GOGO Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

03
Price $2.11
Market Cap (MRQ) $286M
P/E (TTM) 243266437472044704.0
EPS (TTM) $0.00
Revenue (TTM) $903M
ROE (TTM) -0.76%
Debt/Equity (MRQ) 6.8
52W Range $2–$10

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About Gogo Inc. - Common Stock Company overview from Wikipedia

05 · wikidata

Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the developer of 2Ku, new in-flight satellite-based Wi-Fi technology rolled out in 2015.

History

Gogo began in 1991 in a barbecue restaurant in Denison, Texas, where company founder Jimmy Ray sketched his idea for an affordable telephone system for private airplanes on a paper napkin. John D. Goeken of MCI and Airfone had already invented an automated air-to-ground telephone system in the 1970s, and in 1989, he founded In-Flight Phone Corporation as a competitor to GTE Airfone, serving many commercial airline passengers, but not supplying general aviation customers. Through a partnership with cellular providers, Gogo began as Aircell, providing analog-based voice communications on private aircraft in North America. By the late 1990s, Gogo had leveraged a satellite-based system to offer voice communication on overseas flights. The next step was to devise a way to bring in-air connectivity to a larger market. In 2006, Gogo was awarded the U.S. Federal Communications Commission's exclusive Air-To-Ground (ATG) 3 GHz broadband frequency license. In 2008, Gogo made their debut on commercial aircraft.

In June 2011, the company changed its name from Aircell to Gogo as part of a rebranding effort. Prior to the rebrand, Gogo's commercial air service was known as "Gogo Inflight Internet". In September 2014, Aircell rebranded as Gogo Business Aviation.

On June 20, 2013, Gogo announced that it priced its initial public offering of 11 million shares of common stock at $17 per share. Gogo's shares started trading June 21, 2013, on the NASDAQ Global Select Market under the ticker symbol "GOGO".

In June 2015, the company moved its commercial headquarters to 111 North Canal Street in downtown Chicago. As of August 3, 2016, Gogo's had partnerships with 17 major commercial airlines and was installed on nearly 2,500 commercial aircraft and over 6,800 business aircraft. The company had over 1,000 employees. In addition to its Chicago headquarters, Gogo had facilities in Broomfield, CO, and various locations overseas.

In December 2020, the company announced that it had completed sale of its commercial aviation business to Intelsat for $400 million in cash and would focus exclusively on the business aviation market moving forward.

In late 2024, Gogo Business Aviation acquired Satcom Direct. The remaining company rebranded to Gogo.

Technologies

From oldest to newest, below are the technologies that Gogo currently uses, has developed, or announced:

Air-to-ground

Gogo's air-to-ground (ATG) network is a cellular radio network (meaning that there is a hand-off when the aircraft moves between service areas) that has more than 200 towers in the continental U.S. and Canada. The ground stations consist of original Airfone air-ground phone relay stations and newer locations, using the 850 MHz ATG band. Unlike terrestrial cell sites, ATG ground stations project a directional signal up into the air where airplanes are, rather than downward, where terrestrial users are. However, the short wavelength used allows segmentation and other cellular technologies in the same way that terrestrial cellphone technology works. The aircraft communicates with the ground stations through an antenna installed on the underbelly of the fuselage. Equipment in the aircraft's avionics bay converts between proprietary Gogo protocols and standard Wi-Fi, which is distributed into the passenger cabin through multiple interior wireless access point nodes.

Gogo provides continuous coverage with minimal interruptions in speed, detected when passing from one cell tower signal to the next. Gogo's connection speed is approximately 500–600 kilobits per second for individual users for downloads and 300 kbit/s for uploads. Total bandwidth for all users on the flight is approximately 3 Mbit/s. Some users reported Speedtest.net benchmarks above 3 Mbit/s, while other users reported low results of 0.03 Mbit/s down and 0.27 up. In January 2015, David P. Reed reported that Gogo service exhibited multiple seconds of latency under load, due to bufferbloat.

ATG-4

Gogo's ATG-4 system is a backwards compatible improvement to the previous ATG system. Maximum total download bandwidth has increased from 3.1 Mbit/s to 9.8 Mbit/s. ATG-4 has been installed on at least 600 aircraft as of 2015. Gogo can upgrade planes from ATG to ATG-4 overnight.

ATG-4 is powered by EV-DO Rev B, one of the only production applications of the B-revision to EV-DO as part of the CDMA2000 standard.

Ku-band satellite

Gogo has satellite agreements in place with SES (for coverage over the U.S., Atlantic Ocean, and Europe) and Intelsat (for coverage over portions of the Atlantic and northern Pacific oceans, as well as routes over South America, Asia, Africa, and Australia). Gogo has also signed an agreement with Intelsat for Ku band satellite capacity, specifically for coverage in the Atlantic and northern Pacific oceans, as well as routes over Central and South America, Asia, Australia, and parts of Africa. Gogo announced in May 2012 that it would partner with satellite equipment provider, AeroSat, to bring a Ku-satellite communications to commercial airlines, allowing Gogo to offer airlines connectivity services that extend beyond the United States, including transoceanic routes, and will serve the needs of some of their airline partners in the near-term until Inmarsat's Global Xpress Ka band-satellite becomes available. Gogo's Ku-band satellite technology is used for Gogo's Ground to Orbit and 2Ku.

