EchoStar Corporation the parent company of DISH today announced financial results for the third quarter and nine months ended September 30, 2024, revealing a decline in revenue and a net loss attributed to ongoing industry challenges and strategic shifts.
For the nine months ended September 30, 2024, EchoStar reported total revenue of $11.86 billion, down from $12.85 billion in the same period last year. The company recorded a net loss of $454.78 million, a significant swing from the $327.83 million net income reported in the first three quarters of 2023. Diluted loss per share was $1.67, compared to earnings per share of $1.06 in the prior year period.
Despite these challenges, EchoStar President and CEO Hamid Akhavan emphasized the company’s focus on “profitable customer acquisition and retention, strengthening consumer offerings, and enhancing our nationwide Open RAN 5G network.”
Key Highlights:
- Pay-TV: Net Pay-TV subscribers decreased by 43,000 in Q3 2024, an improvement from the 64,000 loss in the year-ago quarter. Sling TV, the company’s streaming service, saw subscriber growth of 145,000.
- Wireless: Retail Wireless subscribers (excluding ACP) increased by 62,000. However, the company experienced a net loss of 297,000 subscribers due to the conclusion of the Affordable Connectivity Program (ACP) funding.
- Broadband Satellite: EchoStar closed Q3 with 912,000 broadband satellite subscribers, a decrease of 43,000. The company attributed the lower loss to the launch of its new Jupiter 3 satellite and increased demand for its new service plans.
Transformative Transactions:
EchoStar also highlighted a series of “transformative transactions” aimed at disrupting the wireless and pay-TV industries. Notably, the company:
- Secured financing to address its November debt maturity.
- Reached an agreement with convertible note holders, providing $5.2 billion in additional financing and extending payment terms.
- Announced the sale of its pay-TV business to DIRECTV, subject to regulatory approvals and closing conditions.