# Gogo Inc. (GOGO) Informational only - not investment advice. CIK: 0001537054 SIC: 4899 Communications Services, NEC SIC breadcrumb: [Transportation, Communications, Electric, Gas, And Sanitary Services](/division/E/) > [Communications](/major-group/48/) > [SIC 4899 Communications Services, NEC](/industry/4899/) Latest 10-K filed: 2026-02-27 SEC page: https://www.sec.gov/edgar/browse/?CIK=1537054 Filing source: https://www.sec.gov/Archives/edgar/data/1537054/000119312526082487/gogo-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-27 · accession 0001193125-26-082487 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001537054.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 910,491,000 USD | 2025 | verified | | Net income | 12,923,000 USD | 2025 | verified | | Assets | 1,303,772,000 USD | 2025 | verified | | Free cash flow | 65,113,000 USD | 2025 | computed | | Net margin | 1.42% | 2025 | computed | | Operating margin | 12.53% | 2025 | computed | | Revenue YoY | +104.74% | 2025 | computed | | ROE | 12.78% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | GOGO | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 1.4% | 0.3% | 57 | 8 | | Operating margin | 12.5% | 2.2% | 86 | 8 | | Revenue growth | 104.7% | 4.9% | 88 | 9 | | ROE | 12.8% | -0.7% | 75 | 9 | | ROA | 1.0% | -0.2% | 62 | 9 | | Liabilities / equity | 11.89 | 4.47 | 88 | 9 | | Current ratio | 1.60 | 2.41 | 25 | 9 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 4899 Communications Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 910491000 | USD | 2025 | 2026-02-27 | | Net income | 12923000 | USD | 2025 | 2026-02-27 | | Assets | 1303772000 | USD | 2025 | 2026-02-27 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001537054.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | | 596,550,000 | 699,090,000 | 290,153,000 | 308,985,000 | 269,718,000 | 335,716,000 | 404,067,000 | 397,577,000 | 444,709,000 | 910,491,000 | | Net income | | | -124,505,000 | -171,995,000 | -162,031,000 | -146,004,000 | -250,036,000 | 152,735,000 | 92,059,000 | 145,678,000 | 13,746,000 | 12,923,000 | | Operating income | | | -26,637,000 | -64,262,000 | 82,417,000 | 96,532,000 | 76,351,000 | 120,626,000 | 142,326,000 | 124,165,000 | 51,271,000 | 114,083,000 | | Diluted EPS | | | | | | -1.81 | -3.04 | 1.28 | 0.71 | 1.09 | 0.10 | 0.09 | | Operating cash flow | 30,052,000 | 17,790,000 | 64,988,000 | 60,256,000 | -82,311,000 | 64,061,000 | | | 103,405,000 | 78,970,000 | 41,421,000 | 124,490,000 | | Capital expenditures | | | 148,294,000 | 252,375,000 | 2,729,000 | 1,490,000 | 1,818,000 | 4,264,000 | 43,914,000 | 16,267,000 | 13,504,000 | 59,377,000 | | Share buybacks | | | | | | | 0.00 | 0.00 | 18,375,000 | 4,822,000 | 33,185,000 | 0.00 | | Assets | | | 1,246,196,000 | 1,403,175,000 | 1,265,096,000 | 1,214,700,000 | 673,588,000 | 647,687,000 | 759,526,000 | 781,539,000 | 1,229,231,000 | 1,303,772,000 | | Liabilities | | | 1,286,589,000 | 1,594,739,000 | 1,533,857,000 | 1,613,590,000 | 1,314,702,000 | 967,841,000 | 861,395,000 | 740,814,000 | 1,159,907,000 | 1,202,643,000 | | Stockholders' equity | | | -40,393,000 | -191,564,000 | -268,761,000 | -398,890,000 | -641,114,000 | -320,154,000 | -101,869,000 | 40,725,000 | 69,324,000 | 101,129,000 | | Cash and cash equivalents | | | 117,302,000 | 196,356,000 | 184,155,000 | 170,016,000 | 435,345,000 | 41,765,000 | 150,550,000 | 139,036,000 | 41,765,000 | 125,206,000 | | Free cash flow | | | -83,306,000 | -192,119,000 | -85,040,000 | 62,571,000 | | | 59,491,000 | 62,703,000 | 27,917,000 | 65,113,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2012 | 2013 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | | -20.87% | -24.60% | -55.84% | -47.25% | -92.70% | 45.50% | 22.78% | 36.64% | 3.09% | 1.42% | | Operating margin | | | -4.47% | -9.19% | 28.40% | 31.24% | 28.31% | 35.93% | 35.22% | 31.23% | 11.53% | 12.53% | | Return on equity | | | | | | | | | | 357.71% | 19.83% | 12.78% | | Return on assets | | | -9.99% | -12.26% | -12.81% | -12.02% | -37.12% | 23.58% | 12.12% | 18.64% | 1.12% | 0.99% | | Liabilities / equity | | | | | | | | | | 18.19 | 16.73 | 11.89 | | Current ratio | | | 2.41 | 1.87 | 1.95 | 1.68 | 1.17 | 1.33 | 3.84 | 4.37 | 1.77 | 1.60 | ## As-reported value updates 7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period. Ledger: /company/GOGO/revisions/ ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001537054.