Gogo Ground to Orbit

Gogo Ground to Orbit uses a Ku-band satellite antenna for the downlink to the plane and Gogo's Air to Ground for uplink from the plane. Ground to Orbit is in service over the United States, providing peak download speeds of 60 Mbit/s. Virgin America was the launch partner of this service. The Ku-band satellite antennas used for GTO are manufactured by ThinKom Solutions.

2Ku

2Ku, Gogo's newest technology, uses two Ku-band antennas, one for download and the other for upload. Gogo claims that 2Ku will have peak speeds of 70 Mbit/s and has a low-profile 17 cm (6.69 in) tall radome. Like Ground to Orbit, the Ku-band antennas are manufactured by ThinKom Solutions. Aeroméxico was the first airline to commit to using 2Ku.

Gogo was determined to expand markets for its 2Ku service. On November 13, 2015, the company demonstrated 2Ku for two dozen aviation and technology reporters aboard a Boeing 737. The system was able to stream high-definition videos. It was a small horde of “data-hungry journalists on board all trying to kill the system,” said Jason Rabinowitz, manager of data research for Routehappy. Gogo claimed that the service can provide speeds up to 70 megabits per second, with 100 Mbit/s to be available when satellite-beaming techniques are perfected.

Actual speed is less impressive, as discussed in a TechTimes summary of some journalists' findings during the November 13, 2015 trials. "Speedtest rated it at 11.71 Mbit/s downloads, a 656-millisecond ping and uploads of 0.53 Mbit/s on my first try," said Timothy J. Seppala from Engadget. He added that one drawback is the ping time, which varies between 500 and 1000 milliseconds. The Verge's Chris Welch, meanwhile, observed that upload speeds were almost nonexistent, but stressed that casual Internet users seldom need to upload anything larger than a picture or a Vine video anyway. As for streaming, it works brilliantly when [used by] only 18 people." Total bandwidth on the media flight was capped at 25 Mbit/s.

A Gogo press release in September 2015 stated that a Japan Airlines member, JTA, was then the most recent company to order 2Ku connectivity for its 737-800 aircraft. More recently, in a November 12, 2015 press release the company indicates that "8 airlines representing more than 550 aircraft have adopted the [2ku] technology for fleet deployment or a trial of the service." More specifically, in addition to Aeroméxico which already has 2Ku-equipped jets in the air, Virgin Airlines and Delta Air Lines confirmed orders for 2ku service, Gogo CEO Michael Small told Bloomberg Business. More than 1,200 aircraft committed to receiving 2Ku. In February 2019, Alaska Airlines announced a rollout of the 2Ku service to their fleet, with a goal of half of their main fleet activated on the service by 2020. They claim 2Ku will allow passengers to stream online content.

Products

Gogo platform

Gogo's in-air platform gives travelers information, services, and entertainment while the airlines are able to display airline-specific information.

Gogo Text and Talk

Gogo Text enables passengers can send and receive text messages from their mobile phones. Gogo Talk lets passengers make and receive voice calls. In September 2014, T-Mobile US announced a new agreement with Gogo to provide customers with free unlimited WiFi text and multimedia messaging while on board a Gogo WiFi-equipped flight from a U.S.-based airline.

Gogo Vision

Gogo Vision streams movies and TV shows from an onboard server. In July 2014, Gogo launched Delta Studio with Delta Air Lines offering passengers a variety of television shows and movies that will be streamed wirelessly to passengers' own Wi-Fi enabled devices.

Gogo TV

Gogo TV will enable airlines to deliver live television content to passengers own Wi-Fi enabled device. Channel options will be customized by the airline so it will allow passengers to watch popular networks in their country or region. The service currently will only be available to airlines that select Gogo's 2Ku technology. The first airline to commit to Gogo TV is Gol.

Connectivity

The Gogo service is compatible with any device that has Wi-Fi capability. Users connect to the gogoinflight network and register in the same way they would on the ground. The network becomes accessible as soon as electronic devices are approved for use after take-off. The service includes account management and allows purchasing service before the flight using the product web site. VoIP applications are prohibited by the terms of service.

The connection onboard can be similar (under optimal conditions) to the experience with Wi-Fi hotspots, such as coffee shops and hotels. Users have previously reported connectivity issues when streaming video.

Participating airlines

As of 2019, Gogo was found on Aeroméxico, Aer Lingus, Air Canada, Alaska Airlines, American Airlines, British Airways, Cathay Pacific Airways, Delta Air Lines, GOL, Hainan Airlines, Iberia, Japan Airlines, JTA, United Airlines, Vietnam Airlines, Virgin Atlantic and Virgin Australia. In-flight entertainment partners include American Airlines, Alaska Airlines, Air Canada, Aeromexico, Delta Air Lines, Japan Airlines, JTA, GOL, Hainan Airlines, United Airlines and Scoot. When they were in business it was used by AirTran Airways, US Airways, and Virgin America.

Historically, Gogo service began on American Airlines in July 2008. The first routes served were JFK to San Francisco, JFK to LAX, and JFK to Miami. As of 2010, they are expanding to include Gogo service on the full American Airlines domestic fleet.

On August 5, 2008, Delta Air Lines announced it would install Gogo on all its domestic aircraft, which has since been completed. A 2009 merger with Northwest Airlines added to the fleet. By early April 2010, 437 of 540 aircraft in the combined domestic fleet offered Wi-Fi, with remaining installations expected by summer 2010.

Virgin America became the first airline with fleetwide in-flight Internet access, in March 2009.

