Gogo Inc. (GOGO) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the first quarter 2026 Gogo Inc earnings conference call. (Operator Instructions) Please be advised that today's, conference is being recorded.

各位好，感謝您稍候。歡迎參加 Gogo Inc 2026 年第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。

I would now like to hand the conference over to your first speaker today, Jim Golden, with Collected Strategies. Jim, go ahead.

現在我想把會議交給今天的第一位講者，Collected Strategies 的 Jim Golden。Jim，請開始。

Thank you, and good morning, everyone. Welcome to Gogo's first-quarter 2026 earnings conference call. On the call today ito discuss the company's results are Gogo CEO, Chris Moore; and CFO, Zach Cotner.

謝謝，各位早安。歡迎參加 Gogo 2026 年第一季財報電話會議。今天與會並討論公司業績的是 Gogo 執行長 Chris Moore，以及財務長 Zach Cotner。

During the course of this call, Mr. Moore and Mr. Cotner may make forward-looking statements regarding future events and the future performance of the company.

在本次電話會議過程中，Moore 先生與 Cotner 先生可能會就未來事件及公司未來表現發表前瞻性陳述。

Participants are cautioned to consider the risk factors that could cause actual results to differ materially from those in the forward-looking statements on this call. Those risk factors are described in the earnings release filed this morning and in a more fully detailed note under risk factors filed in the company's annual report on 10-K and 10-Q and other documents that the company has filed with the SEC.

提醒與會者留意可能導致實際結果與本次電話會議中的前瞻性陳述存在重大差異的風險因素。這些風險因素已載於今早提交的財報新聞稿，以及公司向美國證券交易委員會（SEC）提交之 10-K 年報與 10-Q 季報及其他文件中「風險因素」章節的更詳細說明。

In addition, please note that the date of this conference call is May 7, 2026. Any forward-looking statements made today are based on assumptions as of this date, and the company undertakes no obligation to update these statements as a result of more information or future events.

此外，請注意本次電話會議日期為 2026 年 5 月 7 日。今日所作任何前瞻性陳述均基於截至本日的假設；公司不承擔因取得更多資訊或未來事件而更新該等陳述之義務。

During this call, Mr. Moore and Mr. Cotner will present both GAAP and non-GAAP financial measures. A reconciliation and explanation of adjustments and other considerations of the company's non-GAAP measures to the most comparable GAAP measures is available in the Gogo's first quarter earnings release.

在本次電話會議中，Moore 先生與 Cotner 先生將同時呈報 GAAP 與非 GAAP 財務衡量指標。公司非 GAAP 指標與最可比 GAAP 指標之調整項目對帳、說明及其他考量，已載於 Gogo 第一季財報新聞稿中。

The call is being webcast and available at ir.gogoair.com. The earnings release is also available on the website. After management comments, Mr. Moore and Mr. Cotner will host a Q&A session with the financial community only.

本次電話會議將以網路直播方式進行，並可於 ir.gogoair.com 收看。財報新聞稿亦可於該網站取得。管理層發言後，Moore 先生與 Cotner 先生將僅與金融界人士進行問答環節。

I'll now turn the call over to Mr. Moore.

現在把電話交給 Moore 先生。

Thank you, and good morning. The defining theme of the first quarter has been the deliberate transition of our legacy-based services in air-to-ground and global satellite services into our next-generation technology portfolio. Consistent with prior earnings calls, I will focus on the continued demonstrable progress made across the compelling new product portfolio.

謝謝，各位早安。第一季的核心主題，是我們有計畫地將既有的空對地（ATG）與全球衛星服務，轉型至下一代技術產品組合。延續先前的財報電話會議，我將聚焦於我們在具吸引力的新產品組合上所取得、可明確驗證的持續進展。

These include Gogo Galileo with two models, HDX and FDX, both of which are providing game-changing increases in capacity, functionality, speed, and global consistency, as well as our 5G rollout on our existing GEO offerings. We're making steady progress on shipments, installations, and early activations across both 5G and Gogo Galileo.

這些產品包括具備兩種機型的 Gogo Galileo：HDX 與 FDX，兩者皆帶來容量、功能、速度與全球一致性的顛覆性提升；以及我們在既有 GEO 產品上的 5G 部署。我們在 5G 與 Gogo Galileo 兩方面的出貨、安裝與早期啟用均持續穩健推進。

I will also highlight our recent fleet wins. And long-term growth prospects from our military and government customer base. We believe these next-generation products are not only enhancing the value we deliver to existing customers but also expanding our addressable market and creating a reoccurring revenue stream. That sets the stage for free cash flow growth and long-term strategic value in the future.

我也將重點說明我們近期的機隊得標，以及來自軍方與政府客戶基礎的長期成長前景。我們相信，這些下一代產品不僅提升我們對既有客戶所提供的價值，也擴大了可服務市場並創造經常性收入來源，為未來自由現金流成長與長期策略價值奠定基礎。

Let's start by reviewing Gogo Galileo, our global low earth orbit, or LEO service, in which we have two products, HDX and FDX, and where we continue to see encouraging progress.

首先回顧 Gogo Galileo——我們的全球低地球軌道（LEO）服務。我們提供 HDX 與 FDX 兩項產品，並持續看到令人鼓舞的進展。

HDX serves as our entry-point LEO solution, purpose-built for smaller aircraft, while FDX extends that capability to mid and large-cabin aircraft with higher-performance connectivity, and together they position Galileo as a scalable, full-fleet solution spanning the breadth of our customer base globally.

