Connect with us

Technology

Gogo Announces Second Quarter Results

Published

on

Total Revenue of $102.1 million, down 1% Year-over-Year; Record Second Quarter Service Revenue of $81.9 million, up 4% Year-over-Year

Q2 Net Income of $0.8 million; Adjusted EBITDA(1) of $30.4 million

Updates 2024 Guidance and Long-Term Targets

BROOMFIELD, Colo., Aug. 7, 2024 /PRNewswire/ — Gogo Inc. (NASDAQ: GOGO) (“Gogo” or the “Company”), the world’s largest provider of broadband connectivity services for the business aviation market, today announced its financial results for the quarter ended June 30, 2024.

Q2 2024 Highlights

Total revenue of $102.1 million decreased slightly compared to Q2 2023 and decreased 2% compared to Q1 2024.Record service revenue of $81.9 million increased 4% compared to Q2 2023 and increased slightly compared to Q1 2024.Equipment revenue of $20.1 million decreased 17% compared to Q2 2023 and decreased 11% compared to Q1 2024.Total ATG aircraft online (“AOL”) reached 7,031, a slight decrease compared to Q2 2023 and a decrease of 1% compared to Q1 2024.Total AVANCE AOL grew to 4,215, an increase of 17% compared to Q2 2023 and 3% compared to Q1 2024. AVANCE units comprised approximately 60% of total AOL as of June 30, 2024, up from 51% as of June 30, 2023 and up from 58% as of March 31, 2024.AVANCE equipment units shipped totaled 231, a decrease of 17% compared to Q2 2023 and a decrease of 10% compared to Q1 2024.Average Monthly Revenue per ATG aircraft online (“ARPU”) for the second quarter was a record $3,468, an increase of 3% compared to Q2 2023 and a slight increase compared to Q1 2024.Net income of $0.8 million decreased 99% from $89.8 million in Q2 2023, and 97% from $30.5 million in Q1 2024. Net income in the second quarter of 2024 included $11.0 million of an after-tax unrealized loss related to a fair market value adjustment to a convertible note investment compared with a $9.9 million after-tax unrealized gain related to that investment in Q1 2024. Net income in Q2 2023 included a tax benefit of $63.8 million.Diluted earnings per share was $0.01 compared to $0.67 in Q2 2023, of which approximately $0.08 is attributable to an unrealized loss related to a convertible note investment.Adjusted EBITDA(1) of $30.4 million, which includes approximately $2.2 million of operating expenses related to Gogo Galileo, decreased 31% compared to Q2 2023 and 30% compared to Q1 2024.Cash provided by operating activities of $24.9 million in Q2 2024 increased from $15.6 million in the prior year period and decreased from $29.7 million in Q1 2024.Free Cash Flow(1) of $24.9 million in Q2 2024, an increase from $13.3 million in the prior-year period and decrease from $32.1 million in Q1 2024.Cash and cash equivalents totaled $161.6 million as of June 30, 2024 compared to $152.8 million as of March 31, 2024.In Q2 2024, the Company repurchased approximately 1.5 million shares for a total cost of approximately $13.0 million. The Company repurchased over 3.1 million shares for approximately $28 million in the last three quarters.

“Channel excitement and momentum continues to build ahead of our expected launches of Gogo Galileo HDX in the fourth quarter of 2024, and Galileo FDX and Gogo 5G in 2025,” said Oakleigh Thorne, Chairman and CEO. “These products will expand our global total addressable market by 60%, provide a step-change improvement in performance for our customers, and reignite Gogo’s growth trajectory.”

“Our second quarter results highlighted record service revenue and strong Free Cash Flow of nearly $25 million,” said Jessi Betjemann, Executive Vice President and CFO. “Per our current guidance, we continue to expect substantial Free Cash Flow growth in 2025 as our current strategic investments decline and we benefit from the projected launches of Gogo Galileo and 5G.”

2024 Financial Guidance and Long-Term Financial Targets

The Company updates its 2024 guidance and long-term financial targets below. The guidance and targets include the impact of the Federal Communications Commission’s Secure and Trusted Communications Networks Reimbursement Program (“FCC Reimbursement Program”), except for 2025 Free Cash Flow. 

2024 Guidance

Total revenue in the range of $400 million to $410 million versus prior guidance of $410 million to $425 million.Adjusted EBITDA(1) at the high end of the range of $110 million to $125 million, as previously guided, reflecting increased legal expenses and approximately $26 million of operating expenses for strategic and operational initiatives including Gogo 5G and Gogo Galileo.Free Cash Flow(1) in the range of $35 million to $55 million versus prior guidance of $20 million to $40 million, which includes $40 million in reimbursements tied to the FCC Reimbursement Program.Capital expenditures of approximately $35 million including $20 million for strategic initiatives including Gogo 5G, Gogo Galileo and the LTE network build, versus prior guidance of $45 million which included $30 million for strategic initiatives.

Long-term Financial Targets

Free Cash Flow(1) targeting approximately $150 million in 2025, versus prior target of $150 million to $200 million, without the effect of the FCC Reimbursement Program. Reiterate revenue growth at a compound annual growth rate of approximately 15%-17% from 2023 through 2028. The Company continues to expect that Gogo Galileo will contribute revenue beginning in 2025.Reiterate Annual Adjusted EBITDA Margin(1) reaching 40% in 2028.

(1)  See “Non-GAAP Financial Measures” below

Conference Call

The Company will host its second quarter conference call on August 7, 2024 at 8:30 a.m. ET. A live webcast of the conference call, as well as a replay, will be available online on the Investor Relations section of the Company’s investor website at https://ir.gogoair.com.

