Voyager Acquisition Corp-A 2025年度报告

FORM 10-K (Mark One) ☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ Commission file number 001-42211 Voyager Acquisition Corp.(Exact name of registrant as specified in its charter) Cayman IslandsN/AState or other jurisdiction of(I.R.S. Employer incorporation or organizationIdentification No.) 131 Concord Street Brooklyn, NY11201(Address of principal executive offices)(Zip Code) Registrant’s telephone number, including area code(347) 720-2907 Securities registered pursuant to Section12(b) of the Act: Securities registered pursuant to section12(g) of the Act: None. Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. ☐Yes☒No Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d) of the Act. ☐Yes☒No Note –Checking the box above will not relieve any registrant required to file reports pursuant to Section13 or 15(d) of the ExchangeAct from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past 90 days. ☒Yes☐No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Accelerated filer☐Smaller reporting company☒Emerging growth company☒ Large accelerated filer☐Non-accelerated filer☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-basedcompensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Act). ☒Yes☐No As of December 31, 2025, the aggregate market value of the Registrant’s voting and non-voting common equity held by non-affiliateswas approximately $270 million. There were 25,300,000 Class A ordinary shares, par value $0.0001 per share, issued and outstanding and 6,325,000 Class B ordinaryshares, par value $0.0001 per share, issued and outstanding as of March10, 2026. DOCUMENTS INCORPORATED BY REFERENCE None. Voyager Acquisition Corp. Form 10-KFor the Year Ended December31, 2025 Table of Contents PART IItem 1.Business.1Item 1A.Risk Factors.21Item 1B.Unresolved Staff Comments.21Item 1C.Cybersecurity.21Item 2.Properties.21Item 3.Legal Proceedings.21Item 4.Mine Safety Disclosures.21PART IIItem 5.Market for Registrant’s Common Equity, Related Shareholder Matters and Issuer Purchases of EquitySecurities.22Item 6.Reserved.22Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.23Item 7A.Quantitative and Qualitative Disclosures about Market Risk.28Item 8.Financial Statements and Supplementary Data.28Item 9.Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.28Item 9A.Controls and Procedures.28Item 9B.Other Information.29Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.29Part IIIItem 10.Directors, Executive Officers and Corporate Governance.30Item 11.Executive Compensation.38Item 12.Security Owne