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• Total Revenue: $137.8 million, up 41% year over year and 37% sequentially.

• Total Service Revenue: $119 million, up 47% over the prior year and 45% compared to the prior quarter.

• ATG Aircraft Online: 7,059, with 43 incremental units added in Q4.

• Advanced Aircraft Online: 4,608, an increase of 16% year over year.

• Total ATG ARPU: $3,500, a 3% year over year increase.

• Equipment Revenue: $19 million, up 12% year over year and 2% sequentially.

• Service Margins: 64% in the fourth quarter.

• Operating Expenses: $91.3 million, increased 161% year over year.

• Adjusted EBITDA: $34 million, a decrease of 3% compared to Q4 2023.

• Net Loss: $28.2 million compared to a net income of $14.2 million in Q4 2023.

• Free Cash Flow: Negative $39.6 million for the quarter.

• 2025 Revenue Guidance: $870 million to $910 million.

• 2025 Adjusted EBITDA Guidance: $200 million to $220 million.

• 2025 Free Cash Flow Guidance: $60 million to $90 million.

• 2025 Capital Expenditures Guidance: Approximately $60 million.

• Warning! GuruFocus has detected 2 Warning Signs with GOGO.

Release Date: March 14, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Gogo Inc (NASDAQ:GOGO) met or exceeded its 2024 guidance on all financial metrics, excluding transaction expenses.

• The company received PMA for the Galileo HDX Low Earth Orbit antenna, which is expected to drive equipment revenue starting in late Q3 2025 and service revenue in Q1 2026.

• Gogo Inc (NASDAQ:GOGO) achieved record upgrades from its classic to advanced platform in the fourth quarter, which are critical for the success of its LTE program.

• The combination with Satcom Direct is expected to bring significant synergies, with run-rate synergies anticipated to exceed the targeted range of $25 million to $30 million.

• The FCC program funding will strengthen Gogo Inc (NASDAQ:GOGO)'s 2026 free cash flow projections, enabling better incentives for customers to convert to advanced equipment.

Negative Points

• A delay in obtaining PMA approval for the HDX terminal and a slip in Gogo 5G have led to flat revenue and EBITDA guidance for 2025.

• The company expects a $25 million impact on free cash flow due to the Galileo Catalyst marketing program.

• Gogo Inc (NASDAQ:GOGO) reported a net loss of $28.2 million in Q4 2024, compared to a net income of $14.2 million in Q4 2023.

• The company faces competitive pressure from Starlink, although it positions itself as the only viable LEO alternative.

• Gogo Inc (NASDAQ:GOGO) anticipates some pressure on ARPU and units online due to natural attrition and competition.