Participants can also join the call by dialing +1 844-543-0451 (within the United States and Canada).  Please use the below link to retrieve your unique conference ID to use to access the earnings call.

https://register.vevent.com/register/BI817a70bf204a4269a8871d9cac8e8cd8

Non-GAAP Financial Measures

We report certain non-GAAP financial measurements, including Adjusted EBITDA, Adjusted EBITDA Margin and Free Cash Flow in the discussion above. Management uses Adjusted EBITDA, Adjusted EBITDA Margin 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, Adjusted EBITDA Margin 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 Adjusted EBITDA Margin 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 and Adjusted EBITDA Margin 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 2024, Adjusted EBITDA Margin for fiscal 2028 or Free Cash Flow for fiscal 2025 is included in this release 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 believe such reconciliation would imply a degree of precision that would be confusing or misleading to investors. 

Cautionary Note Regarding Forward-Looking Statements 
Certain disclosures in this press release 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 press release. 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 services; our reliance on our key OEMs and dealers for equipment sales; the impact of competition; our reliance on third parties for equipment components and services; the impact of global supply chain and logistics issues and inflationary trends; our ability to expand our business outside of the United States; our ability to recruit, train and retain highly skilled employees; the impact of pandemics or other outbreaks of contagious diseases, and the measures implemented to combat them; the impact of adverse economic conditions; our ability to fully utilize portions of our deferred tax assets; the impact of increased attention to climate change, ESG matters and conservation measures; our ability to evaluate or pursue strategic opportunities; our ongoing delay and the risk of future delays in deploying 5G, and our ability to develop and deploy Gogo 5G, Gogo Galileo or other next generation technologies; our ability to maintain our rights to use our licensed 3Mhz of ATG spectrum in the United States and obtain rights to additional spectrum if needed; the impact of service interruptions or delays, 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 innovate and provide products and services; our ability to protect our intellectual property rights; 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 global climate change and legal, regulatory or market responses to it; 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 downgrade, suspension or withdrawal of the rating assigned by a rating agency; the volatility of our stock price; our ability to fully utilize our tax losses; the dilutive impact of future stock issuances; the impact of our stockholder concentration and of our CEO and Chair of the Board being a significant stockholder; our ability to fulfill our obligations associated with being a public company; and the impact of anti-takeover provisions, ownership provisions and certain other provisions in our charter, our bylaws, Delaware law, and our existing and any future credit facilities.

Additional information concerning these and other factors can be found under the caption “Risk Factors” in our annual report on Form 10-K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission (“SEC”) on February 28, 2024 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. 

About Gogo

Gogo is the world’s largest provider of broadband connectivity services for the business aviation market. We offer a customizable suite of smart cabin systems for highly integrated connectivity, inflight entertainment and voice solutions. Gogo’s products and services are installed on thousands of business aircraft of all sizes and mission types from turboprops to the largest global jets, and are utilized by the largest fractional ownership operators, charter operators, corporate flight departments and individuals.

As of June 30, 2024, Gogo reported 7,031 business aircraft flying with its broadband ATG systems onboard, 4,215 of which are flying with a Gogo AVANCE L5 or L3 system; and 4,247 aircraft with narrowband satellite connectivity installed. Connect with us at www.gogoair.com.

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Operations

(in thousands, except per share amounts)

For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2024

2023

2024

2023

Revenue:

Service revenue

$

81,929

$

79,062

$

163,602

$

157,561

Equipment revenue

20,130

24,159

42,779

44,257

Total revenue

102,059

103,221

206,381

201,818

Operating expenses:

Cost of service revenue (exclusive of amounts shown below)

18,871

16,819

36,742

33,616

Cost of equipment revenue (exclusive of amounts shown below)

16,432

17,537

32,218

35,663

Engineering, design and development

10,304

9,226

19,520

17,105

Sales and marketing

9,036

7,856

17,319

14,733

General and administrative

21,848

13,199

36,499

27,398

Depreciation and amortization

3,887

4,539

7,728

7,330

Total operating expenses

80,378

69,176

150,026

135,845

Operating income

21,681

34,045

56,355

65,973

Other expense (income):

Interest income

(2,120)

(1,971)

(4,168)

(3,887)

Interest expense

8,113

7,806

16,523

16,782

Loss on extinguishment of debt

—

2,224

—

2,224

Other expense (income), net

14,717

(36)

1,618

(5)

Total other expense

20,710

8,023

13,973

15,114

Income before income taxes

971

26,022

42,382

50,859

Income tax provision (benefit)

132

(63,827)

11,053

(59,439)

Net income

$

839

$

89,849

$

31,329

$

110,298

Net income attributable to common stock per share:

Basic

$

0.01

$

0.69

$

0.24

$

0.85

Diluted

$

0.01

$

0.67

$

0.24

$

0.83

Weighted average number of shares:

Basic

128,295

129,814

128,792

129,467

Diluted

131,731

133,228

132,094

133,407

 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Balance Sheets

(in thousands)

June 30,

December 31,

2024

2023

Assets

Current assets:

Cash and cash equivalents

$

161,550

$

139,036

Accounts receivable, net of allowances of $2,418 and $2,091, respectively

53,653

48,233

Inventories

69,058

63,187

Prepaid expenses and other current assets

60,676

64,138

Total current assets

344,937

314,594

Non-current assets:

Property and equipment, net

94,686

98,129

Intangible assets, net

61,052

55,647

Operating lease right-of-use assets

67,829

70,552

Investment in convertible note

3,438

—

Other non-current assets, net of allowances of $664 and $591, respectively

23,547

25,979

Deferred income taxes

207,188

216,638

Total non-current assets

457,740

466,945

Total assets

$

802,677

$

781,539

Liabilities and stockholders’ equity

Current liabilities:

Accounts payable

$

25,271

$

16,094

Accrued liabilities

52,982

47,649

Deferred revenue

1,862

1,003

Current portion of long-term debt

7,250

7,250

Total current liabilities

87,365

71,996

Non-current liabilities:

Long-term debt

585,060

587,501

Non-current operating lease liabilities

69,471

73,047

Other non-current liabilities

8,770

8,270

Total non-current liabilities

663,301

668,818

Total liabilities

750,666

740,814

Stockholders’ equity

Common stock

14

14

Additional paid-in capital

1,409,060

1,402,003

Accumulated other comprehensive income

11,991

15,796

Treasury stock, at cost

(186,492)