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.15 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.15 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.67 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 97,949,000 | 20,913,000 | 0.16 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 97,810,000 | 14,467,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 104,322,000 | 30,490,000 | 0.23 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 102,059,000 | 839,000 | 0.01 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 100,529,000 | 10,630,000 | 0.08 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 137,799,000 | -28,213,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 230,307,000 | 12,042,000 | 0.09 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 226,038,000 | 12,807,000 | 0.09 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 223,585,000 | -1,930,000 | -0.01 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 230,561,000 | -9,996,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 226,319,000 | 13,085,000 | 0.10 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 222,811,000 | -2,009,000 | -0.01 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from GOGO's latest 10-K: [/company/GOGO/business/](/company/GOGO/business/). ## Risk Factors Verbatim Item 1A Risk Factors from GOGO's latest 10-K: [/company/GOGO/risk-factors/](/company/GOGO/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1537054/000119312526337921/gogo-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high Filing date: 2026-08-06 Report date: 2026-06-30 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our unaudited condensed consolidated interim financial statements and the related notes contained elsewhere in this Quarterly Report on Form 10-Q. Unless the context otherwise indicates or requires, the terms “we,” “our,” “us,” “Gogo,” and the “Company,” as used in this Quarterly Report on Form 10-Q, refer to Gogo Inc. and its directly and indirectly owned subsidiaries as a combined entity, except where otherwise stated or where it is clear that the terms refer only to Gogo Inc. exclusive of its subsidiaries. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under “Risk Factors” in the 2025 10-K. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Our fiscal year ends December 31 and, unless otherwise noted, references to “years” or “fiscal” are for fiscal years ended December 31. See “— Results of Operations.” Company Overview Gogo is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. We have a holistic approach of providing broadband connectivity services to our customers from small to large aircraft and heavy jets through our ATG technology and integrated LEO and GEO satellite solutions provided by multiple satellite constellations owned by our satellite network partners. We aim to deliver to our customers consistent, global tip-to-tail connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-person customer support team to fit their every need. Factors and Trends Affecting Our Results of Operations We believe that our operating and business performance is driven by various factors that affect the business and military/government aviation industries, including trends affecting the travel industry and trends affecting the customer bases that we target, as well as factors that affect wireless Internet service providers and general macroeconomic factors. Key factors that may affect our future performance include: • our ability to implement on a timely basis and costs associated with the ongoing implementation of our technology roadmap, including installation of and/or upgrades to the ATG Broadband technologies we currently offer, Gogo 5G, Gogo Galileo, LTE and any other next generation or other new technology that we develop or acquire; • our ability to manage issues and related costs that may arise in connection with the implementation of our technology roadmap, including technological issues and related remediation efforts, technological shifts, failures or delays on the part of antenna, chipset, and other equipment developers and providers or satellite network providers, some of which are single-source; • our ability to license additional spectrum and make other improvements to our ATG network and operations as technology and user expectations change; • the number of aircraft in service in our markets, including consolidations or changes in fleet size by one or more of our large-fleet customers; • the economic environment and other trends that affect both business and leisure aviation travel, including the impact on demand for aviation travel of increases in fuel costs and other inflationary pressures stemming from recent conflicts in the Middle East; • disruptions to supply chains in the aviation industry and installations of our equipment driven by, among other things, labor shortages; • the extent of our customers’ adoption of our products and services, which is affected by, among other things, willingness to pay for the services that we provide, the quality and reliability of our products and services, changes in technology and competition from current competitors and new market entrants; • our ability to engage suppliers of equipment components and network services on a timely basis and on commercially reasonable terms, including, without limitation, electronic components such as semiconductor memory and storage