Gogo reports record revenue in Q1

BROOMFIELD — Gogo Inc. (Nasdaq: GOGO), which provides broadband connectivity services for the business aviation market, reported a record $92.8 million in revenue for the first quarter of 2022.

That represents 26% year-over-year growth compared with the first quarter of 2021. Gogo also reported $22.2 million in net income, up from a $5.9 million net loss in the first quarter of 2021.

The $22.2 million in earnings equates to 18 cents per share.

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It has $152.8 million in cash and equivalents on hand, and projects $390 million to $400 million in revenue for the full fiscal year. 

Gogo’s internet services are now in 6,526 aircraft, an 11% increase year-over-year. The company plans to roll out its 5G for commercial launch in the second half of the year. 

“Given the continued unprecedented demand for connectivity in business aviation coupled with the strong performance of our supply chain management team, we have increased our projection for ATG equipment unit shipments to 1,300 in 2022, up nearly 50% year over year versus prior expectations for 25% growth,” said Oakleigh Thorne, CEO of Gogo, in a prepared statement.  “We remain on track for commercial deployment of our 5G ATG network in the second half of 2022.”

Gogo also recently moved its headquarters to Broomfield from Chicago.

Gogo stock closed Thursday at $18.10 per share. It is up 34.3% since the beginning of the year.

This article was first published by BizWest, an independent news organization, and is published under a license agreement. © 2022 BizWest Media LLC.