EchoStar (SATS) Company Report

EchoStar announced significant transactions, including agreements with AT&T valued at approximately $23 billion and SpaceX valued at approximately $19 billion, along with an amended agreement to sell unpaired AWS-3 spectrum for approximately $2.6 billion in SpaceX stock.
Hamid Akhavan has been appointed CEO of the newly formed EchoStar Capital, which will focus on capital management and M&A, while Charlie Ergen will assume the role of EchoStar CEO in addition to Chairman, managing video and wireless operating businesses, effective immediately.
The company is engaged in negotiations with tower companies, with one company having initiated litigation, which is being managed by the independent DISH Network entity.
Hughes Network Systems is undergoing a strategic shift from a consumer to an enterprise business, with enterprise revenue projected to surpass 50% as early as next year.

Nov 6, 2025, 4:00 PM

Transcript

EchoStar announces major transactions, management restructuring, and strategic pivot in Q3 2025

SATS

M&A

Management Change

New Projects/Investments

EchoStar announced significant transactions, including a $23 billion deal with AT&T and an amended agreement with SpaceX to sell AWS-3 spectrum for approximately $2.6 billion in SpaceX stock, which resolves the FCC's spectrum utilization review and provides capital for expansion.
The company underwent a management restructuring, with Charlie Ergen becoming EchoStar CEO and Chairman, and Hamid Akhavan leading the new EchoStar Capital division, focused on capital management and M&A. The SpaceX equity is considered EchoStar Capital's first investment.
EchoStar is pivoting to a capital-rich and asset-light strategy, emphasizing long-term thinking and deploying capital for returns. This includes a strategic vision for the Boost business as a hybrid M&O, aiming for profitability by reducing fixed costs and leveraging the AT&T network.
Hughes Network Systems is transitioning its business focus from consumer to enterprise, with enterprise revenue projected to exceed 50% as early as next year, and is actively seeking M&A opportunities to strengthen its position in key sectors.

Nov 6, 2025, 4:00 PM

Transcript

EchoStar Reports Q3 2025 Results

SATS

Earnings

Demand Weakening

Debt Issuance

EchoStar's Q3 2025 total revenue decreased by 7.1% year-over-year to $3.6B, with Adjusted OIBDA falling 27.1% to $231M.
The company reported a substantial Net Loss Attributable to EchoStar of ($12,781M) for Q3 2025, primarily driven by ($16.5B) in Impairments and Other.
Free Cash Flow was ($247M) in Q3 2025, a 12.9% year-over-year decrease.
Operationally, Wireless Net Additions improved to 223K (up 520K YoY), while Pay-TV Net Additions (Loss) were -172K (an improvement of 50K YoY).
Cash and Marketable Securities increased by $1.4B year-over-year to $4.3B, primarily due to Q4 2024 financing transactions, though Total Debt also rose by $2,233M to $26,311M.

Nov 6, 2025, 4:00 PM

Presentation

EchoStar Announces Major Transactions, Leadership Changes, and New Capital Division

SATS

M&A

CEO Change

New Projects/Investments

EchoStar announced significant transactions, including an amended agreement to sell its unpaired AWS-3 spectrum license to SpaceX for approximately $2.6 billion in SpaceX stock, building on previous deals with AT&T (valued at ~~$23 billion) and SpaceX (~~$19 billion). These transactions resolve the FCC's review of the company's spectrum utilization.
A new division, EchoStar Capital, has been established for capital management and M&A, with Hamid Akhavan appointed CEO. Concurrently, Charlie Ergen has assumed the role of EchoStar CEO, in addition to his Chairman duties, to manage video and wireless operating businesses. These changes are effective immediately.
All proceeds from the spectrum sales are intended for EchoStar Capital, with the SpaceX equity interest being its first investment. The new division aims to strategically deploy capital in areas leveraging EchoStar's 45-year heritage and institutional knowledge, while also considering optimized capital distribution to shareholders.

Nov 6, 2025, 4:00 PM

Transcript

EchoStar Reports Q3 2025 Results, Announces EchoStar Capital and Major Spectrum Deals

SATS

Earnings

New Projects/Investments

Management Change

EchoStar Corporation reported a net loss attributable to EchoStar of ($12.78 billion) for the third quarter of 2025, primarily due to a $16.48 billion one-time, non-cash impairment charge related to the abandonment and decommissioning of certain portions of its 5G network.
The company announced the formation of EchoStar Capital, a new investment division, to spearhead future growth opportunities by investing new capital from recent spectrum transactions.
EchoStar completed transformative spectrum transactions, including agreements with AT&T for $22.65 billion and SpaceX for $19 billion, and an additional sale of its unpaired AWS-3 wireless spectrum to SpaceX for $2.6 billion in SpaceX stock.
Charlie Ergen was appointed President and Chief Executive Officer of EchoStar Corporation, assuming operating responsibility for the Pay-TV and Wireless business units, while Hamid Akhavan was named CEO of EchoStar Capital.
Operationally, the Wireless segment achieved 223K subscriber net adds in Q3 2025, and DISH TV churn reached a historic low of 1.33% for the third quarter.

