EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2025

EchoStar Capital Division Announced to Spearhead Future Growth Opportunities Wireless: Net subscriber growth (+223K), improved churn (2.86%, an improvement of 13 basis points year-over-year), improved average revenue per user (ARPU) (2.6% year-over-year) and continued to have the highest prepaid ARPU in the industry. Pay-TV: DISH TV churn (1.33%) is at a historic low for the third quarter, growth in ARPU (+1% year-over-year) and continued increase in viewership engagement (hours/viewer). Sling TV added approximately 159K subscribers in the third quarter. Broadband & Satellite Services: Enterprise order backlog (future revenues) of $1.5B, primarily through gaining share in the aviation sector. EchoStar Corporation: Company reported total revenue of $3.61 billion for the third quarter 2025 and $11.21 billion for the nine months ended September 30, 2025. EchoStar Capital: New investment division established to develop future growth opportunities. , /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and nine months ended September 30, 2025, and the formation of EchoStar Capital, which will serve as a future growth engine through new business investment. The third quarter was marked by the signing of two transformative spectrum transactions – one with AT&T for $22.65 billion and the other with SpaceX for $19 billion. The transactions were instrumental in resolving the FCC's review of the company's spectrum utilization. Following the announcements of the transactions, the FCC confirmed EchoStar had met all 5G network buildout requirements and other related obligations had been fully satisfied. In addition, EchoStar today announced an amended agreement with SpaceX to sell its unpaired AWS-3 wireless spectrum for $2.6 billion in SpaceX stock. EchoStar Capital will be responsible for investing new capital from the recent spectrum transactions in order to fuel future growth opportunities for EchoStar Corporation. Hamid Akhavan has been appointed to serve as the Chief Executive Officer of EchoStar Capital, while Charlie Ergen, Chairman and Co-founder of EchoStar Corporation, has been appointed to serve as President and Chief Executive Officer of EchoStar Corporation and assume the operating responsibility for the Pay-TV and Wireless business units. "EchoStar will soon be in the unique position of having substantial available capital, vastly changing its scope of opportunities. Through EchoStar Capital we will fuel EchoStar's growth into new and complementary arenas, beyond its successful pay-TV, wireless and enterprise business units," said Hamid Akhavan, CEO, EchoStar Capital. "This is an opportune moment in time for our business to go on the offense as we build upon our 45-year institutional heritage and forge a new path forward for creating and developing opportunities in our strategic expertise domains that will provide attractive value creation for EchoStar and its shareholders." As a result of the previously mentioned third-quarter transactions, EchoStar began the abandonment and decommission process for certain portions of its 5G network that will not be utilized in EchoStar's hybrid MNO business model resulting in a significant adverse change in the intended use of such assets. These developments resulted in a one-time, non-cash impairment charge of $16.48 billion. Wireless Wireless consists predominantly of Boost Mobile and delivered approximately $939 million in revenue for the third quarter. Continued strong performance fueled by +223K subscriber net adds in Q3, closing the quarter with approximately 7.52 million total subscribers Attracted and retained high-quality customers, contributing to a 13 basis-point improvement in churn year-over-year Mix in subscribers with higher-priced plans and higher sales of value-added services drove 2.6% improvement in ARPU year-over-year; Wireless continues to have the highest prepaid ARPU in the industry Pay-TV Pay-TV consists of DISH TV and Sling TV and delivered approximately $2.34 billion in revenue