Welcome to our dedicated page for EchoStar Corporation news (Ticker: SATS), a resource for investors and traders seeking the latest updates and insights on EchoStar Corporation stock.
EchoStar Corporation (NASDAQ: SATS) stands as a premier global provider of satellite operations and video delivery solutions. With its headquarters in Englewood, Colorado, and operations spanning worldwide, EchoStar has been a trailblazer in the satellite and television industries for nearly 30 years. The company's wholly owned subsidiary, Hughes, is the world's leading provider of satellite broadband services, offering network technologies and managed services in over 100 countries. EchoStar’s consumer solutions portfolio includes the renowned HughesNet®, North America’s top high-speed satellite internet service, and the popular Slingbox® products from Sling Media.
EchoStar's innovations have garnered multiple Emmy Awards, significantly influencing how consumers view, receive, and manage TV programming. Following the merger with Dish Network, satellite television generates the bulk of EchoStar's revenue, serving around 6 million U.S. customers, approximately 10% of the traditional television market. In 2015, the company launched an internet-based television service under the Sling brand, which now serves about 2 million customers.
Recently, EchoStar has focused on expanding its wireless business. The firm has accumulated a substantial portfolio of spectrum licenses over the past 15 years, building a nationwide wireless network. It acquired Sprint's prepaid business, now serving about 7 million customers, mainly under the Boost brand. EchoStar also remains dedicated to its legacy businesses, providing satellite telecom services and equipment to businesses and consumers, including about 1 million internet customers.
EchoStar's recent achievements and projects highlight its continued growth and innovation. On April 26, 2024, Hughes opened a new cutting-edge manufacturing facility and private 5G incubation center in Germantown, Maryland. This facility underscores Hughes' commitment to technological advancement and fostering local talent. It produces high-tech products like the Hughes HT3000W JUPITER™ System satellite modem and the Hughes HL1120W Low Earth Orbit (LEO) satellite terminal. The facility also serves as a testing ground for private 5G solutions for enterprise and secure 5G networking applications critical to the U.S. Department of Defense.
Financially, EchoStar continues to show robust performance. On May 8, 2024, the company announced its first-quarter financial results, highlighting efforts to integrate EchoStar and DISH Network businesses, maximize synergies, and drive operational alignment. The addition of the EchoStar XXIV/Jupiter™ 3 satellite has further enhanced their service offerings, ensuring continued profitability and growth.
Moreover, EchoStar has secured significant government contracts. On May 15, 2024, the company announced it had been awarded an indefinite delivery/indefinite quantity (IDIQ) contract by the U.S. Naval Supply Systems Command's Spiral 4 wireless products and services purchasing program, worth up to $2.7 billion over 10 years. This contract will see Hughes Network Systems and Boost Mobile provide 5G wireless services and devices to support DoD usage in all U.S. states and territories.
Continuing its expansion, EchoStar's Hughes Europe subsidiary announced on June 11, 2024, a strategic initiative to meet the growing demand for high-speed connectivity and secure communications across Europe’s military and government sectors. This initiative involves collaboration with Telespazio, leveraging the Eutelsat Konnect VHTS satellite and Hughes JUPITER terminals to provide high-speed service.
EchoStar’s mission to connect everyone, everywhere remains central to its operations, as it continues to innovate and expand its services in the satellite, television, and wireless industries.
EchoStar Corporation (NASDAQ: SATS) will conduct a conference call on May 5 at 11:00 a.m. ET to discuss its Q1 2022 financial results. Investors can join the call via EchoStar's investor relations website. A replay will be available from 2:00 p.m. on May 5 until 2:00 p.m. on May 7. Known for its satellite communication solutions, EchoStar operates through its Hughes Network Systems and EchoStar Satellite Services segments.
Hughes Network Systems announced a partnership with SDT Ingenieria to provide satellite internet services to 670 schools in Colombia's Antioquia Department. This initiative aims to bridge the digital divide in rural areas lacking terrestrial connectivity. Utilizing Hughes JUPITER™ 2 satellites, the project ensures quick and cost-effective internet access, enhancing educational opportunities. Hughes has an extensive presence in Latin America, supporting over 50,000 schools globally with satellite connectivity, which has shown to improve educational outcomes and economic growth.