(163,197)

Accumulated deficit

(1,182,562)

(1,213,891)

Total stockholders’ equity

52,011

40,725

Total liabilities and stockholders’ equity

$

802,677

$

781,539

 

Gogo Inc. and Subsidiaries

Unaudited Condensed Consolidated Statements of Cash Flows

(in thousands)

For the Six Months
Ended June 30,

2024

2023

Operating activities:

Net income

$

31,329

$

110,298

Adjustments to reconcile net income to cash provided by operating activities:

Depreciation and amortization

7,728

7,330

Loss on asset disposals, abandonments and write-downs

84

235

Provision for expected credit losses

732

565

Deferred income taxes

10,604

(59,686)

Stock-based compensation expense

9,725

10,494

Amortization of deferred financing costs and interest rate caps

2,589

1,533

Accretion of debt discount

203

219

Loss on extinguishment of debt

—

2,224

Change in fair value of convertible note investment

1,562

—

Changes in operating assets and liabilities:

Accounts receivable

(6,078)

3,070

Inventories

(5,871)

(10,757)

Prepaid expenses and other current assets

(11,146)

(15,148)

Contract assets

783

(473)

Accounts payable

7,840

4,000

Accrued liabilities

3,929

(7,185)

Deferred revenue

864

(1,534)

Accrued interest

(3)

(9,728)

Other non-current assets and liabilities

(268)

(1,316)

Net cash provided by operating activities

54,606

34,141

Investing activities:

Purchases of property and equipment

(4,837)

(10,406)

Acquisition of intangible assets—capitalized software

(5,861)

(2,956)

Proceeds from FCC Reimbursement Program for property, equipment and intangibles

95

—

Proceeds from interest rate caps

12,918

12,489

Redemptions of short-term investments

—

49,524

Purchases of short-term investments

—

(24,728)

Purchase of convertible note investment

(5,000)

—

Net cash (used in) provided by investing activities

(2,685)

23,923

Financing activities:

Payments on term loan

(3,625)

(103,625)

Repurchases of common stock

(23,157)

—

Payments on financing leases

(3)

(97)

Stock-based compensation activity

(2,668)

(7,747)

Net cash used in financing activities

(29,453)

(111,469)

Effect of exchange rate changes on cash

46

55

Increase (decrease) in cash, cash equivalents and restricted cash

22,514

(53,350)

Cash, cash equivalents and restricted cash at beginning of period

139,366

150,880

Cash, cash equivalents and restricted cash at end of period

$

161,880

$

97,530

Cash, cash equivalents and restricted cash at end of period

$

161,880

$

97,530

Less: non-current restricted cash

330

330

Cash and cash equivalents at end of period

$

161,550

$

97,200

Supplemental cash flow information:

Cash paid for interest

$

28,348

$

39,759

Cash paid for taxes

1,148

370

Non-cash investing activities:

Purchases of property and equipment in current liabilities

$

7,164

$

6,253

 

Gogo Inc. and Subsidiaries

Supplemental Information – Key Operating Metrics

For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

2024

2023

2024

2023

Aircraft online (at period end)

ATG AVANCE

4,215

3,598

4,215

3,598

Gogo Biz

2,816

3,466

2,816

3,466

Total ATG

7,031

7,064

7,031

7,064

Narrowband satellite

4,247

4,433

4,247

4,433

Average monthly connectivity service revenue per aircraft online

ATG

$

3,468

$

3,371

$

3,463

$

3,380

Narrowband satellite

335

292

313

298

Units sold

ATG

231

277

489

500

Narrowband satellite

52

43

93

92

Average equipment revenue per unit sold (in thousands)

ATG

$

74

$

73

$

75

$

72

Narrowband satellite

43

50

42

52

ATG AVANCE aircraft online. We define ATG AVANCE aircraft online as the total number of business aircraft equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented.Gogo Biz aircraft online. We define Gogo Biz aircraft online as the total number of business aircraft not equipped with our AVANCE L5 or L3 system for which we provide ATG services as of the last day of each period presented. This number excludes commercial aircraft operated by Intelsat’s airline customers receiving ATG service.Narrowband satellite aircraft online. We define narrowband satellite aircraft online as the total number of business aircraft for which we provide narrowband satellite services as of the last day of each period presented.Average monthly connectivity service revenue per ATG aircraft online (“ARPU”). We define ARPU as the aggregate ATG connectivity service revenue for the period divided by the number of months in the period, divided by the number of ATG aircraft online during the period (expressed as an average of the month end figures for each month in such period). Revenue share earned from the ATG Network Sharing Agreement with Intelsat is excluded from this calculation.Average monthly connectivity service revenue per narrowband satellite aircraft online. We define average monthly connectivity service revenue per narrowband satellite aircraft online as the aggregate narrowband satellite connectivity service revenue for the period divided by the number of months in the period, divided by the number of narrowband satellite aircraft online during the period (expressed as an average of the month end figures for each month in such period).Units sold. We define units sold as the number of ATG or narrowband satellite units for which we recognized revenue during the period.Average equipment revenue per ATG unit sold. We define average equipment revenue per ATG unit sold as the aggregate equipment revenue from all ATG units sold during the period, divided by the number of ATG units sold.Average equipment revenue per narrowband satellite unit sold. We define average equipment revenue per narrowband satellite unit sold as the aggregate equipment revenue earned from all narrowband satellite units sold during the period, divided by the number of narrowband satellite units sold.

