EchoStar Announces Financial Results for the Three Months Ended March 31, 2025

Wireless: Net subscriber growth (+150K), improved churn (7.2% year-over-year), filed Federal Communication Commission (FCC) certification of more than 24,000 5G constructed “on-air” sites one month ahead of schedule
Pay TV: Lowest DISH TV churn (1.36%) in over a decade (excluding the pandemic), growth in average revenue per user (ARPU) (+3% year-over-year)
Broadband & Satellite Services: Enhanced in-flight offerings through universal Ka- and Ku-bands, new international contracts for managed network services, expanded enterprise backlog (+5% year-over-year)

, /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three months ended March 31, 2025.

The company continued to build on the solid foundation laid last year as a global leader in connectivity and entertainment solutions and services. The business drove efficiencies across all of its brands and invested in profitable growth. EchoStar’s unique set of assets across satellite, wireless, video, managed services and U.S.-based manufacturing led to improvements in many key metrics and reported total revenue of $3.87 billion for the first quarter 2025.

“The EchoStar team performed well against our plan in the first quarter,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “We are pleased with the progress of our Wireless business and year-over-year net add subscriber growth. In addition, our Pay-TV segment continues to drive improvements in ARPU and churn, and our in-flight connectivity business advances, scaling and driving interest from airlines worldwide.”

Wireless

Wireless consists predominantly of Boost Mobile and network wireless services, and delivered approximately $973 million in revenue for the first quarter.

Continued strong performance fueled by +150K subscriber net adds in Q1
Attracted and retained high-quality customers, contributing to a 7.2% churn improvement year-over-year
Boost Mobile Network recognized as #1 mobile network in New York City by an independent, third-party industry benchmarking expert
Met 3GPP release 17 deployment and completed construction of 24,000 5G sites “on air” ahead of June FCC requirement date
More than 1.25 million customers on Boost Mobile Network, and loading more than 75% of compatible devices on-net in accelerated markets
Wireless closed the quarter with approximately 7.15 million subscribers

Pay-TV

Pay TV consists of DISH TV and Sling TV. Performance for Pay-TV was in line with expectations and delivered approximately $2.5 billion in revenue for the first quarter.

Focused on operational efficiency, customer loyalty, and improving user experiences to help increase ARPU (+3%) and reduce non-programming variable costs per subscriber
Loyalty and bundled offerings delivered lowest DISH TV churn (1.36%) in over a decade (excluding the pandemic), an 11% reduction year-over-year
Pay-TV closed the quarter with approximately 7.4 million subscribers

Broadband & Satellite Services

Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $371 million in revenue for the first quarter.

In-flight connectivity business announced universal compatibility with Ka- and Ku-bands, providing greater interoperability compared to single constellation systems in the market, enabling cost-effective flexibility and an optimal passenger experience
Announced membership in Airbus HBCplus program enhancing ability to serve airlines as a factory line fit option at Airbus
Completed Latin American deployment of multi-orbit managed network to support private networks and security services on LEO and geostationary Earth orbit (GEO) satellites
Approximately $1.6 billion contracted backlog revenue at the end of Q1 (+5% year-over-year)
Broadband & Satellite Services closed the quarter with approximately 853,000 subscribers

Set forth below is a table highlighting certain of EchoStar’s segment results for the three months ended March 31, 2025 and 2024 (all U.S. GAAP amounts reference results from operations):

		For the Three Months Ended March 31,
		2025	2024
		(in thousands)
Revenue
Pay-TV		$ 2,538,727	$ 2,726,578
Wireless		972,775	914,006
Broadband and Satellite Services		370,658	382,586
All Other & Eliminations		(12,402)	(8,327)
Total		$ 3,869,758	$ 4,014,843

Net Income (loss) attributable to EchoStar		$ (202,669)	$ (107,376)

OIBDA
Pay-TV		$ 729,873	$ 755,510
Wireless		(415,064)	(363,496)
Broadband and Satellite Services		85,703	79,287
All Other & Eliminations		(311)	(1,145)
Total		$ 400,201	$ 470,156

Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)
Pay-TV		$ 62,388	$ 57,912
Wireless		283,993	549,173
Broadband and Satellite Services		32,103	70,611
	Total	$ 378,484	$ 677,696

Reconciliation of GAAP to Non-GAAP Measurement:

For the Three Months Ended March 31, 2025	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated
	(In thousands)
Segment operating income (loss)	$	653,430	$	(722,302)	$	(19,195)	$	(65)	$	(88,132)
Depreciation and amortization		76,443		307,238		104,898		(246)		488,333
OIBDA	$	729,873	$	(415,064)	$	85,703	$	(311)	$	400,201

For the Three Months Ended March 31, 2024


Segment operating income (loss)	$	670,108	$	(645,168)	$	(39,554)	$	(630)	$	(15,244)
Depreciation and amortization		85,402		281,672		118,841		(515)		485,400
OIBDA	$	755,510	$	(363,496)	$	79,287	$	(1,145)	$	470,156

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The condensed consolidated financial statements of EchoStar for the period ended March 31, 2025, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Form 10-Q for the period ended March 31, 2025, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Friday, May 9, 2025, at 11 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13753677) or ask for the “EchoStar Corporation Q1 2025 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward–looking statements. Although management believes that the expectations reflected in these forward–looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2024 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED BALANCE SHEETS
	(Dollars in thousands, except share amounts)
	(Unaudited)

