It's been a little over a month since I first warned investors about the danger of investing in a new space stock, space station builder Voyager Technologies (VOYG -16.86%). After a smashingly successful IPO, Voyager's stock price flipped head over tail and began falling.

And why? Simply put, Voyager has years of costs ahead of it before it gets a space station in orbit, and whether it ever becomes profitable after that "is anyone's guess," as I warned in June. One thing's certain, though:

Voyager definitely wasn't profitable in Q2. And now its stock is down another 17.3% (through 1:15 p.m. ET today).

Boy in a lab coat is crying next to a crashed rocket.

Image source: Getty Images.

Voyager Technologies Q2 earnings

Reporting Q2 results last night, Voyager fessed up to a $0.60-per-share loss -- twice what Wall Street feared -- despite generating sales of $45.7 million, ahead of the forecast.

Sales came (perhaps obviously) not from the space stations that Voyager hasn't built yet but rather from the company's defense business, which builds missiles for the military, and where sales grew 85%. Losses were in part due to "non-recurring costs associated with the Company's IPO," which is at least somewhat reassuring.

Is Voyager stock a sell?

Less reassuring is company guidance. Management noted that full-year sales will range from $165 million to $170 million in 2025, which is ahead of analyst forecasts. However, on earnings, management noted only that "adjusted EBITDA" will show a loss, and it said not a word about its likely losses as calculated according to generally accepted accounting principles (GAAP), or about free cash flow, either.

Voyager did note that it is "debt-free" and has "total liquidity of $669 million," suggesting the company should be able to burn cash for some time before it runs out. The bad news:

It will probably have to.