Gogo Inc. and Subsidiaries

Supplemental Information – Revenue and Cost of Revenue

(in thousands, unaudited)

For the Three Months
Ended June 30,

% Change

For the Six Months
Ended June 30,

% Change

2024

2023

2024 over
2023

2024

2023

2024 over
2023

Service revenue

$

81,929

$

79,062

3.6

%

$

163,602

$

157,561

3.8

%

Equipment revenue

20,130

24,159

(16.7)

%

42,779

44,257

(3.3)

%

Total revenue

$

102,059

$

103,221

(1.1)

%

$

206,381

$

201,818

2.3

%

For the Three Months
Ended June 30,

% Change

For the Six Months
Ended June 30,

% Change

2024

2023

2024 over
2023

2024

2023

2024 over
2023

Cost of service revenue (1)

$

18,871

$

16,819

12.2

%

$

36,742

$

33,616

9.3

%

Cost of equipment revenue (1)

$

16,432

$

17,537

(6.3)

%

$

32,218

$

35,663

(9.7)

%

(1) 

Excludes depreciation and amortization expense.

 

Gogo Inc. and Subsidiaries

Reconciliation of GAAP to Non-GAAP Measures

(in thousands, unaudited)

For the Three Months
Ended June 30,

For the Six Months
Ended June 30,

For the Three
Months Ended
March 31,

2024

2023

2024

2023

2024

Adjusted EBITDA:

Net income attributable to common stock (GAAP)

$

839

$

89,849

$

31,329

$

110,298

$

30,490

Interest expense

8,113

7,806

16,523

16,782

8,410

Interest income

(2,120)

(1,971)

(4,168)

(3,887)

(2,048)

Income tax provision (benefit)

132

(63,827)

11,053

(59,439)

10,921

Depreciation and amortization

3,887

4,539

7,728

7,330

3,841

EBITDA

10,851

36,396

62,465

71,084

51,614

Stock-based compensation expense

4,885

5,453

9,725

10,494

4,840

Loss on extinguishment of debt

—

2,224

—

2,224

—

Change in fair value of convertible note investment

14,694

—

1,562

—

(13,132)

Adjusted EBITDA

$

30,430

$

44,073

$

73,752

$

83,802

$

43,322

Free Cash Flow:

Net cash provided by operating activities (GAAP) (1)

$

24,949

$

15,627

$

54,606

$

34,141

$

29,657

Consolidated capital expenditures (1)

(6,527)

(8,766)

(10,698)

(13,362)

(4,171)

Proceeds from FCC Reimbursement Program for property,

 equipment and intangibles (1)

67

—

95

—

28

Proceeds from interest rate caps (1)

6,379

6,402

12,918

12,489

6,539

Free cash flow

$

24,868

$

13,263

$

56,921

$

33,268

$

32,053

(1) 

See Unaudited Condensed Consolidated Statements of Cash Flows

 

Gogo Inc. and Subsidiaries

Reconciliation of Estimated Full-Year GAAP Net Cash

Provided by Operating Activities to Non-GAAP Measures

 (in millions, unaudited)

FY 2024 Range

Low

High

Free Cash Flow:

Net cash provided by operating activities (GAAP)

$

42

$

62

Consolidated capital expenditures

(35)

(35)

Proceeds from FCC Reimbursement Program for

 property, equipment and intangibles

5

5

Proceeds from interest rate caps

23

23

Free cash flow

$

35

$

55

Definition of Non-GAAP Measures

EBITDA represents net income attributable to common stock before interest expense, interest income, income taxes and depreciation and amortization expense.

Adjusted EBITDA represents EBITDA adjusted for (i) stock-based compensation expense, (ii) change in fair value of convertible note investment and (iii) loss on extinguishment of debt. Our management believes that the use of Adjusted EBITDA eliminates items that management believes have less bearing on our operating performance, thereby highlighting trends in our core business which may not otherwise be apparent. It also provides an assessment of controllable expenses, which are indicators management uses to determine whether current spending decisions need to be adjusted in order to meet financial goals and achieve optimal financial performance.

We believe that the exclusion of stock-based compensation expense from Adjusted EBITDA provides a clearer view of the operating performance of our business and is appropriate given that grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time. While we believe that investors should have information about any dilutive effect of outstanding options and the cost of that compensation, we also believe that stockholders should have the ability to consider our performance using a non-GAAP financial measure that excludes these costs and that management uses to evaluate our business.

We believe it is useful for an understanding of our operating performance to exclude from Adjusted EBITDA the changes in fair value of convertible note investment because this activity is not related to our operating performance.

We believe it is useful for an understanding of our operating performance to exclude the loss on extinguishment of debt from Adjusted EBITDA because of the infrequently occurring nature of this activity.

We also present Adjusted EBITDA as a supplemental performance measure because we believe that this measure provides investors, securities analysts and other users of our consolidated financial statements with important supplemental information with which to evaluate our performance and to enable them to assess our performance on the same basis as management.

Adjusted EBITDA Margin represents Adjusted EBITDA divided by total revenue. We present Adjusted EBITDA Margin as a supplemental performance measure because we believe that it provides meaningful information regarding our operating efficiency.

Free Cash Flow represents net cash provided by operating activities, plus the proceeds received from the FCC Reimbursement Program and the interest rate caps, less purchases of property and equipment and the acquisition of intangible assets. We believe that Free Cash Flow provides meaningful information regarding our liquidity. Management believes that Free Cash Flow is useful for investors because it provides them with an important perspective on the cash available for strategic measures, after making necessary capital investments in property and equipment to support the Company’s ongoing business operations and provides them with the same measures that management uses as the basis of making capital allocation decisions.

Investor Relations Contact:

Media Relations Contact:

Will Davis

Dave Mellin

+1 917-519-6994

+1 303-301-3606

wdavis@gogoair.com

dmellin@gogoair.com

 

View original content:https://www.prnewswire.com/news-releases/gogo-announces-second-quarter-results-302216158.html

SOURCE Gogo Business Aviation

Continue Reading

Technology

AEWIN Showcases Server Portfolio with AMD EPYC 9006 SP7 Processors at AMD in Depth: EPYC “Venice”

Published

on

By

Comprehensive AI, General-Purpose, and Storage Server Portfolio Highlights Platform Readiness and Upcoming System Shipments

LAS VEGAS, Nov. 10, 2026 /PRNewswire/ — AEWIN Technologies Co., Ltd., a member of the Qisda Group and a server and network appliance provider, today announced new servers powered by AMD EPYC™ 9006 SP7 Server CPUs. Originally previewed on November 5th during the AMD in Depth: EPYC “Venice” event in Las Vegas, the BG28-A10710 and BX28-A10710 highlight AEWIN’s platform readiness as the company prepares to bring its latest EPYC servers to the market in alignment.

