Welcome to our dedicated page for Gogo news (Ticker: GOGO), a resource for investors and traders seeking the latest updates and insights on Gogo stock.
Gogo Inc. (NASDAQ: GOGO) is a provider of in-flight connectivity services and equipment for business aviation and military/government aviation. This news page aggregates company press releases and other coverage so readers can follow how Gogo develops and deploys its Air-to-Ground (ATG) and satellite-based connectivity solutions.
Recent Gogo news has highlighted progress on its next-generation 5G ATG network for aircraft flying predominantly in North America, including terrestrial and flight testing, validation of performance, and the onboarding of initial customers. Updates also cover the company’s Gogo Galileo LEO satellite offering, with HDX and FDX electronically steered antennas, Supplemental Type Certificates (STCs) for various business jet types, and antenna shipments and activations.
Investors and aviation professionals can also find announcements about Plane Simple Ka-band terminals for aircraft such as the Dassault Falcon 7X and 8X, government contracts awarded to SD Government (SDG) for multi-orbit airborne communications, and milestones in Gogo’s FCC Rip & Replace program as it upgrades its legacy EVDO network to LTE technology. Financial results releases, guidance updates, and information on acquisitions such as Satcom Direct are typically communicated through quarterly earnings news and related materials.
By reviewing the GOGO news feed, readers can monitor developments in Gogo’s connectivity product roadmap, government and business aviation contracts, network testing milestones, and other material events disclosed by the company.
Gogo (NASDAQ: GOGO) has launched the first unlimited streaming and data plan for business aviation, called Gogo Biz 4G Limitless. Priced at $9,995 per month, it offers comprehensive data services with no overage fees. This new plan addresses the growing demand for predictable billing and enables users to avoid unexpected charges. Additionally, Gogo introduced two new data plans, Gogo Biz 4G 20000 and Gogo Biz 4G 25000, priced at $5,650 and $6,495 per month respectively. These offerings aim to provide enhanced connectivity solutions for business aircraft.
Gogo Inc. (NASDAQ: GOGO) will announce its Q1 2021 financial results on May 6, 2021, prior to market opening. A conference call is scheduled for the same day at 8:30 a.m. ET. The company is recognized as the largest provider of broadband connectivity for the business aviation sector. As of December 31, 2020, Gogo had nearly 1,700 business aircraft using its AVANCE L5 or L3 systems, and 5,778 aircraft equipped with its ATG systems, alongside 4,702 aircraft with satellite connectivity.
Gogo announced the pricing of a 7-year $725 million Term Loan B and a $100 million 5-year revolving credit facility to enhance its financial flexibility. Proceeds will be used to redeem $975 million Senior Secured Notes due 2024, resulting in an expected $70 million annual savings in interest expenses. The refinancing is set to close in late April 2021, subject to documentation. Gogo maintains a stable outlook from Moody's and S&P, holding $464 million cash on hand as of April 20, 2021.
Jet Edge has partnered with Gogo Business Aviation (NASDAQ: GOGO) to upgrade its fleet to the AVANCE L5 connectivity system, enhancing in-flight 4G Wi-Fi capabilities. This long-term collaboration ensures that Jet Edge will be the first private jet charter operator to equip its entire fleet with the AVANCE L5 system by Q3-2021. Over 20 aircraft have already been upgraded, providing passengers with improved streaming services and overall faster internet speeds. The partnership signifies Jet Edge's commitment to delivering a superior private aviation experience.
Gogo Inc. (NASDAQ: GOGO) announced a significant convertible debt exchange and refinancing initiative. GTCR will convert $105.7 million of Gogo's convertible notes into 19.1 million shares, increasing their ownership to 28.6%. This equitization reduces Gogo's total debt to approximately $1.078 billion, down $135 million from 2020. Gogo also plans to refinance $975 million in senior secured notes. CEO Oakleigh Thorne emphasized this strategy will improve financial flexibility and lower interest expenses, positioning Gogo to capitalize on growth opportunities in the business aviation market.
Gogo (NASDAQ: GOGO) reported its Q4 and full-year 2020 financial results amid a recovering business aviation market. Total Q4 revenue was $77.6 million, a 17% sequential increase but down 10% year-over-year, driven by COVID-19 impacts. The net loss was $16.1 million, with Adjusted EBITDA at $19.3 million. Cash reserves stood at $435.3 million. Full-year revenue decreased 13% to $269.7 million. For 2021, Gogo anticipates revenue between $300 million and $320 million and aims for a 10% CAGR from 2020 to 2025, alongside improving financial metrics.
Gogo Inc. (NASDAQ: GOGO) will report its fourth quarter 2020 financial results on March 11, 2021, before market opens. A conference call for analysts will follow at 8:30 a.m. ET. Gogo is a leading provider of network and broadband connectivity for business aviation, with over 1,700 aircraft utilizing its AVANCE systems and 5,577 aircraft equipped with air-to-ground systems as of September 30, 2020. Investors can access the call via phone or at their Investor Relations website.
Gogo Inc. (NASDAQ: GOGO) announced the retirement of Ronald LeMay as Chairman, effective December 31, 2020. Oakleigh Thorne will succeed him, continuing as President and CEO. Hugh Jones has been appointed as Lead Independent Director. Thorne recognized LeMay's 14-year tenure, highlighting his pivotal role during challenges, particularly the sale of Gogo's CA business to Intelsat. The board will now comprise eight directors. Gogo remains a leader in business aviation connectivity solutions, with over 5,577 aircraft using its systems by September 30, 2020.
Gogo (NASDAQ: GOGO) anticipates ending 2020 with over 5,700 air-to-ground (ATG) subscribers, a slight increase from 5,669 at the year's start. Despite the challenges posed by the COVID-19 pandemic, Gogo's subscriber base rebounded, with 78% of those who suspended their service resuming it. The company launched several enhancements, including a new AVANCE system and connectivity upgrades, which contributed to its growth. Gogo also maintained operational efficiency, ensuring no delays in equipment deliveries or repairs during the pandemic.
Gogo's AVANCE L3 inflight connectivity system is now installed on over 500 business aircraft, emphasizing its growing importance in aviation connectivity. Launched in January 2018, the AVANCE L3 has been on more than 120,000 flights and nearly 700 systems have been shipped. The system caters to smaller aircraft with customizable connectivity options, allowing users to stay connected via email and voice calls. Demand for inflight connectivity has surged, especially during the pandemic, positioning the AVANCE L3 as a necessary travel tool.