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. reports developments tied to broadband connectivity services for business aviation and military/government aviation markets. Company updates commonly cover service revenue from connectivity subscriptions and usage, equipment revenue from air-to-ground and satellite systems, and the integration of Satcom Direct following the completed acquisition in December 2024.
Recurring news also includes product and network milestones for Gogo Galileo low-Earth-orbit satellite service, 5G air-to-ground connectivity, AVANCE and C-1 equipment, and the LTE upgrade of legacy ATG infrastructure. Announcements frequently address aircraft supplemental type certificates, fleet installations, government aviation certifications, customer deployments, debt reduction, and financial guidance.
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.
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.