HDX 是我們的入門級 LEO 解決方案，專為較小型飛機打造；FDX 則將能力延伸至中型與大型客艙飛機，提供更高效能的連線體驗。兩者共同使 Galileo 成為可擴展的全機隊解決方案，涵蓋我們全球客戶群的廣泛需求。

Our Q1 shipments were largely in line with what we projected. We shipped 92 units in the quarter, including 82 HDX and 10 FDX. This brings our total number of LEO terminals shipped to 410 units since launch and across 35 commercial supplemental type certificates, or STCs. Our 35 STCs cover a total addressable market of approximately 7,000 aircraft. We have 14 additional STCs underway to be completed in the next few quarters, addressing another 1,500 aircraft for a total of 8,500 aircraft.

第一季出貨量大致符合我們的預期。本季共出貨 92 台，其中 HDX 82 台、FDX 10 台。自上市以來，我們累計已出貨 410 台 LEO 終端設備，並取得 35 份商用補充型式合格證（STC）。這 35 份 STC 覆蓋的可服務市場約為 7,000 架飛機。我們另有 14 份 STC 正在進行中，預計未來幾季完成，將再涵蓋約 1,500 架飛機，使總計達到 8,500 架。

Building on this progress, I want to highlight some significant fleet wins for our Gogo Galileo offering. VistaJet is rolling out Gogo Galileo across its fleet with approximately 100 aircraft currently in scope as part of the broader plan to equip more than 270 aircraft globally.

在此進展基礎上，我想強調我們 Gogo Galileo 方案取得的幾項重要機隊得標。VistaJet 正在其機隊中部署 Gogo Galileo，目前範圍約 100 架飛機，並納入更廣泛的計畫，目標是在全球為超過 270 架飛機完成裝設。

Installation began in Europe and are now expanding into the US with a steady cadence of roughly 1 aircraft every 9 days, supported by continued STC progress. Wheels Up, another significant fleet win, is also rolling out Galileo across its 80-plus aircraft in coordination with its fleet modernization strategy.

安裝已在歐洲開始，現正擴展至美國，並在持續的 STC 進展支持下，以約每 9 天 1 架的穩定節奏推進。另一項重要機隊得標 Wheels Up 也正配合其機隊現代化策略，在其 80 多架飛機上部署 Galileo。

Finally, we plan to have fully rolled out the committed aircraft with NetJest Europe in the first half of 2026, which currently make up half of our Galileo units online, and have also started installations with NetJest North America.

最後，我們計畫在 2026 年上半年完成對 NetJets Europe 承諾機隊的全面部署；目前其占我們已上線 Galileo 單位的一半。同時，我們也已開始為 NetJets North America 進行安裝。

We remain confident with our Galileo projections, given the strong pipeline which is demonstrated with the rollout. Major fleet operators. We expect a great ramp of shipments as important installations at multiple OEMs are expected to start in the second-half of the year, with Galileo becoming a line fit option.

鑑於強勁的案源管線，並可從主要機隊營運商的部署進度中得到印證，我們對 Galileo 的預測仍具信心。我們預期出貨將大幅加速，因為多家 OEM 的重要安裝預計將於下半年啟動，且 Galileo 將成為生產線裝配（line fit）選項。

Turning to our air-to-ground or ATG network, we're seeing significant momentum with our 5G rollout. Even though customers have been waiting a long time for 5G, we're seeing strong enthusiasm for the service. We sold an all-time record of 511 air-to-ground units this quarter, of which 52 were 5G, and we anticipate a very robust rollout throughout the rest of the year, with units online ramping in late Q3 and Q4.

轉向我們的空對地（ATG）網路，5G 部署正展現顯著動能。儘管客戶已等待 5G 很長一段時間，我們仍看到對該服務的高度熱情。本季我們售出創歷史新高的 511 台空對地設備，其中 52 台為 5G；我們預期今年其餘時間將有非常強勁的部署，並在第三季末與第四季帶動上線台數加速成長。

We have a very robust total pipeline of over 500 units. In terms of our legacy products, we reported record C1 conversions of 254 in the first quarter. This momentum reflects a growing wave of customers upgrading to C1 to ensure a seamless transition from our EBITDA network to our LTE network. Additionally, I'm also happy to announce that we've secured an extension from the SEC regarding our classic product migration, with the program completion deadline now extended to November 8, 2026.

我們的整體案源管線非常強勁，超過 500 台。就既有產品而言，我們第一季回報創紀錄的 C1 轉換量 254 台。此動能反映出越來越多客戶升級至 C1，以確保能從我們的 EVDO 網路順利過渡到 LTE 網路。此外，我也很高興宣布，我們已獲得 SEC 就經典產品遷移計畫的期限展延，計畫完成截止日現延至 2026 年 11 月 8 日。

Under the FCC reimbursement program, we've also allocated our full approved amount of approximately $334 million to cover the cost of removing and replacing covered foreign equipment across the US network and ATG aircraft. We believe this gives us the necessary flexibility to transition our customers from our classic service to our C1 in advanced products. Giving them the room they need to operate seamlessly between the old service and the new and adding robustness to our overall 5G and LTE rollout.

