HIGHOutside partyCustomer
90%
OEMs and after-market dealers (equipment revenue)
“10-K Item 1A: 'More than 90% of our equipment revenue in each such fiscal year was generated from contracts with OEMs and after-market dealers.'”
GOGO · Concentration risk · 10-K extracted
Gogo (GOGO) concentration risks
Updated
The most significant concentration Gogo discloses is OEMs and after-market dealers (equipment revenue) at 90%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Gogo’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH3
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partySupplier
satellite network providers
“10-K Item 1A: 'We depend upon third party satellite networks providers, which are single-source providers, for our satellite services.'”
HIGHOutside partySupplier
single-source component suppliers (antennas, routers, modems)
“10-K Item 1A: 'Many suppliers of critical components of our equipment are single-source providers. Components for which we rely on single-source suppliers include, among others, the antennas, routers and modems for all systems, the equipment used at our ATG cell site base stations and the HDX and FDX Terminals for our Gogo Galileo network.'”
MEDIUMOutside partyCustomer
29%
top 10 customers (service revenue)
“10-K Item 1: 'Our top ten customers accounted for approximately 29% of our 2025 service revenue (excluding service revenue earned under a network sharing agreement with Intelsat Jackson Holdings S.A. (acquired by SES)'”
MEDIUMBuilt-in & outside partyCustomer
military/government customers
“10-K Item 1A: 'Our revenues from military/government customers are expected to represent a reasonably significant percentage of our total revenues, and are expected to be derived primarily from U.S. government applications.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Gogo's concentration risk runs in two directions — dependency on suppliers and networks upstream, and a customer base that skews toward OEM/dealer channels downstream. More than 90% of equipment revenue came from contracts with OEMs and after-market dealers, a dependency exposure of considerable size given how narrow that channel is. Compounding that, Gogo depends on third-party satellite network providers that are single-source, and relies on single-source suppliers for critical components — antennas, routers, modems, and terminal hardware for its ATG and Gogo Galileo networks — both sizable dependency risks where a single vendor disruption could affect service delivery or equipment availability. On the revenue side, the top ten customers accounted for approximately 29% of 2025 service revenue (excluding the Intelsat/SES network-sharing arrangement), a comparatively smaller concentration, and military/government customers are expected to represent a meaningful share of total revenue, a mixed exposure since government demand can be both a stabilizer and a source of budget-cycle variability. Together, the equipment-side dependencies on OEM channels and single-source suppliers are the more consequential concentrations, since they touch both distribution and the physical supply chain simultaneously.
For the engine’s reasoning on GOGO’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Telecom Services
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| GOGO● | Gogo Inc. | 3 | 2 | 0 | 5 |
| AD | Array Digital Infrastructure, I | 2 | 0 | 0 | 2 |
| CMCSA | Comcast Corporation | 1 | 1 | 0 | 2 |
| ATEX | Anterix Inc. | 0 | 1 | 0 | 1 |
| CCOI | Cogent Communications Holdings, | 0 | 1 | 0 | 1 |
| CHTR | Charter Communications, Inc. | 0 | 1 | 0 | 1 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.