EchoStar (SATS) came out with a quarterly loss of $0.76 per share versus the Zacks Consensus Estimate of a loss of $0.37. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for nonrecurring items. This quarterly report represents an earnings surprise of -105.41%. A quarter ago, it was expected that this seller of set-top boxes and provider of satellite services to Dish Network would post a loss of $0.17 per share when it actually produced a loss of $0.40, delivering a surpri ...

ENGLEWOOD, Colo., Aug. 9, 2024 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and six months ended June 30, 2024. Six Months Ended June 30, 2024: EchoStar reported total revenue of $7.97 billion for the six months ending June 30, 2024, compared to $8.74 billion in the year ago period. Net loss attributable to EchoStar in the first two quarters of 2024 was $312.97 million, compared to net income of $466.20 million in the year ago period. Diluted loss per sha ...

Financial Performance - Total revenue for Q2 2024 was $3,952,751, a decrease of 9.2% from $4,356,462 in Q2 2023[19] - Service revenue for Q2 2024 was $3,742,086, down from $4,088,513 in Q2 2023, reflecting a decline of 8.5%[19] - Net loss for Q2 2024 was $207,458 compared to a net income of $232,692 in Q2 2023, representing a significant turnaround[19] - Operating income for Q2 2024 was a loss of $65,369, compared to an operating income of $252,229 in Q2 2023[19] - Basic net loss per share attributable to EchoStar for Q2 2024 was $(0.76), compared to earnings of $0.79 in Q2 2023[19] - Total costs and expenses for Q2 2024 were $4,018,120, slightly down from $4,104,233 in Q2 2023[19] - EchoStar reported a net income attributable to EchoStar of $212.662 million for the quarter ended June 30, 2023, compared to $253.534 million for the quarter ended March 31, 2023, reflecting a decrease of approximately 16%[21] - The company experienced a net cash flow from operating activities of $930.984 million for the six months ended June 30, 2024, compared to $1.539 billion for the same period in 2023, indicating a decline of about 39.4%[22] Assets and Liabilities - Total current assets decreased to $2,787,866 as of June 30, 2024, from $4,891,814 as of December 31, 2023, a decline of 43%[17] - Total liabilities decreased to $35,623,242 as of June 30, 2024, down from $36,720,602 as of December 31, 2023, a reduction of 3%[17] - Total assets decreased to $55,255,193 as of June 30, 2024, from $57,108,894 as of December 31, 2023, a decline of 3.2%[17] - Cash and cash equivalents as of June 30, 2024, were $419,246, down from $1,821,376 as of December 31, 2023, a decrease of 77%[17] - EchoStar's total stockholders' equity as of June 30, 2023, was reported at $22.127 billion, a slight increase from $21.870 billion as of March 31, 2023[21] 5G Network Deployment - The company has invested over $30 billion in Wireless spectrum licenses, excluding $9 billion of capitalized interest, to support its 5G Network Deployment[32] - EchoStar achieved 70% U.S. population access to average download speeds of 35 Mbps by March 2024, fulfilling a key FCC commitment[34] - EchoStar's 5G Network covers over 200 million Americans and provides broadband service to over 250 million Americans[34] - The company plans to commercialize its wireless spectrum licenses through its 5G Network Deployment, with commitments to serve larger portions of the U.S. population[123] - Capital expenditures for the 5G Network Deployment are expected to be approximately $10 billion, including amounts incurred from 2021 to the first six months of 2024[128] Subscriber Information - As of June 30, 2024, EchoStar had 8.074 million Pay-TV subscribers, including 6.076 million DISH TV subscribers and 1.998 million SLING TV subscribers[29] - The Retail Wireless segment had 7.281 million subscribers as of June 30, 2024, with ongoing transition to a mobile network operator (MNO) for 5G services[31] - As of June 30, 2024, EchoStar had 955,000 Broadband subscribers, supported by the EchoStar XXIV satellite launched in December 2023[36] Legal Proceedings - The company is involved in various legal proceedings, but management does not believe the outcomes will materially affect its financial condition[138] - DISH Network L.L.C. and DISH Technologies L.L.C. were found to have infringed patent claims, resulting in a jury award of $469 million, which was later vacated by the court[145] - DISH Network is facing multiple class action complaints related to a cybersecurity incident that occurred on February 23, 2023, with claims for contractual breaches and negligence[147] - The company intends to vigorously defend against potential substantial damages, which may include treble damages and injunctions requiring modifications to current consumer offerings[146] Financial Obligations and Debt - The company has $1,982,544 thousand in 5 7/8% Senior Notes due 2024, with a fair value of $1,885,796 thousand as of June 30, 2024[105] - The company issued $2.0 billion in 0% Convertible Notes due 2025, which are unsecured obligations and do not bear interest[108] - The company’s total lease payments, including finance leases, are projected to be $5,848,813 thousand, with a significant portion due thereafter[101] - The company has entered into a contract for the construction of EchoStar XXV, expected to launch in 2026, enhancing its satellite capabilities[91] Contractual Obligations - Contract liabilities decreased to $643,150 thousand as of June 30, 2024, down from $710,456 thousand as of December 31, 2023[212] - The remaining performance obligations for customer contracts were approximately $1.424 billion as of June 30, 2024, a decrease of $316 million from $1.740 billion as of December 31, 2023[214] - Performance obligations expected to be satisfied within one year and greater than one year are 30% and 70%, respectively[214] Other Financial Metrics - Advertising expenses totaled $164 million and $207 million for the three months ended June 30, 2024 and 2023, respectively, and $328 million and $380 million for the six months ended June 30, 2024 and 2023, respectively[54] - Research and development costs totaled $29 million and $27 million for the three months ended June 30, 2024 and 2023, respectively, and $54 million and $55 million for the six months ended June 30, 2024 and 2023, respectively[57] - The company recognized a total of $(91,498) thousand in "Other, net" for the three months ended June 30, 2024, compared to $34,068 thousand for the same period in 2023[82]