在 FCC 補償計畫下，我們也已分配全數核准金額約 3.34 億美元，用於支付在美國網路與 ATG 飛機上移除並替換受涵蓋外國設備的成本。我們相信，這使我們具備必要的彈性，將客戶從經典服務轉移至 C1 與先進產品，讓客戶在舊服務與新服務之間能無縫運作，並提升整體 5G 與 LTE 部署的韌性。

We're also seeing strong support from our MRO and OEM partners in the network transition, including Duncan, who is outfitting their demonstration aircraft with 5G, as well as Textron, who is updating all of their STCs in the quarter. We are getting more customers exposed to our exciting new 5G network, which will continue to improve, especially with the new LTE network, which we expect to be fully operational by the end of 2026.

我們也在網路轉換方面獲得 MRO 與 OEM 夥伴的強力支持，包括 Duncan 正為其示範機裝設 5G，以及 Textron 在本季更新其所有 STC。我們正讓更多客戶接觸到令人振奮的新 5G 網路；該網路將持續改善，尤其是隨著新 LTE 網路的導入，我們預期其將於 2026 年底前全面投入運作。

Finally, let's now turn our attention to our geostationary Earth Orbit or GEO business. GEO units online declined by 15 in the quarter, a moderate reduction from the net reduction of 22 we saw in Q4, reflecting continued resilience in our install base and demonstrating the strength of our OEM partnerships. Looking across the balance of the year, we do expect some attrition in our GEO fleet, driven by broader market evolution towards next-generation LEO and hybrid satellite solutions.

最後，把焦點轉向我們的地球同步軌道（GEO）業務。本季上線的 GEO 單位減少 15 台，較第四季減少 22 台的淨減幅度有所收斂，反映我們裝機基礎的持續韌性，也展現 OEM 夥伴關係的強度。展望今年其餘時間，我們確實預期 GEO 機隊將出現一定流失，主因是市場整體正朝向下一代 LEO 與混合式衛星解決方案演進。

And we are closely monitoring ARPU dynamics within our customer base. We continue to view GEO as a strategically valuable component of our network offering, particularly for customers whose mission profiles benefit from the global coverage and redundancy where LEO has regulatory restrictions and proven reliability and accessibility of Geostationary networks.

我們也正密切監控客戶基礎中的 ARPU 變化。我們仍將 GEO 視為網路方案中具策略價值的組成，特別是對於任務型態可受益於全球覆蓋與備援的客戶而言；在 LEO 受法規限制的情況下，地球同步軌道網路已證實具備可靠性與可近性。

As recently announced, our Plain Simple Ku-band platform continued to gain traction in the first quarter across both commercial and military end markets, AirX selected our Plain Simple Ku band solution to upgrade its Challenger 850 fleet.

如近期所宣布，我們的 Plain Simple Ku 頻段平台在第一季於商用與軍用終端市場持續獲得採用。AirX 選擇我們的 Plain Simple Ku 頻段解決方案，以升級其 Challenger 850 機隊。

The selection was driven by the simplicity of installation and our ability to provide a fully integrated end-to-end connectivity solution for a high utilization global fleet. We were also pleased to receive US Air Force Mobility Command approval to offer our Plain Simple Ku band tail mount--on the C-130 platform, opening access to a fleet of more than 1,000 aircraft and representing a meaningful new avenue of growth for our GEO franchise within the military and government vertical.

此一選擇主要基於安裝的簡易性，以及我們能為高使用率的全球機隊提供完整整合的端到端連線解決方案。我們也很高興獲得美國空軍機動司令部（Air Force Mobility Command）核准，得以在 C-130 平台上提供我們的 Plain Simple Ku 頻段尾部安裝方案（tail mount），從而開啟對超過 1,000 架飛機機隊的接觸機會，並為我們在軍方與政府垂直領域的 GEO 事業帶來一條具意義的新成長途徑。

I now want to spend some time on our important military and government end market in which we see significant expansion and growth for Gogo. Military and government service revenue increased by 7% sequentially compared to the fourth quarter of 2025, marked the second consecutive quarter of growth. Geopolitical uncertainty and a focus on sovereign communication requirements are creating a sustained need for secure, reliable connectivity and our network military and government offerings have proven to be well positioned to meet that demand in an unpenetrated market. As a result, we are seeing a distinct rise in communication spending that extends well beyond the United States and NATO as global governments actively invest to modernize their secure and airborne networks.

我現在想花一些時間談談我們重要的軍事與政府終端市場；在該市場中，我們看到 Gogo 有顯著的擴張與成長。軍事與政府服務營收較 2025 年第四季按季成長 7%，並且是連續第二季成長。地緣政治不確定性以及對主權通訊需求的重視，正在形成對安全、可靠連線的持續需求；而我們的軍事與政府網路產品與服務已證明在一個尚未被滲透的市場中具備良好定位以滿足該需求。因此，我們看到通訊支出明顯上升，且其範圍遠超美國與北約，因為全球各國政府正積極投資以現代化其安全與空中網路。

During the quarter, we secured several contracts, the first being with the National Oceanic and Atmospheric Administration, or NOAA, totaling more than $8 million over a 5-year period. This represents a meaningful addition to our long-term backlog and a strong endorsement of our network-neutral platform's reliability for mission-critical applications. We also secured business with a US civil government customer worth over $3 million for Galileo and 5G on their small to midsized airframes.

