Gogo Inc. (GOGO): Business Model Canvas [Dec-2025 Updated]

You're looking to cut through the noise and see exactly how Gogo Inc. is structuring its business for the next growth cycle, and honestly, after twenty years analyzing this sector, the current model is fascinatingly complex. Forget just the towers; the late-2025 picture shows Gogo Inc. is now a true multi-orbit player, blending its proprietary 5G Air-to-Ground network with the global reach of its new LEO satellite hardware, the Gogo Galileo line. This strategic shift is already showing up in the numbers, with Q3 2025 Service Revenue jumping to $190.0 million year-over-year, all aimed at capturing that full-year revenue guidance between $870 million and $910 million. Dive into the canvas below to see the key partnerships, resources, and revenue streams that define this aggressive, dual-network strategy.

Gogo Inc. (GOGO) - Canvas Business Model: Key Partnerships

You're mapping out Gogo Inc.'s strategic alliances, which are critical for deploying both their LEO satellite and next-generation 5G Air-to-Ground (ATG) networks. These partnerships secure the necessary hardware, certification pathways, and customer access points.

Eutelsat OneWeb for Low Earth Orbit (LEO) satellite network access

Gogo Inc. has a deep commitment to the Eutelsat OneWeb LEO constellation for its Gogo Galileo system, which uses Hughes-manufactured Electronically Steered Antenna (ESA) hardware. Gogo amended its partnership agreement, stipulating a minimum financial commitment of $52.5 million over a four-year period to use this enterprise-grade LEO network, which does not share bandwidth with consumer users. Guidance from Eutelsat OneWeb indicated that business aviation services were slated to be officially live for operators starting January 1, 2025. The Gogo Galileo HDX terminal, capable of mean speeds of 57 Mbps and peak speeds up to 60 Mbps, connects to this LEO network.

Aircraft OEMs (e.g., Bombardier) for Gogo Galileo line-fit options

The Gogo Galileo STC portfolio development includes contracts covering airframes from major Original Equipment Manufacturers (OEMs). Specific airframes mentioned in STC agreements include the Bombardier Challenger 300 series, Challenger 600 series, and Global Express series, alongside Embraer, Gulfstream, HondaJet, and Textron models. The first Gogo Galileo HDX installation was on a Bombardier Challenger 300 testbed. Furthermore, the FAA approved an STC for the Gogo Galileo FDX terminal on the Bombardier Challenger 600 series aircraft.

Global network of 140 dealers for sales and installation

Gogo relies on an unmatched distribution network, which includes a global aftermarket network of approximately 140 dealers operating across approximately 220 locations. This network is crucial for driving the Gogo Galileo rollout, as the dealer network supported the contracting for 25 Supplemental Type Certificates (STCs) for the Gogo Galileo HDX. These STCs unlock a total addressable market of over 18,000 aircraft globally that previously lacked broadband connectivity. The Satcom Direct acquisition has expanded this global reach, with international markets representing 40% of the HDX pipeline opportunities, which number over 300.

Skyservice Business Aviation for 5G Supplemental Type Certificates (STCs)

The partnership with Skyservice Business Aviation is central to deploying Gogo 5G ATG service, which is on track for a year-end 2025 network launch. Skyservice is developing TCCA and FAA STCs for six aircraft models for Gogo 5G. Key approvals already received include TCCA STCs and FAA validation received for the Bombardier Challenger 300/350 and Challenger 604/605. Operators can install the AVANCE L5, which will be easily swappable with the AVANCE LX5 (5G Line Replaceable Unit) in the second quarter of 2025. Gogo is incentivizing upgrades with savings of up to $50,000 for provisioning for Gogo 5G.

