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gogo INVESTOR PRESENTATION Q2 2026
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2 DISCLAIMERS Forward-Looking Statements Certain disclosures in this document and related comments by our management include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements regarding our business outlook, industry, business strategy, plans, goals and expectations concerning our market position, international expansion, future technologies, future operations, margins, profitability, future efficiencies, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words “anticipate,” “assume,” “believe,” “budget,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “future” and the negative of these or similar terms and phrases are intended to identify forward-looking statements in this document. Forward-looking statements are based on our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Although we believe the expectations reflected in the forward-looking statements are reasonable, we can give you no assurance these expectations will prove to have been correct. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. Actual events, results and outcomes may differ materially from our expectations due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others, the following: our ability to continue to generate revenue from the provision of our connectivity and other service offerings; our development and fixed-price contracts; our reliance on our key OEMs and dealers for equipment sales; our dependence on single-source, third party satellite network providers; the impact of competition; our ability to maintain high-quality customer support; our reliance on third parties for equipment components and services; our participation in U.S. government contracts; our participation in non-U.S. government contracts; the finite useful life of satellites; the impact of global supply chain and logistics issues, tariffs and inflationary trends; the continued expansion of our business outside of the United States and its impact of such expansion on our corporate culture; foreign currency risk; our ability to recruit, train and retain highly skilled employees, and the loss of any key personnel; the impact of pandemics or other outbreaks of contagious diseases, and the measures implemented to combat them; the impact of adverse economic conditions and geopolitical instability; our ability to fully utilize portions of our deferred tax assets; the impact of climate change and other sustainability-related matters; our ability to evaluate or pursue strategic opportunities; our recently-deployed Gogo 5G and Gogo Galileo services may not compete well in the market or face problems relating to implementation; our ability to innovate next-generation technologies and provide products and services useful to our customers and passengers without delay in developing or deploying such technologies, products and services; our ability to maintain our rights to use our licensed 4Mhz of ATG spectrum in the United States and obtain rights to additional spectrum if needed; the impact of service interruptions or delays, cybersecurity incidents, technology failures, equipment damage or system disruptions or failures; the impact of assertions by third parties of infringement, misappropriation or other violations; our ability to protect our intellectual property rights; risks associated with the use of artificial intelligence in our products and services; the impact of our use of open-source software; the impact of equipment failure or material defects or errors in our software; our ability to comply with applicable foreign ownership limitations; the impact of government regulation of communication networks, and the internet; our possession and use of personal information; risks associated with participation in the FCC Reimbursement Program; our ability to comply with anti-bribery, anti-corruption and anti-money laundering laws; the extent of expenses, liabilities or business disruptions resulting from litigation; the impact of the distribution of income among various jurisdictions in which we operate as well as changes in tax law or regulation on our U.S. and non-U.S. tax liabilities; the impact of changes in laws and regulations on U.S. government contractors; the impact of our substantial indebtedness; our ability to obtain additional financing to refinance or repay our existing indebtedness; the impact of restrictions and limitations in the agreements and instruments governing our debt; the impact of increases in interest rates; the impact of a substantial portion of our indebtedness being secured by substantially all of our assets; the impact of a substantial change in rating assigned by a rating agency; the volatility of our stock price; our ability to fully utilize our tax losses; the dilutive impact of potential future stock issuances; the impact of our stockholder concentration; our ability to fulfill the obligations of being a public company; the impact of an identified material weakness in our internal controls; the impact of certain provisions of our charter, bylaws, and Delaware law; and other factors listed under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission (“SEC”) on February 27, 2026 and in our subsequent quarterly reports on Form 10-Q as filed with the SEC. Any one of these factors or a combination of these factors could materially affect our financial condition or future results of operations and could influence whether any forward-looking statements contained in this report ultimately prove to be accurate. Our forward-looking statements are not guarantees of future performance, and you should not place undue reliance on them. All forward-looking statements speak only as of the date made and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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3 DISCLAIMERS Non-GAAP Financial Measures We report certain non-GAAP financial measurements, including Adjusted EBITDA and Free Cash Flow in the discussion below. Management uses Adjusted EBITDA and Free Cash Flow for business planning purposes, including managing our business against internally projected results of operations and measuring our performance and liquidity. These supplemental performance measures also provide another basis for comparing period-to-period results by excluding potential differences caused by non-operational and unusual or non-recurring items. These supplemental performance measurements may vary from and may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA and Free Cash Flow are not recognized measurements under accounting principles generally accepted in the United States, or GAAP. When analyzing our performance with Adjusted EBITDA or liquidity with Free Cash Flow, as applicable, investors should (i) evaluate each adjustment in our reconciliation to the corresponding GAAP measure, and the explanatory footnotes regarding those adjustments, (ii) use Adjusted EBITDA in addition to, and not as an alternative to, net income (loss) attributable to common stock as a measure of operating results, and (iii) use Free Cash Flow in addition to, and not as an alternative to, consolidated net cash provided by (used in) operating activities when evaluating our liquidity. No reconciliation of the forecasted amounts of Adjusted EBITDA for fiscal 2026 is included in this document because we are unable to quantify certain amounts that would be required to be included in the corresponding GAAP measure without unreasonable efforts, due to high variability and complexity with respect to estimating certain forward-looking amounts, and we are therefore unable to estimate the probable significance of such amounts. We believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors.