On July 14, 2009, AirTran Airways completed installation of Gogo on 136 of its aircraft. AirTran Airways merged with Southwest Airlines in 2010. AirTran's Boeing 737s have been converted to Southwest's Row 44 in-flight Wi-Fi, and their Boeing 717s have been leased to Delta Air Lines and use Delta's Gogo service.

October 2, 2009 saw the launch of Gogo on United Airlines' p.s. Flight 23 from New York to Los Angeles. The company installed Gogo on the entire United p.s. fleet before November 6, 2009.

On November 20, 2009, Gogo announced that Air Canada began trials of the Gogo system on select Toronto-Los Angeles and Montreal-Los Angeles flights which occur in large part over the continental US.

On February 24, 2010, Alaska Airlines announced that it will offer Gogo on its full fleet. The full fleet installation was completed in the fall of 2011.

On March 29, 2010, US Airways announced that all its Airbus A321 fleet would offer Gogo by June 1, 2011. The full fleet installation was completed in the fall of 2011.

On February 5, 2012 Frontier Airlines announced that it had equipped all of its Embraer E190 aircraft with Gogo to begin service on February 6, 2012.

On June 8, 2012, Gogo announced that Delta Air Lines will begin offering in-flight Internet service on its long-haul international fleet of more than 150 aircraft, which includes Boeing 747, 767, 777, Airbus A330 and transoceanic Boeing 757 aircraft in early 2013.

On June 20, 2012, Gogo announces that they have extended its contract with United Airlines to upgrade its p.s. fleet to Gogo's new ATG-4 connectivity service.

On August 28, 2012, Gogo announced that Industry Canada has issued Gogo a subordinate license for Canada's ATG radio frequency spectrum that will allow Gogo to serve passengers on commercial and business aircraft flying over Canada.

On January 11, 2013, Gogo announced that it will install two in-flight connectivity solutions to American Airlines' new Airbus A320 family and Boeing 737 deliveries: Ku-band satellite and Gogo's next generation Air to Ground technology - ATG-4.

On October 8, 2013, Gogo announced that Japan Airlines will begin offering in-flight Internet service on its domestic fleet of 77 aircraft, which includes Boeing 737, 767, 777, and 787 aircraft.

On November 8, 2013, Gogo announced Gogo Text & Talk, an app that provides in-flight cell phone calls, and text messaging. As of 2013, the product was to be officially launched on commercial jets in 2014.

On March 30, 2017, Gogo announced that Virgin Australia will begin offering in-flight Internet service on its fleet of Boeing 737-800, Airbus A330 and Boeing 777 aircraft.

Surveillance support

In April 2014, it was revealed through a U.S. Federal Communications Commission letter that Gogo partnered with government officials to voluntarily develop capabilities to share user data with law enforcement beyond what is required under the federal Communications Assistance for Law Enforcement Act.

In 2014, Adrienne Porter Felt, a Google security engineer, discovered during a flight on a Gogo internet–equipped plane that Gogo uses fake SSL authentication, carrying out "a man-in-the-middle attack on their users", to capture user activity. This deliberately fake authentication may be to enable law-enforcement monitoring and also data mining of secure communications The company was criticized by Symantec for this issue. "Gogo has a legitimate interest in limiting or blocking video streaming, but the way they’ve done it is far overreaching." It is not known how long Gogo continued the strategy, but as a news site for the information security community indicated, the issuing of fake SSL Certificates has other risks for the user. "A cyber criminal 'acting' as Gogo could have performed many tasks without you ever realizing, such as blocking or censoring websites, capturing plain or encrypted data, installing malware, or even stealing passwords."

Criticism of business model

It has been observed that Gogo practices a "roach motel"-type business model that makes it easy to sign up for service via automated means but requires interaction with a customer service representative to effect an immediate cancellation. However, service for next and future months may be cancelled via email. By making it easy to begin paying for service but requiring a recurring monthly subscription, even when a shorter term of service may be desired, Gogo makes it likely for infrequent flyers to be billed in subsequent months for a service they do not intend to use. In addition Gogo does not send monthly statements, so customers are not alerted to the recurring charges. The service does offer 1-hour and 24-hour passes that do not incur a recurring charge; however, this does not change the fact that even those limited-time services are significantly harder to stop than to initiate. Gogo claims that to "cancel service is as easy as signing up for it" and directs subscribers to engage in online chat, send email or call via telephone. In contrast, however, the sign-up process does not require human interaction.

Class-action lawsuit

In 2013, Gogo was the subject of a class-action lawsuit, for allegedly not mentioning recurring charges on their website, nor notifying customers that these recurring charges would be made. A New York federal judge, Jack Weinstein, ruled on April 8, 2015, that the suit (Berkson, et al. v. Gogo LLC, Case No. 14-CV-1199, in the U.S. District Court for the Eastern District of New York) for claims that the company tricked consumers into signing up for automatic monthly renewal of Wi-Fi connections

was allowed to move forward. In an 83-page memorandum and order of the case, the judge wrote, "the average internet user would not have been informed ... that he was binding himself to a sign-in-wrap" and that the wrap contract "does not support the venue and arbitration clauses relied upon by defendants." The case was settled with users receiving complimentary one-day passes to use on the service.

