EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

Wireless: Net subscriber growth (+212K), improved churn (2.69%, an improvement of 24 basis points year-over-year), improved average revenue per user (ARPU) (4.1% year-over-year) and the highest prepaid ARPU in the industry. Pay TV: Lowest DISH TV churn (1.29%) in over a decade (excluding the pandemic), growth in ARPU (+3% year-over-year) and increased viewership engagement (hours/viewer). Broadband & Satellite Services: Increased enterprise order backlog (future revenues) by 8% to $1.6B primarily through gaining share in the attractive Aero sector. , /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and six months ended June 30, 2025. The company's unabated focus on driving operational efficiencies, exceptional customer experiences and profitable growth investment continues to deliver results across the enterprise and reconfirms the company's plan to deliver positive Operating Free Cash Flow, as previously defined. EchoStar's assets across satellite, wireless, video, managed services and U.S.-based manufacturing led to improvements in many key metrics and reported total revenue of $3.72 billion for the second quarter 2025 and $7.60 billion for the six months ended June 30, 2025. "EchoStar performed well in the second quarter and was in line with our high performance expectations," said Hamid Akhavan, president and CEO, EchoStar Corporation. "Our Retail Wireless business continues to make progress and we have now had five consecutive quarters of growth with our Boost Mobile brand. Our Pay-TV ARPU and churn rate improvement continues to impress, and our enterprise business is gaining ground globally within the aviation sector as the industry's only future-proof in-flight connectivity solution." Wireless Wireless consists predominantly of Boost Mobile and network wireless services, and delivered approximately $935 million in revenue for the second quarter. Continued strong performance fueled by +212K subscriber net adds in Q2, closing the quarter with approximately 7.36 million total subscribers Attracted and retained high-quality customers, contributing to a 24 basis point improvement in churn year-over-year Mix in subscribers with higher priced plans and higher sales of value-added services drove 4.1% improvement in ARPU year-over-year – the highest pre-paid ARPU in the industry Boost Mobile Network rated best in 5G Reliability and 5G Coverage in Atlanta; Charlotte, N.C.; Cincinnati; Cleveland; Columbus, Ohio; Dallas-Fort Worth; Detroit; Houston; Miami; New York City; Orlando, Fla.; Philadelphia; Raleigh, N.C; St. Louis; and its hometown market of Denver by OpenSignal Pay-TV Pay TV consists of DISH TV and Sling TV. Performance for Pay-TV delivered approximately $2.46 billion in revenue for the second quarter. Continued focus on operational efficiency, higher priced programming packages per subscriber and improved user experiences helped increase ARPU (+3%) Customer loyalty and high-quality subscribers further reduced DISH TV churn (1.29%) and drove a 10 basis point reduction in churn year-over-year Pay-TV closed the quarter with approximately 7.11 million subscribers Broadband & Satellite Services Broadband & Satellite Services consists predominantly of the Hughes enterprise and consumer family of brands and delivered approximately $340 million in revenue for the second quarter. Announced membership in Airbus HBCplus program enhancing ability to serve airlines as a factory line fit option at Airbus Approximately $1.6 billion contracted backlog revenue at the end of Q2 (+5% year-over-year) Broadband & Satellite Services closed the quarter with approximately 819,000 subscribers Set forth below is a table highlighting certain of EchoStar's segment results for the three and six months ended June 30, 2025 and 2024 (all U.S. GAAP amounts reference results from operations): For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 (in thousands) Revenue Pay-TV $ 2,462,249 $ 2,676,284 $ 5,000,976 $ 5,402,862 Wireless 934,631 892,728 1,907,406 1,806,734 Broadband and Satellite Services 339,780 394,011 710,438 776,597 All Other & Eliminations (11,701) (10,272) (24,103) (18,599) Total $ 3,724,959 $ 3,952,751 $ 7,594,717 $ 7,967,594 Net Income (loss) attributable to EchoStar $ (306,132) $ (205,591) $ (508,801) $ (312,967) OIBDA