In addition to the systems demonstrated at the event, AEWIN’s Server portfolio spans AI, general-purpose, and storage servers designed for a broad range of infrastructure requirements. Building on its previously announced lineup, AEWIN offers servers featuring high-performance computing power, high-speed connectivity, and flexible configurations to support AI workloads, enterprise applications, scalable storage, and cloud infrastructure.

For AI computing, the BG18-A10710 1U AI Server supports up to two single-width 600W GPUs and integrates two-phase direct liquid cooling (2P DLC) solutions for CPU and GPU thermal management. The BG28-A10710 2U AI Server accommodates up to four full-height, full-length GPUs, supporting demanding AI training, inference, and accelerated computing workloads through PCIe 6.0 connectivity.

For enterprise and cloud infrastructure, the BX28-A10710 2U General Purpose Server combines balanced compute and storage capabilities with support for two PCIe 6.0 slots, one OCP 3.0 slot, and up to 12 U.2 NVMe SSDs. For performance-critical storage workloads, the BS28-A10710 2U Storage Server supports up to 16 E3.S Gen6 SSDs, providing high-density storage capacity and high-bandwidth connectivity for data-intensive applications.

By translating AMD EPYC 9006 SP7 Server CPU capabilities into purpose-built platforms, AEWIN enables customers to address diverse workload requirements. Its offerings deliver the versatility needed to master shifting market dynamics, seamlessly balancing extreme performance with cost-effective scalability. With its expanding server portfolio and the broader technology capabilities of Qisda Group ecosystem partners, AEWIN is well positioned to empower customers to build reliable, efficient, and future-ready rack-scale AI infrastructure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/aewin-showcases-server-portfolio-with-amd-epyc-9006-sp7-processors-at-amd-in-depth-epyc-venice-302935761.html

SOURCE AEWIN Technologies Co., Ltd.

Continue Reading

Technology

Baylin announces $35.3 million in revenue for the third quarter of 2026 as compared to $16.8 million for the same period in 2025

Published

on

By

Investor Conference Call on November 11, 2026 at 10:00 a.m. ET

TORONTO, Nov. 10, 2026 /CNW/ — Baylin Technologies Inc. (TSX: BYL) (OTCQB: BYLTF) (the “Company” or “Baylin”), a leading diversified global wireless technology company focused on cellular radio frequency products, custom antenna solutions, satellite communications products, and supporting services, today announced its financial results for the three and nine months ended September 30, 2026. All amounts are stated in Canadian dollars unless otherwise indicated.

THIRD QUARTER SUMMARY

Revenue of $35.3 million compared to $16.8 million in the third quarter of 2025, an increase of 110.7%. The increase was primarily due to the inclusion of a full quarter of revenue from the Kaelus business line.Gross profit of $12.2 million compared to $7.3 million in the third quarter of 2025, due mainly to the inclusion of gross profit from the Kaelus business line.Gross margin of 34.6% compared to 43.4% in the third quarter of 2025 was largely attributed to product mix within the period combined with inflationary pressures, increased operating costs and the ongoing impact of global economic and geopolitical uncertainty.Adjusted EBITDA* of $0.7 million compared to $0.6 million in the third quarter of 2025 was impacted by the same factors as gross margin.Net loss of $0.7 million compared to $1.1 million in the third quarter of 2025, due primarily to an operating loss of $0.8 million. On a per share basis, a net loss of $0.00 per share in the third quarter of 2026 compared to a net loss of $0.01 per share in the third quarter of 2025.Net debt* of $12.7 million at September 30, 2026 compared to $12.4 million at December 31, 2025.Backlog* of $50.9 million at September 30, 2026 compared to $20.4 million at December 31, 2025. The increase was mainly due to the inclusion of backlog from the Kaelus business line and strong new order intake from the Satcom business line.

* This is a non-IFRS measure. See notes in “Selected Financial Information”.

RECENT DEVELOPMENTS

Term Facility

On May 15, 2026, the Company entered into an agreement (the “Credit Agreement”) with Luis LP (the “Lender”), an entity established by SAF Group, a Calgary-based private credit lender, pursuant to which the Lender established a non-revolving term credit facility (the “Term Facility”) in favour of the Company for up to $30.9 million.

Following September 30, 2026, the Company failed to meet the minimum Lender-defined EBITDA covenant applicable to the second and third quarters of 2026 combined period. On November 10, 2026, the Company and the Lender entered into the First Amending Agreement, under which the Lender waived the Company’s failure to meet the minimum Lender-defined EBITDA covenant for the second and third quarters of 2026 combined, subject to the terms and conditions of the First Amending Agreement. The waiver does not apply to any other Default or Event of Default or to any future covenant tests, including the fourth quarter of 2026 tests, which remain in place. The principal terms of the First Amending Agreement can be found in the Company’s management’s discussion and analysis (the “MD&A”) for the three and nine months ended September 30, 2026.

Pursuant to the terms of the Credit Agreement, the Company is prohibited from making the Kaelus deferred purchase price payments of approximately $10.6 million due November 15, 2026 and $2.7 million due December 15, 2026 when due and the Company is uncertain whether it will be allowed to make the final instalment of $7.3 million due March 27, 2027 (collectively the “Kaelus Payments”). Interest on a portion of the Kaelus Payments accrues at 5% per annum from closing until paid. The Company is evaluating alternatives to address these obligations.

The Kaelus Payments are presented in Canadian dollars based on the September 30, 2026 exchange rate. As previously disclosed, the Kaelus Payments are payable in Swedish Krona (SEK), and the actual Canadian dollar equivalent of the final payments will vary based on the exchange rate in effect on the applicable payment dates.