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

sectorTelecommunication industryTelecommunication employees680 countryUS

10-Year Performance Revenue, net income, margins and EPS trends

06
Revenue$910M
2016-12-31 → 2025-12-31
EPS$0.09
2019-12-31 → 2025-12-31
Free Cash Flow$65M
2016-12-31 → 2025-12-31
Net margin-0.09%
2016-12-31 → 2025-12-31
Valuation & Ratios 07–12

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric 5Y trend GOGO 5Y avg Peer Median Verdict
P/E (TTM) 243266437472044704.05Y avg ≈34.7 ≈34.7 29.1 Overvalued
P/S (TTM) 0.35Y avg ≈3.1 ≈3.1 1.0 Undervalued
P/B (MRQ) 2.45Y avg ≈6.0 ≈6.0 1.7 Overvalued
EV / EBITDA 5.75Y avg ≈15.6 ≈15.6 · ·
Price / FCF (TTM) -34.25Y avg ≈24.8 ≈24.8 · ·
Price / Cash Flow (TTM) 3.65Y avg ≈17.6 ≈17.6 8.6 Undervalued
EV / Revenue 1.15Y avg ≈4.5 ≈4.5 · ·
EV / FCF 15.35Y avg ≈38.0 ≈38.0 · ·
Price / Tangible Book (MRQ) -2.7 · · ·

Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.

value · ≈ 5Y avg · industry median · verdict relative to median

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

14
Avg Surprise -11.9%
Next Report Nov 04, 2026
PeriodReportEPS ActualEPS EstSurprise
June 30, 2026 Aug 12, 2026 $-0.01 $0.07 -114.0%
March 31, 2026 May 7, 2026 $0.10 $0.08 30.7%
Dec. 31, 2025 $-0.07 $0.01 —
Sept. 30, 2025 $0.10 $0.07 40.1%
June 30, 2025 $0.09 $0.12 -23.3%
March 31, 2025 $0.09 $0.08 6.9%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