products (among others, dynamic random access memory (“DRAM”) and NAND flash memory), due to the surging buildout of artificial intelligence-related computing infrastructure; 26 • our ability to fully utilize portions of our deferred income tax assets; • changes in laws, regulations, policies and interpretations affecting our business, the business of our customers and suppliers globally, including changes that impact the design of our equipment and our ability to obtain required certifications for our equipment and services, and telecommunications services globally, including those affecting our ability to maintain our licenses for ATG spectrum in the United States, obtain sufficient rights to use additional ATG spectrum and/or other sources of broadband connectivity to deliver our services, including Gogo Galileo and Gogo 5G, expand our service offerings and manage our network; and • the enactment of, and proposals for, trade protection measures by the United States as well as other countries (including United States “reciprocal” tariffs that began in 2025), including increases or changes in tariffs and trade barriers, changes in government policies and international trade arrangements, the impact of tariff refund claims, geopolitical volatility, and global macroeconomic conditions, or uncertainty regarding the impact of proposed or future trade protection measures, may affect our results of operations in some markets. Key Business Metrics Our management regularly reviews financial and operating metrics, including the following key business metrics, to evaluate the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and corporate strategies, and evaluate forward-looking projections. [[GREPCENT_TABLE]] [["","","For the Three Months Ended June 30,","","","For the Six Months Ended June 30,"],["","","2026","","","2025","","","2026","","","2025"],["ATG aircraft online"],["AVANCE","","","4,603","","","","4,791","","","","4,603","","","","4,791"],["Gogo 5G","","","38","","","","-","","","","38","","","","-"],["Gogo Biz","","","1,090","","","","1,939","","","","1,090","","","","1,939"],["Total ATG aircraft online","","","5,731","","","","6,730","","","","5,731","","","","6,730"],["GEO aircraft online","","","1,306","","","","1,321","","","","1,306","","","","1,321"],["Gogo Galileo aircraft online","","","184","","","","\u2014","","","","184","","","","\u2014"],["Average monthly connectivity service revenue per ATG aircraft online","","$","3,309","","","$","3,445","","","$","3,330","","","$","3,448"],["ATG units sold","","","297","","","","405","","","","808","","","","722"],["Gogo Galileo units shipped","","","108","","","","36","","","","200","","","","72"]] [[/GREPCENT_TABLE]] • AVANCE aircraft online. We define AVANCE aircraft online as the total number of aircraft equipped with our AVANCE L5 or L3 system, excluding Gogo 5G systems, for which we provide ATG services to business aviation customers in the last month of the period presented. This number excludes military/government AVANCE aircraft online. • Gogo 5G aircraft online. We define Gogo 5G aircraft online as the total number of aircraft equipped with our Gogo 5G system for which we provide ATG services to business aviation customers in the last month of the period presented. This number excludes military/government Gogo 5G aircraft online. • Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of aircraft not equipped with our AVANCE or Gogo 5G system for which we provide ATG services to business aviation customers in the last month of the period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers as well as military/government aircraft receiving ATG service. • GEO aircraft online. We define GEO aircraft online as the total number of aircraft for which we provide GEO broadband services to business aviation customers as of the last day of each period presented. This number excludes aircraft receiving services through GEO satellite networks that are end-of-life and military/government GEO aircraft online. • Gogo Galileo aircraft online. We define Gogo Galileo aircraft online as the total number of aircraft for which we provide Gogo Galileo LEO broadband services in the last month of the period presented. This number excludes military/government Gogo Galileo aircraft online. This metric was not presented prior to the fiscal year ended December 31, 2025, as Gogo Galileo was only first deployed in 2025. • Average monthly connectivity service revenue per ATG aircraft online (“ARPU”). We define ARPU as the aggregate ATG connectivity service revenue for the period divided by the number of months in the period, divided by the 27 number of ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). Revenue share earned from Intelsat is excluded from this calculation. • ATG units sold. We define units sold as the number of ATG units for which we recognized revenue during the period. • Gogo Galileo units