Gogo Inc (GOGO) is extending gains today, up about 18% at $5.33. It took a high altitude flight on Tuesday after new milestone achieved by its subsidiary. Price of the stock flew as high as 22.37% to conclude the trading on the day. Gogo Business Aviation carries on raising the bar to higher level for inflight connectivity. Its AVANCE L5 system has now been benefitting more than 1,000 business planes.
It took the company about 3 years to reach the milestone. Gogo started installing the system in 2017. Gogo pioneered the inflight connectivity system by successfully using high-speed broadband in business aviation industry.
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Also, number of AVANCE L3 system installed by the company has reached 450. In this way, installation of AVANCE system reaches nearly 1,500. And that places the company in leading position in inflight connectivity.
President of Gogo Business Aviation Sergio Aguirre appreciated the AVANCE L5 and L3 efforts of his team. Aguirre also shared his excitement about ample opportunities available to the company.
Gogo AVANCE L5 provides 4G network in the aircraft during flight. Irrespective of the size and type of the business aircraft, AVANCE delivers better inflight 4G experience to users. And it is also easily and economically upgradable to Gogo 5G once rolled out. AVANCE L5 has been used in more than 325,000 flights since its inception. During those 211 million miles flights, the system usage remained above 420,000 hours. Data so consumed by the users was 150 million MB.
Over 25 years of collaboration with different segments of business jet industry leaders made us achieved this goal, said Aguirre. He continued saying that strong partnerships helped the company set off the COVID-19 impact. At the time when aviation industry was getting big blows from pandemic, our company still flourished, he added. All that happened because of strong demand of our AVANCE systems.
Gogo as well as its OEM partners have seen AVANCE systems increasingly adopted by the industry. Both systems get go ahead from the aviation authorities in more than 200 supplemental type certificate (STC). Those systems are proven to be successfully compatible with most of the business jets. And those jets include planes from leading business jets manufacturers also.