15
Income Statement 17
Metric Trend 202520242023202220212020201920182017201620152014
Revenue $910M$445M$398M$404M$336M$270M$309M$290M$699M$597M$501M$408M
Cost of Revenue ·$68M··········
R&D Expense $56M$45M$37M$30M$25M$25M$26M$18M$78M$46M$50M$40M
SG&A Expense $117M$125M$57M$58M$52M$54M$55M$58M$94M$85M$87M$71M
Operating Expenses $796M$393M$273M$262M$215M$193M$212M$208M$763M$623M$546M$459M
Operating Income $114M$51M$124M$142M$121M$76M$97M$82M$-64M$-27M$-45M$-51M
Interest Expense $68M$38M$33M$39M$67M$126M$130M$123M$112M$84M$59M$33M
Interest Income $5M$8M$7M$2M$191.0K$722.0K$4M$4M$3M$2M$181.0K$61.0K
Other Non-op $-12M$-3M$1M$-123.0K$-25.0K$9.0K$-31.0K$-80.0K$-750.0K$72.0K$-574.0K$-9.0K
Pretax Income $27M$18M$98M$106M$-31M$-49M$-88M$-56M$-174M$-123M$-106M$-83M
Income Tax $14M$4M$-48M$14M$-187M$-146.0K$563.0K$-3M$-2M$1M$1M$1M
Net Income $13M$14M$146M$92M$153M$-250M$-146M$-162M$-172M$-125M$-108M$-85M
EPS (Basic) $0.10$0.11$1.12$0.75$1.46$-3.04$-1.81·····
EPS (Diluted) $0.09$0.10$1.09$0.71$1.28$-3.04$-1.81·····
Shares (Basic) 133,707128,533129,753123,268103,40082,26680,766·····
Shares (Diluted) 136,593131,455133,283133,923127,20582,26680,766·····
EBITDA $174M$70M$141M$155M$136M$91M$156M$107M$81M$79M$42M$14M
Balance Sheet 30
Metric Trend 202520242023202220212020201920182017201620152014
Cash & Equivalents $125M$42M$139M$151M$42M$435M$170M$184M$196M$117M$147M$131M
Short-term Investments ··$0$25M$0··$39M$213M$338M$219M·
Receivables $113M$112M$48M$54M$38M$40M$42M$134M$118M$74M$69M$49M
Inventory $99M$98M$63M$49M$34M$28M$35M$193M$46M$50M$21M$22M
Prepaid Expense $69M$55M$64M$45M$32M$9M$7M$35M$20M$25M$11M$13M
Current Assets $432M$323M$315M$324M$250M$512M$425M$586M$593M$605M$468M$295M
PP&E (Net) $117M$119M$98M$105M$64M$63M$69M$512M$656M$520M$434M$363M
PP&E (Gross) $269M$254M$219M$212M$169M$163M$161M$945M$1.05B$817M$657M$530M
Accum. Depreciation $152M$135M$121M$107M$105M$99M$92M$433M$398M$297M$223M$167M
Goodwill $193M$185M$620.0K$620.0K$600.0K$600.0K$600.0K$600.0K$600.0K$600.0K$620.0K$620.0K
Intangibles $249M$275M$55M$49M$49M$52M$51M$83M$87M$85M$79M$78M
Other Non-current Assets $45M$37M$26M$43M$28M$11M$12M$84M$67M$36M$15M$11M
Total Assets $1.30B$1.23B$782M$760M$648M$674M$1.21B$1.27B$1.40B$1.25B$1.00B$756M
Accounts Payable $93M$67M$16M$14M$17M$11M$5M$24M$27M$32M$28M$41M
Accrued Liabilities $139M$82M$48M$60M$60M$83M$48M$213M$202M$148M$89M$53M
Current Liabilities $269M$182M$72M$84M$189M$438M$253M$300M$316M$251M$198M$151M
Capital Leases $56M$68M$73M$79M$77M$38M$42M·$1M$2M$3M$4M
Deferred Tax ·········$8M$7M$7M
Other Non-current Liabilities $44M$78M$8M$8M$7M$11M$8M$80M$135M$99M$69M$26M
Total Liabilities $1.20B$1.16B$741M$861M$968M$1.31B$1.61B$1.53B$1.59B$1.29B$938M$559M
Long-term Debt $836M$834M$595M$711M$821M$1.19B$1.13B$1.04B$1.02B$817M$576M$310M
Total Debt $836M$834M$595M$697M$804M$1.17B$1.10B$1.02B$1.00B$801M$561M$302M
Common Stock $13.0K$14.0K$14.0K$14.0K$11.0K$9.0K$9.0K$9.0K$9.0K$9.0K$9.0K$9.0K
Paid-in Capital ·····$1.09B·····$884M
Retained Earnings $-1.19B$-1.20B$-1.21B$-1.36B$-1.45B$-1.63B$-1.38B$-1.23B$-1.09B$-917M$-793M$-685M
Treasury Stock $0$196M$163M$158M$129M$99M······
AOCI $44.0K$6M$16M$30M$2M$-1M$-2M$-4M$-933.0K$-2M$-2M$-1M
Stockholders' Equity $101M$69M$41M$-102M$-320M$-641M$-399M$-269M$-192M$-40M$66M$198M
Liabilities + Equity $1.30B$1.23B$782M$760M$648M$674M$1.21B$1.27B$1.40B$1.25B$1.00B$756M
Shares Outstanding 134,511,275130,918,997128,462,343127,840,813110,791,95485,990,49988,240,87787,560,69486,843,92886,295,87085,913,20685,300,774
Cash Flow 16
Metric Trend 202520242023202220212020201920182017201620152014
D&A $60M$19M$17M$13M$15M$14M$17M$14M$145M$106M$87M$64M
Stock-based Comp $24M$21M$21M$19M$13M$8M$9M$9M$20M$18M$15M$10M
Deferred Tax $10M$3M$-49M$13M$-187M$-232.0K$178.0K$-4M$-2M$839.0K$827.0K$828.0K
Amort. of Intangibles $40M$4M$2M$5M$8M$6M$6M$4M$25M$22M$18M$11M
Restructuring ·····$47M$0$0····
Other Non-cash $17M$-15M$-56M$-33M$72M$233M$75M$-67M$69M$65M$109M$38M
Operating Cash Flow $124M$41M$79M$103M$67M$5M$-13M$2M$60M$65M$105M$29M
CapEx $59M$14M$16M$44M$4M$2M$1M$3M$252M$148M$135M$132M
Investing Cash Flow $-40M$-337M$30M$-70M··$-74M$42M$-157M$-296M··
Stock Repurchased $0$33M$5M$18M$0$0······
Net Stock Activity $0$-33M$-5M$-18M········
Financing Cash Flow $-1M$199M$-120M$-28M··$-4M$27M$175M$201M··
Net Change in Cash $83M$-97M$-12M$5M$-290M$258M$-13M$-13M$79M$-30M$16M$-135M
Taxes Paid $3M···········
Free Cash Flow $65M$28M$63M$59M$62M$3M$-36M$-191M$-192M$-83M$-30M$-103M
Levered FCF $32M$-1M$13M$26M$407M$-123M$-168M$-311M$-303M$-168M$-90M$-136M
Profitability 7
Metric Trend 202520242023202220212020201920182017201620152014
Operating Margin 12.5%11.5%31.2%35.2%35.9%28.3%4.4%-3.0%-9.2%-4.5%-8.9%-12.4%
Net Margin 1.4%3.1%36.6%22.8%45.5%-92.7%-17.5%-18.1%-24.6%-20.9%-21.5%-20.7%
Pretax Margin 2.9%4.1%24.6%26.2%-9.1%-18.1%-17.3%-18.5%-24.9%-20.6%-21.2%-20.4%
EBITDA Margin 19.1%15.8%35.4%38.3%40.5%33.6%18.6%11.9%11.6%13.2%8.4%3.4%
ROA 1.0%1.4%18.9%13.1%23.1%-26.5%-11.8%-12.2%-13.0%-11.1%-12.2%-11.6%
ROE 12.7%22.5%392.3%-80.0%-34.7%38.8%37.4%61.1%148.3%-965.1%-81.5%-36.1%
ROIC 5.9%4.3%29.2%20.8%-127.3%14.4%5.3%-3.5%-7.8%-3.5%-7.2%-10.3%
Liquidity & Solvency 5
Metric Trend 202520242023202220212020201920182017201620152014
Current Ratio 1.61.84.43.81.31.21.72.01.92.42.41.9
Quick Ratio 0.90.82.62.71.01.11.11.21.72.12.21.7
Debt / Equity 8.312.014.6-6.8-2.5-1.8-2.8-3.8-5.2-19.88.51.5
LT Debt / Equity 8.212.014.4-6.8-2.2-1.3-2.8-3.8-5.2-19.88.21.5
Interest Coverage 1.71.33.83.71.80.60.3-0.2-0.6-0.3-0.8-1.5
Efficiency 3
Metric Trend 202520242023202220212020201920182017201620152014
Asset Turnover 0.70.40.50.60.50.30.70.70.50.50.60.6
Inventory Turnover ·0.8··········
Receivables Turnover 8.15.67.88.88.76.67.17.17.38.38.511.0
Per Share 5
Metric Trend 202520242023202220212020201920182017201620152014
Book Value / Share $0.75$0.53$0.32$-0.80$-2.89$-7.46$-4.52$-3.07$-2.21$-0.47$0.77$2.32
Revenue / Share $6665.72$3382.98$2982.95$3017.16$2639.17·······
Cash Flow / Share $911.39$315.10$592.50$772.12$524.33·······
Cash / Share $0.93$0.32$1.08$1.18$1.32$5.06$1.93$2.10$2.26$1.36$4.27$2.48
EPS (TTM) $0.09$0.10$1.09$0.71$1.28$-3.04$-1.81·····
Growth Rates 7
Metric Trend 202520242023202220212020201920182017201620152014
Revenue YoY 104.7%11.8%-1.6%20.4%24.5%·······
Revenue CAGR 3Y 31.1%9.8%13.8%·········
Revenue CAGR 5Y 27.6%···········
EPS YoY -10.0%-90.8%53.5%-44.5%········
EPS CAGR 3Y -49.8%-57.2%··········
Net Income YoY -6.0%-90.6%58.2%-39.7%········
Net Income CAGR 3Y -48.0%-55.2%··········
Valuation (TTM) 13
Metric Trend 202520242023202220212020201920182017201620152014
Revenue TTM $910M$445M$398M$404M$336M$270M$309M$290M$699M$597M$501M$408M
Net Income TTM $13M$14M$146M$92M$153M$-250M$-146M$-162M$-172M$-125M$-108M$-85M
Market Cap $627M$1.06B$1.30B$1.89B$1.50B$828M$565M$262M$980M$796M$1.53B$1.41B
Enterprise Value $1.34B$1.85B$1.76B$2.41B$2.16B$1.56B$1.50B$1.06B$1.57B$1.14B$1.72B$1.50B
P/E 51.880.99.320.810.6-3.2-3.5·····
P/S 0.72.43.34.74.53.11.80.91.41.33.13.5
P/B 6.215.332.0-18.5-4.7-1.3-1.4-1.0-5.1-19.723.17.1
P / Cash Flow 5.025.616.518.222.5183.58.8-3.216.312.214.648.7
P / FCF 9.637.920.831.724.0307.3-15.7-1.4-5.1-9.6-50.4-13.7
EV / EBITDA 7.726.412.515.615.917.39.610.019.314.440.9108.9
EV / FCF 20.566.328.040.534.6579.5-41.5-5.6-8.2-13.7-56.8-14.6
EV / Revenue 1.54.24.46.06.45.84.83.72.21.93.43.7
Earnings Yield 1.9%1.2%10.8%4.8%9.5%-31.6%-28.3%·····

