EchoStar Announces Financial Results for the Three and Nine Months Ended September 30, 2024

Core Insights - EchoStar Corporation reported a significant decline in total revenue and a net loss for the first nine months of 2024 compared to the same period in 2023, indicating challenges in its financial performance [2][3]. Financial Performance - Total revenue for the nine months ended September 30, 2024, was $11.86 billion, down from $12.85 billion in the previous year, representing a decrease of approximately 8% [2]. - The net loss attributable to EchoStar for the first three quarters of 2024 was $454.78 million, compared to a net income of $327.83 million in the same period last year [2]. - Diluted loss per share was $1.67, a significant drop from earnings per share of $1.06 in the prior year [2]. - Consolidated OIBDA for the nine months ended September 30, 2024, was $1.23 billion, down from $1.69 billion in the year-ago period [2]. Subscriber Metrics - The company experienced a net decrease of approximately 43,000 Pay-TV subscribers in Q3 2024, an improvement from a loss of 64,000 in Q3 2023 [3]. - Sling TV subscribers increased by 145,000 in Q3 2024, compared to an increase of 117,000 in the same quarter last year [3]. - Retail Wireless subscribers, excluding Affordable Connectivity Program (ACP) subscribers, increased by approximately 62,000 in Q3 2024, while net Retail Wireless subscribers decreased by approximately 297,000 [3]. - Broadband Satellite subscribers decreased by approximately 43,000 in Q3 2024, a smaller loss compared to 59,000 in the year-ago quarter [3]. Segment Results - For the three months ended September 30, 2024, Pay-TV revenue was $2.62 billion, down from $2.81 billion in Q3 2023 [4]. - Retail Wireless revenue was $895.95 million, slightly up from $890.98 million in the previous year [4]. - 5G Network Deployment revenue increased to $43.23 million from $29.92 million year-over-year [4]. - Broadband and Satellite Services revenue decreased to $386.71 million from $413.07 million in the same quarter last year [4]. Strategic Developments - EchoStar announced transformative transactions aimed at disrupting the wireless and pay-TV industries, including securing approximately $5.2 billion in additional financing [2]. - The company agreed to sell its pay-TV business to DIRECTV, pending successful completion of an ongoing exchange and other closing conditions [2].