$GOGO

Gogo Inc.

CIK:0001537054|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Total revenue	$ 222,811	$ 226,038	$ 449,130	$ 456,345
Operating expenses:
Cost of service revenue (exclusive of amounts shown below)	98,110	91,383	196,424	185,430
Cost of equipment revenue (exclusive of amounts shown below)	31,100	27,681	66,088	57,007
Engineering, design and development	9,667	12,522	16,159	26,397
Sales and marketing	13,286	14,741	26,777	28,951
General and administrative	23,989	28,633	50,197	58,152
Depreciation and amortization	17,009	15,117	32,148	29,260
Total operating expenses	193,161	190,077	387,793	385,197
Operating income	29,650	35,961	61,337	71,148
Other expense (income):
Interest income	(685)	(1,182)	(1,839)	(1,772)
Interest expense	17,593	16,411	34,439	32,969
Change in fair value of Earnout Liability	7,200	3,900	2,257	3,900
Loss on extinguishment of debt	394	0	394	0
Other expense (income), net	(1,622)	(149)	(1,717)	85
Total other expense	22,880	18,980	33,534	35,182
Income before income taxes	6,770	16,981	27,803	35,966
Income tax provision	8,779	4,174	16,727	11,117
Net income (loss)	$ (2,009)	$ 12,807	$ 11,076	$ 24,849
Net income (loss) attributable to common stock per share:
Basic	$ (0.01)	$ 0.1	$ 0.08	$ 0.19
Diluted	$ (0.01)	$ 0.09	$ 0.08	$ 0.18
Weighted average number of shares:
Weighted average shares outstanding basic	136,250	133,647	135,961	132,925
Weighted average shares outstanding diluted	136,250	136,897	136,890	135,971
Service [Member]
Revenue:
Total revenue	$ 191,272	$ 193,965	$ 379,004	$ 392,577
Equipment [Member]
Revenue:
Total revenue	$ 31,539	$ 32,073	$ 70,126	$ 63,768

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 11,076	$ 24,849
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization	32,148	29,260
Loss on asset disposals, abandonments and write-downs	230	18
Provision for expected credit losses	1,941	1,949
Deferred income taxes	15,128	9,129
Stock-based compensation expense	10,068	11,858
Amortization of deferred financing costs and interest rate caps	2,648	2,929
Accretion of debt discount	954	847
Change in fair value of Earnout Liability	2,257	3,900
Change in fair value of convertible note investment	(1,969)	0
Loss on extinguishment of debt	394	0
Changes in operating assets and liabilities:
Accounts receivable	(4,896)	(3,109)
Inventories	(26,290)	9,983
Prepaid expenses and other current assets	(5,999)	(11,608)
Contract assets	(10,412)	(5,888)
Accounts payable	16,947	(5,117)
Accrued liabilities	(20,786)	4,447
Deferred revenue	929	(3,999)
Accrued interest	(11)	(2,046)
Other non-current assets and liabilities	707	1,781
Net cash provided by operating activities	25,064	69,183
Investing activities:
Proceeds from sale of property and equipment	71	0
Purchases of property and equipment	(35,281)	(5,929)
Acquisition of intangible assets—capitalized software	(4,914)	(6,177)
Acquisition of Satcom Direct, net of cash acquired	0	(1,612)
Proceeds from FCC Reimbursement Program for property, equipment and intangibles	15,322	409
Proceeds from interest rate caps	2,231	6,088
Net cash used in investing activities	(22,571)	(7,221)
Financing activities:
Payments on earnout liability	(39,957)	0
Payments on term loan	(22,339)	(1,250)
Payments on financing leases	(24)	0
Stock-based compensation activity	(2,319)	(1,019)
Net cash used in financing activities	(64,639)	(2,269)
Effect of exchange rate changes on cash	63	557
(Decrease) increase in cash, cash equivalents and restricted cash	(62,083)	60,250
Cash, cash equivalents and restricted cash at beginning of period	125,690	42,304
Cash, cash equivalents and restricted cash at end of period	63,607	102,554
Less: current restricted cash	85	73
Less: non-current restricted cash	390	396
Cash and cash equivalents at end of period	63,132	102,085
Supplemental cash flow information:
Cash paid for interest	34,563	39,988
Cash paid for taxes	1,893	1,168
Non-cash investing activities:
Purchases of property, equipment and intangibles in liabilities	$ 4,328	$ 10,968