Most recent period on the left · null values shown as ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

16
Metric 2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $910M $445M $398M $404M $336M
Operating Margin % 12.5% 11.5% 31.2% 35.2% 35.9%
Net Income $13M $14M $146M $92M $153M
Diluted EPS $0.09 $0.10 $1.09 $0.71 $1.28

Institutional owners (13F) 203 filers · $312.9M total · As of June 30, 2026

17

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Holders 203
Value held $312.9M
New positions 36
Exited positions 43
Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
36 (0 vs prior Q) 43 (+1 vs prior Q) 63 (-7 vs prior Q) 65 (+4 vs prior Q) -3.3M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
GTCR LLC $72,040,934 23,239,011 23.03% Shares
VANGUARD GROUP INC $30,689,679 6,585,768 9.81% Shares
Nantahala Capital Management, LLC $26,962,966 8,697,731 8.62% Shares
BlackRock, Inc. $18,984,377 6,123,992 6.07% Shares
BANK OF AMERICA CORP /DE/ $16,028,779 5,170,574 5.12% Shares
VANGUARD CAPITAL MANAGEMENT LLC $10,982,975 3,542,895 3.51% Shares
STATE STREET CORP $10,306,626 3,324,718 3.29% Shares
Qube Research & Technologies Ltd $9,715,567 3,134,054 3.11% Shares
CITADEL ADVISORS LLC $8,042,151 2,594,242 2.57% Shares
Cubist Systematic Strategies, LLC $7,232,154 841,927 2.31% Shares
GOLDMAN SACHS GROUP INC $7,174,258 2,314,277 2.29% Shares
GEODE CAPITAL MANAGEMENT, LLC $6,098,445 1,966,836 1.95% Shares
MILLENNIUM MANAGEMENT LLC $5,983,589 1,930,190 1.91% Shares
JPMORGAN CHASE & CO $5,594,541 1,810,531 1.79% Shares
D. E. Shaw & Co., Inc. $5,239,552 1,690,178 1.67% Shares
ALGERT GLOBAL LLC $3,756,487 1,211,770 1.20% Shares
TUDOR INVESTMENT CORP ET AL $3,462,647 1,116,983 1.11% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $3,319,888 825,843 1.06% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $3,052,809 984,777 0.98% Shares
LOS ANGELES CAPITAL MANAGEMENT LLC $2,916,326 940,750 0.93% Shares
DIMENSIONAL FUND ADVISORS LP $2,814,645 907,983 0.90% Shares
Nuveen, LLC $2,782,584 897,608 0.89% Shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC $2,356,849 760,274 0.75% Shares
NORTHERN TRUST CORP $2,281,163 735,859 0.73% Shares
Connor, Clark & Lunn Investment Management Ltd. $2,193,318 707,522 0.70% Shares
LB Partners LLC $2,117,505 683,066 0.68% Shares
VANGUARD FIDUCIARY TRUST CO $1,757,616 566,973 0.56% Shares
MORGAN STANLEY $1,363,061 439,697 0.44% Shares
AQR CAPITAL MANAGEMENT LLC $1,339,863 432,214 0.43% Shares
STATE OF WISCONSIN INVESTMENT BOARD $1,310,702 422,807 0.42% Shares
FEDERATED HERMES, INC. $1,274,385 411,092 0.41% Shares
JUPITER ASSET MANAGEMENT LTD $1,245,087 401,641 0.40% Shares
BNP PARIBAS FINANCIAL MARKETS $1,199,564 386,956 0.38% Shares
DC Investments Management, LLC $1,193,934 385,140 0.38% Shares
MML INVESTORS SERVICES, LLC $1,193,230 384,913 0.38% Shares
Point72 Asset Management, L.P. $1,155,060 372,600 0.37% Shares
Nebula Research & Development LLC $1,143,044 77,864 0.37% Shares
TWO SIGMA INVESTMENTS, LP $1,120,765 361,537 0.36% Shares
GAMCO INVESTORS, INC. ET AL $1,117,550 360,500 0.36% Shares
DEUTSCHE BANK AG\ $999,958 322,567 0.32% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $974,091 314,223 0.31% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $915,706 295,389 0.29% Shares
PDT Partners, LLC $765,982 247,091 0.24% Shares
UBS Group AG $753,117 242,941 0.24% Shares
Ewing Morris & Co. Investment Partners Ltd. $725,561 234,052 0.23% Shares
Man Group plc $720,673 232,475 0.23% Shares
XTX Topco Ltd $701,081 226,155 0.22% Shares
Bank of New York Mellon Corp $675,305 217,840 0.22% Shares
AMERICAN CENTURY COMPANIES INC $627,558 202,438 0.20% Shares
Vanguard Global Advisers, LLC $622,592 200,836 0.20% Shares

