Voyager (VOYG) Q4-25 earnings: The $450M stealth raise & the new gunpowder moat

Voyager Technologies grew defense revenues 25% despite a 45-day government shutdown in Q4, masking a quiet half-billion-dollar debt accumulation to build onshore rocket capacity.In ~10 minutes:• How VOYG dropped $447M in convertible debt onto the balance sheet.• Buying Estes Energetics to create a domestic "gunpowder moat".• Starlab’s commercial payload is 100% reserved three years before launch.• Why shares surged 9.5% despite an intentional expansion of operating losses.Management expects to bleed cash until 2028 as they stand up their 150,000-square-foot Voyager American Defense Complex in Colorado. With a $1.6B unpriced “Golden Dome” pipeline waiting on Washington, VOYG is aggressively front-running military demand and attempting to starve out under-capitalized aerospace rivals.Voyager Technologies (VOYG) | Q4 FY2025AI-assisted production. Feedback/ticker requests: https://x.com/EarnUnscripted.