Voyager Technologies, Inc.

Human capital and workforce · Labor relations and union negotiations

None of our employees are currently represented by a union. If our employees decide to form or affiliate with a union, we cannot predict the effects such future organizational activities will have on our business and operations.

Economic and market conditions · Inflation and deflation pressures

Because many of these contracts involve new technologies and can last for years, unforeseen events, such as technological difficulties, fluctuations in the price of raw materials, a significant increases in or sustained periods of increased inflation, or problems with our suppliers and cost overruns, can result in the contractual price becoming less favorable or even unprofitable.

Geopolitical and trade · Political instability and government changes

We cannot predict the impact on existing, follow-on, replacement or future programs from potential changes in the threat and global security environment, defense spending levels, government and budgetary priorities, political leadership.

Economic and market conditions · Market volatility and financial crises

Credit and capital markets can be volatile, which could make it more difficult for us to refinance our existing debt or to obtain additional debt or equity financings in the future.

Cybersecurity and data protection · Data breaches and cyber attacks

Any significant failure of, disruption in, or unauthorized access to or use of, our computer systems or those of third parties that we utilize in our operations, including those arising from cyberattacks, could result in a loss or degradation of service, unauthorized processing of data, or theft or tampering of intellectual property.

Cybersecurity and data protection · Third party data security and vendors

Because we do not control our third-party vendors, or the processing of data by our vendors, our ability to monitor the data security of such third parties may be very limited such that we cannot ensure the integrity or security of measures they take to protect and prevent the loss or other unauthorized processing of our data and systems.

Digital transformation and innovation · Technology obsolescence and evolution

Our products and services embody complex technology and may not always be compatible with current and evolving technical standards and systems developed by others. Failure or delays to meet the requisite and evolving industry or user standards could have a material adverse effect on us.

Market position and competition · Pricing pressure and margin compression

Under firm, fixed-price contracts, work performed and products shipped are priced at a fixed amount without adjustment for actual costs incurred... These contracts carry the risk of potential cost overruns because we assume all of the cost burden.

Market position and competition · Disruptive competitors and new market entrants

In addition, competition may increase and intensify as more or larger competitor companies, including those formed through joint ventures or consolidation, enter our markets.

Strategic execution · Joint venture and partnership risks

Starlab is currently a joint venture that we own with other co-venturers and investors... Our current joint venture investment in Starlab and any future joint venture investments we engage in involve additional risks distinct from investments that are wholly-owned.

Strategic execution · Geographic expansion and market entry

We conduct business internationally through various products and services, including the ISS, and we intend to continue to do so in the future, including upon operation of Starlab.

Strategic execution · Merger acquisition and divestiture risks

Our current and future acquisitions, dispositions or strategic transactions may fail to successfully integrate with our business activities or fail to deliver the expected return on investment and could have a material adverse effect on us.

Reputation and brand · Brand damage and negative publicity

Our continued growth could increase the strain on our resources and we could experience operating difficulties... These difficulties may result in the erosion of our brand image, divert the attention of management and key employees and impact financial and operational results.

Stakeholder relations · Customer satisfaction and loyalty

We believe our success and revenue growth depends on several factors, many of which are out of our control, including... effectively scale our operations while maintaining high customer satisfaction.

Reputation and brand · Product recalls and public safety

Our products and services support human exploration of space, which includes a risk to human life and the risk of liability.

Capital structure and performance · Financial performance volatility

Our financial performance is dependent on our ability to generate sustainable demand for our products and services. This can be challenging and may fluctuate on an annual basis as the number of contracts awarded varies.

Credit and liquidity · Liquidity and cash flow constraints

Our failure to comply with the covenants under our Revolving Credit Agreement or to have sufficient liquidity to make interest and other payments required by our debt could result in a default of such debt and acceleration of our borrowings.

Legal and litigation · Contractual disputes and claims

We or our subsidiaries may be party to legal proceedings, investigations and other claims or disputes, which may relate to subjects including commercial transactions, intellectual property, securities, employee relations or compliance with applicable laws and regulations.

Legal and litigation · Intellectual property disputes

Third parties may allege that we are infringing, misappropriating, or otherwise violating their intellectual property rights, which could involve substantial costs and adversely impact our business.

Industry regulation · Licensing and permits

Some of our programs require that we and certain of our employees maintain appropriate security clearances... If we are unable to maintain required licenses and/or security clearances, or are otherwise restricted by the regulatory agencies that our businesses are subject to, it could have a material adverse effect on us.