DISH Network (US:DISH)2025-11-14 11:03Financial Performance - Total revenue for Q3 2025 was $3,280,894, a decrease of 6.67% compared to $3,515,317 in Q3 2024[23] - Service revenue for Q3 2025 was $3,164,369, down from $3,380,913 in Q3 2024, reflecting a decline of 6.39%[23] - Net loss for Q3 2025 was $12,467,609, compared to a net loss of $210,523 in Q3 2024, indicating a significant increase in losses[23] - Operating income (loss) for Q3 2025 was $(16,166,330), compared to $(124,500) in Q3 2024, showing a substantial decline in operational performance[23] - The company reported a comprehensive loss of $12,468,416 for Q3 2025, compared to a comprehensive loss of $210,606 in Q3 2024, highlighting the worsening financial situation[23] - Net income attributable to DISH Network for the nine months ended September 30, 2025, was a loss of $12,930,195 thousand, compared to a loss of $432,563 thousand for the same period in 2024[29] - Cash flows from operating activities for the nine months ended September 30, 2025, were $155,099 thousand, a decrease from $874,490 thousand in 2024[29] Assets and Liabilities - Total current assets increased to $2,618,759 as of September 30, 2025, up from $2,479,266 as of December 31, 2024, representing a growth of 5.65%[21] - Total liabilities decreased slightly to $38,207,302 as of September 30, 2025, from $38,510,835 as of December 31, 2024[21] - Cash and cash equivalents increased to $1,118,957 as of September 30, 2025, compared to $476,075 as of December 31, 2024, marking a growth of 134.88%[21] - Total stockholder's equity (deficit) was $(7,499,571) as of September 30, 2025, down from $5,683,674 as of December 31, 2024, indicating a deterioration in equity position[21] - The company reported a balance of cash, cash equivalents, and restricted cash of $1,321,756 thousand at the end of the period, down from $2,540,692 thousand in 2024[29] - The company reported a total of $1,283,916 thousand in remeasured right of use asset and liability as of September 30, 2025[104] Impairments and Adjustments - The company reported an impairment of $16,036,001 in Q3 2025, which significantly impacted overall financial results[23] - The company recognized impairments and other adjustments totaling $16,036,001 thousand for the nine months ended September 30, 2025[29] - During Q3 2025, DISH Network recorded total impairments of $16.036 billion, primarily related to the Wireless segment[70] - The company incurred $5.487 billion in impairments for property and equipment, net, during the three and nine months ended September 30, 2025[70] Debt and Financing - As of September 30, 2025, DISH Network has $2.0 billion of debt maturing in July 2026 and $1.119 billion in cash and cash equivalents[57] - The aggregate principal amount outstanding of the 11 3/4% Senior Secured Notes due November 15, 2027 is $3.5 billion, secured by 600 MHz Licenses[40] - The DISH 2021 Intercompany Loan Payoff includes $2.844 billion due to DISH DBS as of September 30, 2025[39] - The company borrowed an additional principal amount of $645 million under the EchoStar 2024 Intercompany Loan during the three months ended September 30, 2025, and $2.202 billion during the nine months ended September 30, 2025[8] - The total carrying amount of the DISH 2021 Intercompany Loan 2026 Tranche is $4,767,289 thousand, which is deemed to be its fair value[8] - The company made interest payments in kind of $87 million and $182 million for the three and nine months ended September 30, 2025, respectively[8] Spectrum and Regulatory Matters - The AT&T License Purchase Agreement includes the sale of spectrum licenses for an aggregate purchase price of $22.650 billion, subject to adjustments[37] - The FCC review led to the decision to sell a material amount of spectrum licenses to comply with regulatory obligations[34] - The company has invested over $30 billion in Wireless spectrum licenses, with $24 billion remaining prior to the impairments[78] - The FCC has conditionally extended the 5G deployment deadlines for certain Wireless spectrum licenses to December 14, 2026[79] - The final construction deadline for certain licenses has been extended to December 14, 2026, contingent on meeting specific build-out commitments[179] Legal Proceedings - ClearPlay filed a complaint alleging infringement of five patents related to the AutoHop™ feature, with a jury awarding damages of $469 million, which was later vacated[199] - The United States Patent and Trademark Office invalidated all claims of the 282 patent and certain claims of the 784 and 318 patents, with ClearPlay appealing the decisions[196] - DISH Network L.L.C. filed petitions for reexamination of the 784, 799, 318, and 970 patents, with the Patent Office confirming the patentability of the challenged claims[197] - DISH Network intends to vigorously defend against patent infringement claims, which could result in substantial damages or injunctions requiring modifications to current features[200][205][214] - A putative class action was filed against DISH Network related to a cybersecurity incident, with ten additional complaints consolidated[201] - The court dismissed eight of the eleven named plaintiffs in the cybersecurity class action, with the case concluding after a settlement[202] Subscriber Metrics - As of September 30, 2025, DISH Network had 7.166 million Pay-TV subscribers, including 5.171 million DISH TV subscribers and 1.995 million SLING TV subscribers[74] - The Wireless segment reported 7.520 million subscribers as of September 30, 2025[75]