Pay-TV $ 663,377 $ 753,001 $ 1,393,250 $ 1,508,511 Wireless (451,980) (394,439) (867,044) (757,935) Broadband and Satellite Services 67,699 82,392 153,402 161,679 All Other & Eliminations 551 1,202 240 57 Total $ 279,647 $ 442,156 $ 679,848 $ 912,312 Purchases of property and equipment, net of refunds, (including capitalizedinterest related to regulatory authorizations) Pay-TV $ 78,580 $ 54,006 $ 140,968 $ 111,918 Wireless 625,203 560,468 909,196 1,109,641 Broadband and Satellite Services 43,118 56,559 75,221 127,170 $ 746,901 $ 671,033 $ 1,125,385 $ 1,348,729 Reconciliation of GAAP to Non-GAAP Measurement: For the Three Months Ended June 30, 2025 Pay-TV Wireless Broadband and Satellite Services Consolidated Eliminations (In thousands) Segment operating income (loss) $ 595,552 $ (772,948) $ (36,738) $ 726 $ (213,408) Depreciation and amortization 67,825 320,968 104,437 (175) 493,055 OIBDA $ 663,377 $ (451,980) $ 67,699 $ 551 $ 279,647 For the Three Months Ended June 30, 2024 Segment operating income (loss) $ 667,752 $ (700,302) $ (34,586) $ 1,767 $ (65,369) Depreciation and amortization 85,249 305,863 116,978 (565) 507,525 OIBDA $ 753,001 $ (394,439) $ 82,392 $ 1,202 $ 442,156 For the Six Months Ended June 30, 2025 Pay-TV Wireless Broadband and Satellite Services Consolidated Eliminations (In thousands) Segment operating income (loss) $ 1,248,982 $ (1,495,250) $ (55,933) $ 661 $ (301,540) Depreciation and amortization 144,268 628,206 209,335 (421) 981,388 OIBDA $ 1,393,250 $ (867,044) $ 153,402 $ 240 $ 679,848 For the Six Months Ended June 30, 2024 Segment operating income (loss) $ 1,337,860 $ (1,345,470) $ (74,140) $ 1,137 $ (80,613) Depreciation and amortization 170,651 587,535 235,819 (1,080) 992,925 OIBDA $ 1,508,511 $ (757,935) $ 161,679 $ 57 $ 912,312 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 June 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 June 30, 2025, filed today with the Securities and Exchange Commission. EchoStar will host a conference call to discuss its earnings on Day, August 1, 2025, at 12 p.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: (888) 484-6065 (U.S.) or +1 (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13755124) or ask for the "EchoStar Corporation Q2 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 June 30, December 31, 2025 2024 Assets Current Assets: Cash and cash equivalents $ 2,345,085 $ 4,305,393 Current restricted cash, cash equivalents and marketable investment securities 184,012 150,898 Marketable investment securities 1,988,001 1,242,036 Trade accounts receivable, net of allowance for credit losses of $98,231 and $82,628, respectively 1,158,592 1,198,731 Inventory 375,118 455,197 Prepaids and other assets 771,171 655,233 Other current assets 94,247 88,255 Total current assets 6,916,226 8,095,743 Noncurrent Assets: Restricted cash, cash equivalents and marketable investment securities 176,004 169,627 Property and equipment, net 8,773,656 9,187,132 Regulatory authorizations, net 40,029,923 39,442,166 Other investments, net 191,792 202,327 Operating lease assets 3,218,062 3,260,768 Intangible assets, net 66,903 74,939 Other noncurrent assets, net 509,831 505,985 Total noncurrent assets 52,966,171 52,842,944 Total assets $ 59,882,397 $ 60,938,687 Liabilities and Stockholders' Equity (Deficit) Current Liabilities: Trade accounts payable $ 745,587 $ 740,984 Deferred revenue and other 638,989 650,940 Accrued programming 1,251,114 1,339,072 Accrued interest 308,917 352,499 Other accrued expenses and liabilities 1,675,958 1,804,516 Current portion of debt, finance lease and other obligations 1,053,230 943,029 Total current liabilities 5,673,795 5,831,040 Long-Term Obligations, Net of Current Portion: Long-term debt, finance lease and other obligations, net of current portion 25,401,688 25,660,288 Deferred tax liabilities, net 4,809,572 4,988,653 Operating lease liabilities 3,178,737 3,211,407 Long-term deferred revenue and other long-term liabilities 1,027,111 1,002,074 Total long-term obligations, net of current portion 34,417,108 34,862,422 Total liabilities 40,090,903 40,693,462 Commitments and Contingencies Stockholders' Equity (Deficit): Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 156,299,276 and 155,048,676 shares issued and outstanding, respectively 156 155 