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• Verizon for private jets
• Starlink for business aviation

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• In-flight Connectivity Services: Provides high-speed internet access and communication solutions specifically for business jets and private aircraft.
• Connectivity Hardware Systems: Designs, manufactures, and sells or leases specialized antennas, modems, and onboard network equipment required for its in-flight connectivity solutions.
• Software and Network Management: Develops proprietary software and provides network management services to optimize performance, manage connectivity, and ensure security for business aviation customers.

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Gogo (symbol: GOGO) primarily sells its in-flight connectivity and entertainment solutions to other companies within the business aviation sector.

Its major customers include:

• Aircraft Manufacturers (OEMs): These companies integrate Gogo's systems into new business jets, either as standard equipment or optional upgrades.
  • General Dynamics (Gulfstream Aerospace) (NYSE: GD)
  • Textron Inc. (Textron Aviation - Cessna & Beechcraft brands) (NYSE: TXT)
  • Bombardier Inc. (TSX: BBD.B, OTC: BOMBF)
  • Dassault Aviation SA (EURONEXT: AM) - *while not explicitly requested, another key OEM*
• Fractional Jet Ownership and Charter Operators: Companies that manage large fleets of business jets often choose Gogo for their in-flight connectivity needs.
  • NetJets (a subsidiary of Berkshire Hathaway, NYSE: BRK.A, BRK.B)
  • Flexjet (a subsidiary of Directional Aviation)
• Aircraft Owners/Operators: While individuals may ultimately use the service, sales and service contracts are often made with corporate flight departments or companies managing private aircraft.

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• SES S.A. (Symbol: SESG)
• Intelsat S.A.

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Chris Moore, Chief Executive Officer

Chris Moore is the CEO of Gogo, appointed following the company's acquisition of Satcom Direct in late 2024. Prior to this role, he served as the President of Satcom Direct, where he was instrumental in leading the company's growth from $120 million to $490 million in annual revenue. Moore also spearheaded the negotiations for the successful sale of Satcom Direct to Gogo Business Aviation. His background includes over 20 years of experience in the global telecommunications and IT business space, with previous positions as COO and President of Satcom Direct, Vice President of Sales at Horizon Mobile, and Head of Global Sales at Inmarsat PLC.

Zachary A. Cotner, Chief Financial Officer & Treasurer

Zachary Cotner is the Chief Financial Officer for Gogo, a position he transitioned into from the same role at Satcom Direct following Gogo's acquisition in late 2024. During his tenure as CFO at Satcom Direct, the company experienced a significant consolidation of EBITDA, which increased more than sixfold, and its EBITDA margin doubled. Cotner brings over 20 years of valuable experience from diverse financial institutions, including roles in the investment banking sector. He also previously served as the Vice President of Corporate Development at Erickson Inc.

Crystal Gordon, Executive Vice President, General Counsel and Chief Administrative Officer

Crystal Gordon joined Gogo as Executive Vice President, General Counsel, and Chief Administrative Officer in 2020. She has over 20 years of experience in aviation businesses and private practice. Before joining Gogo, Gordon served as Senior Vice President, General Counsel, Head of Government Affairs, and Corporate Secretary at Bristow Group Inc. starting in 2020, where she played a key role in leading the merger between Bristow Group Inc. and Era Group Inc.

Michael Skov Christensen, Chief Commercial Officer

Michael Skov Christensen serves as the Chief Commercial Officer for Gogo and Satcom Direct's Business Aviation division. He is responsible for leading the global commercial strategy and execution, focusing on driving business growth, overseeing sales and marketing efforts, and expanding Gogo's presence in the business aviation sector. Christensen is an accomplished executive with extensive experience in business aviation and satellite communications.

Mike Begler, Executive Vice President and Chief Operating Officer

Mike Begler is appointed as Executive Vice President and Chief Operating Officer, with this role becoming effective January 1, 2025. Previously, he held the position of Senior Vice President of Production Operations at Gogo since January 2018.

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The key risks to Gogo's business include intense competition, a significant debt load, and ongoing litigation and regulatory challenges.

• Intense Competition: Gogo faces substantial competitive pressure, particularly from SpaceX's Starlink service, which has led to concerns about large fleet customers potentially switching providers. Other competitors in the in-flight connectivity market include Inmarsat, Global Eagle, SmartSky Networks, Viasat, and Panasonic Avionics. Gogo acknowledges Starlink as a direct competitor for high-end business aviation.
• Elevated Net Debt Position: The company carries a considerable debt load, with an "elevated net debt position" of $700 million and a net leverage ratio of 3.1x as of the third quarter of 2025, which is identified as an immediate financial risk. Gogo's financing relies heavily on term loans, with approximately $850 million in outstanding principal as of the second quarter of 2025. The impact of this substantial indebtedness and associated restrictions within debt agreements are also recognized as risk factors in company filings.
• Litigation and Regulatory Risks: Gogo is currently involved in significant legal battles. SmartSky Networks has filed an antitrust lawsuit against Gogo, seeking over $1 billion in damages and alleging monopolistic practices, predatory pricing, and misleading advertising. There is also a separate, ongoing intellectual property case with SmartSky. Additionally, Gogo has faced a class-action lawsuit from investors alleging misleading statements about the reliability of its in-flight Wi-Fi products. The company's 10-K filings also highlight general risks related to litigation and regulation, including compliance with foreign ownership limitations and government internet regulations.