If a guaranteed Kaelus Payment is not made when due, the former Kaelus shareholders may make written demand under the guarantee against 2385796 Ontario Inc., a corporation controlled by Mr. Royer.

SELECTED FINANCIAL INFORMATION

The table below discloses selected financial information for the periods indicated.

(in $000’s except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

2026

2025

Change

Change

2026

2025

Change

Change

$

$

$

%

$

$

$

%

Profit and Loss

Revenue

35,300

16,754

18,546

> 100.0%

73,383

58,076

15,307

26.4 %

Gross profit

12,230

7,274

4,956

68.1 %

29,273

25,682

3,591

14.0 %

Gross margin

34.6 %

43.4 %

(8.8 pp)

(20.3 %)

39.9 %

44.2 %

(4.3 pp)

(9.7 %)

Net loss

(742)

(1,100)

358

(32.5 %)

(6,249)

(2,142)

(4,107)

> 100.0%

Basic and diluted net loss per share

($0.00)

($0.01)

$0.01

(100.0 %)

($0.03)

($0.01)

($0.02)

> 100.0%

EBITDA(1)

263

249

14

5.6 %

(371)

2,060

(2,431)

N/A

Adjusted EBITDA(2)

703

586

117

20.0 %

3,805

4,695

(890)

(19.0 %)

As at

As at

As at

As at

September

30, 2026

September

30, 2025

Change

Change

September

30, 2026

December

31, 2025

Change

Change

$

$

$

%

$

$

$

%

Balance Sheet and Other

Current assets

75,520

33,399

42,121

> 100.0%

75,520

39,413

36,107

91.6 %

Total assets

114,512

44,243

70,269

> 100.0%

114,512

45,377

69,135

> 100.0%

Current liabilities

92,484

38,433

54,051

> 100.0%

92,484

50,582

41,902

82.8 %

Total liabilities

99,612

54,098

45,514

84.1 %

99,612

57,026

42,586

74.7 %

Net debt(3)

12,695

11,364

1,331

11.7 %

12,695

12,395

300

2.4 %

Backlog(4)

50,874

22,645

28,229

> 100.0%

50,874

20,404

30,470

> 100.0%

Notes:

(1)

See “Non-IFRS Measures”. “EBITDA” refers to net income (loss) plus income tax expense (recovery), interest and other finance expense (income), investment income, fair value adjustments, depreciation and amortization.

(2)

See “Non-IFRS Measures”. “Adjusted EBITDA” refers to EBITDA adjusted for the impact of certain items, including asset impairment charges, expenses from mergers and acquisitions, costs of reorganization of a business, gain or loss on the sale of a business, including related expenses, legal costs incurred from significant non-operating activities, severance and executive recruitment costs, and share-based compensation.

(3)

See “Non-IFRS Measures”. “Net debt” refers to total bank indebtedness less cash and cash equivalents.

(4)

See “Non-IFRS Measures”. “Backlog” refers to the value of unfulfilled purchase orders placed by customers.

A copy of the Company’s unaudited interim condensed consolidated financial statements for the three and nine months ended September 30, 2026 and corresponding management’s discussion and analysis (the “MD&A”) are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

OUTLOOK

Corporate

In the third quarter of 2026, the Company continued to advance its strategy of building a diversified global RF technology platform following the acquisition of Kaelus in May 2026. The quarterly sequential revenue increase in the third quarter reflected the contribution from the first full quarter of the Kaelus business line, combined with improvements from the Satcom business line. These gains were tempered by the decline in revenue in the Wireless Infrastructure business line as a result of North American wireless carriers redirecting capital spending to fibre assets in support of data centre buildouts. The Company generated positive Adjusted EBITDA of $0.7 million in the third quarter of 2026, its eleventh consecutive quarter of positive Adjusted EBITDA.

The macroeconomic environment remains challenging, given the ongoing geopolitical tensions and continuing uncertainty. Continued disruptions to the oil supply in the Middle East kept the oil and fuel prices elevated, with broader impacts on transportation, logistics and other production costs across multiple industries. In addition, the Company is facing higher manufacturing costs amid industry-wide price spikes affecting a wide range of electronic components, including memory chips and other critical components.

Despite these challenges and uncertainties, we remain committed to our core principles: clear market-driven strategies, cost containment, prioritizing research and product development, and focusing on revenue growth and margin improvement. Management continues to monitor component pricing and supply chain conditions closely and is focused on mitigating the impact through procurement optimization, cost control initiatives and operational efficiencies.

Based on our current assessment for the fourth quarter of 2026, we expect (i) the Kaelus business line will continue to generate solid revenue, with margins improving relative to recent periods; (ii) the Custom Antenna Solutions business line will experience a gradual recovery in order intake, although customer purchasing activity may continue to be affected by macroeconomic conditions; (iii) sales volumes in the Wireless Infrastructure business line will remain below historical levels due to continued project delays and reduced carrier spending, particularly in the United States; and, (iv) the Satcom business line will deliver improved revenue performance compared to earlier periods.

These operating expectations are subject to ongoing financing and liquidity constraints. Although the First Amending Agreement improved the Company’s short-term liquidity, the terms of the Credit Agreement prohibit the Company from making the Kaelus Payments due in November and December 2026. The Company also remains subject to future financial covenant tests, which it may not satisfy. Management is working constructively with its Lender to negotiate amendments to its credit arrangements intended to address these challenges and support the Company’s ongoing liquidity requirements.

Kaelus Business Line

For the third quarter of 2026, Kaelus delivered strong revenue and Adjusted EBITDA in its first full quarter of consolidated operations, significantly bolstering the Company’s consolidated results. Based on current customer order volumes, ongoing sales velocity and efforts on improving margins, management believes that Kaelus will continue to produce healthy results. Looking ahead, management remains focused on integrating Kaelus into the broader organization, pursuing cross-selling opportunities across the combined customer portfolios of the Kaelus and Wireless Infrastructure business lines, as well as diversifying Kaelus’ customer base to drive further growth in 2027.

