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 Gogo Vision 360, a premium inflight entertainment (IFE) service for business aviation. This service, available via the AVANCE 4.2 software update, allows unlimited streaming of movies, TV shows, and news at a fixed monthly price, simplifying costs associated with inflight media. The service features a new 3D moving map developed in partnership with FlightPath3D, which enhances the passenger experience with interactive flight information. Gogo Vision 360 has packages starting from $849 per month, with current users nearing 900 active subscribers.
On December 1, 2020, Gogo announced the successful sale of its Commercial Aviation business to Intelsat for $400 million in cash. This transaction strengthens Gogo's financial position, reducing net debt and enabling investment in growth opportunities like Gogo 5G. Post-sale, Gogo has about $460 million in cash and $770 million in net debt. The company plans a comprehensive refinancing by May 2021 to align its balance sheet and reduce interest expenses. Gogo remains focused on the business aviation market, leveraging its ATG network and proprietary spectrum.
Gogo (NASDAQ: GOGO) reported Q3 2020 results with total revenue of $66.5 million, down 18% year-over-year but up 22% sequentially. The company incurred a net loss of $8.9 million and had Adjusted EBITDA of $30.2 million. Notably, the Commercial Aviation segment revenue is now categorized as discontinued operations. Cash and cash equivalents decreased to $117.5 million. Gogo continues to prepare for the sale of its Commercial Aviation division to Intelsat, expected to close by Q1 2021, which aims to improve liquidity and reduce debt.
Gogo Inc. (NASDAQ: GOGO) announced it will release its third quarter 2020 financial results on November 9, 2020, before the market opens. The company will hold a conference call at 8:30 a.m. ET on the same day to discuss the results with financial analysts. Gogo provides broadband connectivity products for aviation, serving numerous commercial airlines and private aircraft globally. The conference call details can be accessed via the company's Investor Relations website.
Gogo Business Aviation announced that its AVANCE L3 system has been selected as a factory option for new Beechcraft King Air 360/360ER aircraft. This milestone strengthens their long-standing partnership with Textron Aviation. The King Air 360 will feature enhanced inflight connectivity and entertainment, allowing users to connect at lower altitudes. Deliveries are set to begin shortly. The AVANCE L3 offers customizable Wi-Fi solutions, enabling email, messaging, and access to entertainment, and is designed for smaller jets and turboprops.
Gogo Inc. (NASDAQ: GOGO) announced on September 23, 2020, that its Board of Directors has adopted a Section 382 Rights Plan aimed at protecting its net operating loss carryforwards (NOLs) and tax assets, totaling approximately $580 million in federal NOLs, $430 million in state NOLs, and $196 million in federal interest expense carryforwards. This Plan will issue one Right for each common stock share outstanding as of October 2, 2020, and it requires stockholder approval at Gogo's 2021 annual meeting.
Gogo Business Aviation (NASDAQ: GOGO) announced on September 18, 2020, that the U.S. Patent and Trademark Office declined to review U.S. Patent No. 9,312,947 owned by SmartSky Networks, LLC. Gogo disagrees with this decision, asserting they do not infringe any valid patent. They emphasized that this outcome does not hinder their growth, including the launch of Gogo 5G, which aims to strengthen their market position in business aviation. Currently, Gogo's systems operate on over 5,500 business jets, showcasing their extensive customer base.
Pilatus has chosen Gogo (NASDAQ: GOGO) to provide its AVANCE L3 Wi-Fi system as a factory option for the new PC-24 aircraft. This follows the successful integration of the system in the PC-12 NGX. The AVANCE L3 offers customizable inflight connectivity and entertainment features, enhancing the passenger experience. Gogo's vice president emphasized the collaboration with Pilatus signifies a strong partnership, aiming to meet the demand for in-flight connectivity in smaller business jets. This strategic move positions Gogo favorably within the aviation sector.
Gogo Inc. (NASDAQ: GOGO) announced that GTCR, a private equity firm, has acquired a 14.8% stake in the company. Gogo's management expressed enthusiasm for GTCR's investment, anticipating a constructive collaboration to execute their strategic plan. GTCR's Managing Director emphasized Gogo's focus on its business aviation segment, suggesting potential for growth following the planned sale of its commercial aviation business. Gogo aims to lead in aviation broadband connectivity, offering customized internet solutions for business and commercial airlines.
Gogo Inc. (NASDAQ: GOGO) has announced a definitive agreement to sell its Commercial Aviation (CA) business to Intelsat S.A. for $400 million in cash. The Gogo Board has approved the transaction, which is expected to close by Q1 2021, pending customary conditions. Gogo plans to utilize proceeds to enhance its net debt position and invest in growth opportunities, including Gogo 5G. The deal will also establish a 10-year network services agreement with minimum revenue guarantees of $177.5 million for Intelsat.