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Side-by-side financial comparison of Gogo Inc. (GOGO) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Gogo Inc. is the larger business by last-quarter revenue ($230.6M vs $148.3M, roughly 1.6× Shoals Technologies Group, Inc.). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -4.3%, a 9.8% gap on every dollar of revenue. On growth, Gogo Inc. posted the faster year-over-year revenue change (67.3% vs 38.6%). Shoals Technologies Group, Inc. produced more free cash flow last quarter ($-11.3M vs $-25.4M). Over the past eight quarters, Gogo Inc.'s revenue compounded faster (48.7% CAGR vs 27.8%).
Gogo Inc. is an American provider of in-flight broadband Internet service and other connectivity services for business aircraft, headquartered in Broomfield, Colorado. Through its Gogo LLC subsidiary, Gogo previously provided in-flight WiFi to 17 airlines until the Commercial Air business was sold to Intelsat for $400 million in December 2020. According to Gogo, over 2,500 commercial aircraft and 6,600 business aircraft have been equipped with its onboard Wi-Fi services. The company is the de...
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
GOGO vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $230.6M | $148.3M |
| Net Profit | $-10.0M | $8.1M |
| Gross Margin | — | 31.6% |
| Operating Margin | 6.2% | 11.7% |
| Net Margin | -4.3% | 5.5% |
| Revenue YoY | 67.3% | 38.6% |
| Net Profit YoY | 64.6% | 3.9% |
| EPS (diluted) | $-0.08 | $0.05 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $230.6M | $148.3M | ||
| Q3 25 | $223.6M | $135.8M | ||
| Q2 25 | $226.0M | $110.8M | ||
| Q1 25 | $230.3M | $80.4M | ||
| Q4 24 | $137.8M | $107.0M | ||
| Q3 24 | $100.5M | $102.2M | ||
| Q2 24 | $102.1M | $99.2M | ||
| Q1 24 | $104.3M | $90.8M |
| Q4 25 | $-10.0M | $8.1M | ||
| Q3 25 | $-1.9M | $11.9M | ||
| Q2 25 | $12.8M | $13.9M | ||
| Q1 25 | $12.0M | $-282.0K | ||
| Q4 24 | $-28.2M | $7.8M | ||
| Q3 24 | $10.6M | $-267.0K | ||
| Q2 24 | $839.0K | $11.8M | ||
| Q1 24 | $30.5M | $4.8M |
| Q4 25 | — | 31.6% | ||
| Q3 25 | — | 37.0% | ||
| Q2 25 | 87.8% | 37.2% | ||
| Q1 25 | 87.3% | 35.0% | ||
| Q4 24 | — | 37.6% | ||
| Q3 24 | — | 24.8% | ||
| Q2 24 | — | 40.3% | ||
| Q1 24 | — | 40.2% |
| Q4 25 | 6.2% | 11.7% | ||
| Q3 25 | 12.9% | 13.7% | ||
| Q2 25 | 15.9% | 14.4% | ||
| Q1 25 | 15.3% | 5.4% | ||
| Q4 24 | -17.5% | 15.4% | ||
| Q3 24 | 19.0% | 4.4% | ||
| Q2 24 | 21.2% | 18.7% | ||
| Q1 24 | 33.2% | 12.8% |
| Q4 25 | -4.3% | 5.5% | ||
| Q3 25 | -0.9% | 8.7% | ||
| Q2 25 | 5.7% | 12.5% | ||
| Q1 25 | 5.2% | -0.4% | ||
| Q4 24 | -20.5% | 7.3% | ||
| Q3 24 | 10.6% | -0.3% | ||
| Q2 24 | 0.8% | 11.9% | ||
| Q1 24 | 29.2% | 5.3% |
| Q4 25 | $-0.08 | $0.05 | ||
| Q3 25 | $-0.01 | $0.07 | ||
| Q2 25 | $0.09 | $0.08 | ||
| Q1 25 | $0.09 | $0.00 | ||
| Q4 24 | $-0.22 | $0.04 | ||
| Q3 24 | $0.08 | $0.00 | ||
| Q2 24 | $0.01 | $0.07 | ||