for the third quarter. Customer loyalty and high-quality subscribers further reduced DISH TV churn by 14 basis points year-over-year to (1.33%), a historic low for the third quarter Introduced the popular Sling Day, Weekend and Week Pass subscriptions Pay-TV ended the quarter with approximately 7.17 million subscribers Broadband & Satellite Services Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $346 million in revenue for the third quarter. Approximately $1.5 billion contracted backlog revenue at the end of Q3 Broadband & Satellite Services ended the quarter with approximately 783,000 subscribers Set forth below is a table highlighting certain of EchoStar's segment results for the three and nine months ended September 30, 2025 and 2024 (all U.S. GAAP amounts reference results from operations): For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 (in thousands) Revenue Pay-TV $ 2,341,183 $ 2,618,031 $ 7,342,159 $ 8,020,893 Wireless 938,946 898,396 2,846,352 2,705,130 Broadband and Satellite Services 345,820 386,709 1,056,258 1,163,306 All Other & Eliminations (11,691) (12,152) (35,794) (30,751) Total $ 3,614,258 $ 3,890,984 $ 11,208,975 $ 11,858,578 Net Income (loss) attributable to EchoStar $ (12,781,196) $ (141,812) $ (13,289,997) $ (454,779) OIBDA Pay-TV $ 610,437 $ 676,003 $ 2,003,687 $ 2,184,514 Wireless (16,653,884) (437,360) (17,520,928) (1,195,295) Broadband and Satellite Services (207,597) 77,526 (54,195) 239,205 All Other & Eliminations 460 498 700 555 Total $ (16,250,584) $ 316,667 $ (15,570,736) $ 1,228,979 Adjusted OIBDA Pay-TV $ 610,437 $ 676,003 $ 2,003,687 $ 2,184,514 Wireless (454,540) (437,360) (1,321,584) (1,195,295) Broadband and Satellite Services 74,527 77,526 227,929 239,205 All Other & Eliminations 460 498 700 555 Total $ 230,884 $ 316,667 $ 910,732 $ 1,228,979 Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) Pay-TV $ 98,553 $ 53,357 $ 239,521 $ 165,275 Wireless 214,671 396,596 1,123,867 1,506,237 Broadband and Satellite Services 45,334 44,913 120,555 172,083 $ 358,558 $ 494,866 $ 1,483,943 $ 1,843,595 Reconciliation of GAAP to Non-GAAP Measurement: For the Three Months Ended September 30, 2025 Pay-TV Wireless Broadband and Satellite Services Consolidated Eliminations (In thousands) Segment operating income (loss) $ 549,388 $ (16,883,499) $ (308,327) $ 563 $ (16,641,875) Depreciation and amortization 61,049 229,615 100,730 (103) 391,291 OIBDA 610,437 (16,653,884) (207,597) 460 (16,250,584) Impairments and other — 16,199,344 282,124 — 16,481,468 Adjusted OIBDA $ 610,437 $ (454,540) $ 74,527 $ 460 $ 230,884 For the Three Months Ended September 30, 2024 Segment operating income (loss) $ 588,501 $ (714,062) $ (36,116) $ 910 $ (160,767) Depreciation and amortization 87,502 276,702 113,642 (412) 477,434 OIBDA 676,003 (437,360) 77,526 498 316,667 Impairments and other — — — — — Adjusted OIBDA $ 676,003 $ (437,360) $ 77,526 $ 498 $ 316,667 For the Nine Months Ended September 30, 2025 Pay-TV Wireless Broadband and Satellite Services Consolidated Eliminations (In thousands) Segment operating income (loss) $ 1,798,370 $ (18,378,749) $ (364,260) $ 1,224 $ (16,943,415) Depreciation and amortization 205,317 857,821 310,065 (524) 1,372,679 OIBDA 2,003,687 (17,520,928) (54,195) 700 (15,570,736) Impairments and other — 16,199,344 282,124 — 16,481,468 Adjusted OIBDA $ 2,003,687 $ (1,321,584) $ 227,929 $ 700 $ 910,732 For the Nine Months Ended September 30, 2024 Segment operating income (loss) $ 1,926,361 $ (2,059,532) $ (110,256) $ 2,047 $ (241,380) Depreciation and amortization 258,153 864,237 349,461 (1,492) 1,470,359 OIBDA 2,184,514 (1,195,295) 239,205 555 1,228,979 Impairments and other — — — — — Adjusted OIBDA $ 2,184,514 $ (1,195,295) $ 239,205 $ 555 $ 1,228,979 Note on Use of Non-GAAP Financial Measures OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization." Adjusted OIBDA is defined as "Operating income (loss)" plus "Depreciation and amortization" and "impairments and other." OIBDA and Adjusted OIBDA, which are presented by segment above, are non-GAAP measures