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GOGO

Gogo Inc.

GOGO

Gogo Inc. • NASDAQ
$7.15 ▲ 0.99% (+0.07)
Market Cap $957.06 M
52w High $16.82
52w Low $6.20
Dividend Yield 0%
P/E -143
Volume 458.18K
Outstanding Shares 133.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $223.585M ▼ $103.249M ▲ $-1.93M ▼ -0.863% ▼ $-0.01 ▼ $32.332M ▼
Q2-2025 $226.038M ▼ $71.013M ▼ $12.807M ▲ 5.666% ▲ $0.096 ▲ $50.624M ▲
Q1-2025 $230.307M ▲ $101.073M ▲ $12.042M ▲ 5.229% ▲ $0.091 ▲ $49.686M ▲
Q4-2024 $137.799M ▲ $98.527M ▲ $-28.213M ▼ -20.474% ▼ $-0.22 ▼ $-14.299M ▼
Q3-2024 $100.529M $47.242M $10.63M 10.574% $0.083 $29.946M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $133.644M ▲ $1.295B ▲ $1.188B ▲ $106.956M ▲
Q2-2025 $102.085M ▲ $1.263B ▲ $1.16B ▲ $102.79M ▲
Q1-2025 $70.282M ▲ $1.238B ▲ $1.155B ▼ $82.948M ▲
Q4-2024 $41.765M ▼ $1.229B ▲ $1.16B ▲ $69.324M ▲
Q3-2024 $176.678M $810.737M $758.013M $52.724M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.93M ▼ $46.804M ▲ $-16.252M ▼ $1.161M ▲ $31.484M ▼ $24.178M ▼
Q2-2025 $12.807M ▲ $36.711M ▲ $-4.786M ▼ $-695K ▲ $31.806M ▲ $33.533M ▲
Q1-2025 $12.042M ▲ $32.472M ▲ $-2.435M ▲ $-1.574M ▼ $28.518M ▲ $26.303M ▲
Q4-2024 $-28.213M ▼ $-38.319M ▼ $-333.978M ▼ $237.593M ▲ $-134.704M ▼ $-46.48M ▼
Q3-2024 $10.63M $25.134M $-540K $-9.449M $15.128M $20.717M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Product
Product
 $40.00M ▲$30.00M ▼$30.00M ▲$30.00M ▲
Service
Service
 $200.00M ▲$200.00M ▲$190.00M ▼$190.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, showing that demand for Gogo’s services in business aviation is moving in the right direction. Profitability at the gross margin level looks healthy, but operating profits have actually softened recently, suggesting higher costs or heavier spending to support growth and new technologies. Net income has been quite volatile: strong profits in some years, a sharp loss during the pandemic, and a noticeable drop in bottom-line earnings in the most recent year despite higher sales. Overall, the business model can generate profit, but earnings are sensitive to cost control, financing costs, and execution on growth initiatives.

Balance Sheet

Balance Sheet The balance sheet shows a company that is still fairly highly leveraged. Debt remains large relative to both cash and shareholders’ equity, even though leverage has improved from the most stressed years. Equity has only recently turned positive after a period of negative book value, which means there is still a thin capital cushion against setbacks. Total assets have grown, likely reflecting investments in network infrastructure and acquisitions, but the combination of modest equity and meaningful debt leaves Gogo exposed if conditions in business aviation or credit markets worsen.

Cash Flow

Cash Flow Cash generation from the core business has been consistently positive in recent years after a difficult period around the pandemic. Free cash flow has been positive and fairly stable, indicating that the company can fund its typical capital spending from the cash its operations produce. However, the level of surplus cash is not large, and operating cash flow dipped in the latest year, which limits flexibility if Gogo needs to fund major upgrades, acquisitions, or faces a downturn. In short, the cash profile is solid but not yet robust enough to fully offset the balance sheet’s reliance on debt.

Competitive Edge

Competitive Edge Gogo occupies a strong niche as a specialist in connectivity for business aviation rather than trying to serve the entire commercial airline market. Its AVANCE platform, long-standing relationships with aircraft manufacturers and dealers, and deep regulatory and certification know-how create real barriers for new entrants. The company’s move toward a hybrid approach—combining air‑to‑ground, low‑Earth‑orbit satellite, and traditional satellite—positions it as a full‑suite connectivity provider, which is attractive to high‑end clients that demand reliability. The main competitive risks come from powerful satellite players and new technologies like Starlink, so maintaining service quality, integration ease, and customer loyalty will be critical to holding its lead.

Innovation and R&D

Innovation and R&D Innovation is a clear focal point for Gogo. The AVANCE platform is designed to be upgraded over time, making it easier for customers to adopt new capabilities such as 5G and global satellite connectivity without replacing major hardware. The rollout of Gogo 5G in North America and the Galileo low‑Earth‑orbit satellite service globally, together with multi‑orbit solutions gained through acquisitions, give the company a credible technology roadmap that could support long‑term growth. At the same time, these initiatives demand substantial upfront spending, technical execution, and successful certification, so delays or performance issues could weigh on financial results. Early talk of AI‑driven services and further government and military opportunities adds upside potential but comes with typical development and adoption uncertainties.

Summary

Gogo has transformed itself into a focused business aviation connectivity company with steadily growing revenue and a clear technology story centered on AVANCE, 5G, and satellite services. Its financial performance shows that the underlying business can be profitable and cash‑generative, but recent pressure on operating profit and a drop in net income highlight that the earnings base is not yet fully stable. The balance sheet has improved from earlier years but still carries meaningful leverage and only a modest equity buffer, which raises sensitivity to execution missteps or cyclical pressures in business aviation. On the strategic side, Gogo benefits from a defensible niche, strong industry relationships, and a differentiated multi‑network approach, but it faces formidable competition from larger satellite players and must execute well on complex network rollouts. Overall, the company combines a promising strategic position and innovation pipeline with a capital structure and earnings profile that require careful monitoring and an appreciation of both the growth opportunity and the associated risks.

NEWS

October 13, 2025 · 7:00 AM UTC

Hughes and Gogo Celebrate Key FDX and HDX Aviation ESA Milestones

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October 13, 2025 · 7:00 AM UTC

Gogo is flying high at NBAA with Gogo Galileo HDX and FDX STCs confirmed, more than 150 HDX antennas shipped, and flight testing of Gogo 5G ATG service planned.

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September 30, 2025 · 7:00 AM UTC

Gogo Plane Simple Ka-band terminal certified for Dassault Falcon 7X and 8X aircraft

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September 25, 2025 · 7:00 AM UTC

Gogo announces 5G ATG will match digital terrestrial performance as testing progresses toward on-wing trials

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September 22, 2025 · 7:00 AM UTC

Gogo announces EASA STC for Gogo Galileo HDX antenna for Bombardier Global aircraft, granted to QCM Design

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