shipped. We define Gogo Galileo units shipped as the number of Galileo units shipped to our distribution partners during the period, including units used to obtain Supplemental Type Certificates. Key Components of Consolidated Statements of Operations There have been no material changes to our key components of Unaudited Condensed Consolidated Statements of Operations as described in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (“MD&A”) in our 2025 10-K. Critical Accounting Estimates Our discussion and analysis of our financial condition and results of operations are based on our Unaudited Condensed Consolidated Financial Statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our Unaudited Condensed Consolidated Financial Statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related exposures. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. In some instances, we could reasonably use different accounting estimates, and in some instances, actual results could differ significantly from our estimates. We evaluate our estimates and assumptions on an ongoing basis. To the extent that there are differences between our estimates and actual results, our future financial statement presentation, financial condition, results of operations and cash flows will be affected. We believe that the assumptions and estimates associated with our goodwill impairment analysis and the fair value of the Earnout Liability associated with the acquisition of Satcom Direct have the greatest potential impact on and are the most critical to fully understanding and evaluating our reported financial results, and that they require our most difficult, subjective or complex judgments. There have been no material changes to our critical accounting estimates described in the MD&A in our 2025 10-K. Recent Account [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1537054/000119312526082487/gogo-20251231.htm Complete FY 2025 MD&A: /company/GOGO/mda/fy2025/ Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-02-27 Report date: 2025-12-31 Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis is intended to help the reader understand our business, financial condition, results of operations, liquidity and capital resources. You should read this discussion in conjunction with our consolidated financial statements and the related notes contained in this Annual Report on Form 10-K. The statements in this discussion regarding industry outlook, our expectations regarding our future performance, liquidity and capital resources and other non-historical statements in this discussion are forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including, but not limited to, the risks and uncertainties described under “Risk Factors” in this report. Our actual results may differ materially from those contained in or implied by any forward-looking statements. Our fiscal year ends December 31 and, unless otherwise noted, references to years or fiscal are for fiscal years ended December 31. See “— Results of Operations.” Company Overview The Company is the only multi-orbit, multi-band in-flight connectivity provider offering connectivity technology purpose-built for business and military/government aviation. We have a holistic approach of providing broadband connectivity services to our customers from small to large aircraft and heavy jets through our ATG technology and integrated LEO and GEO satellite solutions provided by multiple satellite constellations owned by our satellite network partners. We aim to deliver to our customers consistent, global tip-to-tail connectivity with a suite of software, hardware, and advanced infrastructure supported by a 24/7/365 in-person customer support team to fit their every need. Our Company’s chief operating decision maker (“CODM”), who is the Chief Executive Officer, makes resource and operating decisions by evaluating the performance and business results on a consolidated basis. As we do not have multiple segments, we do not present segment information in this Annual Report on Form 10-K. Factors and Trends Affecting Our Results of Operations We believe that our operating and business performance is driven by various factors that affect the business and military/government aviation industries, including trends affecting the travel industry and trends affecting the customer bases that we target, as well as factors that affect wireless Internet service providers and general macroeconomic factors. Key factors that may affect our future performance include: • our ability to implement on a timely basis and costs associated with the ongoing implementation of our technology roadmap, including installation of and/or upgrades to the ATG Broadband technologies we currently offer, Gogo 5G, Gogo Galileo, LTE and any other next generation or other new technology that we develop or acquire; • our ability to manage issues and related costs that may arise