VistaJet for Gogo Galileo deployment across their global fleet

VistaJet, part of the Vista group, is implementing Gogo Galileo broadband connectivity across its global fleet. The rollout begins in November 2025 across the European fleet, with the US and Asia following from January 2026. The goal is for all 270 VistaJet aircraft to feature Gogo Galileo or upgraded Ku/Ka-band connectivity by mid-2026. The installation pace is set to upgrade one aircraft every nine days, targeting at least 60 aircraft within the first 18 months of the project.

The following table summarizes key quantitative aspects of these critical relationships as of late 2025:

The dealer network is also supporting the 5G transition, with Skyservice offering scheduled slots to upgrade legacy ATG systems (ATG 1000, 2000, 4000, 5000) to AVANCE as part of a dedicated space upgrade program.

The Gogo Galileo HDX terminal, manufactured by Hughes, is designed to fit on any size business aircraft. Gogo reported over 200 Year to Date shipments of the HDX antenna as of November 4, 2025.

The Gogo ATG AOL (Aircraft Online) grew to 4,890 as of September 30, 2025, a 12% increase year-over-year.

Gogo Inc. (GOGO) - Canvas Business Model: Key Activities

You're looking at the core engine of Gogo Inc.'s strategy as of late 2025, which is heavily focused on deploying next-generation connectivity across its installed base and expanding its global reach. These key activities are where the capital and engineering focus are clearly directed.

Deploying the new high-speed 5G Air-to-Ground (ATG) network

Gogo Inc. is pushing hard to bring its 5G ATG network online, expecting full service activation before the end of 2025, which will trigger client activation and revenue generation in the first quarter of 2026. Terrestrial tests showed the 5G chip exceeding anticipated speeds, delivering peak speeds of up to 80 Mbps. The ground network features 170 towers capable of these peak speeds across the Continental U.S. region. To prepare for this launch, Gogo has pre-provisioned more than 400 aircraft daily with the necessary MB13 antenna and Avance LX5 router hardware.

The transition away from legacy systems is a critical related activity:

• FAA Supplemental Type Certification (STC) was received for the Gogo C1 line replaceable unit (LRU) across 42 aircraft models.
• This C1 certification covers 70% of North American Gogo legacy air-to-ground customers.
• Operators committing to the C1 installation before December 31, 2025, are eligible for a $35,000 installation incentive.

Developing and launching Gogo Galileo (HDX/FDX) LEO satellite antennas

The multi-orbit strategy is in full swing, leveraging the Eutelsat OneWeb LEO constellation. The development costs for both the HDX and FDX terminals are expected to total less than $50 million, with approximately $11 million of that expected in 2025, following the $34 million incurred from 2022 through the first nine months of 2025. The FDX terminal is the speed leader, supporting up to 195 Mbps download and 32 Mbps upload speeds.

Here's a snapshot of the LEO terminal progress as of late 2025:

Managing and maintaining the proprietary ATG and multi-orbit network infrastructure

The financial commitment to these infrastructure builds is significant. For the full year 2025, Gogo Inc. updated its gross capital expenditures guidance to $90 million, which includes $75 million allocated to strategic investments for the Gogo 5G, Gogo Galileo, and LTE network build. Net capital expenditures for 2025 are consistent with prior guidance at $40 million, assuming $30 million in reimbursement from the FCC Reimbursement Program. The company's Q3 2025 Adjusted EBITDA was $56.2 million, representing a 25% margin.

Integrating Satcom Direct's global operations and customer base

The integration of Satcom Direct is a key activity for expanding global reach, especially in the military/government vertical, which retains the SD Government brand. In the third quarter of 2025, the reported Adjusted EBITDA of $56.2 million specifically excludes $2.9 million in acquisition and integration-related costs tied to the Satcom Direct acquisition. The combined entity is focused on leveraging Satcom Direct's global footprint to offer a unified, multi-orbit solution.

Securing Supplemental Type Certificates (STCs) for new aircraft types

Securing STCs is the direct activity that unlocks the addressable market for the new LEO hardware. Gogo Galileo HDX has dealer contracts for 25 STCs covering a total addressable market of more than 18,000 aircraft globally, with these expected to be completed in 2025. For the 5G network, 28 STCs were already completed, with 5 more anticipated to be confirmed by the end of Q4 2025. The growing STC portfolio for Galileo is enabling access for over 9,000 jets in the global fleet.

