integrated lunar infrastructure company at precisely the time government and commercial investment in the moon is accelerating. Turning to Slide 7. I'd like to conclude by stepping back and discussing the broader vision behind the transaction. Our view is the lunar economy is approaching an important inflection point. NASA and its partners are moving beyond demonstration missions towards the development of a sustained lunar infrastructure, creating demand for technologies that support transportation, power generation, communications, mobility, habitation and resource utilization. This chart illustrates how the combination of Voyager, Astrobotic and our strategic investment in MAX Space positions us across all of the key technology categories required to support the future architectures. Voyager brings core strengths in systems integration, communications, computing, habitat systems, environmental controls and in-situ resource utilization. Astrobotic has proven capabilities in lunar delivery, mobility, power infrastructure, surface operations and autonomous systems. Together, these capabilities span a significant portion of NASA's Envision moon-based technology stack. Importantly, these technologies reinforce one another through shared customers, shared mission architectures and common infrastructure requirements. As lunar activity expands, we believe customers will increasingly seek integrated solutions rather than stand-alone technologies. The result is a more complete lunar platform, one capable of supporting missions from earth to the lunar surface and ultimately enabling sustained human and robotic operations on the moon. We believe this positions Voyager to participate in some of the most important areas of investment over the coming decade and strengthens our ability to create long-term value for customers, partners and shareholders. Turning to Slide 8. Before we open the call up for questions, I'd like to leave you with five key takeaways. First, this acquisition significantly accelerates Voyager's LUNAR strategy by adding proven lunar delivery, mobility, power and infrastructure capabilities that complement our existing platform. Second, we believe the timing is compelling. NASA is increasing investment in lunar exploration and infrastructure and Astrobotic positions Voyager to participate in some of the most important programs supporting a sustained human and robotic presence on the moon. Third, the transaction strengthens and diversifies our business mix. Together, Voyager and Astrobotic creates a more integrated platform spanning critical elements of the LUNAR value chain, expanding both our capabilities and addressable market opportunities. Fourth, we believe the acquisition offers compelling financial returns. The transaction was structured at an accretive valuation, including meaningful performance alignment through the earnout structure and is expected to be accretive beginning in 2027, excluding transaction-related and purchase accounting impacts. And finally, we're targeting a third quarter 2026 close and look forward to welcoming the Astrobotic team to Voyager as we continue to work to build the next generation of Lunar infrastructure. We are super excited about this opportunity and what lies ahead, and we believe this transaction further positions Voyager to create significant long-term value for our customers, partners and shareholders. With that, let's open it up for questions.

[Operator Instructions] Your first question comes from Sheila Kahyaoglu with Jefferies.

This is Kyle on for Sheila. I think Slide 7 is a really helpful overview of sort of the combined portfolio. So maybe when you consider what NASA has said about the Moonbased initiative in the first couple of phases, how you're thinking about the addressable market there? What's sort of opened up in terms of the TAM from Astrobotic? And then how you're sort of thinking about the revenue optionality as you look out into 2027 and then sort of thereafter?

Yes. That's great. Thanks for the question, Kyle. Great to connect with you as always. I'll take the first stab at it, and then I'll turn it over to Phil and others to chime in. But yes, as you correctly identified, this really expands not only the direct TAM in terms of what Astrobotics is able to deliver with Lunar landers, the CLIPS program, Moonbase II and all the things that are directly line of sight in front of us. But as we are hearing from the administrator and from NASA, it's anticipated that they're going to have additional lunar landing and CLIPS awards in the future. So we're hopeful we'll compete favorably for those. And then, of course, coupled with our MAX Space investment, which really focuses on lunar habitation, think of us as having now a technology stack that not only addresses the individual TAMs, but really has a multiplier effect because we're going to be able to deliver solutions for NASA that are more comprehensive than just about anybody else in the industry. So I think that's really the right way to think about this. We laid out a lunar initiative, it's probably about four months ago now. And we really, in that initiative, created a road map and basically told the market where we were going. And of course, now we're delivering on that. And Astrobotic is just a phenomenal beloved company in our industry with key technologies, terrific people, great reputation. The customer really appreciates them as well. So I think this is a seminal step in that entire technology stack that's really going to significantly increase not only our lunar TAM but TAM in our 3L strategy, which, of course, is LEO, Lunar and Lagrange or deep space. But with that, I'll pass it over to Phil to talk more about 2027 in particular.

