Gogo (NASDAQ: GOGO), the global provider of broadband connectivity products and services for aviation, has announced its financial results for the quarter ended September 30, 2017, the company said.
Revenue increased to USD 172.9 million, up 17% from Q3 2016. Service revenue increased to USD 153.3 million, up 19% from Q3 2016, due to a 10% increase in commercial aircraft online to 3,169, a 15% increase in ATG business aircraft online to 4,567, and increased customer usage across all segments.
Net loss increased to USD 45.3 million, a 36% increase from Q3 2016, and Adjusted EBITDA(1) decreased to USD 13.0 million, down 15% from Q3 2016. Excluding USD 4.5 million in charges related to write-downs of legacy product lines and the retirement of Gogo test aircraft, net loss increased to USD 40.8 million and Adjusted EBITDA increased to USD 17.5 million.
Capital expenditures increased to USD 68.5 million from USD 43.7 million in Q3 2016. Cash CapEx(1) increased to USD 53.1 million from USD 35.6 million in Q3 2016 due to the planned increase in success-based airborne equipment purchases during this period of heavy 2Ku installations.
Cash, cash equivalents and short-term investments were USD 410.9 million as of September 30, 2017. Gogo issued an additional USD 100.0 million of senior secured notes at 113% of par value on September 25, 2017 raising USD 110.0 million in net proceeds.
Gogo is headquartered in Chicago, IL with additional facilities in Broomfield, CO and locations across the globe. Connect with us at gogoair.com.