| Q1 24 | $0.23 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $125.2M | $7.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $101.1M | $600.0M |
| Total Assets | $1.3B | $904.1M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $125.2M | $7.3M | ||
| Q3 25 | $133.6M | $8.6M | ||
| Q2 25 | $102.1M | $4.7M | ||
| Q1 25 | $70.3M | $35.6M | ||
| Q4 24 | $41.8M | $23.5M | ||
| Q3 24 | $176.7M | $11.1M | ||
| Q2 24 | $161.6M | $3.2M | ||
| Q1 24 | $152.8M | $15.2M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $141.8M | ||
| Q4 24 | — | $141.8M | ||
| Q3 24 | — | $141.8M | ||
| Q2 24 | — | $146.8M | ||
| Q1 24 | — | $168.8M |
| Q4 25 | $101.1M | $600.0M | ||
| Q3 25 | $107.0M | $589.6M | ||
| Q2 25 | $102.8M | $575.4M | ||
| Q1 25 | $82.9M | $558.9M | ||
| Q4 24 | $69.3M | $556.8M | ||
| Q3 24 | $52.7M | $545.2M | ||
| Q2 24 | $52.0M | $544.6M | ||
| Q1 24 | $62.4M | $554.0M |
| Q4 25 | $1.3B | $904.1M | ||
| Q3 25 | $1.3B | $851.8M | ||
| Q2 25 | $1.3B | $795.0M | ||
| Q1 25 | $1.2B | $788.4M | ||
| Q4 24 | $1.2B | $793.1M | ||
| Q3 24 | $810.7M | $801.3M | ||
| Q2 24 | $802.7M | $788.4M | ||
| Q1 24 | $809.0M | $825.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.25× | ||
| Q4 24 | — | 0.25× | ||
| Q3 24 | — | 0.26× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.30× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $8.5M | $-4.1M |
| Free Cash FlowOCF − Capex | $-25.4M | $-11.3M |
| FCF MarginFCF / Revenue | -11.0% | -7.6% |
| Capex IntensityCapex / Revenue | 14.7% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $65.1M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.5M | $-4.1M | ||
| Q3 25 | $46.8M | $19.4M | ||
| Q2 25 | $36.7M | $-13.8M | ||
| Q1 25 | $32.5M | $15.6M | ||
| Q4 24 | $-38.3M | $14.0M | ||
| Q3 24 | $25.1M | $15.7M | ||
| Q2 24 | $24.9M | $37.8M | ||
| Q1 24 | $29.7M | $12.9M |
| Q4 25 | $-25.4M | $-11.3M | ||
| Q3 25 | $27.3M | $9.0M | ||
| Q2 25 | $33.5M | $-26.0M | ||
| Q1 25 | $29.7M | $12.3M | ||
| Q4 24 | $-42.6M | $12.5M | ||
| Q3 24 | $20.7M | $13.3M | ||
| Q2 24 | $21.6M | $35.8M | ||
| Q1 24 | $28.2M | $10.4M |
| Q4 25 | -11.0% | -7.6% | ||
| Q3 25 | 12.2% | 6.6% | ||
| Q2 25 | 14.8% | -23.5% | ||
| Q1 25 | 12.9% | 15.4% | ||
| Q4 24 | -30.9% | 11.6% | ||
| Q3 24 | 20.6% | 13.0% | ||
| Q2 24 | 21.1% | 36.1% | ||
| Q1 24 | 27.0% | 11.4% |
| Q4 25 | 14.7% | 4.8% | ||
| Q3 25 | 8.7% | 7.7% | ||
| Q2 25 | 1.4% | 11.0% | ||
| Q1 25 | 1.2% | 4.0% | ||
| Q4 24 | 3.1% | 1.4% | ||
| Q3 24 | 4.4% | 2.3% | ||
| Q2 24 | 3.3% | 2.0% | ||
| Q1 24 | 1.4% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | 2.87× | -1.00× | ||
| Q1 25 | 2.70× | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | 2.36× | — | ||
| Q2 24 | 29.74× | 3.21× | ||
| Q1 24 | 0.97× | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
GOGO
| Services | $191.9M | 83% |
| Products | $38.7M | 17% |
| Fcc Reimbursement Program | $2.0M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
