CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents		$ 429,361	$ 491,329
Accounts receivable, net		12,163	29,819
Contract assets		35,796	29,786
Inventories		5,720	3,825
Prepaid expenses and other current assets		25,664	26,541
TOTAL CURRENT ASSETS		508,704	581,300
Property and equipment, net		191,433	164,286
Operating lease right-of-use assets		41,900	18,164
Intangible assets, net		94,749	98,982
Goodwill		157,674	157,674
Other assets		29,259	30,048
TOTAL ASSETS	[1]	1,023,719	1,050,454
Current liabilities:
Accounts payable		19,851	27,386
Contract liabilities		16,919	24,338
Operating lease liabilities		6,757	5,831
Accrued expenses and other current liabilities		67,726	75,472
TOTAL CURRENT LIABILITIES		111,253	133,027
Operating lease liabilities, non-current		36,296	13,336
Contract liabilities, non-current		7,903	7,899
Convertible notes, net		448,268	447,634
Deferred tax liabilities		12,021	8,858
Other long-term liabilities		3,506	10,167
TOTAL LIABILITIES	[1]	619,247	620,921
Commitments and Contingencies (Note 17)
Equity (Deficit):
Additional paid-in capital		823,076	797,438
Treasury stock, at cost		(35,880)	(27,702)
Accumulated other comprehensive loss		(64)	(95)
Accumulated deficit		(429,910)	(385,927)
Total Voyager Technologies, Inc. equity		357,228	383,720
Noncontrolling interests		47,244	45,813
TOTAL EQUITY		404,472	429,533
TOTAL LIABILITIES AND EQUITY		1,023,719	1,050,454
Class A Common Stock
Equity (Deficit):
Common stock		5	5
Class B Common Stock
Equity (Deficit):
Common stock		$ 1	$ 1

[1] (1) Includes balances associated with a consolidated variable interest entity (“VIE”), including amounts reflected in “TOTAL ASSETS” that can only be used to settle obligations of the VIE as well as liabilities of the VIE reflected within “TOTAL LIABILITIES” for which creditors do not have recourse to the general credit of Voyager. See “Notes to Condensed Consolidated Financial Statements—Note 16, “Joint Venture”, for additional information.