ENGLEWOOD, Colo., Aug. 5, 2024 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) will host a conference call to discuss its second quarter 2024 financial results on Friday, August 9, 2024, at noon Eastern Time (ET). The conference call will be broadcast live in listen-only mode on EchoStar's investor relations website at EchoStar Investor Relations. To attend the call, please use the information below for dial-in access. When prompted on dial-in, please utilize the conference ID or ask for the "EchoStar C ...

Eligible Visa small business cardholders can now save 25% off on the Hughes Managed Cybersecurity solution available through Visa SavingsEdge "With 46% of all cyber breaches impacting businesses with fewer than 1,000 employees, it is important that small businesses protect themselves," said Dan Rasmussen, senior vice president, Enterprise Division, Hughes. "Small businesses understand that strong cybersecurity and reliable network connectivity is essential for maintaining customer trust and avoiding negativ ...

"Boost Mobile is providing a compelling new choice in wireless," said Sean Lee, SVP of Consumer Product and Marketing for Boost Mobile. "We offer transparent, straightforward plans starting at $25 a month on a single line and an extended portfolio of devices for all consumer needs. We've simplified the online experience into one brand and location at BoostMobile.com." Boost Mobile customers also have the freedom to enhance their plans with Add-On services anytime, including international coverage options an ...

"The Open RAN Center for Integration and Deployment (ORCID) is now open for business. We appreciate the trust and partnership of NTIA in this effort, which includes a historic $50 million grant from the Innovation Fund," said Charlie Ergen, co-founder and chairman, EchoStar. "ORCID represents a significant milestone in both EchoStar and the U.S.'s journey to drive and lead the adoption of open and interoperable radio access networks. We look forward to the groundbreaking advancements expected to emerge from ...

Hughes Managed Wireless "cord cutting for business" program offers enterprises rapid deployment, flexibility, reliability and turnkey service GERMANTOWN, Md., June 27, 2024 /PRNewswire/ -- Hughes, an EchoStar Company (Nasdaq: SATS) today announced Cradlepoint, the global leader in cloud-delivered LTE and 5G wireless network and security solutions, has awarded Hughes with the 2023 Cradlepoint Acceleration Partner of the Year Award. Presented at Cradlepoint's recent 2024 Global Partner Summit, the award recog ...

Four-carrier aggregation downlink and two-carrier aggregation uplink are just the latest in a number of network milestones Boost has achieved over the last year. Most recently it was announced the Boost Mobile Network offers 5G Voice or VoNR (Voice over New Radio) to more than 200 million Americans nationwide, the first and largest commercial deployment of this technology to date and 5G broadband service to over 240 million Americans. About Boost Mobile Boost Mobile is changing the way the world communicate ...

EchoStar Corporation (SATS) subsidiary, EchoStar Mobile Limited, recently announced that Swisscom is deploying Actility and EchoStar Mobile to expand its LoRaWAN (Long Range Wide Area Network) IoT footprint across the European nations. Swisscom is leveraging EchoStar Mobile's advanced capabilities to support its sensor-to-satellite operations. Additionally, it is using Actility's ThingPark Exchange roaming hub, which facilitates the seamless integration between Swisscom's terrestrial and EchoStar Mobile's s ...