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.
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.
Gogo Business Aviation announced a significant milestone, with its AVANCE L5 system now installed on 1,000 business jets, marking the fastest adoption of any high-speed inflight connectivity system in the industry. The AVANCE L3 system also nears 450 installations, totaling nearly 1,500 systems. Since its launch, the L5 has powered over 325,000 flights and delivered 150 million megabytes of data. Despite challenges from the COVID-19 pandemic, demand for Gogo's systems remains strong, supported by over 200 FAA STC approvals, enhancing its position in inflight connectivity.