本季期間，我們取得了數項合約，第一項是與美國國家海洋暨大氣總署（National Oceanic and Atmospheric Administration，NOAA）簽訂，5 年期間總額超過 800 萬美元。這為我們的長期在手訂單帶來具意義的增量，也強力背書我們網路中立平台在關鍵任務應用上的可靠性。我們也取得一位美國民用政府客戶的業務，金額超過 300 萬美元，將 Galileo 與 5G 部署於其小型至中型機體上。

We expanded further into the growing global UAV market with customer wins for both GEO and LEO services for border protection and surveillance with major drone manufacturers anticipated to deliver over $15 million in revenue over the contractual periods. Another major milestone in the quarter also demonstrated the importance of avoiding vendor lock to OEMs as we adapted the HDX so it can be fitted under an existing STC and the Escape hatch for a major airframe OEM for European deployment.

我們進一步擴展至成長中的全球無人機（UAV）市場，取得客戶採用 GEO 與 LEO 服務的訂單，用於邊境防護與監控；預期主要無人機製造商在合約期間可帶來超過 1,500 萬美元的營收。本季另一項重要里程碑也展現了避免被 OEM 供應商綁定的重要性：我們調整 HDX，使其可在既有 STC 之下安裝，並為某大型機體 OEM 的「Escape hatch」進行調整，以供歐洲部署。

Building on the growth we've delivered over consecutive quarters within our military and government end market, we are seeing high demand for our existing services driven by ongoing conflict in the Middle East, where the operational environment is also accelerating the cadence of adoption for next-generation communication systems across our global military customer base. The US government can access our technologies quickly because of our blanket purchase agreement, which serves the US Department of War. Outside the US, our partnerships with leading aerospace integrators and OEMs continue to deliver with strong demand for Galileo from international government customers.

在我們於軍事與政府終端市場連續數季交出成長表現的基礎上，我們看到對既有服務的強勁需求，主要受中東持續衝突所驅動；該作業環境也正在加速我們全球軍事客戶群採用次世代通訊系統的節奏。美國政府可透過我們的整體採購協議快速取得我們的技術，該協議服務於美國戰爭部（US Department of War）。在美國以外，我們與領先的航太系統整合商與 OEM 的合作夥伴關係持續交付成果，國際政府客戶對 Galileo 的需求強勁。

Taken together, this momentum has meaningfully strengthened our competitive position in the military and government end market for the long term. An important point to mention is that the following sunsetting of our legacy EVDO network, Gogo will operate the only fully US -based data sovereign ATG network. Our data originates in the US, lands in the US and is entirely protected within the US, which makes our offering more appealing than our competitors. This transition away from EVDO, which is expected to open up new opportunities since the EVDO hardware utilize foreign components that lock us out of certain opportunities due to national security requirements.

綜合而言，這股動能在長期上顯著強化了我們在軍事與政府終端市場的競爭地位。值得一提的是，在我們的傳統 EVDO 網路退場（sunsetting）之後，Gogo 將營運唯一一個完全以美國為基地、具資料主權的 ATG 網路。我們的資料在美國產生、在美國落地，並完全在美國境內受到保護，這使得我們的方案比競爭對手更具吸引力。此一從 EVDO 的轉換預期也將開啟新機會，因為 EVDO 硬體使用外國元件，基於國家安全要求，會使我們無法參與某些機會。

Before I turn the call over to Zach, I want to highlight a few financial themes that his remarks will detail. The first is that our product portfolio shift is expected to ultimately increase the durability and resilience of our revenue as customers made the significant capital commitment to install these next-generation products on their aircraft as well as diversify our revenue across multiple connectivity solutions and mission profiles.

在我把電話會議交給 Zach 之前，我想先強調幾個他稍後將詳細說明的財務主題。第一，我們的產品組合轉移預期最終將提升營收的耐久性與韌性，因為客戶已做出重大資本承諾，將這些次世代產品安裝在其飛機上，同時也讓我們的營收能在多種連線解決方案與任務型態之間更加多元化。

Secondly, the expansion of our military and government business, which is based on longer contracts compared to shorter-term business aviation contracts should add to this revenue as heightened military and government activity continues.

第二，隨著軍事與政府活動持續升溫，我們軍事與政府業務的擴張（相較於較短期的商務航空合約，該業務以較長期合約為主）應可為營收帶來增量。

Lastly, our top capital allocation priority in the near term is to aggressively pay down debt. I will

最後，我們短期內資本配置的首要優先事項，是積極償還債務。我將

now turn the call over to Zach to walk through the Q1 numbers.

現在把電話會議交給 Zach，請他帶大家回顧第一季的數字。

Thanks, Chris, and good morning, everyone. Our first-quarter performance met our expectations as we built upon our strong finish to 2025. The quarter was driven by C1 and 5G demand, positive Galileo momentum, along with sustained growth in our military and government service revenue.

謝謝你，Chris，各位早安。我們第一季的表現符合預期，並延續 2025 年強勁收官的動能。本季主要由 C1 與 5G 需求、Galileo 的正向動能，以及軍事與政府服務營收的持續成長所帶動。

This performance helped balance anticipated service revenue softness as we navigate ATG aircraft deactivations. Gogo's total revenue for the quarter was $226.3 million, down just 2% compared to both Q1 2025 and Q4 2025. Service revenue was $187.7 million, down 5% year-over-year and 2% sequentially.

