Press release
EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2024
ENGLEWOOD, Colo., Feb. 27, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended
About this update from Echostar Corporation
[{"type":"text","content":"ENGLEWOOD, Colo., Feb. 27, 2025 /PRNewswire/ -- EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2024.\n\n \n \n \n \n \n \n\n \nTwelve Months Ended December 31, 2024:\nEchoStar reported 2024 total revenue of $15.83 billion, compared to $17.02 billion in 2023. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.Net loss attributable to EchoStar in 2024 was $119.55 million, compared to net loss of $1.70 billion in 2023. The net loss in 2024 was positively impacted by a noncash gain totaling approximately $689 million related to our debt exchange offer and the resulting debt extinguishment. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Excluding the tax affected impact of the noncash adjustments for 2024 and 2023, the 2024 net loss attributable to EchoStar would have been approximately $664 million and the 2023 net income attributable to EchoStar would have been approximately $361 million. Diluted loss per share was $0.44 in 2024, compared to $6.28 in 2023.Consolidated OIBDA totaled $1.63 billion, compared to $1.32 billion in 2023. (See OBIDA definition and non-GAAP reconciliation below.)\"Overall, we made improvements in all of our lines of business and achieved our plan of ending the year delivering positive free cashflow,\" said Hamid Akhavan, CEO and president, EchoStar Corporation. \"In addition, we had notable developments in our wireless business. Excluding the impact of ACP, our efforts resulted in consecutive quarter-over-quarter net positive subscriber growth since the first quarter of 2024, and last month the Boost Mobile Network was recognized as the number one mobile network in New York City. These are favorable trends we will work to capitalize on in 2025.\"\nThree Months Ended December 31, 2024:\nNet Pay-TV subscribers decreased approximately 253,000 in the fourth quarter, compared to a decrease of approximately 314,000 in the year-ago quarter. The company closed the quarter with 7.78 million Pay-TV subscribers including 5.69 million DISH TV subscribers and 2.09 million Sling TV subscribers. This change res...