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MULTI-NETWORK RESILIENCE Three independent services - LEO, GEO and ATG - layered on one platform, so customers are never dependent on a single system: a differentiator for mission-critical business and military / government operations. EMBEDDED DISTRIBUTION Certified on the majority airframes and counting, with over 90% of equipment revenue flowing through Original Equipment Manufacturer (OEM) and aftermarket partners across ~150 dealers. Our comprehensive portfolio offers best -in-class aviation-grade solutions for all aircraft types, supporting mission-critical operations worldwide. GOGO AT-A-GLANCE FY2025 REVENUE $910.5M NET CASH AS OF DEC. 31, 2025 $125.2M FY2025 FREE CASH FLOW $89.2M KEY METRICS The only multi-orbit, multi-band in-flight connectivity provider purpose -built for business and military / government aviation. 4 FULLY OWNED, U.S.-BASED ATG NETWORK Gogo owns and operates the only fully U.S.-based, data-sovereign ATG network and spectrum—260 terrestrial cell sites, including 170 5G. WHITE GLOVE SERVICE MODEL Support delivered by aviation specialists averaging 15 years of experience who are, on call 24/7/365. One call covers hardware, software, service plans and cybersecurity.
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MULTI-ORBIT, MULTI-BAND CONNECTIVITY SUPPORTS DIVERSE AIRCRAFT TYPES AND MISSION PROFILES Air-to-Ground (ATG) Gogo's own nationwide ATG network and spectrum connects aircraft to terrestrial cell towers across North America Gogo Galileo (LEO) Low-latency, high - throughput broadband across the globe (~70-100 ms roundtrip) Geostationary (GEO) Wide-area, high-altitude coverage for long -haul and oceanic routes Higher latency (~600+ ms roundtrip) 5 500-1,200 KM 35,786 KM
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CONNECTIVITY PORTFOLIO: THREE COMPLEMENTARY NETWORKS ATG OWNED NORTH AMERICAN NETWORK LEO LOW-EARTH-ORBIT GEO WIDE-AREA SATELLITE COVERAGE No bandwidth sharing enterprise-grade constellation built for mobility AVANCE L3 AVANCE L5 AVANCE LX5 AVANCE family 6 Unified by a single AVANCE or SDR onboard platform SDRAVANCE ● Global broadband — low-latency coverage worldwide, even over the poles ● HDX up to 60 Mbps — light-to-large cabin ● FDX up to 195 Mbps — for larger jets ● Gogo 5G — live since Jan 2026 across North America ● Up to ~75 Mbps — ability for consistent streaming, video calls, cloud apps ● Gogo's own spectrum and towers — owned spectrum and the only nationwide ATG network and built for aviation ● Plane Simple antennas — tail-mounted Ka-band and Ku -band family on Viasat and SES networks ● Proven global reach — long-established global coverage up to ~50 Mbps ● Multi-orbit redundancy — complements LEO and ATG for always -on connectivity and military / government mandates
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PURPOSE-ENGINEERED CONNECTIVITY FOR BUSINESS AND MILITARY/GOVERNMENT AVIATION NETWORK-NEUTRAL FUTURE Intelligent switching between LEO + GEO Resilience and optimized performance Light & Mid -Size Business Jets ATG + LEO Super-Mid & Large Business Jets ATG + LEO + GEO Heavy & Ultra -Long-Range Business Jets ATG + LEO + GEO Military / Government Aircraft ATG + LEO + GEO OPERATIONAL CHANGE One orbit is a risk; multi-orbit is a strategy and a key requirement for military / government partners Built to Perform Any Time, Anywhere. 7
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Four integrated layers that deliver one seamless experience to every aircraft. BESPOKE OFFERING Gogo configures the right mix of products and services for each customer, delivering a bespoke and unified experience based on their specific needs. HARDWARE Aviation-grade systems & antennas • HDX & FDX LEO antennas • C-1, LX5, L5 & L3 ATG equipment • Plane Simple GEO antennas • Private Network CONNECTIVITY In-flight broadband, every network • LEO • ATG & Gogo 5G • GEO SOFTWARE Experience & operations tools • FDF · SkyTicket • Gogo Vision • SD Pro & DASH SERVICES Full-lifecycle support • 24/7/365 global support • Global install & STC network • Monitoring, tracking & cybersecurity 8