這樣的表現有助於平衡我們在因應 ATG 飛機停用（deactivations）時，原本預期的服務營收走弱。Gogo 本季總營收為 2.263 億美元，較 2025 年第一季與 2025 年第四季皆僅下降 2%。服務營收為 1.877 億美元，年減 5%，按季下降 2%。

Total equipment revenue showed continued strength of $38.6 million, an increase of 22% compared to Q1 2025 and flat sequentially. Sustained activity with record C1 shipments and increase in adoption of our 5G-ready Advanced LX5 platform for total ATG equipment sold of 511, up 8% compared to Q4 2025.

設備總營收持續展現強勁，達 3,860 萬美元，較 2025 年第一季成長 22%，按季持平。受惠於創紀錄的 C1 出貨，以及市場對我們 5G-ready 的 Advanced LX5 平台採用增加，本季 ATG 設備總銷量為 511 台，較 2025 年第四季成長 8%。

We sold 184 advanced units a 5% increase compared to Q4 and 327 C1 units, an increase of 10% sequentially, bringing our cumulative C1 units sold to 1,063. Gogo's C1 solution is a simple box swap designed to allow connectivity for classic ATG customers on Gogo's new LTE network, which is expected to come online later in 2026. Galileo equipment shipments totaled 92 for the quarter, bringing our cumulative Galileo shipments to 410.

我們售出 184 台 Advanced 單元，較第四季成長 5%；以及 327 台 C1 單元，按季成長 10%，使我們累計 C1 銷售量達到 1,063 台。Gogo 的 C1 解決方案是一種簡單的盒裝替換（box swap），旨在讓傳統 ATG 客戶能在 Gogo 的新 LTE 網路上維持連線；該網路預期將於 2026 年稍晚上線。本季 Galileo 設備出貨量為 92 台，使累計 Galileo 出貨量達到 410 台。

Turning to our aircraft online, total ATG AOL of 6,116 decreased 11% compared to the prior year quarter and 4% sequentially for the reasons Chris outlined in his comments. Advanced AOL now comprises 79% of our total ATG aircraft online, and average monthly service revenue per ATG aircraft online, or ARPA, was $3,351, a 3% decrease compared to Q1 2025 and flat sequentially. Broadband geo AOL increased 2% year-over-year to 1,306, but decreased 15 units from Q4 2025, largely due to aircraft sales in the quarter.

接著看我們的上線飛機數（aircraft online），ATG 總 AOL 為 6,116 架，較去年同期下降 11%，按季下降 4%，原因如 Chris 在評論中所述。Advanced AOL 目前占我們 ATG 上線飛機總數的 79%；每架 ATG 上線飛機的平均月服務營收（ARPA）為 3,351 美元，較 2025 年第一季下降 3%，按季持平。寬頻 GEO AOL 年增 2% 至 1,306 架，但較 2025 年第四季減少 15 架，主要因本季飛機出售所致。

Moving to our bottom line, net income for the quarter was $13.1 million, a significant increase on a sequential basis. In Q1, net income benefited from three non-cash items, first, a $4.9 million pre-tax reduction to the Satcom Direct earn-out accrual. Second, the non-recurrence of a $10 million litigation accrual that occurred in Q4. And third, a $4 million pre-tax charge to reflect the change in the fair value of the convertible note that also occurred in the prior quarter.

再看損益表底線，本季淨利為 1,310 萬美元，按季大幅增加。第一季淨利受惠於三項非現金項目：第一，Satcom Direct 或有對價（earn-out）應計負債在稅前減少 490 萬美元；第二，第四季提列的 1,000 萬美元訴訟應計費用本季未再發生；第三，稅前 400 萬美元費用，用以反映可轉換票據公允價值變動（該變動亦發生於前一季）。

Adjusted EBITDA was $53.3 million in the quarter, a 14% decrease year-over-year, but a 41% increase on a sequential basis. Q1 2026 adjusted EBITDA includes $6.1 million of litigation expenses versus $8.4 million in Q4. The sequential increase in adjusted EBITDA of $15.5 million was primarily driven by an improvement in equipment profit, resulting from a favorable product mix and lower inventory reserves, as well as a reduction in ED&D expenses.

本季調整後 EBITDA 為 5,330 萬美元，年減 14%，但按季增加 41%。2026 年第一季調整後 EBITDA 包含 610 萬美元訴訟費用，而第四季為 840 萬美元。調整後 EBITDA 按季增加 1,550 萬美元，主要由設備毛利改善所帶動，原因包括有利的產品組合與較低的存貨備抵，同時 ED&D 費用亦下降。

Year-over-year, the 14% adjusted EBITDA decrease of $8.7 million was largely driven by a drop in service profits stemming from declining ATG revenues. However, we partially mitigated this impact through disciplined OpEx management and strong execution on the synergy front with annualized synergies reaching $40 million, exceeding our prior targets. In addition, ED&D expenses benefited from the reimbursement of costs related to the FCC reimbursement program.

