This In-flight Internet Provider Is Ready for Take-Off

Only 24% of 41,000 global business aircraft have broadband connectivity. Is this small-cap firm in the right place at the right time?

Key Takeaways

• The business aviation industry is expected to see a “prolonged period of steady growth”, and in-flight connectivity providers could benefit from the boom.

• Gogo is moving beyond its core North American market, scaling globally through the acquisition of Satcom Direct and launch of satellite connectivity services.

• At the end of Q2 2025, Gogo’s long-term debt was $832.5m, an increase of over 42% from a year earlier, resulting in a debt-to-equity ratio of 8.85.

Gogo Inc. [GOGO] is an in-flight internet service provider that caters to business aviation, military and government clients.

In 2024, Gogo acquired a satellite services reseller called Satcom Direct to expand beyond its primary North American market.

Before the deal, most of Gogo’s revenue came from its air-to-ground (ATG) broadband network. With Satcom’s network of geostationary (GEO) satellites, Gogo has transformed into a global connectivity provider, now able to serve clients anywhere in the world.

With the business aviation industry booming and demand for in-flight connectivity rising alongside it, Gogo’s share price has climbed more than 45% in the past year.

Were it not for a sharp 21% drop on August 7 following a disappointing quarterly earnings report, GOGO stock would be trading even higher.

Gogo remains a small-cap company with a market capitalization of under $2bn at the time of writing. Like many small caps, it is seen by bulls as a high-growth opportunity. However, concerns over stock volatility and the integration of Satcom’s business continue to weigh on investor sentiment.

In this analysis, we will uncover all there is to know about Gogo, its history, current business strategy and financial health.