reconciled to "Operating income (loss)" and do not purport to be alternatives to operating income (loss) as a measure of operating performance. We believe OIBDA 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. We believe Adjusted OIBDA is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments as it excludes one-time, non-cash items that we do not consider to be reflective of our ongoing operating performance. The condensed consolidated financial statements of EchoStar for the period ended September 30, 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 September 30, 2025, filed today with the Securities and Exchange Commission. EchoStar will host a conference call to discuss its earnings on Thursday, November 6, 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 (13756616) or ask for the "EchoStar Corporation Q3 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, and subsequent quarterly reports on Form 10-Q 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 September 30, December 31, 2025 2024 Assets Current Assets: Cash and cash equivalents $ 2,431,742 $ 4,305,393 Current restricted cash, cash equivalents and marketable investment securities 169,575 150,898 Marketable investment securities 1,482,828 1,242,036 Trade accounts receivable, net of allowance for credit losses of $91,384 and $82,628, respectively 1,127,101 1,198,731 Inventory 416,068 455,197 Prepaids and other assets 384,301 655,233 Other current assets 20,675 88,255 Total current assets 6,032,290 8,095,743 Noncurrent Assets: Restricted cash, cash equivalents and marketable investment securities 174,352 169,627 Property and equipment, net 3,084,793 9,187,132 Regulatory authorizations, net 34,924,214 39,442,166 Other investments, net 193,272 202,327 Operating lease assets 291,846 3,260,768 Intangible assets, net 62,949 74,939 Other noncurrent assets, net 507,650 505,985 Total noncurrent assets 39,239,076 52,842,944 Total assets $ 45,271,366 $ 60,938,687 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Trade accounts payable $ 668,186 $ 740,984 Deferred revenue and other 652,398 650,940 Accrued programming 1,222,607 1,339,072 Accrued interest 631,933 352,499 Other accrued expenses and liabilities 2,267,668 1,804,516 Current portion of debt, finance lease and other obligations 4,519,619 943,029 Total current liabilities 9,962,411 5,831,040 Long-Term Obligations, Net of Current Portion: Long-term debt, finance lease and other obligations, net of current portion 21,791,251 25,660,288 Deferred tax liabilities, net 680,784 4,988,653 Operating lease liabilities 4,266,240 3,211,407 Long-term deferred revenue and other long-term liabilities 1,563,809 1,002,074 Total long-term obligations, net of current portion 28,302,084 34,862,422 Total liabilities 38,264,495 40,693,462 Commitments and Contingencies Stockholders' Equity (Deficit): Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 158,248,208 and 155,048,676 shares issued, 156,459,188 and 155,048,676 shares outstanding, respectively 159 155 Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 sharesissued and outstanding 131 131 Additional paid-in capital 8,849,985 8,768,360 Accumulated other comprehensive income (loss) (178,779) (195,711) Accumulated earnings (deficit) (1,671,560) 11,618,437 Treasury stock, at cost, 1,789,020 shares (48,512) — Total EchoStar stockholders' equity (deficit) 6,951,424 20,191,372 Noncontrolling interests 55,447 53,853 Total stockholders' equity (deficit) 7,006,871 20,245,225 Total liabilities and stockholders' equity (deficit) $ 45,271,366 $ 60,938,687 ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Revenue: Service revenue $ 3,427,947 $ 3,671,674 $ 10,574,210 $ 11,233,429 Equipment sales and other revenue 186,311 219,310 634,765 625,149 Total revenue 3,614,258 3,890,984 11,208,975 11,858,578 Costs and Expenses (exclusive of depreciation and amortization): Cost of services 2,370,363 2,538,149 7,264,192 7,602,809 Cost of sales - equipment and other 391,524 393,024 1,185,219 1,164,200 Selling, general and administrative expenses 621,487 