Thanks for joining the call. Appreciate the question. Yes, just to put the growth profile into perspective, you guys could probably back off the math, but you can see in 2025 we see Astrobots with revenue of about $59 million, anticipate, obviously, that to grow pretty significantly over the long term. When I think about that and I think about the 25% organic growth CAGR that Voyager has previously talked about over the 2030 period, I would just highlight that the organic growth CAGR that Astrobotics will contribute to the portfolio is actually in line and perhaps even better than the base portfolio business. Specifically, 2027 and '28, we would see a pretty significant ramp-up as Bill alluded to, there's a significant amount of lunar activities that are expected to accelerate with key customers like NASA here in the immediate term in 2027, where you can easily see a range of revenue for Astrobotics in the $100 million to $300 million range in 2027.

And I would add, this is Matt Kuta talking. NASA has laid out this vision last week of wanting to do 73 landers and landing over 200 metric tons of payloads on the surface of the moon between now and 2032. And if you look at it from a NASA budget perspective, in 2027, landers plus infrastructure is over 10% of the entire NASA budget and growing to 20% of the NASA budget within the immediate one to two years to follow. So it's a very large percentage of the entire NASA piece that we're participating with very few players in it.

Incredibly helpful. If I could ask just a follow-up to that point. I know you note in the release accelerating some of the investment for both the lunar and some of the reusable rocket stuff. Can you maybe talk about the investment profile, your relative view of like schedule and timing of some of those moon-based phases and maybe like the cash profile of this business as well?

I'll take that for the team here. So as I think about the cash flow profile of this business, again, I think long term, this is an accretive portfolio addition to Voyager. So I expect EBITDA margins to be nice and healthy in the long term as we've articulated for the Voyager in that mid-teens area. From a CapEx perspective, over the longer term, this is actually a CapEx-light business, very similar to the base business that Voyager has. So we do anticipate there to be about some, if you will, amount of investment over the course of 2026 and '27 necessary to really support the growth profile of this business. But that investment is largely dependent on the actual achievements and that performance of the business. And so I think back to the construct of the business overall, a fair amount of it is performance-based, a lot of milestones here, which are growth driven. And so we'll modestly, if you would, or moderate that investment over the next couple of years.

Yes. The other thing, Kyle, just to reinforce the points that have already been made. I mean the TAM for lunar is tremendous as we know. And this is the key focus of NASA is not only this year, but well into the future. So we're talking about billions of dollars of capital flowing into lunar. And so Astrobotic, which has done an absolutely extraordinary job developing this technology and developing the ability to land on the moon via the CLIPS program and other technologies they have like the power grid technology, reusable rockets and the like, that has really been done bootstrapped, right? They've only -- raised a de minimis amount of third-party capital. So our ability as a platform, as you well know, a technology and innovation platform with a track record of refining, investing and commercializing technology. I mean, this is really an extraordinary marriage of a highly capable company that with some additional investment capital or innovation capital is really going to be able to take it to the next level. So that's -- think of that Alchemy, which we have demonstrated time and time again, whether it's our TDAX technology on Golden Dome or whether it's our ISS mission management business that's been parlayed into the Star Lab initiative. We have a track record of taking highly capable technologies and companies and leveling them up. And that's the way you should think about Astrobotic.

Your next question comes from the line of Gautam Khanna with TD Cowen [Technical Difficulty] Your next question comes from the line of David Strauss with Wells Fargo.

This is Ben Tomick on for David. I was wondering, could you guys provide any further detail on what the milestones are for that additional earnout potential?

