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Broadband service provider Gogo’s revenue, driven by strong growth in both service and equipment revenue, grew by 20% from 2021 to a record of US$404.1 million.
The inflight connectivity company reported in its financial results released on February 28 that it saw a 17% increase in revenue for the fourth quarter of 2022. Equipment revenue saw the biggest jump, up by 42% to a total of US$107.7 million.
Strong demand for private jets during the pandemic and a shift in passenger demographics have all played a part in the increasing need for high bandwidth onboard.
“Our equipment revenue surged, which bodes well for future service revenue, as Gogo met extraordinary demand for inflight connectivity and delivered a 50% increase in equipment shipments despite global supply chain constraints in 2022,” said Oakleigh Thorne, Chairman and CEO.
Cash flow increased to US$57.8 million compared to US$49.4 million in 2021. Barry Rowan, Executive Vice President and CFO, is targeting over US$200 million of free cash flow starting from 2025.
Gogo plans to launch its 5G service in Q4 and a new LEO-based (low Earth orbit) Global Broadband product in 2024.
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