Key STC milestones include:

• FAA STC approval for Galileo HDX on the Falcon 2000 family.
• First FAA STC for Galileo FDX on Boeing BBJ737-series aircraft (BBJ1, BBJ2, and BBJ MAX).
• EASA STC approval for the Plane Simple Ka-band tail-mount antenna on Dassault's 7X and 8X.

Finance: draft 13-week cash view by Friday.

Gogo Inc. (GOGO) - Canvas Business Model: Key Resources

You're looking at the core assets Gogo Inc. (GOGO) relies on to run its business as of late 2025. These aren't just ideas; these are the tangible and intangible things that make their value proposition possible. Honestly, the balance sheet and the network footprint tell a big part of the story here.

Network Infrastructure and Technology Platform

The physical network is definitely a massive resource. Gogo Inc. is heavily invested in its proprietary Air-to-Ground (ATG) infrastructure across North America. You should note that they are actively deploying their next-generation network.

• New 5G ATG network features 170 towers capable of peak speeds up to 80Mbps.
• The legacy Gogo Biz Network is being upgraded to LTE technology, comprising 256 towers.
• Gogo Inc. is the only provider offering a multi-orbit, multi-band in-flight connectivity platform, incorporating ATG with high-speed satellite networks.
• The platform supports connectivity via GEO and LEO satellites, with the Gogo Galileo HDX terminal operating on Eutelsat OneWeb's low-earth-orbit satellite constellation.

The AVANCE platform is the software and hardware backbone, designed to be network-agnostic, meaning it can handle different connectivity sources. This architecture is key to their multi-orbit strategy.

Here's a quick look at the operational scale of the AVANCE platform as of September 30, 2025:

Intellectual Property and Financial Strength

Don't overlook the intangible assets, especially the intellectual property. Gogo Inc. has developed its own technology, though it has faced legal challenges. A federal jury in Delaware found that Gogo infringed on patents held by SmartSky Networks in launching its new 5G ATG system, awarding $22.7 million in damages on November 21, 2025. Gogo is appealing this verdict.

Still, Gogo Inc. holds its own intellectual property. Counterclaims accused SmartSky of infringing on three Gogo patents, including one concerning cell selection with load-balancing ('600 patent) and others related to data delivery ('262 patent) and bandwidth distribution ('135 patent). Furthermore, SmartSky intends to seek a running royalty on two Gogo patents that do not expire until 2033 and 2035.

On the financial side, liquidity is a core resource. As of September 30, 2025, Gogo Inc. reported:

• Cash and cash equivalents of $133.6 million.
• This represented an increase from $102.1 million as of June 30, 2025.
• Net cash provided by operating activities for Q3 2025 was $46.8 million.
• Free Cash Flow for Q3 2025 was $30.6 million.

Finance: draft 13-week cash view by Friday.

Gogo Inc. (GOGO) - Canvas Business Model: Value Propositions

You're looking at the core reasons customers choose Gogo Inc. over the competition as of late 2025. It's about delivering performance where it matters most: high above the ground.

Multi-orbit, multi-band connectivity for global, consistent coverage

Gogo Inc. offers a unique combination of technologies to ensure connectivity spans the globe. This approach moves beyond a single network dependency, which is key for global operations.

The value proposition centers on providing multi-orbit, multi-band solutions from a single provider, aiming for network redundancy and complete global coverage. Gogo Inc. currently provides services on approximately 9,600 aircraft, which is more than 20% of the global commercial and business jet aircraft fleet.

This installed base breaks down into:

• Installed on more than 2,500 commercial aircraft with 14 commercial airline partnerships.
• Nearly 7,000 business aircraft flying with Gogo Inc. solutions.