Yes, Ben, I'm going to pass it over to Phil. Thanks for the question. Yes, we're keen to see how you guys look at this acquisition because David, yes, I think we would like to see you guys better understand our growth story here. So I'll pass it over to Filipe. Go ahead, Phil, please.

Yes. So a really important element to note here, there's more than one two milestones. There are several milestones, 2-plus milestones, and they're specifically attributable to not just growth and the continued winning of awards from NASA and that would fuel not just the revenue growth here this year, but next year as well. But it's also significantly tied to the actual execution. So I think operational execution of the team on specific missions that are in backlog and planned in the future as well. So a nice balance of, call it, revenue growth as well as execution from an operational perspective.

Got it. Great. And then just -- could you just provide some color on how the acquisition really came about? And then if there are any other lunar opportunities you guys are looking at in the pipeline, just given kind of the TAM you guys have talked about today?

Yes. Great question, Ben. So I'll ask [ Matt Kuta ] and perhaps Magana to chime in on this as well. So we've known Astrobotic for many years. I was actually -- had a good relationship with John Thornton, the founder for years now. So we've been in touch and have admired them from a far, of course. And as I mentioned earlier to a previous question, we mapped out this lunar initiative really in response to the administration and NASA's call to action from the industrial base on returning to the moon. And so we crafted a very thoughtful strategy. And as we did that, we have continued to evaluate the market. One of the investments we made as we've talked about many times, including on this call, is the MAX Space employeable Habitat investment, which has applicability to all three of the domains, the three Ls, if you will, LEO, Lunar and lagrange. But in surveying that, if you look at the CLIPS program, there's very few companies qualified to be able to deliver this call to action that administrator at Isaacman and President Trump have really called for. So in that context, it was a natural fit between the relationship we had with John and Astrobotic and what we believe to be strategically important to the future of our growth initiatives as well. So it really was a hand-in-glove acquisition and really fits very, very neatly and nicely into our strategy. So with that, I'll pass it over to Matt Kuta. Matt Kuta really led this acquisition, did an unbelievably amazing job, in shepherding this through. So you might have some additional comments.

Thanks, Dylan. Yes, just a couple of quick ones to add in addition to what Dylan mentioned. When we laid out the Lunar strategy a few months ago, we mentioned we made the investment in MAX Space, the expandable. Think of that as infrastructure. So when you get to the service of the moon, where do you go? Where do you stay? Where could you store things? And of course, there's dual use and dual application for those expandable habitats. And then you think about how do you get them there. And then we looked at the list of players out there. We looked at where the NASA budget is. Much of it's mandated by Congress, and we thought about where can we best enter this part of the market where Astrobotic is -- they have revenue. They have significant contracts across many different customers. So it's definitely something that is happening now. It's not a theoretical thing just because it deals with the moon. We see how important it is for NASA and for the country. And Astrobotic with their Griffin landers and Peregrine landers, there's a mission plan for the end of this year to land on the surface of the moon that we're very excited about. So this is all happening. And so we looked at the budget priorities. We looked at where the capital is. We looked at where the addressable market is. And Astrobotic definitely stood out as the best player out there and the best opportunity for Voyager. And so now with Astrobotic, in addition to the landers, they also have developing LunaGrid technology, which is power on the surface of the moon. So you have expandable habitats, you have landers that get stuff there. You have the ability to develop technology to power technology that are on the surface of the moon. And it really is complementary to everything that Voyager has. There's almost no overlap with our existing portfolio beyond just really bolstering our strong heritage of strong engineering and business development. So it really is a great fit at the right time. It's been bipartisan. The lunar focus of NASA in the United States has spanned multiple administrations. So we see very little political risk as well. And it's a great time to enter the market where it's been matured a little bit, but there's still a lot to go. If I was to use a baseball analogy, maybe we're in the second inning or the top to the third or something like that.

