Voyager Technologies (VOYG) delivered strong Q1 results supported by a record backlog and accelerating bookings, which prompted a higher 2026 revenue outlook, Wedbush Securities said Wednesday in a report.

Voyager is well positioned to "capitalize on the secular tailwinds driving defense modernization and commercial space infrastructure," the report said.

Q1 revenue of $35.2 million was in line with consensus as the "planned wind-down of a legacy NASA services contract masked underlying strength in core defense and national security programs ramping behind a growing backlog," the report said.

Voyager ended Q1 with a record $275.3 million backlog, up 54% from a year earlier and about 4% from the previous quarter, reflecting accelerating demand across its core defense business, Wedbush said.

The defense and space technologies business remains the "near-term growth engine" with management citing "strong customer engagement and new business wins across several missile defense programs," the report said.

Wedbush maintained its outperform rating on Voyager stock and its $46 price target.

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