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Dilution profile // every instrument, one screen, from SEC filings

Voyager Technologies, Inc./TX (VOYG)

CIK 1788060 · all EDGAR filings →

Overall dilution risk
HIGHworst of 2 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGHS-1MEF on file 2025-06-10
= is there a registration (S-1/S-3 family) on file without a later withdrawal
no structured fee data on the live registrations, so this is a yes/no, not a size
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
NOT COMPUTEDunder 3 years of share history on file
= share count now vs 3 years ago
Cash need
LOW~73.5 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Fewer than two cover-page share counts on file, so there is no history to chart.

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

NotePrincipalCarryingConv. priceRateIf converted
2030 Convertible Senior Secured Notes$460.0M$460.0M$30.980.75%~14.8M sh
2024 Convertible Notes$15.0M$0not tagged5%—

If every note above converted at its tagged price: ~14.8M new shares. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.

Notes exactly as the company dimensioned them in its 10-Q filed Aug 4, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.

Registrations and offerings

S-1May 16, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 3 executed · 0 registered.

EXECUTEDJun 4, 2026Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDNov 25, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDNov 13, 2025Unregistered share sale disclosed (8-K item 3.02)8-K →
EXECUTEDJun 12, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
REGISTEREDJun 10, 2025S-1MEF registration — capacity to sell shares, not a sale yetS-1MEF →
EFFECTIVEJun 10, 2025SEC declared a registration effective — selling can beginEFFECT →
MARKETINGJun 9, 2025Free-writing prospectus — offering being marketedFWP →
REGISTEREDJun 5, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
REGISTEREDJun 2, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
REGISTEREDMay 16, 2025S-1 registration — capacity to sell shares, not a sale yetS-1 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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