Custom Antenna Solutions Business Line

Custom Antenna Solutions delivered softer financial results in the third quarter of 2026 compared to the prior year period. The business line is being impacted by customer order delays due to market volatility and macroeconomic uncertainty. In addition, the business line faced higher production costs resulting from industry-wide price spikes across a wide range of electronic components, which placed additional pressure on gross margins. Despite these challenges, we expect Custom Antenna Solutions revenue in the fourth quarter of 2026 to be comparable to the third quarter, and full-year 2026 revenue to be similar to 2025. The number of active bids for new projects remains at a solid level.

Wireless Infrastructure Business Line

Wireless Infrastructure experienced challenging market conditions in the third quarter of 2026, primarily reflecting capital expenditure delays by North American carriers. Looking ahead, management will continue to leverage the competitive advantages of its multibeam and small cell antenna technologies to pursue new opportunities and drive further sales with wireless carriers and third-party network operators in domestic and international markets. Based on our current assessment, we anticipate Wireless Infrastructure’s performance in revenue, gross profit and Adjusted EBITDA for the full year 2026 will be softer than its very strong 2025 results. We expect carriers to resume infrastructure spending in 2027, which we anticipate will support a recovery in backlog and sales volume for the business line.

Satcom Business Line

Satcom recorded a significant increase in its backlog in the latter part of the second quarter of 2026 and early in the third quarter, primarily driven by multi-million-dollar purchase orders for the Genesis amplifiers across high-power broadcast, government and defence satellite applications. Although Satcom’s top line result in the third quarter of 2026 was weaker than the prior year period, Adjusted EBITDA was comparable and also demonstrated sequential improvement compared to the second quarter of 2026. With this backlog in hand, our outlook for the fourth quarter is more favourable as customers continue to transition from legacy lower-margin products to the new Genesis products manufactured in the United States. This shift in product mix coupled with increased sales volume is expected to improve margins, but we still anticipate that Satcom will end 2026 with lower revenue, gross profit and Adjusted EBITDA compared to 2025.

Satcom is generally not subject to US tariffs. See “Tariffs” below.

Tariffs

The Company continues to take proactive steps to monitor and mitigate the effect of US tariffs across all its business lines.

Wireless Infrastructure’s products are manufactured in our facility in China or third-party facilities in Vietnam. The actual margin impact of tariffs on Wireless Infrastructure has been mitigated to a level much lower than the applicable tariff due to a number of measures taken by the Company. This has allowed Wireless Infrastructure to be compliant with current tariff regime while protecting margins.

Custom Antenna Solutions is currently not directly affected by US tariffs on China. Although Custom Antenna Solutions’ products are manufactured in our facility in China or third-party facilities in Vietnam, they are shipped from there to contract manufacturers elsewhere in Asia for embedding in their final products.

Satcom’s products are manufactured in Canada, and a significant proportion (between 40% and 50% annually) is delivered to its customers in the United States. Satcom’s products are compliant with the Canada–United States–Mexico Agreement (“CUSMA”) and are therefore exempt from general tariffs applicable to non-qualifying Canadian goods. Following the initial joint review held on July 1, 2026, the United States declined to extend CUSMA for a new 16-year term in its current form, triggering annual joint reviews among the three countries. CUSMA remains in force. While the tariff treatment for qualifying Satcom products remains unchanged at this time, the ongoing annual joint reviews introduce medium-term trade policy uncertainty that could impact North American tariff structures in the future.

Since completion of the acquisition of Kaelus, the Company has been working to harmonize its tariff mitigation strategy across the Kaelus business line in order to minimize the impact of tariffs on its products shipped to US customers. Kaelus manufactures through its company-owned facility in China as well as through the use of contract manufacturers in China, Vietnam, and India. US sales represent approximately 20% of Kaelus’ total historical revenue.

KAELUS ACQUISITION – PRO FORMA FORECAST

The Company is withdrawing its financial outlook for fiscal 2026, most recently provided on August 5, 2026, including the forecast for combined revenue, gross profit, gross margin and Adjusted EBITDA. Investors should no longer rely on the August 5, 2026 financial outlook.

The August 5, 2026, financial outlook was based on management’s then-current expectations and assumptions regarding customer demand, order patterns and deployment activity across the Company’s businesses. Since that time, the timing of anticipated capital spending and network deployments by certain customers has changed, resulting in the deferral of certain expected customer orders and reduced visibility regarding the timing of future demand. As a result, management no longer believes it has a sufficient basis to support the financial outlook previously provided for fiscal 2026.

Accordingly, the Company is withdrawing its fiscal 2026 financial outlook, is not providing replacement quantitative guidance at this time. The Company will continue to provide disclosure concerning its historical financial results, business and operations and, where appropriate, other forward-looking information in accordance with applicable Canadian securities laws.

INVESTOR CONFERENCE CALL

Baylin will hold a conference call on Wednesday, November 11, 2026 at 10:00 a.m. (ET) to discuss its financial results for the three and nine months ended September 30, 2026. The conference call will be hosted by Leighton Carroll, Chief Executive Officer, and Cliff Gary, Chief Financial Officer. All interested parties are invited to participate using the dial-in details provided below.

