Carter Griffin and Dave Helfgott


The company started when co-founder Ryan Stone and other aviation executives attempted to provide inflight WiFi service to their customers at the aircraft charter and management company they had founded. They discovered that the options were extremely limited, and that customers were very disappointed with the several choices that were available. They began researching further and came across a patent detailing a novel method of delivering a WiFi signal to an aircraft. After several years of R&D, the concept was proven, the regulatory approvals were obtained, and the patent portfolio was expanded to cover 250+ domestic and international patents covering a variety of key technologies, including beamforming, a “wedge” network architecture, seamless handoff technology, etc. The company then undertook an extensive effort to build the network infrastructure across the US which culminated in the recent announcement of nationwide US coverage.


SmartSky Networks


We only just recently completed our nationwide coverage and started commercial operations. We expect revenue of approximately $103M in 2023.

EBITA (Range)

SmartSky expects to begin generating positive EBITDA in late Q1 2024.

Company General Business Specialty/Industry (Description: What does the company do)


SmartSky’s ATG business will be initially focused on Business Aviation (“BA”) which is the fastest growing, underserved and most value-driven segment of the in-flight connectivity market. We also plan to target smaller commercial aircraft, (Regional Jets) and envision our product being installed on larger commercial aircraft in combination/cooperation with satellite connectivity.

General Business Model and Market

The revenue model includes high margins on equipment sales as well as high margin recurring revenue on network service.

There are approximately 25,000 aircraft in North America in Business Aviation today, growing to approximately 28,000+, over the next 5 years. The Business Aviation market includes Large-cabin, Super Mid-size, Mid-size and Light Jets, as well as Turboprop aircraft; (all of these aircraft represent a significant multi-million-dollar investment). We exclude the 180,000 aircraft in the North American General Aviation market- space in our Plan, which we intend to target in later years as we move strategically down market.

Most of these aircraft either have no connectivity solution or have a system from Gogo that offers a relatively slow, frustrating and unreliable connection. We are targeting both customers without connectivity today… including customers who are upgrading from Gogo to SmartSky.

Revenue Range Stratification (Product Lines/Service)

Please refer to provided financial model.

Geographic Location(s) and Big Business Line Categories

We are currently cover the continental United States (“CONUS”). Although it is not included in our current financial model, we plan to expand into international territories over time.

Additional Summary Success/Growth/History “Details” Bullets i.e. Growth, track record, Growth Potential

SmartSky recently announced two important fleet customers as well as a major cooperation and purchase agreement deal with the leading OEM, Textron aviation.
flyExclusive, the world’s fourth largest business aviation charter operator, is removing Gogo from their aircraft and installing SmartSky. Fleet includes 91 aircraft plus at least33 new aircraft orders. This validates demand at the high end of the market, and against Gogo installed base for conversion.

Another fleet operator, Jet It, is also removing Gogo. Jet It operates a fleet of 24 aircraft, mostly HondaJets and Gulfstream 150’s, and will add Embraer Phenom 300s in the future. This validates demand in the Light Jet market segment.

Textron, the world’s largest business aviation aircraft producer by volume, placed a firm minimum quantity order for 50 shipsets (with delivery tied to STC completions). Joint marketing efforts with Textron are planned.

Our total Sales pipeline today already includes over 3,500 interested aircraft in various stages of sales cycle. This is an SSN internally generated pipeline, above-and-beyond the incremental pipelines of our MRO / OEM installers, the incremental pipelines of our VAR channel-partners, Honeywell and Avionica, which we expect to take off in 2023.

We are in advanced discussions with eight additional fleet operators

Our distribution network has continued to expand with the addition of JetEast, Western Jet, Global Aviation Technologies RFJ Aerospace and Thornton Aviation as MROs and flyExclusive and Jet It as installers (in addition to the long list of major OEM’s and MRO’s we already have).

Business aviation market is seeing unprecedented demand for new aircraft and best-in-class connectivity. Used aircraft inventory at historic lows as old aircraft are not being retired but rather refurbished; many charter operators have limited new customer sign ups.

Transition Plan


Reason for Selling or Seeking Capital


Final Standard Comments

We are happy to provide additional material (e.g. management presentation, financial model, etc) and also have a data room available for review.