I was going to add one quick thing to you guys, and I agree with everything that Matt said, too. And I think just pull on that thread, there's a lot of the opportunity here from a revenue synergy perspective. And you know that we've talked multiple times around our dual-use capability. And as Matt said, things like power grid systems across the lines on the DOW and NASA around space comms, our guidance and navigation and compute systems. There's a lot of leveraging that we're going to be able to do there as we look at how we get revenue synergies into '27.

Your next question comes from the line of Steven Wahrhaftig with Wedbush Securities.

Congrats on the acquisition. I have a few questions, specifically the first one talking about the opportunity within the lunar environment. I mean the space has really gotten competitive over the past few months. And I want to talk a little bit more about how the Astrobotics acquisition would further improve the win rates for a lot of the deals that are coming to NASA and with the lunar opportunities that are now coming to fruition.

Yes. So thanks for the question. We're super optimistic about how our platform will come together. I should have mentioned earlier, I'm in Washington, D.C. at the CNBC CEO Council meeting and administrator Isaacman, spoke yesterday on stage. I think some of those remarks have been reported. But one of the points that I took away from what he said is he's really looking for companies within the industry who can really be -- this is my term, not his, but Swiss army knives, if you will. And that is bringing multiple solutions to the table and not only accelerating the initiatives that NASA and the administration has, but being able to solve multiple problems at the same time. And that's really what Voyager is looking to achieve is to be that full technology stack to be ease of use for our customers, but also delivering real value and real technology solutions that ultimately achieve the missions that the administration sets out to do. So in that context, I'm very confident that we're going to be very well positioned to have a win rate that's attractive and differentiated in the industry, not for any other reason other than we're going to be, in my opinion, offering superior value to the customer. And that's really, as you know, in any business, right, if you focus on delivering value to the customer, that's how you win. That's how you differentiate yourself. So we're super optimistic about that. Obviously, we're anticipating additional awards later this year, not only for lunar, but other things like our commercial space station program with an RFP out -- a draft RFP do out here in the next 30 days or so. So we're extremely bullish about our position within the space industry at large. And then, of course, on the national security and defense side, as you well know, that's going extremely well. and we're super excited about the traction we're getting there as well. So we're very enthusiastic about where we are and where we're headed.

Understood. And talking a little bit more about the cost synergies that you are talking about. I mean the company brings two facilities, one in Pennsylvania, one in California, brings a pretty strong employee base of a couple of hundred employees. So can you break down what's the fixed cost run rate that you're going to be taking on with this acquisition? And is any of it kind of duplicative within the Voyager ecosystem? Or is it more complementary, just like the capabilities that they bring to the table?

Yes, super complementary. I will let Phil talk about the specific cost structure. There will be synergies, of course, especially on back office and other operational streamlining of things, systems, of course. But when you think about technical expertise and I'll call it, physical plant, this will all be additive to what we're doing. But I'll ask Phil to chime in on it, and Magana and Kuta might have some comments as well.

Steven, great question. Well, first and foremost, I just want to highlight, one, from a business case perspective for us achieving our own internal rates of return and the way we think about the valuation for this business, this is a very accretive and attractive business addition to the portfolio, irrespective, meaning independent of revenue and cost synergies. That said, revenue synergies are actually the primary driver of the value creation. We'll see opportunities in procurement from a cost perspective or through back office. There's obviously opportunities in procurement, infrastructure. There's opportunities for us to leverage a significant amount of engineering collaboration amongst the teams, Astrobotic and Voyager. We intend, obviously, to continue to be disciplined and realistic around all of our revenue and cost synergy assumptions. But that to be said, the biggest value from an overall profitability perspective is the scale that Astrobotic adds to the business. As I mentioned earlier, thinking out to 2027 alone and thinking in the range of $100 million to $300 million of top line revenue, not having to add any significant amount of cost from a back-office perspective to integrate this business into Voyager is going to create significant value for shareholders. And certainly, from a pathway to profitability perspective, will significantly move us down that road.