in connection with the implementation of our technology roadmap, including technological issues and related remediation efforts and technological shifts, failures or delays on the part of antenna, chipset, and other equipment developers and providers or satellite network providers, some of which are single-source; • our ability to license additional spectrum and make other improvements to our ATG network and operations as technology and user expectations change; • the number of aircraft in service in our markets, including consolidations or changes in fleet size by one or more of our large-fleet customers; • the economic environment and other trends that affect both business and leisure aviation travel; • disruptions to supply chains in the aviation industry and installations of our equipment driven by, among other things, labor shortages; • the extent of our customers’ adoption of our products and services, which is affected by, among other things, willingness to pay for the services that we provide, the quality and reliability of our products and services, changes in technology and competition from current competitors and new market entrants; • our ability to engage suppliers of equipment components and network services on a timely basis and on commercially reasonable terms; • our ability to fully utilize portions of our deferred income tax assets; • changes in laws, regulations, policies and interpretations affecting our business, the business of our customers and suppliers globally, including changes that impact the design of our equipment and our ability to obtain required 45 certifications for our equipment and services, and telecommunications services globally, including those affecting our ability to maintain our licenses for ATG spectrum in the United States, obtain sufficient rights to use additional ATG spectrum and/or other sources of broadband connectivity to deliver our services, including Gogo Galileo and Gogo 5G, and expand our service offerings and manage our network; and • the enactment of, and proposals for, trade protection measures by the United States as well as other countries (including United States “reciprocal” tariffs that began in April 2025), including increases or changes in tariffs and trade barriers, changes in government policies and international trade arrangements, geopolitical volatility, and global macroeconomic conditions, or uncertainty regarding the impact of proposed or future trade protection measures, may affect our results of operations in some markets. Key Business Metrics Our management regularly reviews financial and operating metrics, including the following key operating metrics, to evaluate the performance of our business and our success in executing our business plan, make decisions regarding resource allocation and corporate strategies, and evaluate forward-looking projections. Certain of these business metrics may be added, removed or updated from time to time as our business evolves. [[GREPCENT_TABLE]] [["","","For the Years Ended December 31,"],["","","2025","","","2024","","","2023"],["ATG aircraft online (at period end)"],["AVANCE","","","4,956","","","","4,608","","","","3,976"],["Gogo Biz","","","1,446","","","","2,451","","","","3,229"],["Total ATG","","","6,402","","","","7,059","","","","7,205"],["GEO aircraft online","","","1,321","","","","1,249","","","","10"],["Gogo Galileo aircraft online","","","74","","","","\u2014","","","","\u2014"],["Average monthly connectivity service revenue per ATG aircraft online","","$","3,421","","","$","3,481","","","$","3,380"],["ATG units sold","","","1,631","","","","911","","","","894"]] [[/GREPCENT_TABLE]] • AVANCE aircraft online. We define AVANCE aircraft online as the total number of business aircraft equipped with our AVANCE L5 or L3 system for which we provide ATG services in the last month of the period presented. • Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with our AVANCE L5 or L3 system for which we provide ATG services in the last month of the period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service. • GEO aircraft online. We define GEO aircraft online as the total number of aircraft for which we provide GEO broadband services to business aviation customers as of the last day of each period presented. This number excludes aircraft receiving services through GEO satellite networks that are end-of-life and military/government GEO aircraft online. • Gogo Galileo aircraft online. We define Gogo Galileo aircraft online as the total number of aircraft for which we provide Gogo Galileo LEO broadband services in the last month of the period presented. This number excludes military/government Gogo Galileo aircraft online. This metric was not presented prior to the fiscal year ended December 31, 2025, as Gogo Galileo was only first deployed in that year. • Average monthly connectivity service revenue per ATG aircraft online (“ARPU”). We define ARPU as the aggregate ATG connectivity service revenue for the period divided by the number of months in the period, divided by the number of ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). Revenue share earned from Intelsat is excluded from this calculation. • ATG units sold. We define units sold as the number of ATG units for which we recognized revenue during the period. Key Components of Consolidated Statements of Operations The following briefly describes certain key components of revenue and expenses as presented in our consolidated statements of operations. Revenue: We generate two types of revenue: service revenue and equipment revenue. The Company has three main connectivity solutions, each with its own equipment solution: Satellite Broadband, ATG Broadband and Narrowband. 46 Service revenue primarily consists of subscription and usage fees paid by aircraft owners and operators for telecommunication, data, and in-flight entertainment services. Service revenue is recognized as the services which are provided to the customer. Equipment revenue primarily consists of proceeds from the sale of ATG and satellite connectivity equipment and is recognized when control of the equipment is transferred to the customer, which generally occurs when the equipment is shipped. Cost of Revenue: Cost of service revenue consists of ATG network costs, satellite network provider service costs, transaction costs and costs related to network operations. Cost of equipment revenue primarily consists of the costs of purchasing component parts used in the manufacture of our equipment and the production, installation, technical support and quality assurance costs associated with the equipment sales. Engineering, Design and Development Expenses: Engineering, design and development expenses include the costs incurred to design and develop our technologies and products. This includes the design, development and integration of our ATG Broadband and satellite network technologies, the design and development of products and enhancements thereto, and program management activities. Engineering, design and development expenses also include costs associated with enhancements to existing products. Sales and Marketing Expenses: Sales and marketing expenses consist of costs associated with activities related to customer sales (including sales commissions), digital marketing and lead generation, advertising and promotions, product management, trade shows and customer service support for end users. General and Administrative Expenses: General and administrative expenses include personnel and related operating costs of the business support functions, including finance and accounting, legal, human resources, administrative, information technology and cybersecurity, facilities and executive groups. Depreciation and Amortization: Depreciation expenses include expenses associated with the depreciation of our network equipment, buildings, office equipment and furniture, fixtures and leasehold improvements, which are recorded over their estimated useful lives. Amortization expense includes the amortization of our finite-lived intangible assets on a straight-line basis over their estimated useful lives. Critical Accounting Estimates Our discussion and analysis of our financial condition and results of operations are based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The preparation of our consolidated financial statements and related disclosures requires us to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related exposures. We base our estimates and assumption [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/GOGO/mda/fy2025/ All MD&A years: /company/GOGO/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/GOGO/mda/fy2024/): filed 2025-03-14; accession 0000950170-25-039384 (https://www.sec.gov/Archives/edgar/data/1537054/000095017025039384/gogo-20241231.htm) - [FY 2023 MD&A](/company/GOGO/mda/fy2023/): filed 2024-02-28; accession 0000950170-24-022040 (https://www.sec.gov/Archives/edgar/data/1537054/000095017024022040/gogo-20231231.htm) - [FY 2022 MD&A](/company/GOGO/mda/fy2022/): filed 2023-02-28; accession 0000950170-23-005065 (https://www.sec.gov/Archives/edgar/data/1537054/000095017023005065/gogo-20221231.htm) - [FY 2021 MD&A](/company/GOGO/mda/fy2021/): filed 2022-03-03; accession 0000950170-22-002778 (https://www.sec.gov/Archives/edgar/data/1537054/000095017022002778/gogo-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 4899 Communications Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [M2SL](/indicator/M2SL/): M2 Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Trade & external](/thread/trade-external/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/GOGO.md · JSON record: /company/GOGO.json · verified financials: /company/GOGO/financials.json / /company/GOGO/financials.csv · machine TOC for the whole site: /llms.txt