# Voyager's sales growth comes with wider operating losses Third-quarter sales rose 68% from the previous quarter, while operating losses grew 20.4%. September's convertible-note offering added cash as operations consumed it. Published 2026-11-02 by TGOs. Canonical: https://tgos.io/news/2026/11/02/voyagers-sales-growth-comes-with-wider-operating-losses/ Voyager Technologies reported its third-quarter 2026 results on Nov. 2.[1] Net sales reached $88.7 million, up 124% from a year earlier.[1] Its operating loss widened to $61.9 million from $24.0 million a year earlier.[1] Operating activities used $29.7 million in the third quarter.[1] On Sept. 28, Voyager announced completion of a $402.5 million offering of 0% convertible senior notes due in 2032.[3] Net proceeds were approximately $391.6 million, of which Voyager intended to use about $52.5 million for capped calls and the remainder for general corporate purposes.[3] From the second quarter, sales rose 68% while operating losses grew 20.4%.[1] Voyager attributes nine-month sales growth partly to contributions from recent acquisitions.[1] Its third-quarter earnings release does not report segment profit or separate organic from acquired sales.[1] Voyager also raised the lower end of its full-year 2026 revenue guidance to a revised range of $285 million to $305 million.[1] Companywide third-quarter gross margin was 11.5%, versus 15.4% a year earlier.[1] Voyager attributes increased operating losses primarily to investment in technology development, expanded operational capabilities and integration of acquired businesses.[1] ## Why it matters Cash and equivalents increased $180.2 million from June 30 to Sept. 30.[1] Voyager's September-end cash balance of $553.6 million sits alongside $841.1 million of convertible notes, net.[1] ## Sources 1. Voyager Technologies Q3 2026 results, Exhibit 99.1 to Form 8-K (Nov. 2, 2026) 2. Voyager Technologies Q2 2026 results, Exhibit 99.1 to Form 8-K (Aug. 3, 2026) 3. Voyager Technologies convertible notes offering completion, Exhibit 99.3 to Form 8-K (Sept. 28, 2026)