[Operator Instructions] Your next question comes from Alex Preston with Bank of America.

I get a lot of them have been asked, but maybe if I could ask quickly on how you guys are thinking about the integration, right? Astrobotic historically, as you know, a leader in R&D. But NASA is really pushing towards this commerciality and scale, especially on eclipse. How do you think about positioning Astrobotic to scale and hit their performance targets while maintaining that capability for innovation and maybe bringing some of that in-house as well?

Yes. Great question. I really appreciate it, Alex. I think a couple of things. First of all, we have a lot of experience doing this, right? In addition to our extremely high organic CAGR since we were founded 6.5 years ago, we obviously have done several acquisitions as well. So the needle we need to thread and we have experience doing this is to make sure that we're fostering the innovation and the secret sauce that has created a successful Astrobotic, while at the same time, scaling, as you said, the capabilities that they have, integrating that into the larger strategic narrative and delivering real differentiated value for our customer, right? And it sounds easy. It's very difficult to do as implied in your question, but we have a lot of experience doing that, right? And we've demonstrated our ability to do that over time with several key acquisitions. So I'm very, very optimistic that we're going to be able to add value as an overall enterprise in very short order. And there are some specific things that we're going to be doing. And so with that, I'll pass it probably over to Matt Kuta to take a stab at it. I'm sure Matt Magana will have some views as well. I know Matt Magana is right in the middle of all-hand calls with Astrobotic employees and everything else. But I'll pass it over to the Matts.

Yes. Thanks, Dylan. I'll just add real quick, and I'll hand it over to Magana. As Dylan mentioned, we've done over a dozen acquisitions since our founding. So we definitely have a playbook of how we do this to keep that secret sauce, which is very important. And as far as scaling and to your point, really productizing and commercializing this, that's the benefit of the acquisition because it allows Voyager to enter the lunar economy at a really opportune time with an opportune technology. It's the Lander for Moonbase II that was announced recently last week. At the same time, allowing Astrobotic to have the benefit of being now part of Voyager, where we can really scale this capability together through things such as capital structure, technology and things across the platform. For the specific road map, Magana, go ahead.

Yes. What I'll say is that in the near term, our focus is on really maintaining continuity for Astrobotics customers, obviously, Griffin 1 coming up the employees and all their critical programs that they've got going on. Over time, we expect that to integrate Astrobotics into the broader framework, consistent with how we've been doing it with all the previous acquisitions I talked. Our approach is really not to just absorb these companies, the unique capabilities of but to strengthen them with our scale, our resources, the customer access that we have and then in some cases, capital here as we start to get into multiple landers and then infrastructure associated to ensuring that we can meet the needs that Jared and his team are putting out there. So a key element of our strategy has always been around that summer path of ensuring that we keep the uniqueness of these companies, but also bring the horsepower that we've built through the IPO last year and through our teams here to make sure that we can, one, accomplish those synergies; and two, accelerate them into the market here, as Dylan talked about.

Our next question comes from the line of Kristine Liwag with Morgan Stanley.

With Astrobotics, you look at your folio with -- as you look at your portfolio here and pivoting to the moon, are there other aspects of the mission that you're looking to expand after Astrobotics? Are there areas that you find also interesting to supplement your presence as we kind of move forward with this moon base?