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 8,809,264 8,768,360 Accumulated other comprehensive income (loss) (183,181) (195,711) Accumulated earnings (deficit) 11,109,636 11,618,437 Total EchoStar stockholders' equity (deficit) 19,736,006 20,191,372 Noncontrolling interests 55,488 53,853 Total stockholders' equity (deficit) 19,791,494 20,245,225 Total liabilities and stockholders' equity (deficit) $ 59,882,397 $ 60,938,687 ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Revenue: Service revenue $ 3,540,107 $ 3,742,086 $ 7,146,263 $ 7,561,755 Equipment sales and other revenue 184,852 210,665 448,454 405,839 Total revenue 3,724,959 3,952,751 7,594,717 7,967,594 Costs and Expenses (exclusive of depreciation and amortization): Cost of services 2,461,631 2,507,478 4,893,829 5,064,660 Cost of sales - equipment and other 354,187 408,093 793,695 771,176 Selling, general and administrative expenses 629,494 595,024 1,227,345 1,219,446 Depreciation and amortization 493,055 507,525 981,388 992,925 Total costs and expenses 3,938,367 4,018,120 7,896,257 8,048,207 Operating income (loss) (213,408) (65,369) (301,540) (80,613) Other Income (Expense): Interest income 65,369 13,929 130,898 44,391 Interest expense, net of amounts capitalized (279,232) (81,166) (565,287) (180,574) Other, net 35,137 (91,498) 76,527 (117,608) Total other income (expense) (178,726) (158,735) (357,862) (253,791) Income (loss) before income taxes (392,134) (224,104) (659,402) (334,404) Income tax (provision) benefit, net 85,290 16,646 149,277 18,571 Net income (loss) (306,844) (207,458) (510,125) (315,833) Less: Net income (loss) attributable to noncontrolling interests, net of tax (712) (1,867) (1,324) (2,866) Net income (loss) attributable to EchoStar $ (306,132) $ (205,591) $ (508,801) $ (312,967) Weighted-average common shares outstanding - Class A and B common stock: Basic 287,505 271,592 287,012 271,555 Diluted 287,505 271,592 287,012 271,555 Earnings per share - Class A and B common stock: Basic net income (loss) per share attributable to EchoStar $ (1.06) $ (0.76) $ (1.77) $ (1.15) Diluted net income (loss) per share attributable to EchoStar $ (1.06) $ (0.76) $ (1.77) $ (1.15) ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Six Months Ended June 30, 2025 2024 Cash Flows From Operating Activities: Net income (loss) $ (510,125) $ (315,833) Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 981,388 992,925 Realized and unrealized losses (gains) on investments, impairments and other (64,831) 49,312 Non-cash, stock-based compensation 16,123 19,693 Deferred tax expense (benefit) (174,719) (35,300) Changes in allowance for credit losses 15,603 33,108 Change in long-term deferred revenue and other long-term liabilities 420 8,139 Other, net 115,365 125,969 Changes in operating assets and operating liabilities, net (164,957) 52,971 Net cash flows from operating activities 214,267 930,984 Cash Flows From Investing Activities: Purchases of marketable investment securities (2,247,724) (21,847) Sales and maturities of marketable investment securities 1,526,245 501,512 Purchases of property and equipment (551,600) (866,922) Capitalized interest related to regulatory authorizations (573,785) (481,807) Purchases of regulatory authorizations, including deposits — (1,104) Sale of assets to CONX — 26,719 Sale of Fiber business 47,207 — Other, net (64) (4,716) Net cash flows from investing activities (1,799,721) (848,165) Cash Flows From Financing Activities: Repayment of long-term debt, finance lease and other obligations (46,272) (52,758) Redemption and repurchases of term loans, convertible and senior notes (456,049) (951,170) Proceeds from issuance of convertible and senior notes 150,000 — Debt issuance costs and debt (discount) premium (946) — 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 6,994 1,832 Purchase of SNR Management's ownership interest in SNR HoldCo — (441,998) Other, net (31,189) 2 Net cash flows from financing activities (365,997) (1,444,092) Effect of exchange rates on cash and cash equivalents 2,965 (3,701) Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents (1,948,486) (1,364,974) 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 $ 2,645,318 $ 546,627 SOURCE EchoStar Corporation WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2025

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