Nov 6, 2025, 11:30 AM

Press Release

EchoStar Agrees to Sell AWS-3 Spectrum Licenses to SpaceX

SATS

M&A

New Projects/Investments

EchoStar has entered into an amended definitive agreement to sell its unpaired AWS-3 licenses to SpaceX.
The transaction is valued at approximately $2.6 billion in SpaceX stock, with the stock valued as of September 2025.
This sale will enable SpaceX to develop and deploy a next-generation Starlink Direct to Cell constellation.
EchoStar anticipates that this transaction will strengthen its ability to develop new business opportunities and increase shareholder value.
The closing of the proposed transaction is contingent upon receiving all required regulatory approvals and satisfying other closing conditions.

Nov 6, 2025, 11:29 AM

Press Release

EchoStar Amends SpaceX Spectrum Sale Agreement and Announces CEO Appointment

SATS

M&A

Management Change

New Projects/Investments

EchoStar Corporation entered into an Amended and Restated License Purchase Agreement with Space Exploration Technologies Corp. (SpaceX) on November 5, 2025, for the sale of its unpaired AWS-3 licenses.
The total consideration for the transaction increased from $17 billion to $19,616,737,853, with an additional $2,616,737,853 for the transfer of up to 15 MHz of AWS spectrum.
Up to $11,116,737,853 of the total consideration will be paid in SpaceX's Class A Common Stock, valued at $212 per share.
Effective November 6, 2025, Charles W. Ergen was appointed Chairman, President, and Chief Executive Officer of EchoStar, and Hamid Akhavan became Chief Executive Officer of the new EchoStar Capital division.

Nov 6, 2025, 11:16 AM

8-K

EchoStar's Hughes Acquires Anderson Connectivity

SATS

M&A

New Projects/Investments

Hughes Network Systems, an EchoStar company, acquired Anderson Connectivity on October 22, 2025.
This acquisition significantly expands Hughes' capabilities in design, engineering, and manufacturing services, positioning the company for accelerated growth in the global aviation, space, and defense markets.
Brian Anderson, founder of Anderson Connectivity, will join Hughes as Vice President, Aviation Technology & Innovation Officer, and the Melbourne, Florida facility will become a cornerstone for aviation innovation and rapid product development.

Oct 22, 2025, 11:00 AM

Press Release

EchoStar Outlines Strategic Pivot Following Spectrum Divestitures

SATS

M&A

New Projects/Investments

Guidance Update

EchoStar was compelled to pivot its business strategy in May due to an unexpected FCC letter questioning its spectrum rights, leading to a shift from an infrastructure-heavy to an asset-light growth company.
The company executed two significant transactions: selling 600 MHz and 3.45 GHz spectrum to AT&T, and its AWS-4, hBlock, and global S-band rights to SpaceX for a total of $17 billion, split as $8.5 billion in cash and $8.5 billion in SpaceX equity, plus an additional $2 billion for interest expenses.
Following these transactions, EchoStar's pro forma capital structure includes $24 billion in total cash, $13 billion in total debt, and $8.5 billion in SpaceX equity.
The company plans to leverage AT&T's infrastructure and SpaceX's direct-to-satellite system for Boost Mobile, continue growth in DISH and Sling video services, and reposition Hughes towards enterprise resilient connectivity, with $1.8 billion in aero business backlog.

Sep 15, 2025, 8:00 PM

Transcript

EchoStar Details Recent Transactions and Strategic Shift

SATS

M&A

New Projects/Investments

EchoStar completed significant transactions, including a $22.65 billion deal with AT&T for spectrum licenses and a $17 billion deal with SpaceX for AWS-4 and H-block spectrum licenses, with $8.5 billion of the SpaceX deal paid in equity.
The company is undergoing a strategic shift from an "Asset-Rich, Capital Constrained Operator to Asset-Light Growth Investment," focusing on risk-balanced, tax-optimized total shareholder return.
The SpaceX transaction also includes SpaceX developing next-generation Starlink Direct-to-Cell satellites, offering favorable technical and financial terms for Boost Mobile.
EchoStar's post-transaction profile includes a diversified portfolio of operating business units and a scaled subscriber base, with 7.4 million Hughes subscribers and 5.3 million DISH TV subscribers.

Sep 15, 2025, 8:00 AM

Presentation

Earnings Transcripts

Quarterly earnings call transcripts for EchoStar.

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