Voyager Technologies, Inc.

Worthington Enterprises shares jumped 15% after the company reported an upbeat Q1 FY2027, with revenue rising 13.2% year over year to $343.9M and organic growth reaching 7%. Adjusted EBITDA increased 10% year over year, while operating cash flow rose $25.7M to $66.7M and free cash flow nearly doubled to $54M; CEO Joe Hayek highlighted rapidly growing demand for the company's engineered ASME tanks used in liquid cooling systems for data centers, and the company repurchased 335,000 shares for $18.2M and declared a quarterly dividend of $0.20 per share. IonQ climbed 11% after announcing a breakthrough in real-time quantum error correction, demonstrating an end-to-end decoder running on a single standard off-the-shelf CPU, tested across simulations of up to 408 logical qubits and more than 31.5M quantum operations with decoding overhead as low as 0.02% under standard operational noise. InnovAge Holding slipped 8% after pricing a secondary offering of 10M shares at $9.25 per share by investment funds affiliated with Apax Partners and Welsh, Carson, Anderson & Stowe, with underwriters granted a 30-day option for up to an additional 1.5M shares; InnovAge will receive no proceeds from the offering, set to close on September 24. Voyager Technologies fell 6% after announcing plans to offer $350M in convertible senior notes due 2032 in a private placement to qualified institutional buyers, with purchasers able to buy up to an additional $52.5M of notes; part of the proceeds will fund capped call transactions to reduce dilution, with the remainder for general corporate purposes, and the notes mature on Oct. 15, 2032.

Morgan Stanley maintained a constructive outlook on the aerospace and defense sector ahead of second-quarter earnings, citing resilient commercial aerospace demand, improving aircraft production, and favorable long-term defense spending trends, while becoming more selective after recent stock volatility and valuation shifts. The brokerage reiterated positive views on commercial aerospace, defense, and space, highlighting durable aftermarket demand driven by sustained fleet utilization, low aircraft retirement rates, constrained maintenance capacity, and continued engine maintenance needs. It also said Boeing's production recovery is gaining momentum, with the 737 MAX running at 47 aircraft per month and further certification milestones expected to support the commercial aerospace outlook. In defense, Morgan Stanley said investors continue to underestimate the likelihood of a roughly $1.1 trillion U.S. fiscal 2027 base defense budget, arguing that supply-chain improvements and expanding missile production capacity should provide further upside for the sector. The firm also expects space companies to benefit from upcoming launch milestones, improving order trends, and NASA's commercial International Space Station procurement. Reflecting changing valuations rather than weakening fundamentals, Morgan Stanley downgraded Loar Holdings and TransDigm to Equal-weight, while cutting CAE and Voyager Technologies to Underweight. At the same time, it named FTAI Aviation as its top commercial aerospace pick, Northrop Grumman as its preferred defense stock, and HawkEye 360 as its top space investment. The brokerage also revised several price targets, lowering targets for companies including Honeywell Aerospace, VSE, Textron, StandardAero, Loar, and TransDigm, while raising targets for Heico, Curtiss-Wright, and Moog. It said the expanding universe of publicly traded aerospace and defense companies has increased investment opportunities but also requires greater selectivity.

Voyager Technologies has completed its acquisition of Astrobotic Technology, renaming it Voyager Lunar Systems, and simultaneously announced that the newly acquired unit has been awarded task orders worth roughly $298 million from NASA. The contract covers two lunar lander missions under an indefinite delivery/indefinite-quantity framework as part of NASA's three-phase program to build a permanent Moon base, with phase one running until 2029. Voyager Lunar Systems will deliver foundational instruments, structures, and systems including the LunaGrid solar energy and wireless power network and inflatable habitation structures from partner Max Space. The acquisition, valued at up to $300 million in cash and stock, was first announced in early June and closed rapidly. Despite the positive news, Voyager's stock fell nearly 5% on Monday amid concerns over deepening losses and rising debt, including a recent $250 million credit facility and a $435 million convertible notes offering.