Financial Data and Key Metrics Changes - Gogo's total revenue in Q4 2025 was $231 million, up 3% year-over-year and sequentially [28] - Total service revenue increased by 61% year-over-year to $192 million, with a 1% sequential increase [28] - Adjusted EBITDA for Q4 was $37.8 million, aligning with 2025 guidance [35] - Free cash flow for 2025 was $89.2 million, at the high end of the guidance range of $60 million-$90 million [35] Business Line Data and Key Metrics Changes - Gogo shipped over 300 HDX and FDX antennas in 2025, with expectations to ship nearly 900 Galileo antennas by the end of 2026 [11] - Total ATG aircraft online at the end of Q4 was 6,402, a decline of 9% year-over-year [28] - Total advanced AOL increased by 8% year-over-year, now comprising 77% of the total ATG fleet [28] - Total equipment revenue in Q4 was $39 million, up 104% year-over-year [31] Market Data and Key Metrics Changes - Global business jet flights are 30% higher than pre-COVID levels, with growth from key global fractional operators at around 40% [5] - The military and government aviation revenue grew 34% year-over-year, with international growth at 94% [24] - Gogo's GEO AOL ended 2025 at 1,321, up 6% year-over-year [21] Company Strategy and Development Direction - Gogo aims to transform into a global multi-orbit in-flight connectivity provider, focusing on military and government markets [4] - The company expects combined Galileo and 5G shipments to exceed 1,000 units in 2026, creating a high-margin, recurring service revenue stream [5] - Gogo is expanding its international presence, particularly in Europe and Southeast Asia, to capture underserved markets [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of military and government sectors, highlighting the under-penetrated market for broadband solutions [24] - The company anticipates a significant ramp-up in 5G activations through 2026, with expectations to ship over 500 5G boxes [17] - Management noted that the transition from Classic to advanced systems is progressing, with expectations of zero Classic AOL by year-end 2026 [51] Other Important Information - Gogo's LTE upgrade is largely subsidized by FCC funding, enhancing network capacity and security [18] - The company received $34 million in FCC grant funding in Q4, bringing the total to $93.9 million [34] - Gogo's cash position at the end of Q4 was $125.2 million, with a net leverage ratio of 3.3 times [36] Q&A Session Summary Question: Expectations for growth with NetJets - Management confirmed that NetJets remains a key customer, with ongoing expansion in their European fleet [44] Question: Conversion rates from Classic to new systems - Management expects a decline in Classic systems, with a significant conversion to Gogo C1 and AVANCE systems [51] Question: Growth in military and government sectors - Management indicated that military and government revenue is expected to grow faster than overall company revenue, with significant opportunities in Europe [47][49] Question: Service revenue from new products - Management noted that LEO service revenue is expected to offset declines in legacy products, contributing positively to overall revenue [65] Question: C-130 opportunity and revenue potential - Management highlighted the significant total addressable market for C-130 aircraft, emphasizing low-cost installation as a key advantage [70]

Financial Data and Key Metrics Changes - Gogo's total revenue in Q4 2025 was $231 million, up 3% year-over-year and sequentially [28] - Total service revenue increased 61% year-over-year to $192 million, with a 1% sequential increase [28] - Adjusted EBITDA for Q4 was $37.8 million, aligning with 2025 guidance [35] - Free cash flow for 2025 was $89.2 million, at the high end of the guidance range [35] - Net income for Q4 was negative $10 million, impacted by litigation and equipment write-offs [35] Business Line Data and Key Metrics Changes - Gogo shipped over 300 HDX and FDX antennas in 2025, with expectations to ship nearly 900 Galileo antennas by the end of 2026 [11] - Total ATG aircraft online at the end of Q4 was 6,402, a decline of 9% year-over-year [28] - Advanced AOL increased to 77% of the total ATG fleet, up from 65% a year ago [28] - Total equipment revenue in Q4 was $39 million, up 104% year-over-year [31] Market Data and Key Metrics Changes - Global business jet flights are 30% higher than pre-COVID levels, with fractional operators seeing around 40% growth [5] - Gogo's military and government aviation revenue grew 34% year-over-year, with international growth at 94% [24] - The company expects to see a favorable pipeline mix with a 60/40 split between U.S. and global markets [8] Company Strategy and Development Direction - Gogo aims to transform into a global multi-orbit in-flight connectivity provider, focusing on military and government markets [4] - The company expects combined Galileo and 5G shipments to exceed 1,000 units, creating a high-margin, recurring service revenue stream [5] - Gogo is expanding its international presence, particularly in Europe and Southeast Asia, to capture underserved markets [58] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of