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PROPRIETARY SOFTWARE PLATFORM COMPLEMENTS HARDWARE PORTFOLIO SD FLIGHT TRACKER GRAPHICAL WEATHER ROUTE ALERTS FlightDeck Freedom (FDF) is the premier, industry -leading datalink service platform that unites flight deck and cabin communications, while seamlessly connecting with leading international trip -planning services. FDF streamlines operations, enhances safety and ensures regulatory adherence – flagging and resolving issues in real time, before they affect onboard connectivity. Global mapping solution that graphically displays fleet coordinates Unlimited graphical weather for compatible cockpits Unlimited real-time alerts for weather and security 9 PBCS MONITORING Performance-based Communication and Surveillance (PBCS) is the latest mandate for aircraft operating in the busy North Atlantic region. Operators are now tasked with monitoring the performance of their datalink operations when using FANS CPDLC & ADS-C
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GLOBAL SALES AND SUPPORT TEAM MELBOURNE OTTAWA SEATTLE CHICAGO USA REMOTESUPPORT FARNBOROUGH AIRPORT BASEL DUBAI SÃO PAULO SINGAPORE BROOMFIELD OFFICES AROUND THE GLOBE 12650+ AVIATION EXPERTS 10 SAVANNAH ~7,000 AIRCRAFT CONNECTED HONG KONG
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UNPARALLELED CUSTOMER SERVICE Reach specialists averaging 15 years in aviation, available globally, 24/7/365. Through our global network, we can service any aircraft within 24 hours of an initial call. ONE CALL SOLVES ANY ISSUE Hardware, software, service plans and training resolved through a single point of contact - leveraging best-in-class human and AI resources. DEEP OEM AND MRO NETWORK Approximately 150 authorized dealers across over 240 locations oversee installations, upgrades, and lifecycle care; Gogo is an option or line fit across every major OEM. Gogo pairs best-in-class connectivity with industry-leading, white-glove service. Backed by strong, longstanding relationships across government, fleet, and enterprise customers. A real aviation expert on the line at every step of the partnership, from initial outreach to routine maintenance. A PERSON, A SOLUTION, AN ANSWER, EVERY TIME 11
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Financial and Operational Highlights 12
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Q2 2026 FINANCIAL SUMMARY KEY METRICS TOTAL REVENUE $222.8M Down 2% compared to Q1 2026 EQUIPMENT REVENUE $31.5M Down 18% compared to Q1 2026 SERVICE REVENUE $191.3M Up 2% compared to Q1 2026 Net Income ($2M) Adj. EBITDA¹ $53.7M Free Cash Flow¹ $21.6M BA Service Revenue $151.3M Mil/Gov Service Revenue $39.9M 1. Non-GAAP measure; see reconciliations in appendix 13
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RESILIENT, SUBSCRIPTION-BASED REVENUE MODEL 2026 REVISED REVENUE GUIDANCE $870–895M MULTI-YEAR CONTRACTS Fleet, mil/gov and charter agreements typically run 2–10 years, with limited customer concentration. FLEET CONSOLIDATION As one provider, Gogo simplifies everything from hardware and installation to operations, eliminating complexity for customers. RECURRING BY DESIGN Equipment is priced near cost specifically to drive long-term recurring service subscriptions. EMBEDDED DISTRIBUTION More than 90% of equipment revenue flows through OEM and after- market dealer contracts. 0% 100% Majority of 2026 revised revenue guidance is subscription-based service revenue, providing stability through cycles. ~84% SUBSCRIPTION 14
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STRONG FREE CASH FLOW GENERATING BUSINESS FCF in $ millionsDEBT REDUCTION IS TOP CAPITAL ALLOCATION PRIORITY 15 $30 $34 $31 -$5 -$19 $22 $75 -$40 -$20 $0 $20 $40 $60 $80 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 FY 2026 Guidance Midpoint $15.3 Average $21.1M PRINCIPAL PAID IN APRIL via excess-cash-flow sweep 2.5–3.5x NET DEBT LEVERAGE over time (target)
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TRANSITION TO NEXT-GENERATION ATG PRODUCTS CONTINUING TO RAMP 138 ATG 5G UNITS SOLD IN Q2 2026 165% increase from Q1 2026 690 C-1 SYSTEMS ONLINE 24% increase from Q1 2026 ~1200 CUSTOMERS UPGRADED TO AVANCE Since LTE transition announced Q4 2025 5G SERVICE LAUNCHED Next-generation ATG service, up to 75 Mbps. Q1 2026 CONVERSIONS ACCELERATE Record 254 legacy Classic units converted to C-1. Ongoing 2026 MIGRATION WINDOW FCC transition deadline of November 8, 2026. Conversion inventory is already in the channel and ground stations have been deployed. 16 Q2 2026 5G RAMP UNDERWAY Strong sequential growth in 5G shipments as fleet upgrades continue.
