Gogo shares rose after the company said the Federal Communications Commission renewed its Commercial Aviation Air-Ground Radiotelephone licenses for an additional 10-year term.

Shares were recently up 57% to $3.56 and are down about 24% for the year to date.

The renewed licenses cover Gogo's exclusive 800 MHz air-to-ground spectrum across the U.S. and its 150 towers. The renewal supports the transition of legacy ATG customers to the AVANCE platform while complementing the Gogo Galileo LEO satellite, the company said.

Gogo also reported third-quarter revenue of $213.2 million, down 4.6%. The company reported a quarterly loss of two cents a share, compared with a loss of one cent a share a year earlier. Additionally, the company amended its $600 million Term Loan B, extending the maturity to October 2030.