Yes. Thank you, Kristine. Great to hear from you as always. Just to be clear, we're not pivoting to the moon, right? This is an expansion of TAM. We still have an extremely robust LEO space initiative, including Star Lab and all the picks and shovels technology that we sell into that, including electronic propulsion and razor communication and all the stuff you're aware of. And then, of course, we're also focused on deep space with our Lagrange initiative as well. So this is truly an expansion of TAM. And obviously, we're being responsive to what the administration, the President and administrator Isaacman are asking industrial base to do. So I really want to emphasize that point. So yes, I think if we look at the lunar economy, -- there's a few different things that we're pretty excited about. One is, of course, the CLIPS program and the Lunar lander program. And as the administrator has said, we anticipate many more CLIPS awards in the future as it relates to getting more mass to the surface of the moon. And then, of course, as you deliver mass to the service of the moon, the real question is, okay, what do you do while you're there? And the 2 key things that the administration is talking about is power and habitation. And Astrobotic has a really interesting power grid approach and technology that we're really excited about. I think that can be very germane to what the administration is focused on. And then, of course, with lunar habitation, we're big believers in the technology we invested in with MAX Space on this inflatable expandable habitat technology. We're convinced that's really going to be the leading technology for lunar habitation. So as I said earlier, think of this as a technology stack where all these pieces are not only interlocking, but they're mutually reinforcing each other and not only increasing the TAM we're able to address, but the complexity of the solutions we're able to deliver. And that's really the key thing I want to emphasize for you and the other analysts. With that, I'm happy to pass it over. Phil, I don't know if you have comments, if not, over to Matt Kuta.

Great. Super helpful there. And if I could ask a second question, Dylan. For Phil, you mentioned earlier that this deal kind of accelerates your path to profitability for Voyager. I was wondering, can you expand more on that statement? Where are the areas that you could see the path to profitability? Is that all driven by better profitability from the acquisition of Astrobotics? Where are the synergies with the rest of Voyager? And I just want to understand that statement a little bit better.

Sure, Kristine. Great to hear from you today. I would say from a 2027 perspective, just to remind everybody, we had always expected to exit the year next year from an adjusted EBITDA perspective. And it's a bit early to provide specific '27 guidance. I'm smiling, of course, as I said this. But obviously, as we work our way through the year, you'll hear more about how Astrobotics fits into the overall portfolio. Obviously, from a top line perspective, there's going to be a significant amount of revenue contribution next year. So I'll just pick my way down the P&L to it. From a gross profitability or gross margin perspective, Astrobotics is going to be accretive to the Voyager portfolio even this year. And as we look out to next year as well, -- it's got an attractive accretive margin profile for the business. So a nice healthy revenue growth. Obviously, we're dropping cash and profit down to the bottom line. What I talked about earlier and highlighted the cost synergies, again, we're not looking to remove or exit or cut costs here. In fact, if anything, we're looking to grow Astrobotics. That said, with the existing Voyager cost structure, we put a fair amount of investment last year and earlier this year as well. We've been intentionally growing our capability to support a much larger business over the long term. And so as we add this revenue to the top line, significantly scaling our fixed cost structure, a lot more of the incremental margin will drop through to the bottom line. So much more to come. I'll start -- I'll say, far away from giving specifics around bottom line expectations for '27. But know that certainly, this business is going to be a catalyst towards us achieving that profitability perhaps sooner than previously anticipated. And obviously, I look forward to the contributions from the team from a growth perspective as well.

And that concludes our question-and-answer session. I would now like to turn the conference back over to Dylan Taylor for closing comments.

Yes. Thank you very much. Well, thank you, everyone, for joining. A couple of just key things I want to emphasize. So with Astrobotic, we're really accelerating our vision of building America's leading lunar infrastructure platform. This technology stack that we've built and we'll continue to invest and build, I think, is really differentiated in the industry. And this combination really expands not only our capabilities, but it really strengthens our customer relationships and really positions Voyager to play a central role in supporting NASA's long-term lunar objectives while really creating a substantial value creation event for shareholders. And just in conclusion, we've got a couple of anniversaries coming up. One is our 1-year anniversary of being a public company. We'll be ringing the closing bell on the NYSE June 12, which could also be the SpaceX IPO date. So that's interesting. And then, of course, we'll be joining all of you for our second quarter earnings call, which is currently scheduled for August 4. So again, thank you all for joining. Thanks for your interest in Voyager Technologies and the excitement that we're embarking on here, and we wish you all a great rest of your day. Thank you so much.

Thank you. This concludes today's Voyager Technologies Investor Call. Please disconnect your lines at this time, and have a wonderful day.