High-speed, low-latency service via new 5G and LEO (Galileo) networks

The push for next-generation speed is evident in the dual deployment of 5G Air-to-Ground (ATG) and Low Earth Orbit (LEO) satellite services. Gogo Inc. is on track for the year-end 2025 network launch of its new high-speed 5G ATG network. The 5G ATG network infrastructure includes 170 towers, designed to deliver peak speeds up to 80 Mbps. More than 300 private aircraft are already pre-provisioned to connect with this 5G network.

For global reach, the Gogo Galileo LEO offering is expanding rapidly. Year-to-date shipments of the Gogo Galileo HDX antenna exceeded 200 as of the third quarter of 2025. More than 150 Gogo Galileo HDX antennas have shipped in total. The FDX terminal, part of this LEO solution, is capable of delivering up to 195 Mbps download and 32 Mbps upload speeds. The growing Supplemental Type Certificate (STC) portfolio for this technology is designed to enable access for more than 9,000 jets in the global fleet.

Purpose-built solutions for business and military aviation markets

Gogo Inc. focuses its value on the business and military/government mobility aviation markets, which require enterprise-grade performance and security. The 5G enterprise-grade system is designed not to share its network with other sectors, ensuring uninterrupted connectivity.

Here's a look at the financial scale supporting these specialized markets in 2025:

Simplified installation and upgrade path with the AVANCE platform

The AVANCE platform is the standard for modernizing the fleet, offering a clear path away from legacy systems. Total AVANCE aircraft online (AOL) reached 4,716 as of March 31, 2025, representing an increase of 15% compared to Q1 2024. AVANCE units made up approximately 68% of total ATG AOL at that time. In the third quarter of 2025, AVANCE units sold totaled 208.

The upgrade imperative is driven by the mandatory transition away from classic ATG systems before the May 2026 cutover. Over 3,000 aircraft are slated for AVANCE upgrades. For customers making the transition, Gogo Inc. is offering a $35,000 rebate on its C1 LRU replacement unit if they commit before Dec. 31, 2025. The C-1 units sold in Q3 2025 totaled 229, serving as a bridge solution.

Dedicated 24/7/365 in-person customer support team

Customers benefit from round-the-clock, year-round assistance. The value proposition explicitly includes a dedicated 24/7/365 in-person customer support team. This level of commitment is a core part of the service offering for both business and military/government operators. Finance: draft 13-week cash view by Friday.

Gogo Inc. (GOGO) - Canvas Business Model: Customer Relationships

You're looking at how Gogo Inc. manages the relationships that keep the revenue flowing, especially now that the Satcom Direct integration is maturing. This is where the long-term value is locked in, moving beyond just selling hardware.

Long-term, recurring service contracts for high-margin revenue are the backbone here. For the three months ended September 30, 2025, Service Revenue hit $190.0 million, marking a substantial 132% increase year-over-year. This recurring stream is key to the business's stability. To give you a sense of the per-unit value, the Average Monthly Connectivity Service Revenue per ATG aircraft online (ARPU) for that same third quarter was $3,407. This focus on service revenue over equipment sales is a clear strategic relationship driver.

The fleet size directly impacts this relationship structure. As of September 30, 2025, the total AVANCE ATG aircraft online (AOL) grew to 4,890. Within that, AVANCE units, which represent the modern service base, comprised approximately 75% of the total ATG AOL. For the satellite side, the Broadband GEO AOL, which excludes military/government customers, stood at 1,343 aircraft as of the same date.

Direct engagement with military/government mobility customers is managed through the SD Government (SDG) division. SDG recently secured a five-year federal contract, initially valued at USD$3 million, to provide multi-band, multi-orbit airborne global satellite communications to a US government agency, announced on October 27, 2025. This sole-source agreement consolidates that agency's aero communications across its fleet under one contract. SDG backs this up with a commitment to 24/7/365 expert customer support.