以年對年來看，調整後 EBITDA 減少 14%（減少 870 萬美元）主要是因 ATG 營收下滑導致服務毛利下降。不過，我們透過嚴謹的營運費用（OpEx）管理，以及在協同效益方面的強力執行，部分抵銷了該影響；年化協同效益達到 4,000 萬美元，超越我們先前目標。此外，ED&D 費用也受惠於與 FCC 補償計畫相關成本的報銷。

Turning to our strategic initiatives, in Q1, our 5G program incurred $0.2 million in operating expenses and $1.4 million in CapEx. In addition, our Galileo project has been included $0.8 million in OpEx. Regarding our efforts to reduce our debt and improve our leverage profile, which, as Chris mentioned, remains our top capital allocation priority, we made a $21.1 million principal payment on the HPS term loan facility in April. This payment was executed as an excess cash flow, or ECF, sweep.

接著談我們的策略性計畫，第一季我們的 5G 計畫產生 20 萬美元營運費用與 140 萬美元資本支出（CapEx）。此外，我們的 Galileo 專案計入 80 萬美元 OpEx。關於我們降低債務並改善槓桿結構的努力（如 Chris 所提，仍是我們資本配置的首要優先事項），我們於 4 月對 HPS 定期貸款融資（term loan facility）償還本金 2,110 萬美元。該筆還款係以超額現金流（ECF）掃付（sweep）方式執行。

Turning to our net debt leverage ratio, we ended the first quarter at 3.6 times. Based on our 2026 forecast, we anticipate this leverage ratio will increase slightly in Q2 and Q3 before dipping back within our target range by the fourth quarter.

再看淨負債槓桿比率，我們在第一季末為 3.6 倍。根據我們對 2026 年的預測，我們預期該槓桿比率將在第二季與第三季略為上升，之後在第四季回落至我們的目標區間內。

Moving to free cash flow on the balance sheet, net cash used in operating activities was $7.2 million and free cash flow was negative $19.2 million for the quarter, down from $30 million in Q1 2025 and down from negative $4.9 million in Q4.

接著看資產負債表上的自由現金流，營運活動使用的淨現金為 720 萬美元，本季自由現金流為負 1,920 萬美元，較 2025 年第一季的 3,000 萬美元下降，亦較第四季的負 490 萬美元下降。

Our cash store this quarter was heavily influenced by a $14 million cash outflow related to our annual bonus payout, as well as a reduction in accounts payable associated with our inventory related to the Galileo product launches. We ended the quarter with $103.5 million in cash and cash equivalent.

本季現金狀況受到 1,400 萬美元現金流出（與年度獎金發放相關）的重大影響，此外也因與 Galileo 產品上市相關的存貨而使應付帳款減少。我們在季末持有 1.035 億美元的現金及約當現金。

In our earnings release this morning, we reiterated our 2026 financial guidance. We project total revenue in the range of $905 million to $945 million. We expect adjusted EBITDA in the range of $198 million to $218 million, which includes $3 million in strategic investments and $8 million of ongoing litigation expense.

在我們今天早上的財報新聞稿中，我們重申了 2026 年的財務指引。我們預估總營收將落在 9.05 億美元至 9.45 億美元之間。我們預期調整後 EBITDA 將落在 1.98 億美元至 2.18 億美元之間，其中包含 300 萬美元的策略性投資以及 800 萬美元的持續訴訟費用。

Finally, we anticipate free cash flow in the range of $90 million to $110 million. This implies a 12% year-over-year growth rate at the midpoint, driven by the winding down of new product investment, sustained cost synergies, and an expected strong ramp of new product revenue.

最後，我們預期自由現金流將落在 9,000 萬美元至 1.10 億美元之間。以中位數計算，這意味著年增率為 12%，主要受新產品投資逐步收尾、成本綜效持續，以及新產品營收預期強勁爬坡所帶動。

Our guidance includes $30 million slated for strategic investments, net of any FCC reimbursements, and net capital expenditures of $20 million, assuming $45 million in FCC reimbursement. To summarize, our first-quarter results reflect continued strong execution, record ATG shipments, and a 41% sequential increase in adjusted EBITDA.

我們的指引包含 3,000 萬美元的策略性投資（已扣除任何 FCC 補償款），以及 2,000 萬美元的淨資本支出，假設可取得 4,500 萬美元的 FCC 補償款。總結而言，我們第一季的結果反映了持續強勁的執行力、創紀錄的 ATG 出貨量，以及調整後 EBITDA 較前一季成長 41%。

We are managing through near-term pressures in legacy service revenue while investing behind the two initiatives that we believe will define our next phase of growth.

在投資於我們相信將定義下一階段成長的兩項計畫之際，我們也正在因應傳統服務營收的短期壓力。

Our 5G network, and Galileo Broadband. We also repaid $21.1 million on our HPS loan in April, further strengthening our balance sheet. Together, these actions should expand our addressable market and position us to deliver long-term value to shareholders. I want to express my continued gratitude to the GoGo team for their hard work in driving our transformation and their commitment to outstanding customer service.

也就是我們的 5G 網路，以及 Galileo Broadband。我們也在 4 月償還了 HPS 貸款 2,110 萬美元，進一步強化資產負債表。綜合這些行動，應可擴大我們的可服務市場，並使我們有能力為股東創造長期價值。我也要持續感謝 GoGo 團隊在推動我們轉型上的辛勤付出，以及他們對卓越客戶服務的承諾。

Operator, this concludes our prepared remarks. Please open the queue for questions.

