NET LOSS PER COMMON SHARE (Tables)

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Schedule of Calculation of Basic and Diluted Net Loss Per Common Share

The following table includes the calculation of basic and diluted net loss per common share:

	Three Months Ended				Nine Months Ended
(dollars in thousands, except per share data)	September 30, 2025		September 30, 2024		September 30, 2025		September 30, 2024
Numerator:
Net loss attributable to Voyager Technologies, Inc.	$	(16,273)	$	(14,967)	$	(74,593)	$	(53,112)
Accrued value of preferred stock dividends(1)	—		5,591		11,259		16,079
Net loss attributable to common shareholders	(16,273)		(20,558)		(85,852)		(69,191)
Accretion and fair value adjustment on ZIN earnout	—		—		—		(5,534)
Net loss attributed to common shareholders, diluted	$	(16,273)	$	(20,558)	$	(85,852)	$	(74,725)
Denominator:
Weighted-Average common shares outstanding, basic	58,407		12,736		34,147		12,603
Shares issuable assuming ZIN earnout	—		—		—		3
Weighted-Average common shares outstanding, diluted	58,407		12,736		34,147		12,606
Net loss per share:
Basic	$	(0.28)	$	(1.61)	$	(2.51)	$	(5.49)
Diluted	$	(0.28)	$	(1.61)	$	(2.51)	$	(5.93)

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(1)During the three months ended September 30, 2024, the Class A-1 preferred stock accrued dividends were approximately $3.4 million, equal to $0.33 per share. During the three months ended September 30, 2024, the Class B convertible preferred stock accrued dividends were approximately $2.1 million, equal to $0.43 per share. There were no Class A-1 or Class B preferred stock dividends accrued during the three months ended September 30, 2025. During the nine months ended September 30, 2025 and September 30, 2024, the Class A-1 preferred stock accrued dividends of approximately $7.3 and $9.8 million, respectively, equal to $1.05 and $0.94 per share, respectively. During the nine months ended September 30, 2025 and September 30, 2024, the Class B convertible preferred stock accrued dividends of approximately $3.9 and approximately $6.3 million, respectively, equal to $1.20 and $1.28 per share, respectively.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated:

	September 30, 2025	September 30, 2024
Stock options	4,708	3,267
Warrants	1,104	974
SMI Note	—	1,453
Preferred stock (as converted to common shares)	—	22,662
Total common stock equivalents	5,812	28,356