Gogo announces record fourth quarter for 2021

Business aviation broadband connectivity provider Gogo has announced that it had a record fourth quarter in 2021.

The Q4 2021 highlights for the company include a record total revenue of US$92.3 million, which is an increase of 19% compared to Q4 2020 and 6% compared to Q3 2021.

Gogo says this growth was fuelled by significant increases in both service and equipment revenue. The company’s service revenue rose by 22% to $69.3 million when compared to Q4 2020 and 5% compared to Q3 2021. Its equipment revenue was $23 million, up 10% compared to Q3 2021.

The total number of the company’s AVANCE units online grew to 2,504 – a significant increase of 46% compared to Q4 2020 and a 12% increase from Q3 2021.

AVANCE is a fully integrated platform solution that makes it possible to integrate and transform the inflight connectivity and entertainment experience. According to Gogo, 6,400 aircraft have the company’s ATG systems on board and 4,567 aircraft are using Gogo’s narrowband satellite connectivity.

Oakleigh Thorne, Chairman and CEO of Gogo, said: “Demand for connectivity in business aviation, combined with the excellent performance of our AVANCE platform, are driving record sales of equipment and high-margin service plans for Gogo. We remain on track for commercial deployment of our 5G ATG network in the second half of 2022, which we expect to further accelerate our growth.”

Barry Rowan, Gogo’s Executive Vice President and CFO, added: “Record 2021 results and a positive 2022 outlook set the stage for significant free cash flow growth in 2023 following the deployment of Gogo 5G. Our operating performance and continued deleveraging create the flexibility for strategic investments to further enhance our growth and return of capital to shareholders over time.”