643,144 1,848,832 1,862,590 Depreciation and amortization 391,291 477,434 1,372,679 1,470,359 Impairments and other 16,481,468 — 16,481,468 — Total costs and expenses 20,256,133 4,051,751 28,152,390 12,099,958 Operating income (loss) (16,641,875) (160,767) (16,943,415) (241,380) Other Income (Expense): Interest income 53,187 11,200 184,085 55,591 Interest expense, net of amounts capitalized (377,072) (81,503) (942,359) (262,077) Other, net 28,953 52,107 105,480 (65,501) Total other income (expense) (294,932) (18,196) (652,794) (271,987) Income (loss) before income taxes (16,936,807) (178,963) (17,596,209) (513,367) Income tax (provision) benefit, net 4,155,459 35,162 4,304,736 53,733 Net income (loss) (12,781,348) (143,801) (13,291,473) (459,634) Less: Net income (loss) attributable to noncontrolling interests, net of tax (152) (1,989) (1,476) (4,855) Net income (loss) attributable to EchoStar $ (12,781,196) $ (141,812) $ (13,289,997) $ (454,779) Weighted-average common shares outstanding - Class A and B common stock: Basic 288,051 271,736 287,362 271,616 Diluted 288,051 271,736 287,362 271,616 Earnings per share - Class A and B common stock: Basic net income (loss) per share attributable to EchoStar $ (44.37) $ (0.52) $ (46.25) $ (1.67) Diluted net income (loss) per share attributable to EchoStar $ (44.37) $ (0.52) $ (46.25) $ (1.67) ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Nine Months Ended September 30, 2025 2024 Cash Flows From Operating Activities: Net income (loss) $ (13,291,473) $ (459,634) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 1,372,679 1,470,359 Impairments and other 16,481,468 — Realized and unrealized losses (gains) and impairments on investments and other (28,884) 41,929 Asset sales and other (gains) losses (59,474) (50,418) Non-cash, stock-based compensation 27,994 28,298 Interest expense paid in kind on long-term debt 95,120 — Deferred tax expense (benefit) (4,328,557) (85,300) Changes in allowance for credit losses 8,756 8,037 Change in long-term deferred revenue and other long-term liabilities 36,677 15,996 Other, net 32,073 131,029 Changes in operating assets and operating liabilities, net (20,431) 106,848 Net cash flows from operating activities 325,948 1,207,144 Cash Flows From Investing Activities: Purchases of marketable investment securities (2,767,979) (29,166) Sales and maturities of marketable investment securities 2,549,229 563,421 Purchases of property and equipment (807,632) (1,200,606) Capitalized interest related to regulatory authorizations (676,311) (642,989) Purchases of regulatory authorizations, including deposits — (1,104) Sale of assets to CONX — 26,719 Liberty Puerto Rico asset sale — 95,435 Sale of Fiber business 47,207 — Other, net 5,444 10,892 Net cash flows from investing activities (1,650,042) (1,177,398) Cash Flows From Financing Activities: Repayment of long-term debt, finance lease and other obligations (60,032) (101,197) Redemption and repurchases of term loans, convertible and senior notes (622,716) (951,170) Proceeds from issuance of convertible and senior notes 150,000 — Debt issuance costs and debt (discount) premium (946) — Proceeds from New DISH DBS Financing — 2,500,000 Debt issuance costs and debt (discount) premium from New DISH DBS Financing — (136,208) Early debt extinguishment gains (losses) of convertible and senior notes 11,465 — Class A common stock repurchases (48,512) — Net proceeds from Class A common stock options exercised and stock issued under theEmployee Stock Purchase Plan 35,846 4,347 Purchase of SNR Management's ownership interest in SNR HoldCo — (441,998) Other, net (27,977) (4,185) Net cash flows from financing activities (562,872) 869,589 Effect of exchange rates on cash and cash equivalents 2,991 (3,458) Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents (1,883,975) 895,877 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 $ 2,709,829 $ 2,807,478 SOURCE EchoStar Corporation

EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2025

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