Global Eagle revenues up but losses increase
February 1, 2018
By Chris Forrester
Global Eagle Entertainment (GEE) has declared its Q3 numbers (to September 30th 2017) saying that revenues were up 23 per cent for the nine months to $460 million (€370m), but with losses of $223 million ($75 million last year).
GEE is building up media and broadband connectivity with in-flight and cruise ship entertainment now at its core. In 2016 GEE acquired Emerging Markets Communications (EMC) which helped drive revenues forward.
“Today, we become current with our SEC reporting and will have met all of Nasdaq’s conditions for continued listing,” commented Jeff Leddy, CEO of Global Eagle. “The results for our first three quarters of 2017 are consistent with our goal of building a solid foundation for Global Eagle. We have worked internally to drive operational improvements through integration of our products, personnel and locations, setting the foundation for continuous efficiency gains as we move into 2018.”
He added that GEE continues to “strengthen its go-to-market strategy by developing solutions that enhance the customer’s entertainment experience, such as the Company’s new Ocean Prime TV product for maritime markets. Ocean Prime TV is an extension of the Company’s successful aviation IPTV and cruise-television products, which the Company has customised for broader maritime segments.”
The NASDAQ compliance news is important in that in March 2017 GEE was formally notified by NASDAQ that it was not in compliance because of late filing of its end-2016 accounts.