Gogo Inc. (NASDAQ: GOGO) has reported USD147.5 million in revenue in the second quarter 2016, an increase of 22 percent from USD121.2 million in the second quarter 2015, the company said.
Service revenue increased to USD127.6 million, up 26 percent from USD101.4 million in Q2 2015.
Total revenue increased to USD92.7 million, up 23 percent from USD75.6 million in second quarter 2015. Aircraft online increased to 2,596, up 96 aircraft from March 31, 2016. This segment had approximately 200 net new awarded but not yet installed aircraft as of June 30, 2016.
The company reported a net loss increased to USD40.2 million from USD24.8 million in Q2 2015, driven by a USD15.4 million charge for the extinguishment of debt.
Gogo issued USD525 million of senior secured notes, repaid its existing senior term credit facility and ended second quarter 2016 with cash and cash equivalents of USD508.6 million.
Gogo provides broadband connectivity solutions and wireless entertainment to the aviation industry. Gogo has partnerships with 16 commercial airlines and is now installed on more than 2,800 commercial aircraft.