接線員，我們的預備發言到此結束。請開放提問排隊。

Thank you. At this time, we will conduct a question-and-answer session (Operator Instructions)

謝謝。此時我們將進行問答環節（接線員指示）

Scott Searle, Roth Capital Partners.

Scott Searle，Roth Capital Partners。

Nice to see you guys reiterating the outlook for 2026. Hey, Chris, maybe start from a high level. It seems like there are a lot of shipments going out the door as it relates to Galileo and 5G, yet AOL has been slow to come online. I'm wondering if you could talk us through the comfort that you have in terms of that ramping up into the second-half of this year in terms of dealer channel support, STCs, which seem like they're very much on track, and just maybe help us understand the competitive landscape out there, particularly as it relates to Starlink?

很高興看到你們重申 2026 年展望。嗨，Chris，先從高層次談起。看起來與 Galileo 和 5G 相關的出貨量很多，但 AOL 上線速度卻偏慢。我想請你談談，對於今年下半年加速爬坡你們有多大把握，包括經銷通路支援、STC（看起來進度非常如期），以及也請協助我們理解目前的競爭態勢，特別是與 Starlink 相關的部分？

It's going to take time. We've got the building blocks in place. We have the real estate. Our equipment revenue is up 22% year-on-year. We've got record ATG unit sales. Galileo AOL grew 50%. Sequentially, and adjusted EBITDA grew 41%. And then if you look at the current shipments on Galileo, then most of that's with MROs at the moment. And really, as we've stated in previous calls, the OEMs come online really in Q3, Q4, and then you see that ramp going from there. So actually, we're really excited about what we're seeing with Galileo, and it's going to plan at the moment.

這需要時間。我們已把各項基礎建設到位。我們有場地資源。我們的設備營收年增 22%。ATG 單位銷售創新高。Galileo AOL 較前一季成長 50%，調整後 EBITDA 也成長 41%。另外，如果你看目前 Galileo 的出貨，現階段多數是交付給 MRO。正如我們在先前電話會議所說，OEM 主要會在第三季、第四季開始上線，之後就會看到爬坡。因此，我們對 Galileo 目前看到的狀況非常興奮，現階段也都按計畫進行。

Regarding competition, we're not really seeing any changes. I think the good news is this is probably the fastest product we've ever launched, and the customer confidence is kind of showing with our results.

至於競爭，我們並沒有真正看到任何變化。我認為好消息是，這可能是我們推出過最快的產品，而客戶的信心也從我們的業績結果中反映出來。

And Chris, I'm sorry, my phone blocked out for the 5G commentary. I'm wondering if you could just reiterate that quickly.

Chris，不好意思，我的電話在你談 5G 的部分斷訊了。想請你快速再重申一次。

Yeah, I mean, if you look on equipment revenue is up 22%, and then we've got a year-on-year record ATG unit sales as well, which we said on the call. So if you look at 5G from a standing start, the pipeline is over 500, and it's a really solid start. We're seeing already partners like Textron already completing all their STCs.

好的。我的意思是，如果你看設備營收年增 22%，而且我們也如同在電話會議中提到，ATG 單位銷售同樣創下年增新高。所以就 5G 而言，從零起步，我們的商機管線已超過 500，這是非常扎實的開局。我們也已看到像 Textron 這樣的合作夥伴已完成所有 STC。

We've got good product shipments, good reliability. So we're very confident about 5G. It's actually a really good start to the product.

我們的產品出貨表現良好、可靠性也佳。因此我們對 5G 非常有信心；這確實是這項產品非常好的開始。

And then quick, two follow-ups, maybe just in terms of the classic conversion, what you're ultimately hoping that looks like by the end of this year. I know you got an extension there, but what do you think the attrition is versus retention and conversion over?

再快速追問兩點：第一，關於 classic 轉換，你們最終希望到今年底會是什麼樣的狀況？我知道你們有獲得延長，但你認為流失相對於留存與轉換的情況會如何？

And then lastly, just as it relates to the traditional SATCOM business. I'm wondering, given the growth that you're seeing in the military opportunities, what's the long-term growth opportunity when you look at the traditional SATCOM business, and how much do you expect military to comprise of that as we start to look out two to three years? Thanks.

最後，關於傳統 SATCOM 業務。我想問，考量你們在軍方機會上看到的成長，從長期來看傳統 SATCOM 業務的成長機會如何？以及當我們把時間拉到未來兩到三年，你們預期軍方業務會占其中多少比重？謝謝。

Yeah, that's a lot. All right. So let me start with kind of air to ground. If you look at the record 254 C1 conversions this quarter and 1,058 overall, and our ADVANCE base grew 3% year-over-year. So I think the tendency is just to focus on the quarter on suspensions, deactivations on the classic customers. They're not all deactivations. Some of those are suspensions, so we expect some to come back.

好，問題很多。那我先從空對地（air-to-ground）談起。如果你看本季創紀錄的 254 台 C1 轉換、累計 1,058 台，以及我們的 ADVANCE 基礎用戶年增 3%。我認為大家往往只聚焦在本季 classic 客戶的暫停與停用；但那些不全都是停用，有些是暫停，所以我們預期其中一些會回來。

We, in the previous call, said that we expect to lose like 1,000 customers over the year. I think that's kind of holding. I think the big thing there, though, is the transition that we're showing with the new products is all of our customers have somewhere to go with a broadband experience, which they didn't have previously, which is pretty exciting.

