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Visual21 Nov 2025
Data center suppliers
EchoStar (SATS) investor relations material
EchoStar Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Announced major spectrum transactions: $22.65B deal with AT&T and $19B with SpaceX, plus a $2.6B sale of unpaired AWS-3 spectrum to SpaceX in stock, subject to regulatory approvals.
Established EchoStar Capital to manage proceeds from spectrum sales, with Hamid Akhavan as CEO of EchoStar Capital and Charlie Ergen as CEO and Chairman of EchoStar.
Recorded a $16.5B non-cash impairment charge in Q3 2025 due to 5G network asset decommissioning and spectrum not included in sales.
Q3 2025 revenue was $3.61B, down 7.1% year-over-year, with a net loss of $12.78B, primarily due to impairment charges.
Substantial doubt exists about the ability to continue as a going concern until the AT&T and SpaceX transactions close.
Significant events and developments
FCC review led to forced sale of spectrum assets and abandonment of portions of the 5G network.
Closed or announced spectrum transactions totaling over $41B, resolving FCC spectrum utilization review.
Entered into new network services agreement amendments with AT&T to transition to a Hybrid MNO model.
Ongoing litigation with a tower company and continued negotiations with other vendors.
Adjustments to subscriber counts in Wireless and Pay-TV due to asset sales and changes in calculation methodology.
Capital allocation and financing
Proceeds from spectrum sales intended for EchoStar Capital, focusing on strategic investments, debt repayment, and potential shareholder distributions.
Q4 2024 financing transactions raised $5.4B in new convertible and senior notes, increasing liquidity.
Repurchased $49M of Class A common stock in Q3; board extended repurchase authorization to $1B through 2026.
CapEx was $359M in Q3 2025, down 27.5% year-over-year, with reductions mainly in Wireless.
Debt maturities include $2.0B due July 2026 and $1.38B due August 2026.
Will HSSC's going concern status be resolved?
What was the FCC's rationale for spectrum actions?
What is the Equity Amount in SpaceX transaction?
EchoStar Capital's investment priorities
Impact of 5G network decommissioning?
Strategy for core Pay-TV and Wireless units?
EchoStar Capital's investment focus beyond SpaceX
Boost Mobile's long-term competitive differentiation
How will FCC talks optimize paired AWS-3 monetization?
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Frequently asked questions
EchoStar Corporation together with its subsidiaries, provides networking technologies and services worldwide. The Company operates in two segments, Hughes and EchoStar Satellite Services (ESS). The Hughes segment offers broadband network technologies, managed services, equipment, hardware, satellite services, and communications solutions to government and enterprise customers. The segment also designs, provides, and installs gateway and terminal equipment to customers for other satellite systems. In addition, it designs, develops, constructs, and provides telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and enterprise customers. Further, this segment designs, provides and installs gateway and terminal equipment to customers for other satellite systems.
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