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.
On September 7, 2021, Hughes Network Systems was selected by Eutelsat Communications to provide its JUPITER System Series 3 for the new EUTELSAT KONNECT VHTS satellite, set to launch in 2022. This satellite will enhance connectivity across Europe with advanced broadband and mobility services. Hughes will design and supply gateways, end-user terminals, and a network management system, ensuring efficient capacity utilization. The agreement builds on Hughes' success with the EUTELSAT KONNECT satellite launched in 2020, reinforcing its position in the satellite communication industry.
Hughes Network Systems has secured a prime position on a $950 million IDIQ contract with the U.S. Air Force. This contract aims to enhance the Advanced Battle Management System (ABMS) as part of the Joint All Domain Command and Control (JADC2) initiative. The contract allows Hughes to provide flexible satellite communication solutions using modern software and algorithms, ensuring mission assurance for the Air Force. Additionally, Hughes emphasizes its leadership in interoperable network solutions for the Department of Defense.
EchoStar Corporation (NASDAQ: SATS) reported strong financial results for Q2 and the first half of 2021. Consolidated revenue reached $499.8 million for Q2, marking an 8.8% increase year-over-year, driven by higher equipment and broadband sales. Net income increased to $35.0 million, with EPS at $0.41. For the first half, revenue totaled $982.4 million, and net income was $112.6 million with EPS of $1.26. Adjusted EBITDA also improved, reaching $186.7 million for Q2. Cash reserves stood at $1.6 billion as of June 30, 2021.
EchoStar Corporation (NASDAQ: SATS) will host a conference call on August 3, 2021, at 11:00 a.m. ET, to discuss its Q2 2021 financial results. Investors can access the call via the EchoStar Investor Relations website. A telephonic replay will be available from 2:00 p.m. ET on August 3 until 2:00 p.m. ET on August 5. Details for the replay include dial-in numbers for the U.S. and international callers.
On July 8, 2021, Hughes Network Systems announced its participation in the FCC's Emergency Broadband Benefit program, offering a monthly discount of up to $50 for eligible customers using HughesNet satellite Internet. This initiative aims to assist low-income households during the COVID-19 pandemic, reinforcing Hughes' commitment to providing essential connectivity for over one million American families. The program is part of a broader $3.2 billion federal initiative established by Congress to lower Internet costs for eligible households.
Hughes Network Systems has announced its subscription-based Internet backup service, HughesNet Internet Continuity, to assist small businesses during the 2021 hurricane season. This service ensures continued connectivity by automatically switching from terrestrial to satellite when land-based Internet fails. The press release also provides five critical preparation tips for businesses, emphasizing the importance of having a robust emergency action plan. Recognized as the Best Satellite Internet Provider of 2021 by U.S. News, Hughes connects over 1.5 million users in underserved regions.
EchoStar Corporation (NASDAQ: SATS) reported financial results for Q1 2021 with consolidated revenues of $482.6 million and net income of $77.6 million. Year-over-year comparisons show a 3.6% revenue increase driven by higher broadband service sales, despite a $5.9 million negative foreign exchange impact. Adjusted EBITDA surged 25% to $185.7 million, mainly due to increased gross margins and reduced administrative expenses. Hughes broadband subscribers total approximately 1.55 million, with a decline of 25,000 in the U.S., while Latin America saw an increase of 14,000.
Hughes Network Systems and OneWeb have been selected by the U.S. Air Force Research Lab to demonstrate managed Low Earth Orbit (LEO) satellite communications services connecting the Arctic region with global sites. This partnership aims to enhance high-speed, low-latency broadband access in areas previously lacking connectivity. Hughes will lead the adaptation and management of this service using OneWeb's satellite system, which includes user terminal development by Intellian. This initiative supports U.S. military operations and is part of the Defense Experimentation Using the Commercial Space Internet program.
EchoStar Corporation (NASDAQ: SATS) will conduct a conference call on May 6, 2021, at 11:00 a.m. ET to discuss its first quarter financial results. The call will be streamed live on the company's investor relations website, and a replay will be available post-call. Investors can access the financial results press release on EchoStar's website before the call. EchoStar is recognized for its innovative satellite communication solutions through its segments, Hughes Network Systems and EchoStar Satellite Services.
Hughes Network Systems, a leader in multi-transport technologies, was awarded Fortinet's Service Provider Partner of the Year for its HughesON Managed Network Services, particularly its SD-WAN solution. This accolade, announced at Fortinet's Accelerate 2021 conference, recognizes Hughes' notable growth and commitment to delivering reliable and secure networks. Hughes has integrated over 63,000 Fortinet devices across its network deployments, enhancing performance and security. The award reflects Hughes' successful collaboration with Fortinet, contributing to high customer satisfaction and service excellence.
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