Date:                     

November 11, 2026

Time:                     

10:00 a.m. (ET)

Dial-in Number:     

(+1) 888-699-1199 or (+1) 416-945-7677

Conference ID#:     

17616

Rapid Connect:   

To instantly join the conference call by phone, please use the following URL to easily register

and be connected into the conference call automatically: https://emportal.ink/3P7r42x

Webcast:               

This call is also on webcast and can be accessed at: https://app.webinar.net/Ka91P23nGMd

FORWARD-LOOKING INFORMATION AND STATEMENTS

This press release includes forward-looking information and forward-looking statements (together, “forward-looking statements”) within the meaning of applicable securities laws. Forward-looking statements are not statements of historical fact. Rather, forward-looking statements are disclosure regarding the conditions, developments, events or financial performance that we expect or anticipate may or will occur in the future including, among other things, information or statements concerning our objectives and strategies to achieve those objectives, statements with respect to management’s beliefs, estimates, intentions and plans, and statements concerning anticipated future circumstances, events, expectations, operations, performance or results. Forward-looking statements can be identified generally by the use of forward-looking terminology, such as “anticipate”, “believe”, “could”, “should”, “would”, “estimate”, “expect”, “forecast”, “indicate”, “intend”, “likely”, “may”, “outlook”, “plan”, “potential”, “project”, “seek”, “target”, “trend” or “will” or the negative or other variations of these words or other comparable words or phrases and is intended to identify forward-looking statements, although not all forward-looking statements contain these words.

Forward-looking statements in this press release and the MD&A referenced herein include statements concerning the outlook for our business generally and each of our business lines in particular, including our expectation for future financial performance, the effect of the macroeconomic environment, higher interest rates, timing of and potential impacts from US tariffs, and other disruptions to our business and financial performance. Forward-looking statements are based on certain assumptions and estimates made by us in light of experience and perception of historical trends, current conditions, anticipated future developments, including projected growth in the sales of passive and active radio frequency and satellite communications products, and supporting services, and other factors that we believe are appropriate and reasonable in the circumstances, but there can be no assurance that such assumptions and estimates will prove to be correct.

Forward-looking statements in this press release and the MD&A referenced herein include statements regarding the Company’s expected covenant compliance, available liquidity, ability to continue funding operations and meet obligations, treatment or restructuring of the Kaelus deferred purchase price, discussions with the Lender and former Kaelus shareholders, and the timing and consequences of any demand under the guarantee. These statements assume, among other things, continued Lender support, forecast operating performance and identified financing availability. Actual results may differ materially if the Company fails to satisfy future covenants, cannot obtain additional liquidity or accommodations, is required to make payments sooner than anticipated, or a former Kaelus shareholder makes demand under the guarantee.

Many factors could cause our actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including the risk factors discussed in the Company’s most recent Annual Information Form, which is available under the Company’s profile on SEDAR+ at www.sedarplus.ca. All the forward-looking statements made in this press release are qualified by these cautionary statements and other cautionary statements or factors in this press release. There can be no assurance that the actual results or developments will be realized or, even if substantially realized, will have the expected consequences to, or effects on, the Company. Unless required by applicable securities law, the Company does not intend and does not assume any obligation to update any forward-looking statements.

NON-IFRS MEASURES

This press release includes a number of measures that are not recognized under International Financial Reporting Standards (“IFRS”), do not have any standardized meaning under IFRS and as such may not be comparable to similar measures presented by other companies. Management believes that these measures provide useful information to analysts, investors and other interested parties regarding the Company’s financial condition and results of operation as they provide additional key metrics of the Company’s performance. While management believes that non-IFRS measures provide useful supplemental information, they are not intended to represent, and should not be considered as alternatives to, net income (loss), cash flows generated by operating, investing or financing activities, or other financial statement data presented in accordance with IFRS. For further information, see “Non-IFRS Measures” on page 3 of the MD&A.

ABOUT BAYLIN

Baylin is a leading diversified global wireless technology company focused on cellular radio frequency products, custom antenna solutions, satellite communications products, and supporting services.

For further information, please visit www.baylintech.com.

SOURCE Baylin Technologies Inc.

Continue Reading

Technology

JOAM INNOTECH Accelerates Global Expansion with Integrated Protection PCB Technology

Published

on

By

SEOUL, South Korea, Nov. 11, 2026 /PRNewswire/ — JOAM INNOTECH Co., Ltd. (CEO Byung-hyun Lee), a Korean company specializing in electrical safety, has announced that it has developed a printed circuit board (PCB) module that combines overvoltage, overcurrent and earth-leakage protection in a single unit. The company now plans to use this technology to expand into the global electrical safety market.

JOAM INNOTECH develops and manufactures PCBs for earth-leakage circuit breakers. Drawing on its experience in mass-producing overcurrent protection PCBs, the company is focused on advancing electrical safety technology. Its latest development, an integrated protection module that combines overvoltage, instantaneous overcurrent and earth-leakage detection on a single PCB, strengthens its product competitiveness.

The new module is designed to detect abnormal conditions in the power system, such as sustained high voltage, overcurrent or earth leakage, and trigger the breaker’s trip mechanism in response. Unlike conventional protection methods that only suppress momentary voltage surges, the module has enhanced overvoltage detection that lets it respond when abnormally high voltage is supplied continuously.

Another key advantage is that the module works with existing compact earth-leakage circuit breaker designs. It was designed around standard PCB dimensions, mounting methods and trip coil connections, so manufacturers can add it without external protection devices or major mechanical redesigns. Circuit breaker and power strip manufacturers can expand protection features and set their products apart while keeping their existing product designs.

JOAM INNOTECH is taking a phased approach to development and commercialization. The company has been mass-producing and supplying overcurrent protection PCBs since late 2024, building up its manufacturing capabilities. In April 2026, it filed a Korean patent application for its overvoltage protection technology, and in May it built prototypes of the integrated protection module and ran initial performance tests. Next, the company plans to run application tests in finished products, verify reliability and set mass-production inspection standards to prepare for commercialization.

“We developed this integrated protection PCB module to add overvoltage protection while keeping the structural advantages of existing compact earth-leakage circuit breakers,” said a JOAM INNOTECH spokesperson. “We will keep advancing the technology and verifying its reliability to strengthen our competitiveness, and we aim to create new business opportunities in the global electrical safety market as well as in Korea.”

JOAM INNOTECH CO., LTD
John B. H. Lee
LBH0917@gmail.com

View original content:https://www.prnewswire.com/apac/news-releases/joam-innotech-accelerates-global-expansion-with-integrated-protection-pcb-technology-302935767.html

SOURCE JOAM INNOTECH CO., LTD

Continue Reading

Trending