我們在上一通電話會議中提到，預期全年大約會流失 1,000 位客戶；我認為目前大致仍是如此。不過更重要的是，我們透過新產品所展現的轉型在於：我們所有客戶都有一個可以前往的方向，能獲得寬頻體驗，而過去他們並沒有，這點相當令人振奮。

And we continue to believe the ATG portfolio kind of will be a very important part of our business moving forward. Going on to the Milgov business, I think just what we're seeing with the wins that we discussed today is kind of a very robust business unit that's growing, which is really exciting. And the value of the commercial-based products that we're putting into that, lower cost support.

我們也持續相信 ATG 產品組合在未來仍會是我們業務非常重要的一部分。接著談 Milgov 業務，我認為從我們今天討論的得標情況來看，這是一個非常強健且正在成長的事業單位，令人非常振奮。我們把商用基礎的產品導入其中，能提供較低成本的支援。

Global capability, robust cybersecurity, and then the drone market. We see that as a really exciting area for the business to grow into. And service revenue up 14% year-on-year, 7% from the last quarter. So we're really excited about that revenue segment for us.

全球能力、強健的資安防護，以及無人機市場。我們認為那是公司非常令人興奮的成長方向。此外，服務營收年增 14%，較上一季成長 7%。因此我們對這個營收區塊感到非常振奮。

Justin Lang, Morgan Stanley.

Justin Lang，Morgan Stanley。

Hi, this is Gaby Knafelman on for Justin Lang.You had mentioned that NetJets Europe will fully roll out Galileo in the first half of the year. I'm curious if you could give us a sense of expectations for the overall Galileo domestic-international split through the end of the year?

你好，我是代替 Justin Lang 的 Gaby Knafelman。你們提到 NetJets Europe 將在上半年全面導入 Galileo。我想了解，你們對於今年底前 Galileo 的國內／國際整體占比，有什麼樣的預期？

Yeah, that's a good question. So let me just clarify a little bit on NetJet. I think there's a lot of misunderstanding around on NetJet's relationship. And I want to clarify, this is really going very well. If you look at the confidence in the broader fleet relationships along with NetJet, we're completing rolling out NetJet's Europe. We're starting to roll out NetJet's North America.

這是個好問題。我先針對 NetJets 稍作澄清。我認為外界對 NetJets 的合作關係有不少誤解，我想說明的是，這一切進展得非常順利。如果你看我們與 NetJets 一起在更廣泛機隊關係上的信心，我們正在完成 NetJets 的歐洲部署，也開始部署 NetJets 的北美。

And we're also starting to see real big traction with Vista Jet aiming for 270-plus aircraft wheels up in their transformation with new aircraft, Lux Aviation, Avcon Jet, AirX. So the confidence in the fleet operators, I think, speaks volumes for the business. And that 60-40 split is 60% North America, 40%.

同時我們也開始看到 VistaJet 有非常大的進展，其轉型計畫目標是 270 架以上的飛機投入營運（wheels up），包含新機導入；另外還有 Lux Aviation、Avcon Jet、AirX。機隊營運商的信心，我認為對這項業務意義重大。而那個 60/40 的占比是：北美 60%，40%。

Overseas is really exciting for the business because previous to the Satcom Direct acquisition, Gogo was predominantly just a US supplier. So we're seeing that kind of international expansion, confidence in the fleet operators, and NetJets is still in the fold with Gogo, and we're excited about rolling out with them.

海外市場對公司而言非常令人振奮，因為在收購 Satcom Direct 之前，Gogo 主要是一家美國供應商。因此我們正在看到國際擴張、機隊營運商的信心；而 NetJets 仍與 Gogo 保持合作，我們也很期待與他們持續推進部署。

Got it. Thank you so much. Super helpful. And I'm just curious if you could comment on how GEO AOL figures this quarter compared against your expectations and whether or not you're thinking any differently at all about some of the pressures you had flagged around GEO coming into the year?

了解。非常感謝，幫助很大。我也想請問，你們能否評論一下本季 GEO AOL 的表現相較於你們的預期如何？以及對於你們在年初提到的 GEO 相關壓力，你們是否有任何不同的看法？

Yeah, so effectively, GEO has held up exactly as we thought it would. The 15 units is sort of what we thought. I think the other kind of positive sign is, as we telegraphed in Q4, the minor drop was largely related to aircraft sales. I can tell you that's the same trend in Q1. So our sales guys are beating down the door to try to find the new owners and win those back. So I think GEO continues to be robust. The ARPA is down a little bit, but again, that's what we thought. So I think we've got a pretty good handle on GEO as of now.

好的。基本上，GEO 的表現完全如我們所預期地維持穩健；那 15 台的數量大致就是我們原先的預估。我認為另一個正面訊號是，正如我們在第四季所預告的，小幅下滑主要與飛機出售有關。我可以告訴你，第一季也是同樣的趨勢。因此我們的銷售團隊正積極找出新機主並把客戶贏回來。我認為 GEO 仍然穩健。ARPA 略有下降，但同樣也符合我們的預期。所以我認為目前我們對 GEO 的掌握度相當高。

This concludes today's earnings call. Thank you for your participation in the conference. You may now disconnect.

今天的財報電話會議到此結束。感謝各位參與本次會議。您現在可以掛線。