For the broader customer base, Gogo Inc. supports fleet management through digital tools. You can see evidence of these self-service capabilities in the various portals available to customers and partners:

• DASH
• SDPro
• Gogo eBill
• SmartShield
• Satcom Service Activation

The company also provides a self-service toolkit and data insights as part of its offering.

The relationship with the installation and maintenance ecosystem relies heavily on channel partners. While I don't have a specific dollar amount tied to dealer-driven installation revenue, the structure is supported by a dedicated Dealer Portal (SD). This suggests a formalized, high-touch channel relationship for getting equipment installed and serviced locally.

Here's a quick look at the revenue composition that these relationships drive for the latest reported quarter:

Finance: review the Q4 2025 ARPU forecast against the Q3 actual of $3,407 by next Tuesday.

Gogo Inc. (GOGO) - Canvas Business Model: Channels

You're looking at how Gogo Inc. gets its connectivity solutions-hardware and service-into the hands of business jet owners and operators as of late 2025. It's a multi-pronged approach that blends direct engagement with a vast partner ecosystem.

Direct sales force targeting business jet owners and operators

Gogo Inc. maintains direct sales engagement, though the search results highlight a historical focus on airline companies; for business aviation, the channel success is reflected in the total installed base. As of September 30, 2025, the total AVANCE Air-to-Ground (ATG) aircraft online (AOL) stood at 6,529 units. This direct sales effort is crucial for pushing new technology adoption, like the Gogo Galileo LEO systems.

Global network of authorized dealers and service centers

This network is key for installations and support. As of October 13, 2025, Gogo's dealer network has expanded to 148 locations globally. This network is actively involved in deploying the latest technology; for instance, StandardAero, a Gogo Galileo dealer, completed STC approvals for both HDX and FDX terminals on the Bombardier Challenger 600-series.

Here's a snapshot of the distribution and installation footprint:

Aircraft Original Equipment Manufacturers (OEMs) for line-fit installations

OEM partnerships ensure Gogo's systems are installed right at the factory, which is a powerful channel for future growth. Gogo embeds team members at major OEM facilities, including Gulfstream in Savannah, Georgia; Dassault in Little Rock, Arkansas; Embraer in Melbourne, Florida; and Bombardier in Montreal. The FDX antenna is specifically positioned as a LEO line-fit option on all new Bombardier Challenger and Global business aircraft types. The strength of this channel is visible in the growth of GEO products and airline aircraft online, which saw an increase of 177 units from Q2 2024 to Q2 2025, reaching 1,321 connected aircraft, demonstrating the power of factory installations.

Satcom Direct's established global sales and service network

The acquisition of Satcom Direct in December 2024 significantly augmented Gogo's channel reach, especially in the high-end and international markets. Satcom Direct contributed $121.8 million in revenue during the third quarter of 2025. Following this integration, Gogo serves roughly 70% of the aircraft utilizing Viasat's Jet ConneX (JX) Ka-band network. This network brings established relationships and a different set of hardware/software solutions under the Gogo umbrella.

Online and in-app platforms for service management and billing

You use digital platforms to manage the recurring revenue stream, which is the backbone of the business. For instance, the Service Revenue for the third quarter of 2025 hit $190.0 million. While specific platform usage numbers aren't public, the existence of portals like Gogo eBill and SDPro indicates digital self-service for billing and management is a core channel component for ongoing customer interaction.

You'll want to track the integration of Satcom Direct's customer base, as that network is substantial.

• Gogo Galileo HDX antenna shipments have exceeded 200 year-to-date as of November 4, 2025.
• The company is on track for a year-end 2025 network launch for its new high-speed 5G Air-to-Ground (ATG) network.
• The Average Monthly Connectivity Service Revenue per ATG aircraft online (ARPU) for Q3 2025 was $3,407.

Finance: draft 13-week cash view by Friday.