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Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 17 RECORD-BREAKING PERFORMANCE ACROSS MILITARY / GOVERNMENT SERVICE REVENUE +40% $28.6M $39.9M $33.4M +20% Longer-duration government contracts and existing blanket purchase agreements provide durable, recurring revenue and greater business resilience. Continued investment in new platforms and certifications, as well as diversifying customer base to UAVs, is expected to expand the addressable market and fuel long -term growth opportunities. Record quarter across total service revenue, totaling $39.9M driven by increased demand and usage. TOTAL MIL / GOV SERVICE REVENUE
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PRODUCT UPDATES 108 518 184 BUSINESS DRIVERS ● Rollouts with VistaJet, Wheels Up, NetJets and other operators continue to progress well, along with new fleet win with Airshare. ● VistaJet deploying Gogo Galileo HDX across its European fleet, with 60 U.S. -registered aircraft committed for installation. ● Prioritize introduction and growth of LEO offerings to Mil / Gov customers. ● 14 additional supplemental type certificates ("STCs") are expected in the third and fourth quarters of 2026. Units Shipped in Q2 Cumulative Equipment Shipments Total LEO Aircraft Online GOGO GALILEO (LEO) 18
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AIR-TO-GROUND (ATG) NETWORK AND 5G ROLLOUT Total ATG Units Sold in Q2 5G Units in Sales Pipeline Total ATG Aircraft Online PRODUCT UPDATES 297 450+ 5,731 BUSINESS DRIVERS ● Continued momentum for latest ATG offerings, particularly 5G, and managing transition from legacy units. ● 400 ATG Classic left to transition as of end of Q2 2026, nearly 700 installed C1 and over 1,200 Classic customers upgraded to AVANCE since LTE announcement. ● Positioned as competitively priced, broadband solution for U.S. business and military / government aviation. 19
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GEO 20 PRODUCT UPDATES ~40 1306 BUSINESS DRIVERS ● Plane Simple Ku/Ka -band platforms provide stability across both business and military / government end markets. ● AirX Challenger 850 upgrade is progressing, and U.S. Air Force Mobility Command approval on the C -130 opens opportunities across a fleet of more than 1,000 aircraft. ● Remains a strategically valuable component of network neutral offering, particularly for customers whose mission profiles benefit from the global coverage and who operate where LEO faces regulatory constraints. Total GEO Aircraft OnlineTotal GEO Units Shipped YTD
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Gogo has an experienced leadership team with deep industry expertise across key business functions, positioning the Company to effectively manage the current operating environment and execute on its strategic priorities EXPERIENCED MANAGEMENT TEAM CHRIS MOORE Chief Executive Officer Former President and COO of Satcom Direct; previously VP of Sales at Horizon Mobile and Head of Global Sales at Inmarsat PLC ZACHARY COTNER Chief Financial Officer and Treasurer Former CFO of Satcom Direct; previously VP of Corporate Development at Erickson Inc.; prior roles in private equity and investment banking MICHAEL SKOV CHRISTENSEN Chief Revenue Officer Former CCO of Business Aviation at Satcom Direct; over 11 years in senior commercial leadership roles JEFF KELLER Chief Information Officer Former SVP of Network Services and Engineering at Satcom Direct; prior senior network engineering and IT roles COLIN QUARLESS EVP of Strategy and Business Development Former SVP of Strategy and Business Development at Satcom Direct; prior senior roles at Thales Group HAYDEN OLSON EVP of Corporate Development Former EVP of Government at Satcom Direct; prior leadership roles at Erickson Inc. and DynCorp 21 CRYSTAL GORDON EVP, General Counsel and Chief Administrative Officer Former SVP, GC and Head of Government Affairs at Bristow Group; significant experience across aviation businesses and private practice JOANNE WALKER EVP of Operations Former General Manager at Satcom Direct; prior leadership roles at Honeywell Aerospace and EMS Technologies JEREMY TYLER EVP of Engineering & Product Development Lead design engineer across military, aerospace and telecom systems at VT Miltope, Lucent Technologies and Avaya