	As of
	March 31,		December 31,
	2025		2024
Assets
Current Assets:
Cash and cash equivalents	$	2,529,878	$	4,305,393
Current restricted cash and cash equivalents		172,856		150,898
Marketable investment securities		2,529,217		1,242,036
Trade accounts receivable, net of allowance for credit losses of $80,641 and $82,628, respectively		1,183,870		1,198,731
Inventory		413,365		455,197
Prepaids and other assets		724,393		655,233
Other current assets		94,630		88,255
Total current assets		7,648,209		8,095,743

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		172,357		169,627
Property and equipment, net		8,980,928		9,187,132
Regulatory authorizations, net		39,739,466		39,442,166
Other investments, net		202,166		202,327
Operating lease assets		3,242,450		3,260,768
Intangible assets, net		70,906		74,939
Other noncurrent assets, net		515,045		505,985
Total noncurrent assets		52,923,318		52,842,944
Total assets	$	60,571,527	$	60,938,687

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	690,482	$	740,984
Deferred revenue and other		664,924		650,940
Accrued programming		1,284,309		1,339,072
Accrued interest		667,674		352,499
Other accrued expenses and liabilities		1,743,545		1,804,516
Current portion of debt, finance lease and other obligations		1,004,626		943,029
Total current liabilities		6,055,560		5,831,040

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion		25,328,132		25,660,288
Deferred tax liabilities, net		4,917,006		4,988,653
Operating lease liabilities		3,195,552		3,211,407
Long-term deferred revenue and other long-term liabilities		1,012,587		1,002,074
Total long-term obligations, net of current portion		34,453,277		34,862,422
Total liabilities		40,508,837		40,693,462

Commitments and Contingencies

Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 155,262,098 and 155,048,676 shares issued and outstanding, respectively		155		155
Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding		131		131
Additional paid-in capital		8,779,458		8,768,360
Accumulated other comprehensive income (loss)		(187,865)		(195,711)
Accumulated earnings (deficit)		11,415,768		11,618,437
Total EchoStar stockholders’ equity (deficit)		20,007,647		20,191,372
Noncontrolling interests		55,043		53,853
Total stockholders’ equity (deficit)		20,062,690		20,245,225
Total liabilities and stockholders’ equity (deficit)	$	60,571,527	$	60,938,687

	ECHOSTAR CORPORATION
	CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
	(Dollars in thousands, except per share amounts)
	(Unaudited)

	For the Three Months Ended March 31,
	2025		2024
Revenue:
Service revenue	$	3,606,156	$	3,819,673
Equipment sales and other revenue		263,602		195,170
Total revenue		3,869,758		4,014,843

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,432,198		2,557,182
Cost of sales – equipment and other		439,508		363,083
Selling, general and administrative expenses		597,851		624,422
Depreciation and amortization		488,333		485,400
Total costs and expenses		3,957,890		4,030,087

Operating income (loss)		(88,132)		(15,244)

Other Income (Expense):
Interest income		65,529		30,462
Interest expense, net of amounts capitalized		(286,055)		(99,408)
Other, net		41,390		(26,110)
Total other income (expense)		(179,136)		(95,056)

Income (loss) before income taxes		(267,268)		(110,300)
Income tax (provision) benefit, net		63,987		1,925
Net income (loss)		(203,281)		(108,375)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(612)		(999)
Net income (loss) attributable to EchoStar	$	(202,669)	$	(107,376)

Weighted-average common shares outstanding – Class A and B common stock:
Basic		286,513		271,519
Diluted		286,513		271,519

Earnings per share – Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(0.71)	$	(0.40)
Diluted net income (loss) per share attributable to EchoStar	$	(0.71)	$	(0.40)

		ECHOSTAR CORPORATION
		CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
	(In thousands)
		(Unaudited)

		For the Three Months Ended
		March 31,
		2025		2024
Cash Flows From Operating Activities:
Net income (loss)		$	(203,281)	$	(108,375)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization			488,333		485,400
Realized and unrealized losses (gains) on investments, impairments and other			(35,769)		23,893
Non-cash, stock-based compensation			7,609		9,058
Deferred tax expense (benefit)			(68,902)		(11,688)
Changes in allowance for credit losses			(1,987)		10,516
Change in long-term deferred revenue and other long-term liabilities			(2,772)		(3,871)
Other, net			51,627		31,261
Changes in operating assets and operating liabilities, net			(28,103)		15,065
Net cash flows from operating activities			206,755		451,259

Cash Flows From Investing Activities:
Purchases of marketable investment securities			(1,807,779)		(19,135)
Sales and maturities of marketable investment securities			533,812		458,792
Purchases of property and equipment			(258,427)		(519,612)
Capitalized interest related to regulatory authorizations			(120,057)		(158,084)
Purchases of regulatory authorizations, including deposits			—		(1,104)
Other, net			(4,268)		998
Net cash flows from investing activities			(1,656,719)		(238,145)

Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations			(24,671)		(27,125)
Redemption and repurchases of term loans, convertible and senior notes			(289,383)		(951,168)
Early debt extinguishment gains (losses) of convertible and senior notes			11,465		—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan			2,534		(160)
Purchase of SNR Management’s ownership interest in SNR HoldCo			—		(441,998)
Other, net			(31,792)		—
Net cash flows from financing activities			(331,847)		(1,420,451)

Effect of exchange rates on cash and cash equivalents			1,714		(849)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents			(1,780,097)		(1,208,186)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period			4,593,804		1,911,601
Cash, cash equivalents, restricted cash and cash equivalents, end of period		$	2,813,707	$	703,415