Gogo Inc. (GOGO) - Canvas Business Model: Customer Segments

You're looking at the core groups Gogo Inc. (GOGO) serves as of late 2025, which is heavily shaped by the integration of Satcom Direct. This isn't just about one network anymore; it's about a multi-orbit, multi-band approach targeting distinct aviation needs.

The foundation remains Business Aviation (BA) operators, covering the spectrum from small to medium and heavy jets. This segment is deeply engaged with Gogo's core Air-to-Ground (ATG) network, though the focus is clearly shifting towards advanced connectivity. As of the end of Q2 2025, the total North American ATG aircraft online (AOL) stood at 6,730. Within that total, the modern Advanced AOL fleet grew to comprise more than 71% of the total ATG fleet by Q2 2025.

The expansion into global coverage is a direct result of the Satcom Direct acquisition, which closed in December 2024. This move specifically accelerates growth strategies to include the approximately 14,000 business aircraft outside of North America. This directly addresses Global fleet operators, such as VistaJet, which announced plans to deploy Gogo Galileo across its entire global fleet. The product roadmap reflects this segmentation:

• HDX is targeted at the 12,000 midsized and smaller aircraft flying outside North America.
• FDX terminal is designed for the 9,700 larger business aircraft operators, including VVIP clients.

The Military and government mobility aviation markets represent a key diversification area, leveraging the combined portfolio. Gogo now offers technology purpose-built for this sector, incorporating ATG with high-speed satellite networks for global coverage. One recent win highlights this focus: Gogo announced its first multi-orbit, multi-band contract in its Military/Government customer base with a US Federal agency. Furthermore, SD Government, a Gogo Company, secured a five-year federal contract initially valued at USD$3 million to supply communications for a US agency.

The financial impact of the International business jets expansion, driven by Satcom Direct, is evident in the revenue breakdown. Satcom Direct contributed significant revenue to the combined entity, reporting $122.8 million in revenue during Q2 2025 and $121.8 million in Q3 2025. This shows the substantial scale of the satellite-focused customer base now integrated with Gogo's ATG services.

Here's a quick look at the scale of the connected fleet as of mid-2025, showing the mix between the legacy North American focus and the newly expanded global/satellite base:

Overall, you see a market where the total ATG AOL is under pressure, declining about 4% year-over-year as of Q2 2025, but the high-margin Advanced segment is growing by nearly 14% year-over-year. The strategy is clearly to convert this base and aggressively pursue the vast, unpenetrated global and government segments.

Gogo Inc. (GOGO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Gogo Inc.'s operations as of late 2025, which is heavily weighted toward building out the next generation of connectivity. The company's cost structure reflects a major transition phase, balancing ongoing network upkeep with significant investment in future platforms like 5G and Galileo.

Capital Expenditures for Network Build-Out

Gogo Inc. has been making substantial capital outlays to deploy its 5G Air-to-Ground (ATG) network and integrate the Gogo Galileo satellite solution. The guidance for capital expenditures (CapEx) shows a significant commitment to these strategic assets.

• Total projected 2025 Capital Expenditures were guided around $60 million in Q1, with strategic initiatives accounting for a large portion.
• Gross capital expenditures were updated to $90 million in Q2 2025, with $75 million specifically for strategic investments in Gogo 5G, Gogo Galileo, and the LTE network build, up from prior guidance of $45 million for strategic investments.
• The net capital expenditures for 2025 were reiterated at $40 million, consistent with prior guidance, assuming $30 million in reimbursement from the FCC Reimbursement Program as of Q3 2025 guidance.

Strategic Investment Spending and Operating Expenses

Beyond the physical asset investment (CapEx), there are direct operating costs associated with these strategic initiatives. The company has refined its expectations for these ongoing development expenses.

Gogo Inc. has a stated strategic investment spending target for 2025 of approximately $40 million, net of any FCC reimbursement, as noted in the Q3 2025 updates, which was a reduction from prior expectations of $60 million. Also, the operating expenses dedicated to these forward-looking projects are a key cost component.

