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Gogo Inc. (NASDAQ: GOGO) is the world's largest provider of broadband connectivity services for the business aviation market. Headquartered in Broomfield, Colorado, Gogo offers a robust suite of smart cabin systems that integrate connectivity, in-flight entertainment, and voice solutions. These services are installed on thousands of business aircraft, ranging from turboprops to the largest global jets.
Gogo's business model primarily operates through two revenue streams: service revenue and equipment revenue. Service revenue comprises monthly subscription and usage fees paid by aircraft owners and operators for telecommunication, data, and in-flight entertainment services. On the other hand, equipment revenue stems from the sale of Air-to-Ground (ATG) and narrowband satellite connectivity equipment, recognized when control of the equipment is transferred to Original Equipment Manufacturers (OEMs) and dealers.
Gogo has recently made significant strides in its 5G program. The AVANCE LX5 has received Supplemental Type Certification (STC) and Parts Manufacturer Approval (PMA) from the Federal Aviation Administration (FAA). This approval paves the way for customer installations of the LX5, which is expected to deliver approximately 25 Mbps on average, with peak speeds reaching 75-80 Mbps. Moreover, Gogo's collaboration with NetJets will enable the upgrade of their U.S. and European fleets to Gogo's AVANCE L5, Gogo 5G, and Galileo, the company's Low Earth Orbit (LEO) broadband satellite service.
In the legal domain, Gogo recently secured a favorable ruling from the United States Court of Appeals for the Federal Circuit, which upheld a previous judgment denying SmartSky Networks' motion for a preliminary injunction against Gogo's 5G product. This enables Gogo to continue its operations without disruption.
Financially, Gogo has demonstrated consistent growth. As of March 31, 2024, Gogo reported 7,136 business aircraft flying with its broadband ATG systems onboard, 4,110 of which are equipped with a Gogo AVANCE L5 or L3 system, and 4,285 aircraft with narrowband satellite connectivity installed. The company’s strategic investments are expected to yield substantial free cash flow in the coming years, especially with the forthcoming launches of Gogo 5G and Galileo.
Gogo's commitment to innovation is further evidenced by its state-of-the-art virtual flight simulator, which accelerates the development of its 5G software. Additionally, Gogo Galileo has achieved end-to-end connectivity using the HDX antenna on the Eutelsat OneWeb LEO satellite network, positioning it for a commercial launch later this year.
Gogo's extensive network of authorized dealers, partnerships with leading OEMs, and robust technological advancements ensure that it remains at the forefront of the business aviation connectivity market. Whether it's through providing reliable Wi-Fi for business travelers or enhancing in-flight entertainment options, Gogo continues to deliver exceptional value to its customers and stakeholders.
Gogo Inc. (NASDAQ: GOGO), the leading broadband connectivity provider for business aviation, will announce its Q1 2022 financial results on May 5, 2022, before market open. A conference call for analysts is scheduled for the same day at 8:30 a.m. ET. Currently, Gogo's services are active on over 2,500 business aircraft utilizing its AVANCE L5 and L3 systems, with 6,400 aircraft using its ATG systems. Investors can access the live call or its replay through the company's Investor Relations website.
Gogo Inc. (GOGO) will be included in the S&P SmallCap 600 Index effective April 8, 2022, following the acquisition of SPX FLOW Inc. (FLOW) by Lone Star Funds. This index addition represents a significant change in the index composition, with Gogo replacing SPX FLOW, which will be removed from the index. Being part of the S&P SmallCap 600 can enhance Gogo's visibility and attract more investment interest, potentially impacting its stock performance positively.
Gogo Inc. (NASDAQ: GOGO) has announced the promotion of Sergio Aguirre to President and Chief Operating Officer, effective April 1, 2022. Aguirre, with over 30 years of aviation experience, will enhance the company's initiatives as a pure-play business aviation provider. The firm also revealed succession plans for retiring executives, including Margee Elias and Barry Rowan, with Jessica Betjemann set to succeed Rowan. Gogo's connectivity services cater to a wide range of business aircraft, supporting an extensive market base.
Gogo Business Aviation's AVANCE systems have achieved a milestone of 1 million flights since their launch in August 2017. The demand for connectivity in business aviation is increasing, with a 38% rise in data usage and a 29% increase in daily flights compared to pre-pandemic levels. The AVANCE platform, supporting a wide range of aircraft, offers speeds ranging from 2 to 7+ Mbps and is on track to launch 5G services in the second half of 2022, promising speeds of around 25 Mbps on average.
Gogo (NASDAQ: GOGO) reported record revenue of $92.3 million in Q4 2021, marking a 19% increase year-over-year. Service revenue reached $69.3 million, up 22%, while equipment revenue grew 11% to $23.0 million. The company achieved a net income of $209.1 million, driven by a tax benefit, compared to a loss in Q4 2020. Full-year revenue was $335.7 million, up 24% from 2020. Gogo expects 2022 revenue between $380 million and $395 million, with a long-term growth target of 15% CAGR through 2026.
On February 28, 2022, PlaneSense, Inc. announced the installation of Gogo Business Aviation's AVANCE L3 connectivity system across its fleet of Pilatus PC-12 aircraft. Currently, 32 out of 39 PC-12s and all PC-24 jets are equipped with the system. The AVANCE L3 enhances bandwidth and internet capability, improving flight productivity for clients. This initiative is part of PlaneSense's strategy to augment its value proposition and is expected to drive customer satisfaction, particularly for the fractional ownership program that completed over 37,300 missions in 2021.
Gogo Business Aviation (NASDAQ: GOGO) has achieved a significant milestone by obtaining Supplemental Type Certification (STC) and Parts Manufacturer Approval (PMA) from the FAA for its multiband 5G aircraft antenna. This development is crucial for the anticipated launch of Gogo 5G services, projected for the second half of 2022. The 5G system, designed to support high-demand data services, aims to deliver average speeds of around 25 Mbps, peaking at 75-80 Mbps. Over 30 aircraft models are in line for STC certification, signifying a robust market opportunity for Gogo.
Gogo Inc. (NASDAQ: GOGO) will release its fourth quarter 2021 financial results on March 3, 2022, before market opening. The company, a leading provider of broadband services in the business aviation sector, will host a conference call for analysts at 8:30 a.m. ET on the same day. As of September 30, 2021, Gogo had 6,154 aircraft utilizing its ATG systems and 4,542 with satellite connectivity. The event will be accessible online via the company's investor relations website.
Airspan Networks and Gogo have successfully completed a seven-tower 5G testbed as part of Gogo’s nationwide 5G Air-to-Ground (ATG) network deployment. This network utilizes Airspan’s advanced 5G infrastructure, including OpenRANGE software and Massive MIMO antennas. The testbed will validate performance in diverse environments, with plans for a rapid rollout of more sites throughout 2022. Gogo reassures that its 5G network will operate on frequencies that avoid interference with aircraft systems, ensuring a robust connectivity solution for the aviation sector.
Gogo Business Aviation (NASDAQ: GOGO) has successfully completed the construction of its seven-tower 5G testbed by December 31, 2021, on time and within budget. This testbed will facilitate testing for Gogo's upcoming nationwide 150-tower network, aimed to be launched in the second half of 2022. The Gogo 5G service is projected to deliver average speeds of 25 Mbps with peaks reaching up to 80 Mbps. Additionally, the company announced Duncan Aviation is working on certifications for the onboard 5G system, with strong demand noted from its OEM partners.
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