military and government sectors, highlighting the under-penetration of broadband in these markets [24] - The company anticipates a significant ramp-up in 5G activations through 2026, with expectations to ship over 500 5G boxes [17] - Management noted that the transition from Classic to advanced systems is expected to be completed by the end of 2026 [51] Other Important Information - Gogo's LTE upgrade is largely subsidized by FCC funding, enhancing network capacity and security [18] - The company received $34 million in FCC grant funding in Q4, bringing the total to $93.9 million [34] - Gogo's total advanced AOL has grown by nearly 1,700 aircraft since the end of 2022 [29] Q&A Session Summary Question: Expectations for growth with NetJets - Management indicated that NetJets remains a key customer, with ongoing expansion in their European fleet and a focus on Gogo's Galileo service [44] Question: Conversion rates for Classic aircraft - Management expects a decline in Classic aircraft, with a significant number transitioning to Gogo C1 and AVANCE systems by year-end [51] Question: International market opportunities - Management highlighted significant backlog and interest from international customers, particularly in Europe and NATO markets [58] Question: Service revenue from new products - Management noted that LEO service revenue is expected to offset declines in legacy products, contributing positively to overall revenue [65] Question: C-130 opportunity and military contracts - Management emphasized the significant total addressable market for C-130 aircraft and the importance of low-cost installation for military customers [70]

Financial Data and Key Metrics Changes - Gogo's total revenue in Q4 2025 was $231 million, up 3% year-over-year and sequentially [25] - Total service revenue increased by 61% year-over-year to $192 million, with a 1% sequential increase [25] - Adjusted EBITDA for Q4 was $37.8 million, aligning with 2025 guidance [32] - Free cash flow in 2025 was $89.2 million, at the high end of the guidance range of $60 million-$90 million [32] Business Line Data and Key Metrics Changes - Gogo shipped over 300 HDX and FDX antennas in 2025, with expectations to ship nearly 900 Galileo antennas by the end of 2026 [10] - Total ATG aircraft online at the end of Q4 was 6,402, a decline of 9% year-over-year [25] - Advanced AOL increased to 77% of the total ATG fleet, up from 65% a year ago [25] - Equipment revenue in Q4 was $39 million, up 104% year-over-year [27] Market Data and Key Metrics Changes - Global business jet flights are 30% higher than pre-COVID levels, with growth from key global fractional operators at around 40% [5] - The military and government aviation revenue grew 34% year-over-year, with international growth at 94% [21] - Gogo's GEO AOL totaled 1,321, up 6% from the prior year [26] Company Strategy and Development Direction - Gogo aims to transform into a global multi-orbit in-flight connectivity provider, focusing on military and government markets [4] - The company expects combined Galileo and 5G shipments to exceed 1,000 units, creating a high-margin recurring service revenue stream [5] - Gogo is expanding its international presence, particularly in Europe and Southeast Asia, to capture underserved markets [56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth of military and government sectors, highlighting the under-penetrated market for broadband solutions [21] - The company anticipates a significant ramp-up in 5G activations through 2026, with expectations of 400 5G aircraft online by the end of the year [15] - Management noted that the transition from Classic to AVANCE and Gogo C1 is expected to resolve by the end of 2026, with zero Classic AOL anticipated [49] Other Important Information - Gogo received $34 million in FCC grant funding in Q4, bringing the total to $93.9 million [31] - The company expects total revenue in 2026 to range from $905 million to $945 million, with 80% tied to service revenue [34] - Gogo's strategic investments in 2026 are expected to be around $30 million, down about 45% from 2025 [35] Q&A Session Summary Question: Expectations for growth with NetJets - Management confirmed that NetJets remains a key customer, with ongoing expansion in their European fleet and a focus on Gogo's Galileo service [41] Question: Conversion rates from Classic to Gogo C1 and AVANCE - Management indicated that the guidance assumes a decline in Classic installations, with expectations of about 1,000 units down by year-end [49] Question: International market perspective and backlog on Galileo - Management highlighted significant opportunities in Europe and other international markets, with a strong backlog from large fleet operators [56] Question: Service revenues from new products in guidance - Management noted that LEO service revenue is expected to offset declines in legacy products, with a ramp-up in service revenue anticipated in the second half of the year [64] Question: C-130 opportunity and revenue potential - Management stated that the total addressable market for C-130 is significant, with a focus on low-cost installation solutions for military customers [70]