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Starlink Business Aviation

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Gogo Inc. (GOGO) is a leading provider of in-flight broadband connectivity and wireless entertainment solutions, primarily serving the business aviation and military/government mobility markets.

Addressable Market Sizes for Gogo's Main Products and Services:

• Global In-flight Entertainment and Connectivity (IFEC) Market: The global IFEC market was valued at approximately $8.5 billion in 2024 and is projected to reach $20.2 billion by 2031, exhibiting a compound annual growth rate (CAGR) of 13.2% from 2025 to 2031. Another estimate places the 2023 market size at $7.92 billion, growing to $19.36 billion by 2032 with a CAGR of 10.5% from 2024–2032.
• Global In-flight Connectivity (IFC) Market: The global in-flight connectivity market size was valued at $1.9 billion in 2024 and is expected to reach $4.2 billion in 2034, growing at a CAGR of 6.6%.
• North American In-flight Entertainment and Connectivity (IFEC) Market: North America held a significant share of the global IFEC market, valued at $2.61 billion in 2023. The region is projected to be the largest market for in-flight connectivity, accounting for over 60% of the revenue share.
• Business Aviation Connectivity Market (U.S.): For Gogo's services in U.S. business aviation, the estimated total addressable market is approximately $800 million. This estimate is based on assumptions for average revenue per aircraft (ARPA) for light jets ($3,000), medium jets ($4,000), and heavy jets ($5,000), assuming all business jets have an in-flight connectivity system installed. This particular estimate excludes around 8,500 turboprops that Gogo often includes in its total addressable market calculations.
• Business Aviation Aircraft Addressable by Gogo's HDX: Gogo has 38 Supplemental Type Certificates (STCs) under contract for its HDX product, representing a global total addressable market of nearly 32,000 aircraft.

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Gogo (NASDAQ: GOGO) anticipates several key drivers to fuel its revenue growth over the next two to three years:

1. Launch and Expansion of Gogo 5G Network: The company is on track for a major 5G Air-to-Ground (ATG) network launch by the end of 2025. This new high-speed network is expected to be a significant driver of future growth, with Gogo projecting substantial increases in shipments and installations throughout 2026 as these new products become more widely adopted.
2. Expansion of New Product Lines (HDX and FDX): Beyond 5G, Gogo is focusing on the expansion of its HDX and FDX product lines. These new offerings are also highlighted as crucial growth drivers, with HDX installations specifically expected to ramp up significantly in the coming years.
3. Growth in Equipment Shipments and Installations: Gogo has demonstrated strong performance in equipment sales, achieving a record 437 ATG equipment shipments in Q3 2025, an 8% sequential increase, driven by demand for AVANCE and C1 units. This trend resulted in an 80% year-over-year increase in equipment revenue in Q3 2025. The company forecasts significant growth in both equipment shipments and installations in 2026.
4. Sustained Service Revenue Growth: Gogo's service revenue exhibited robust growth, increasing by 132% year-over-year in Q3 2025, partly due to the integration of Satcom Direct. Management has emphasized the importance of maintaining this sustained growth in service revenue, indicating it as a continuous area of focus for future financial performance.
5. Benefits from the Acquisition of Satcom Direct: The acquisition of Satcom Direct, which closed in December 2024, has already contributed to Gogo's revenue in the first and third quarters of 2025. The integration of this acquisition is expected to continue driving revenue growth and contribute to the company's overall financial performance, including anticipated synergies that will boost free cash flow.

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Share Repurchases

• In 2024, Gogo repurchased approximately 4.0 million shares for a total cost of approximately $33.2 million.
• On September 15, 2022, Gogo repurchased 1,500,000 shares of common stock from affiliates of BlackRock, Inc. for an aggregate purchase price of $18,345,000.

Share Issuance

• The number of shares outstanding increased by 0.23% in one year, as of a recent reporting period.

Outbound Investments

• Gogo completed the acquisition of Satcom Direct, LLC and certain of its affiliates and subsidiaries in December 2024, which significantly contributed to its Q4 and full-year 2024 revenue.
• In 2025, Gogo has $40 million slated for strategic investments, net of any FCC reimbursement, including for 5G and Galileo initiatives.
• The company's strategic and operational initiatives in 2025, including 5G and Galileo, include approximately $15 million in operating expenses.

Capital Expenditures

• Net capital expenditures for 2025 are projected to be $40 million.
• Capital expenditures for continuing operations were $8.7 million in 2021, $9.0 million in 2020, and $6.5 million in 2019, primarily focused on the expansion of the ATG network and data centers, as well as capitalized software development.
• Gogo budgeted $65 million in capital expenditures in 2022, with $50 million specifically earmarked for the Gogo 5G build-out, which was expected to be substantially completed in 2022.