Hughes Network Systems has partnered with PT Pasifik Satelit Nusantara (PSN) to deploy its JUPITER™ System on the Nusantara Lima satellite, providing 100 Gbps of capacity in Indonesia. This initiative aims to enhance internet access in underserved areas. The JUPITER System is also employed for PSN's other satellites, including SATRIA and Nusantara Satu. Hughes' technology will further support Community Wi-Fi hotspots across Indonesia, marking a significant step in bridging the digital divide in the region.
Hughes Network Systems has signed a distribution agreement with OneWeb Technologies to provide managed Low Earth Orbit (LEO) services to the U.S. Department of Defense (DoD). This follows Hughes' successful deployment of LEO satellite communications in the Arctic region for the U.S. Air Force Research Lab. The agreement enhances Hughes' ability to deliver integrated SATCOM solutions globally, incorporating OneWeb's low-latency connectivity. Additionally, Hughes is an investor and engineering partner of OneWeb, strengthening their collaboration in the satellite communication sector.
Hughes Network Systems unveiled advanced technologies at the SATELLITE 2022 trade show, including a hybrid GEO satellite and LTE integration for enhanced broadband services. This innovation delivers average latency of 40 ms, improving user experience for various applications. Additionally, Hughes introduced a first-of-its-kind electronically steerable flat-panel antenna designed for OneWeb LEO services, capable of supporting speeds up to 190 Mbps. These developments underscore Hughes' commitment to enhancing connectivity, aiming for consumer rollout later this year and commercial availability of the antenna technology by early 2023.
Hughes Network Systems has secured an $18 million contract from the Department of Defense to implement a standalone 5G network at Naval Air Station Whidbey Island, Washington. This initiative, part of the DoD's 5G experimentation program, aims to enhance military operations, leveraging spectrum from DISH Wireless. Over the next three years, the project will demonstrate the network's capabilities, including secure connections and advanced communication technologies. Hughes is collaborating with several industry partners, showcasing its leadership in smart networks.
Hughes Network Systems has secured a four-year contract with the Texas Department of Information Resources to provide managed telecommunications services across Texas. This contract will enhance connectivity for Texas government offices and educational institutions using a mix of satellite, cable, fiber, and wireless technologies. The deal signifies an expansion of Hughes' offerings since they have been serving Texas since 1999, aiming to support the needs of state, county, and local agencies with optimized network services.
EchoStar Corporation (NASDAQ: SATS) reported its financial results for Q4 and FY 2021. The company achieved consolidated revenue of $498.6 million in Q4 and $1,985.7 million for the full year. However, it faced a net loss of $80.1 million in Q4, attributed to an impairment of investment in DISH Mexico and losses from investments. Adjusted EBITDA for Q4 was $159.5 million, down 4.3% year-over-year. Despite challenges, the company reported a net income of $62.7 million for FY 2021, with a focus on innovation in multi-transport technology.
EchoStar Corporation (NASDAQ: SATS) has appointed Hamid Akhavan as its new Chief Executive Officer and President, effective March 31, 2022. He succeeds Michael Dugan, who retires after over 30 years at the company. Akhavan brings extensive leadership experience from major telecommunications firms, including T-Mobile and Unify. While Dugan will step down, he will remain on the board as a strategic advisor. Akhavan aims to lead EchoStar into its next growth phase, emphasizing operational excellence and collaboration with the existing team.
On February 22, 2022, BurgerFi International selected Hughes Network Systems to enhance its network infrastructure and digital signage capabilities. This collaboration aims to improve the guest experience as BurgerFi expands along the Eastern Seaboard. The agreement includes managed services such as SD-WAN, network security, and guest Wi-Fi, supported by 24/7 customer support. BurgerFi, known for its commitment to quality food, operates over 116 locations and has recently acquired Anthony's Coal Fired Pizza & Wings, furthering its growth strategy.
FAQ
What is the current stock price of EchoStar Corporation (SATS)?
What is the market cap of EchoStar Corporation (SATS)?
What is EchoStar Corporation?
What services does Hughes, a subsidiary of EchoStar, provide?
How many customers does EchoStar serve with its satellite television services?
What is HughesNet®?
What recent facility did Hughes open in April 2024?
What is the significance of EchoStar's merger with Dish Network?
What recent government contract did EchoStar secure?
How is EchoStar expanding its wireless network?
What is the focus of EchoStar's new initiative in Europe?
Where can I find more information about EchoStar's services?
