Gogo reported $230.3 million in revenues in the first quarter, a 121% increase over the first three months of 2024, largely due to the integration of Satcom Direct, which Gogo acquired late last year. On a pro forma basis—treating Satcom Direct as if it had been part of the company in the prior-year period—revenue rose 4% year-over-year.
Service revenue for the quarter reached $198.6 million, up 143% from the same period in 2024. Including both business aviation and military/government markets, Satcom Direct contributed $119.1 million of that total. Equipment revenue rose 40% year over year to $31.7 million.
Adjusted EBITDA climbed 43% to $62.1 million, excluding $6.5 million in acquisition and integration-related costs and including approximately $2.5 million in operating expenses related to Gogo Galileo and Gogo 5G. Net income was $12 million, compared with $30.5 million a year earlier. Gogo ended the quarter with $70.3 million in cash and cash equivalents, up from $41.8 million at the end of 2024.
CEO Chris Moore described the Satcom Direct acquisition as a strategic success. “The merger is already indicating that it was a positive strategic move for our employees, our customers, and investors,” he said during the company’s first-quarter earnings call.
Gogo recently achieved FAA PMA approval for both the HDX and larger FDX Galileo antennas. “The PMA approvals are particularly significant as they will enable us to begin shipping products and devoting STC to both terminals,” Moore said. The FDX approval came almost two months ahead of schedule. A total of 59 HDX antennas have shipped year to date.
The company now has 38 HDX supplemental type certificates (STCs) under contract, representing a total addressable market of nearly 32,000 aircraft. Installed HDX units are already in service in Europe and Brazil. Gogo also received FAA STC approval for its Plane Simple Ka-band terminal for Gulfstream GV and G550 aircraft.
As of March 31, Gogo reported 4,716 Avance-equipped aircraft online, up 15% year-over-year. Total ATG aircraft online stood at 6,902, and broadband GEO aircraft online rose to 1,280 from just nine in first-quarter 2024. Average monthly connectivity service revenue per ATG aircraft online remained steady at $3,451.
Moore noted that the company continues to expect its 5G service launch in the fourth quarter and anticipates accelerating service revenue beginning in early 2026. “We believe that these two new products, along with an expected 5G launch in Q4, will begin to accelerate service revenue in the first quarter of 2026,” he said.
Regarding proposed tariffs on aviation components, Moore emphasized Gogo’s limited exposure. “We can absorb tariff impact within our current guidance,” he said, noting that manufacturing operations previously located in Ottawa were already moved to Gogo’s Broomfield, Colorado facility prior to the tariff announcement.
The company reaffirmed its full-year 2025 guidance in the earnings release, projecting revenue between $870 million and $910 million, Adjusted EBITDA between $200 million and $220 million, and free cash flow of $60 million to $90 million. Capital expenditures are expected to total approximately $60 million, including $45 million for strategic initiatives such as Gogo 5G and Gogo Galileo.
Moore said the company is well-positioned for long-term growth in connectivity demand. “Mil-gov fleets worldwide are in various stages of upgrade strategies. Demand for broadband from new aircraft categories is high,” he said. “We are looking forward to producing compelling financial results due to growth in service revenue, a significant reduction in product development program spending, and the full year impacts of synergies we expect to achieve this year.”