The operating expenses for strategic initiatives, specifically for 5G and Galileo, were reiterated in the Q3 2025 guidance to be approximately $15 million for the full year 2025, a reduction from the prior estimate of $20 million.

Here's a quick look at how the strategic operating expenses have been adjusted:

Network Infrastructure Maintenance and Satellite Capacity Costs

The existing Air-to-Ground (ATG) network requires ongoing upkeep, which is a relatively fixed cost base compared to the growth investments. The cost to run the established ATG network is largely fixed.

• Annual maintenance CapEx requirements for the existing ATG network are estimated to be between $15 million and $20 million per year.
• The cost to run the ATG network is largely fixed and requires just $20 million in annual maintenance CapEx, which is less than 5 percent of the projected 2025 revenue.
• For the Gogo Galileo service, Gogo Inc. is using Eutelsat OneWeb's infrastructure, meaning it avoids the massive capital outlay for building a Low Earth Orbit (LEO) satellite network itself.

Cost of Equipment Sold

Equipment sales, which include hardware like the AVANCE systems and new terminals, are a component of the cost structure, often managed to support the higher-margin service revenue stream.

While specific Cost of Goods Sold (COGS) for equipment isn't explicitly detailed as a ratio, the strategy appears geared toward driving service adoption, which carries a much higher margin.

For context on the scale of equipment revenue:

• Equipment revenue in Q3 2025 was $33.6 million.
• Equipment revenue in Q2 2025 was $32.1 million.
• Equipment revenue in Q1 2025 was $31.7 million.

The company's ATG gross margin for providing connectivity exceeds 80 percent, indicating that equipment sales are likely priced to cover costs and facilitate the recurring service relationship, which is the primary profit driver.

Gogo Inc. (GOGO) - Canvas Business Model: Revenue Streams

You're looking at the core ways Gogo Inc. brings in cash as of late 2025. It's a mix of recurring fees and one-time sales, which is typical for hardware-enabled services, but the balance is shifting.

The most important stream is the Recurring Service Revenue from connectivity subscriptions. This is the high-margin engine for Gogo Inc. To give you a concrete idea of that margin strength, the combined service margin in Q3 2025 was approximately 52%. This recurring revenue base is what investors watch closely.

The company reiterated its full-year 2025 financial outlook, which suggests confidence in hitting the top end of its projections. For the full year 2025, Gogo Inc. expects Total Revenue guidance at the high end of $870 million to $910 million. Furthermore, they are guiding for Adjusted EBITDA guidance for 2025 at the high end of $200 million to $220 million.

Let's look at the most recent quarterly snapshot, Q3 2025, to see the split. Service revenue was a strong $190.0 million, marking a substantial 132% increase year-over-year. This contrasts with the Equipment Revenue from sales of AVANCE, HDX, and FDX hardware, which came in at $33.6 million for the same quarter, an 80% increase year-over-year.

Here's a quick look at how the Q3 2025 revenue broke down:

The Adjusted EBITDA for Q3 2025 was $56.2 million, which translated to an Adjusted EBITDA margin of 25% for the quarter. This quarter also saw record equipment shipments, with 437 ATG equipment units sold in Q3.

You can see the key drivers of the service revenue stream through the hardware adoption, too. For instance, year-to-date HDX equipment shipments exceeded 200 as of early November 2025. The revenue streams are clearly supported by new product momentum, with the 5G network launch confirmed for year-end 2025.

The composition of revenue streams is summarized by these key figures:

• Q3 2025 Service Revenue: $190.0 million
• Q3 2025 Equipment Revenue: $33.6 million
• Full-Year 2025 Total Revenue Guidance High End: $910 million
• Full-Year 2025 Adjusted EBITDA Guidance High End: $220 million
• Q3 2025 Adjusted EBITDA Margin: 25%

Finance: draft 13-week cash view by Friday.