NET LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2026

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


	Three Months Ended
(dollars in thousands, except share data)	March 31, 2026		March 31, 2025
Numerator:
Net loss attributable to Voyager Technologies, Inc.	$	(43,983)	$	(26,938)
Accrued value of preferred stock dividends	—		6,001
Net loss attributable to common shareholders	$	(43,983)	$	(32,939)

Denominator:
Weighted-average common shares outstanding, basic	58,339,505		14,339,521
Weighted-average common shares outstanding, diluted	58,339,505		14,339,521

Net loss per share:
Basic	$	(0.75)	$	(2.30)
Diluted	$	(0.75)	$	(2.30)

The Company’s potentially dilutive securities, which include preferred stock and outstanding awards under the equity plans, have been excluded from the computation of diluted earnings per share as the effect would be anti-dilutive in a net loss position. 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:


(in shares of common stock)	March 31, 2026	March 31, 2025
Equity Compensation Awards	5,739,293	5,539,388
Warrants	1,104,489	974,156
SMI Promissory Note	—	922,830
Preferred stock (as converted to common shares)	—	28,124,257
Total common stock equivalents	6,843,782	35,560,631