Gogo has announced financial results for the quarter ended 30 September 2021.
“Demand for business aviation connectivity is surging and we expect it to continue to surge for the next several years,” said Oakleigh Thorne, Chairman and CEO of Gogo. “Our Gogo team is doing a great job exceeding customers’ expectations and turning demand into top and bottom line growth.”
“Our record results for the quarter reflect our strong business model as we drive equipment sales and capture recurring service revenue as that equipment comes on line,” said Barry Rowan, Gogo’s Executive Vice President and CFO. “Our balance sheet also continues to strengthen with our improved operating performance and reduced interest expense.”
For the first time in the Company’s history, Gogo achieved positive net income. Net income from continuing operations increased to US$19.7 million, compared to a net loss from continuing operations of $8.9 million in Q3 2020.
Fuelled by strong growth in both service and equipment revenue, total revenue hit $87.2 million, a 31% increase compared to Q3 2020 and 6% compared to Q2 2021.
Service revenue returned a record $66.2 million, an increase of 24% compared to Q3 2020 and 2% compared to Q2 2021. Equipment revenue totalled $21.0 million, an increase of 59% compared to Q3 2020 and 19% compared to Q2 2021.
Elsewhere, total ATG aircraft online (AOL) reached 6,154, an increase of 10% compared to Q3 2020 and 2% compared to Q2 2021. Total AVANCE units online grew to 2,237, an increase of 46% compared to Q3 2020. AVANCE units comprised more than 36% of total AOL as of 30 September 2021, up from 27% as of 30 September 2020.