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INVESTMENT HIGHLIGHTS Highly recurring revenue streams supported by mission-critical connectivity solutions, long -term customer relationships and a subscription -based business model. Only multi-orbit, multi- band platform, complemented by industry leading white - glove customer support , creating durable customer retention and competitive advantage. Positioned to capitalize on increasing demand for high-bandwidth connectivity, fleet modernization and expanding adoption across business aviation, military, government and UAV markets. High-margin, capital - efficient operations with strong free cash flow generation and a continued focus on debt reduction, targeting 2.5 -3.5x. Significant financial flexibility to support sustained investment and long-term shareholder value creation. 22
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Contact Amy Greene VP, Investor Relations, Communications & Government Affairs agreene@gogoair.com 23
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Appendix 24
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25 NON-GAAP MEASURES $ in '000 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q2 2026 Adjusted EBITDA Net income (loss) attributable to common stock (GAAP) $ 12,042 $ 12,807 $ (1,930) $ (9,996) $ 13,085 $ (2,009) Interest expense 16,558 16,411 17,681 17,567 16,846 17,593 Interest income (590) (1,182) (1,479) (1,425) (1,154) (685) Income tax provision 6,943 4,174 1,367 1,405 7,948 8,779 Depreciation and amortization 14,143 15,117 15,214 15,805 15,139 17,009 EBITDA $ 49,096 $ 47,327 $ 30,853 $ 23,356 $ 51,864 $ 40,687 Stock-based compensation expense 5,491 6,367 6,662 5,552 4,833 5,237 Change in fair value of Earnout Liability - 3,900 15,000 (7,100) (4,943) 7,200 Acquisition and integration-related costs and amortization of acquisition-related inventory step-up costs 7,215 4,381 3,604 1,990 1,815 1,873 Change in fair value of convertible note investment 253 (253) (458) 4,010 (230) (1,739) Loss on extinguishment of debt - - - - - 394 Litigation settlement accrual costs - - 500 10,010 - - Adjusted EBITDA $ 62,055 $ 61,722 $ 56,161 $ 37,818 $ 53,339 $ 53,652 Free Cash Flow: Net cash provided by (used in) operating activities (GAAP) 32,472 36,711 46,804 8,503 (7,236) 32,300 Consolidated capital expenditures (6,169) (5,937) (22,626) (40,429) (28,013) (12,182) Proceeds from FCC Reimbursement Program for property, equipment and intangibles 564 (155) 3,374 25,499 14,886 436 Proceeds from interest rate caps 3,170 2,918 3,000 1,482 1,180 1,051 Free cash flow $ 30,037 $ 33,537 $ 30,552 $ (4,945) $ (19,183) $ 21,605
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$ in thousands, except per share amount CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) 26 For the Three Months Ended June 30 2026 2025 Revenue: Service revenue $ 191,272 $ 193,965 Equipment revenue 31,539 32,073 Total revenue $ 222,811 $ 226,038 Operating expenses: Cost of service revenue (exclusive of amounts shown below) 98,110 91,383 Cost of equipment revenue (exclusive of amounts shown below) 31,100 27,681 Engineering, design and development 9,667 12,522 Sales and marketing 13,286 14,741 General and administrative 23,989 28,633 Depreciation and amortization 17,009 15,117 Total operating expenses $ 193,161 $ 190,077 Operating income 29,650 35,961 Other expense (income): Interest income (685) (1,182) Interest expense 17,593 16,411 Change in fair value of Earnout Liability 7,200 3,900 Loss on extinguishment of debt 394 — Other expense (income), net (1,622) (149) Total other expense $ 22,880 $ 18,980 Income before income taxes 6,770 16,981 Income tax provision 8,779 4,174 Net income (loss) $ (2,009) $ 12,807 Net income (loss) attributable to common stock per share: Basic $ (0.01) $ 0.10 Diluted $ (0.01) $ 0.09 Weighted average number of shares: Basic 136,250 133,647 Diluted 136,250 136,897