Show all 203 institutional owners →

Activists & 5%+ owners 12 positions

18

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer Filed Stake Status Purpose Filing
Silver (Equity) Holdings, LP, Silver (XII) Holdings, LP, GTCR Partners XII/A&C LP, GTCR Investment XII LLC ×4 filings May 27, 2025 17.60% Amendment · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person May 10, 2022 · Initial filing · SEC
Senator Investment Group LP, Alexander Klabin, Douglas Silverman ×2 filings Nov. 19, 2018 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Oct. 3, 2017 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Sept. 2, 2016 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person May 2, 2016 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Nov. 19, 2015 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person Aug. 14, 2014 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person May 16, 2014 · Initial filing · SEC
AC Acquisition I LLC, Ripplewood Partners II, L.P., AC Acquisition II LLC, Ripplewood Partners II Parallel Fund, L.P., Ripplewood Partners II G.P., L.P., RP II GP, LLC, Collins Family Partners, L.P., Collins Family Partners, Inc., Timothy C. Collins Dec. 19, 2013 · Initial filing · SEC
Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person, Undisclosed reporting person July 8, 2013 · Initial filing Passive investment SEC
AC Acquisition I, LLC, Ripplewood Partners II, L.P., AC Acquisition II, LLC, Ripplewood Partners II Parallel Fund, L.P., Ripplewood Partners II G.P., L.P., RP II GP, LLC, Collins Family Partners, L.P., Collins Family Partners, Inc., Timothy C. Collins July 8, 2013 · Initial filing Passive investment SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

Company insiders 41 insiders · 23 officers · 20 directors

19
Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Christopher John Moore Chief Executive Officer March 21, 2026 M 251,170 0 0 $0
Michael Small President and CEO Feb. 17, 2018 A 398,224 0 0 $0
Zachary Cotner Chief Financial Officer March 21, 2026 M 34,055 0 0 $0
Jessica Betjemann EVP and CFO Sept. 14, 2024 M 73,997 0 0 $0
Barry L Rowan EVP and CFO Dec. 31, 2022 M 131,663 0 0 $0
Norman Smagley EVP and CFO May 28, 2016 J 16,584 0 0 $0
Sergio A. Aguirre President and COO April 1, 2024 A 132,086 0 0 $0
John Wade President, CA division Nov. 30, 2020 M 86,332 0 0 $0
Michael Begler EVP, COO June 18, 2025 S 14,454 0 0 $0
Leigh Goldfine VP, Chief Accounting Officer Sept. 29, 2026 M 30,183 0 0 $0
Crystal L Gordon EVP, Gen Counsel and Secy April 1, 2026 M 86,511 0 0 $0
Hayden Olson EVP, GM, SD Government March 21, 2026 M 13,979 0 0 $0
Karen Jackson For. EVP, Chf People Exp. Off April 2, 2024 M 94,780 0 0 $0
Marguerite M Elias EVP, Gen Counsel and Secy May 24, 2022 S 54,791 0 0 $0
Bayer Michael P. SVP, Controller & CAO June 8, 2021 S 15,887 0 0 $0
Jonathan B Cobin EVP, Chief Strategy Officer Nov. 30, 2020 M 95,423 0 0 $0
Anand K Chari EVP, Engineering and CTO March 14, 2018 F 36,666 0 0 $0
Arbela Takhsh SVP, Quality Assurance Aug. 30, 2016 S 13,311 0 0 $0
Ash A Eldifrawi EVP and CCO Aug. 8, 2016 P 78,087 0 0 $0
Niels Steenstrup SVP, Global Airline Sales June 23, 2014 M 6,000 0 0 $0
Thomas E Mcshane VP, Controller and CAO May 28, 2014 A 200 0 0 $0
John B Happ SVP, North American Sales May 28, 2014 A 20,892 0 0 $0
Mark Malosh SVP, ABS Operations Dec. 18, 2013 J 4,467 0 0 $0
Michael A Minihan Director Sept. 30, 2026 A · 0 0 $0
Mark M. Anderson Director Sept. 30, 2026 A · 0 0 $0
Monte Jm Koch Director Sept. 30, 2026 A · 0 0 $0
Harris N Williams Director Sept. 30, 2026 A 20,990 0 0 $0
Charles C Townsend Director Sept. 30, 2026 A 418,686 6 0 $2,546,068
Michele Coleman Mayes Director Sept. 30, 2026 A 1,150 0 0 $0
Hugh W Jones Director Sept. 30, 2026 A 50,000 0 0 $0
Oakleigh Thorne Director Sept. 30, 2026 A 1,427,929 2 0 $907,300
Robert L Crandall Director May 13, 2025 P 103,934 0 0 $0
Michael Abad-Santos Director March 31, 2025 A · 0 0 $0
Christopher D Payne Director March 31, 2025 A · 0 0 $0
MUNDHEIM ROBERT H Director Dec. 29, 2023 A 119,244 0 0 $0
Ronald T Lemay Director Sept. 30, 2020 A 1,801,690 0 0 $0
Michael S Gilliland Director Dec. 31, 2015 A · 0 0 $0
Clive R Hollick Director March 31, 2014 A · 0 0 $0
Lawrence N Lavine Director Nov. 12, 2013 A · 0 0 $0
Christopher Minnetian Director Nov. 12, 2013 A · 0 0 $0
COLLINS TIMOTHY C Director Nov. 12, 2013 A · 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 23 ETFs

