EchoStar Announces Financial Results for the Three Months Ended March 31, 2026

ENGLEWOOD, Colo., May 11, 2026 (GLOBE NEWSWIRE) -- EchoStar Corporation (NASDAQ: SATS) reported first quarter 2026 total revenue of $3.67 billion, compared to $3.87 billion in 2025. Net loss attributable to EchoStar in the first quarter of 2026 totaled $146.89 million, compared to $202.67 million in the year-ago quarter. Diluted loss per share was $0.51 in the first quarter of 2026, compared to $0.71 in 2025. Pay-TV Net pay-TV subscribers decreased approximately 366,000 in the first quarter of 2026, compared to a decrease of approximately 381,000 in the year-ago quarter.The company closed the quarter with 6.63 million pay-TV subscribers, including 4.84 million DISH TV subscribers and 1.79 million Sling TV subscribers. Retail Wireless Retail wireless subscribers increased by approximately 16,000 in the first quarter of 2026, compared to an increase of 150,000 in the year-ago quarter.The company closed the quarter with 7.53 million wireless subscribers. Broadband and Satellite Services Broadband subscribers decreased by approximately 58,000 in the first quarter of 2026, compared to a decrease of 30,000 in the year-ago quarter.The company closed the quarter with 681,000 broadband subscribers. Additional Details Detailed financial data and other information are available in EchoStar’s Form 10-Q for the quarter ending March 31, 2026, filed with the Securities and Exchange Commission. Please note that EchoStar will not host a live conference call to discuss its first quarter 2026 financial results. All financial results and related materials are available on EchoStar's investor relations website at ir.echostar.com. Set forth below is a table highlighting certain of EchoStar's segment results for the three months ended March 31, 2026 and 2025 (all U.S. GAAP amounts reference results from operations): For the Three Months Ended March 31, 2026 2025 (In thousands)Revenue Pay-TV$2,294,264 $2,538,727 Wireless 962,491 969,668 Broadband and Satellite Services 329,656 370,658 Other 90,983 62,297 Eliminations (9,905) (71,592)Total$3,667,489 $3,869,758 Net Income (loss) attributable to EchoStar$(146,885) $(202,669) OIBDA Pay-TV$527,433 $729,873 Wireless 13,717 (73,707)Broadband and Satellite Services 94,124 85,703 Other (75,990) (324,481)Eliminations 164 (17,187)Total$559,448 $400,201 Adjusted OIBDA Pay-TV$527,433 $729,873 Wireless 13,717 (73,707)Broadband and Satellite Services 94,124 85,703 Other (142,149) (324,481)Eliminations 164 (17,187)Total$493,289 $400,201 Purchases of property and equipment (including capitalized interest related to regulatory authorizations) Pay-TV$88,128 $62,388 Wireless 28,833 — Broadband and Satellite Services 11,610 32,103 Other 4,864 283,993 $133,435 $378,484  Reconciliation of GAAP to Non-GAAP Measurement: Pay-TV Wireless Broadband and Satellite Services Other Eliminations Consolidated TotalFor the Three Months Ended March 31, 2026 (In thousands)Segment operating income (loss) $471,567 $(35,782) $44,184 $(87,295) $173 $392,847 Depreciation and amortization 55,866 49,499 49,940 11,305 (9) 166,601 OIBDA 527,433 13,717 94,124 (75,990) 164 559,448 Impairments and other — — — (66,159) — (66,159)Adjusted OIBDA $527,433 $13,717 $94,124 $(142,149) $164 $493,289 For the Three Months Ended March 31, 2025 Segment operating income (loss) $653,430 $(93,894) $(19,195) $(628,410) $(63) $(88,132)Depreciation and amortization 76,443 20,187 104,898 303,929 (17,124) 488,333 OIBDA 729,873 (73,707) 85,703 (324,481) (17,187) 400,201 Impairments and other — — — — — — Adjusted OIBDA $729,873 $(73,707) $85,703 $(324,481) $(17,187) $400,201  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. 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. ©2026 EchoStar. Hughes, HughesNet, DISH, and Boost Mobile are registered trademarks of one or more affiliate companies of EchoStar Corp. 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, 2025 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, 2026 2025 Assets Current Assets: Cash and cash equivalents$1,343,780 $1,883,074 Current restricted cash, cash equivalents and marketable investment securities — 175,838 Marketable investment securities 172,323 1,100,891 Trade accounts receivable, net of allowance for credit losses of $83,611 and $79,590, respectively 1,258,708 1,273,849 Inventory 395,123 380,647 Prepaids and other assets 359,657 284,194 Other current assets 19,849 34,678 Total current assets 3,549,440 5,133,171 Noncurrent Assets: Restricted cash, cash equivalents and marketable investment securities 176,759 176,203 Property and equipment, net 2,200,571 2,243,515 Regulatory authorizations, net 34,550,802 34,548,952 Other investments, net 208,655 194,046 Operating lease assets 217,635 214,549 Intangible assets, net 51,236 54,413 Other noncurrent assets, net 420,594 451,506 Total noncurrent assets 37,826,252 37,883,184 Total assets$41,375,692 $43,016,355 Liabilities and Stockholders’ Equity (Deficit) Current Liabilities: Trade accounts payable$579,907 $541,706 Deferred revenue and other 620,733 639,173 Accrued programming 1,137,147 1,224,222 Accrued interest 626,229 309,462 Other accrued expenses and liabilities 2,564,432 2,327,587 Current portion of debt, finance lease and other obligations 6,237,306 7,321,269 Total current liabilities 11,765,754 12,363,419 Long-Term Obligations, Net of Current Portion: Long-term debt, finance lease and other obligations, net of current portion 18,015,274 18,658,602 Deferred tax liabilities, net 575,102 598,590 Operating lease liabilities 3,985,604 4,137,269 Long-term deferred revenue and other long-term liabilities 1,356,555 1,446,477 Total long-term obligations, net of current portion 23,932,535 24,840,938 Total liabilities 35,698,289 37,204,357 Commitments and Contingencies Stockholders’ Equity (Deficit): Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 159,722,874 and 159,266,457 shares issued, 157,933,854 and 157,477,437 shares outstanding, respectively 160 159 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 8,886,945 8,875,937 Accumulated other comprehensive income (loss) (181,786) (183,188)Accumulated earnings (deficit) (3,025,628) (2,878,743)Treasury stock, at cost, 1,789,020 shares (48,512) (48,512)Total EchoStar stockholders’ equity (deficit) 5,631,310 5,765,784 Noncontrolling interests 46,093 46,214 Total stockholders’ equity (deficit) 5,677,403 5,811,998 Total liabilities and stockholders’ equity (deficit)$41,375,692 $43,016,355 ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands, except per share amounts) (Unaudited) For the Three Months Ended March 31, 2026 2025 Revenue: Service revenue$3,375,540 $3,606,156 Equipment sales and other revenue 291,949 263,602 Total revenue 3,667,489 3,869,758 Costs and Expenses (exclusive of depreciation and amortization): Cost of services 1,998,268 2,432,198 Cost of sales - equipment and other 536,907 439,508 Selling, general and administrative expenses 639,025 597,851 Depreciation and amortization 166,601 488,333 Impairments and other (66,159) — Total costs and expenses 3,274,642 3,957,890 Operating income (loss) 392,847 (88,132) Other Income (Expense): Interest income 29,409 65,529 Interest expense, net of amounts capitalized (592,660) (286,055)Other, net 2,184 41,390 Total other income (expense) (561,067) (179,136) Income (loss) before income taxes (168,220) (267,268)Income tax (provision) benefit, net 20,920 63,987 Net income (loss) (147,300) (203,281)Less: Net income (loss) attributable to noncontrolling interests, net of tax (415) (612)Net income (loss) attributable to EchoStar$(146,885) $(202,669) Weighted-average common shares outstanding - Class A and B common stock: Basic 289,014 286,513 Diluted 289,014 286,513 Earnings per share - Class A and B common stock: Basic net income (loss) per share attributable to EchoStar$(0.51) $(0.71)Diluted net income (loss) per share attributable to EchoStar$(0.51) $(0.71) ECHOSTAR CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) For the Three Months Ended March 31, 2026 2025 Cash Flows From Operating Activities: Net income (loss)$(147,300) $(203,281)Adjustments to reconcile net income (loss) to net cash flows from operating activities: Depreciation and amortization 166,601 488,333 Impairments and other (66,159) — Realized and unrealized losses (gains) and impairments on investments and other 2,737 (35,769)Non-cash, stock-based compensation 10,233 7,609 Interest expense paid in kind on long-term debt — 57,073 Deferred tax expense (benefit) (28,582) (68,902)Changes in allowance for credit losses 4,021 (1,987)Change in long-term deferred revenue and other long-term liabilities (60,073) (2,772)Other, net 79,253 (5,446)Changes in operating assets and operating liabilities,net 277,553 (28,103)Net cash flows from operating activities 238,284 206,755 Cash Flows From Investing Activities: Purchases of marketable investment securities (577,181) (1,807,779)Sales and maturities of marketable investment securities 1,521,282 553,812 Purchases of property and equipment (133,435) (258,427)Capitalized interest related to regulatory authorizations — (120,057)Other, net 38,429 (4,268)Net cash flows from investing activities 849,095 (1,636,719) Cash Flows From Financing Activities: Repayment of debt, finance lease and other obligations (5,654) (24,671)Redemption and repurchases of debt (1,787,082) (289,383)Early debt redemption gains (losses) — 11,465 Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan 7,513 2,534 Other, net 1,727 (31,792)Net cash flows from financing activities (1,783,496) (331,847) Effect of exchange rates on cash and cash equivalents (240) 1,714 Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents (696,357) (1,760,097)Cash, cash equivalents, restricted cash and cash equivalents, beginning of period 2,182,155 4,593,804 Cash, cash equivalents, restricted cash and cash equivalents, end of period$1,485,798 $2,833,707  Media Contact: [email protected]