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$ in thousands CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) 27 June 30, 2026 December31, 2025 Assets Current assets: Cash and cash equivalents $ 63,132 $ 125,206 Accounts receivable, net of allowances of $8,022 and $6,783, respectively 115,727 112,558 Inventories 125,145 98,853 Assets held for sale 26,432 26,253 Prepaid expenses and other current assets 81,467 69,039 Total current assets 411,903 431,909 Non-current assets: Property and equipment, net $ 112,675 $ 117,274 Intangible assets, net 225,016 248,818 Goodwill 193,187 193,187 Operating lease right-of-use assets 53,273 57,990 Other non-current assets, net of allowances of $714 and $538, respectively 54,287 44,928 Deferred income taxes 194,220 209,666 Total non-current assets 832,658 871,863 Total assets $ 1,244,561 $ 1,303,772 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 98,241 $ 92,514 Accrued liabilities 100,736 139,020 Deferred revenue 36,220 35,194 Current portion of long-term debt 2,500 2,500 Total current liabilities 237,697 269,228 Non-current liabilities: Long-term debt 814,053 833,579 Non-current operating lease liabilities 50,065 55,772 Other non-current liabilities 22,049 44,064 Total non-current liabilities 886,167 933,415 Total liabilities $ 1,123,864 $ 1,202,643 Stockholders’ equity Common stock $14 $13 Additional paid-in capital 1,296,865 1,288,294 Accumulated other comprehensive (loss) income (36) 44 Accumulated deficit (1,176,146) (1,187,222) Total stockholders’ equity 120,697 101,129 Total liabilities and stockholders’ equity $ 1,244,561 $ 1,303,772
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$ in thousands CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 28 For the Six Months Ended June 30 2026 2025 Operating activities: Net income $ 11,076 $ 24,849 Adjustments to reconcile net income to cash provided by operating activities: Depreciation and amortization 32,148 29,260 Loss on asset disposals, abandonments and write -downs 230 18 Provision for expected credit losses 1,941 1,949 Deferred income taxes 15,128 9,129 Stock-based compensation expense 10,068 11,858 Amortization of deferred financing costs and interest rate caps 2,648 2,929 Accretion of debt discount 954 847 Change in fair value of Earnout Liability 2,257 3,900 Change in fair value of convertible note investment (1,969) — Loss on extinguishment of debt 394 — Changes in operating assets and liabilities: Accounts receivable (4,896) (3,109) Inventories (26,290) 9,983 Prepaid expenses and other current assets (5,999) (11,608) Contract assets (10,412) (5,888) Accounts payable 16,947 (5,117) Accrued liabilities (20,786) 4,447 Deferred revenue 929 (3,999) Accrued interest (11) (2,046) Other non-current assets and liabilities 707 1,781 Net cash provided by operating activities $ 25,064 $ 69,183 continues
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$ in thousands CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) 29 For the Six Months Ended June 30 2026 2025 Investing activities: Proceeds from sale of property and equipment 71 — Purchases of property and equipment (35,281) (5,929) Acquisition of intangible assets —capitalized software (4,914) (6,177) Acquisition of Satcom Direct, net of cash acquired — (1,612) Proceeds from FCC Reimbursement Program for property, equipment and intangibles 15,322 409 Proceeds from interest rate caps 2,231 6,088 Net cash used in investing activities $ (22,571) $ (7,221) Financing activities: Payments on earnout liability (39,957) — Payments on term loan (22,339) (1,250) Payments on financing leases (24) — Stock-based compensation activity (2,319) (1,019) Net cash used in financing activities $ (64,639) $ (2,269) Effect of exchange rate changes on cash 63 557 (Decrease) increase in cash, cash equivalents and restricted cash $ (62,083) $ 60,250 Cash, cash equivalents and restricted cash at beginning of period $ 125,690 $ 42,304 Cash, cash equivalents and restricted cash at end of period 63,607 102,554 Cash, cash equivalents and restricted cash at end of period $ 63,607 $ 102,554 Less: current restricted cash $ 85 $ 73 Less: non-current restricted cash 390 396 Cash and cash equivalents at end of period $ 63,132 $ 102,085 Supplemental cash flow information: Cash paid for interest 34,563 39,988 Cash paid for taxes 1,893 1,168 Non-cash investing activities: Purchases of property, equipment and intangibles in liabilities 4,328 10,968 Continued from prior page