Gogo Inc.

Listed Company

GOGOCIK 0001537054NasdaqLarge AcceleratedCommunications Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$910.49M

Net Income

$12.92M

Total Assets

$1.30B

Equity

$101.13M

Shares Out

134.68M

Op. Cash Flow

$124.49M

Business

Gogo Inc. provides in-flight connectivity and satellite-based communication solutions for business aviation and military/government customers. It offers networks and infrastructure, airborne systems and antennas, software platforms (including AVANCE, SDR, SD Pro, FlightDeck Freedom and Gogo Galileo), service plans, installation, engineering and 24/7 customer support. The company reports two segments: Gogo BA, which delivers air-to-ground (ATG) and GEO services for business aviation, and Satcom Direct, which delivers global satellite-based solutions for business, military and government mobility. Gogo distributes its products through OEM relationships, a global dealer network, direct sales and international sales teams across over 100 countries.

Summary from filing dated 2025-03-14

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	910	445	398	404	336
Cost of service revenue (exclusive of items shown below)	373	99	70	64	56
Cost of equipment revenue (exclusive of items shown below)	135	68	63	71	46
Engineering, design and development	56	45	37	30	25
Sales and marketing	56	38	30	25	21
General and administrative	117	125	57	58	52
Depreciation and amortization	60	19	17	13	15
Total operating expenses	796	393	273	262	215
Operating income	114	51	124	142	121
Interest income	−5	−8	−7	−2	−191,000
Interest expense	68	38	33	39	—
Change in fair value of earnout liability	12	0	0	—	—
Loss on extinguishment of debt	0	0	2	0	84
Other (income) expense, net	12	3	−1	123,000	25,000
Total other (income) expense	87	33	27	37	151
Income before income taxes	27	18	98	106	−31
Income tax provision (benefit)	14	4	−48	14	−187
Net income	13	14	146	92	153
Basic	0.1	0.11	1.12	0.75	1.46
Diluted	0.09	0.1	1.09	0.71	1.28
Weighted average shares outstanding basic	133,707	128,533	129,753	123,268	103,400
Weighted average shares outstanding diluted	136,593	131,455	133,283	133,923	127,205

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	125	42	139	151	42
Accounts receivable, net of allowances of $6,783 and $4,467, respectively	113	112	48	54	38
Inventories	99	98	63	49	34
Assets held for sale	26	17	0	—	—
Prepaid expenses and other current assets	69	55	64	45	32
Total current assets	432	323	315	324	250
Property and equipment, net	117	119	98	105	64
Intangible assets, net	249	275	55	—	—
Goodwill	193	185	620,000	620,000	—
Operating lease right-of-use assets	58	68	71	75	71
Investment in convertible note	0	4	0	—	—
Other non-current assets, net of allowances of $538 and $861, respectively	45	37	26	43	28
Deferred income taxes	210	217	217	163	185
Total non-current assets	872	906	467	435	398
Total assets	1,304	1,229	782	760	648
Accounts payable	93	67	16	14	17
Accrued liabilities	139	82	48	60	60
Deferred revenue	35	30	1	3	2
Current portion of long-term debt	3	3	7	7	110
Total current liabilities	269	182	72	84	189
Long-term debt	834	832	588	690	695
Non-current operating lease liabilities	56	68	73	79	77
Other non-current liabilities	44	78	8	8	7
Total non-current liabilities	933	978	669	777	779
Total liabilities	1,203	1,160	741	861	968
Commitments and contingencies (Note 17)	—	—	—	—	—
Common stock, par value $0.0001 per share; 500,000,000 shares authorized at December 31, 2025 and December 31, 2024; 134,511,275 and 144,095,996 shares issued at December 31, 2025 and December 31, 2024, respectively; and 134,511,275 and 130,918,997 shares outstanding at December 31, 2025 and December 31, 2024, respectively	13,000	14,000	14,000	14,000	11,000
Additional paid-in capital	1,288	1,460	1,402	1,386	1,258
Accumulated other comprehensive income	44,000	6	16	30	2
Treasury stock, at cost	0	−196	−163	−158	−129
Accumulated deficit	−1,187	−1,200	−1,214	−1,360	−1,452
Total stockholders' equity	101	69	41	−102	−320
Total liabilities and stockholders' equity	1,304	1,229	782	760	648

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	13	14	146	92	157
Loss on asset disposals, abandonments and write-downs	504,000	3	362,000	2	141,000
Provision for expected credit losses	2	4	1	1	284,000
Deferred income taxes	10	3	−49	13	−187
Stock-based compensation expense	24	21	21	19	13
Amortization of deferred financing costs and interest rate caps	6	5	4	3	5
Accretion of debt discount	2	510,000	403,000	456,000	419,000
Change in fair value of convertible note and gain on sale of equity investment	4	793,000	−1	0	—
Accounts receivable	−5	3	5	−17	2
Inventories	−1	−16	−14	−16	−6
Prepaid expenses and other current assets	−9	−13	−50	8	−21
Contract assets	−14	−7	3	−2	−6
Accounts payable	11	−11	4	−3	4
Accrued liabilities	22	11	4	−12	14
Deferred revenue	−5	4	−2	2	−1
Accrued interest	−2	2	−9	4	−9
Other non-current assets and liabilities	−3	110,000	−3	−4	2
Net cash provided by operating activities	124	41	79	103	—
Purchases of property and equipment	−59	−14	−16	−44	−4
Acquisition of intangible assetscapitalized software	−16	−14	−8	−6	−4
Acquisition of Satcom Direct, net of cash acquired	−2	−333	0	0	—
Proceeds from FCC Reimbursement Program for property, equipment and intangibles	29	4	1	0	0
Proceeds from interest rate caps	11	23	27	4	—
Redemptions of short-term investments	0	0	74	0	0
Purchases of short-term investments	0	0	−49	−25	0
Purchases of convertible note and equity investment	−3	−5	−5	0	—
Proceeds from sale of equity investment	0	0	6	0	0
Net cash (used in) provided by investing activities	−40	−337	30	−70	—
Proceeds from term loan, net of discount	0	245	0	0	721
Payment of debt issuance costs	0	−4	0	0	−21
Repurchases of common stock	0	−33	−5	−18	0
Payments on term loan	−3	−6	−107	−7	−4
Payments on finance leases	−41,000	−31,000	−132,000	−184,000	−145,000
Stock-based compensation activity	1	−3	−8	−3	−4
Net cash provided by (used in) financing activities	−1	199	−120	−28	—
Effect of foreign exchange rate changes on cash	168,000	29,000	94,000	13,000	40,000
Increase (decrease) in cash, cash equivalents and restricted cash	83	−97	−12	5	−290
Cash paid for interest	78	56	68	41	71
Cash paid for taxes, net	3	3	1	377,000	376,000
Fair value of shares issued in acquisition of Satcom Direct	0	41	0	0	—
Purchases of property and equipment in current liabilities	16	5	5	11	6

Filings

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