20

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
QQQS · Invesco Exchange-Traded Fund Trust … 0.45% 47,603 SH Oct. 2, 2026 Daily
EBIT · Harbor ETF Trust 0.12% 3,500 NS July 31, 2026 N-PORT
JPSE · J.P. Morgan Exchange-Traded Fund Tr… 0.07% 104,072 NS July 31, 2026 N-PORT
VFVA · VANGUARD WELLINGTON FUND 0.06% 165,526 SH Aug. 19, 2026 Daily
UFO · Procure ETF Trust II 0.04% 55,753 NS July 31, 2026 N-PORT
NUSC · Nushares ETF Trust 0.02% 70,479 NS July 31, 2026 N-PORT
FCOM · FIDELITY COVINGTON TRUST 0.02% 78,315 NS July 31, 2026 N-PORT
IWO · iShares Trust 0.01% 753,607 SH Sept. 11, 2026 Daily
PRFZ · Invesco Exchange-Traded Fund Trust 0.01% 145,456 SH Oct. 2, 2026 Daily
RSSL · Global X Funds 0.01% 38,314 NS July 31, 2026 N-PORT
VTWO · VANGUARD SCOTTSDALE FUNDS 0.01% 460,972 SH Aug. 19, 2026 Daily
VTWG · VANGUARD SCOTTSDALE FUNDS 0.01% 85,747 SH Aug. 19, 2026 Daily
VOX · VANGUARD WORLD FUND 0.01% 266,398 SH Aug. 19, 2026 Daily
OMFS · Invesco Exchange-Traded Self-Indexe… 0.01% 9,289 SH Oct. 1, 2026 Daily
IWM · iShares Trust 0.01% 1,990,476 SH Sept. 11, 2026 Daily
WSML · iShares Trust 0.00% 5,295 SH Sept. 11, 2026 Daily
DFAC · Dimensional ETF Trust 0.00% 143,164 NS July 31, 2026 N-PORT
DFAS · Dimensional ETF Trust 0.00% 14,910 NS July 31, 2026 N-PORT
ITOT · iShares Trust 0.00% 89,868 SH Sept. 11, 2026 Daily
IWV · iShares Trust 0.00% 17,915 SH Sept. 3, 2026 Daily
VXF · VANGUARD INDEX FUNDS 0.00% 928,489 SH Aug. 19, 2026 Daily
VTI · VANGUARD INDEX FUNDS 0.00% 2,541,020 SH Aug. 19, 2026 Daily
VTHR · VANGUARD SCOTTSDALE FUNDS 0.00% 6,134 SH Aug. 19, 2026 Daily

GOGO Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

21
rating · 9 analysts BUY
Median target $8.50 +302.8%
2 22.2% Strong Buy
4 44.4% Buy
3 33.3% Hold
0 0.0% Sell
0 0.0% Strong Sell

12-Month Price Target

2 analysts · 2026-09-28

Mean target $8.50 +302.8%

← Below all targets Current price $2.11
Low$7.00 Mean$8.50 High$10.00

Peer comparison (GICS sub-industry) Key metrics vs sector peers

22

FY basis, prices as of each company's last fiscal year-end close.

Ticker Market Cap P/E Rev YoY Net Margin ROE Gross Margin
GOGO $627M 51.8 104.7% 1.4% 12.7% ·
TMUS · · · · · ·
TDS $4.67B -63.1 -5.3% -0.51% -0.13% ·
AD · 95.8 58.3% · · ·
SPOK $272M 17.6 1.5% 11.4% 10.7% ·
SURG $35M -0.9 -6.4% -63.3% 227162.6% ·

My Metrics Your personal watchlist — selected rows from Full Fundamentals

26

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Source: SEC 10-Q filed Aug 6, 2026