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.
Hughes Network Systems announced an increase in satellite capacity for HughesNet in Puerto Rico, aimed at improving service for existing customers and reaching more potential users. This enhancement is crucial due to the rising need for reliable internet access following the pandemic and natural disasters affecting the area. HughesNet, recently recognized as the Best Satellite Internet Provider of 2021, currently connects over 1.5 million subscribers across the Americas, providing broadband services in hard-to-reach locations.
EchoStar Corporation (NASDAQ: SATS) reported financial results for the year ending December 31, 2020. Consolidated revenues reached $489.3 million for Q4 2020, with a net loss of $2.6 million. For the full year, revenues totaled $1,887.9 million, with a net loss of $51.9 million. Adjusted EBITDA for Q4 was $166.7 million, up 7.0% year-over-year, while total Adjusted EBITDA for the year stood at $642.9 million. The company experienced a decline in subscriber numbers in the U.S., but subscriber growth in Latin America provided some offset.
EchoStar Corporation (NASDAQ: SATS) has announced a conference call on February 23 at 11:00 a.m. ET to discuss its Q4 and full-year 2020 financial results. The live webcast will be accessible on their investor relations website, with a replay available for two days after the call. This event will include a press release detailing financial outcomes prior to the call. EchoStar is a leading provider of satellite communication solutions operating globally, known for its secure communication technologies.
COMSovereign Holding Corp. (NASDAQ: COMS) announced a reseller agreement with Hughes Network Systems (NASDAQ: SATS) to integrate VNC's RAID 4G/LTE communication solution into Hughes' SatCell Connect service. This partnership aims to provide portable, secure, and rapidly deployable communication capabilities for emergency response and remote operations. The RAID system enhances wireless connectivity through satellite backhaul, ensuring 4G and upcoming 5G services are available even in areas lacking infrastructure.
Hughes Network Systems has secured a $250 million contract with OneWeb to develop core ground systems for its Low Earth Orbit (LEO) satellite network over the next three years. This partnership aims to enhance broadband connectivity, providing low latency and high throughput for various applications. Hughes will manufacture gateway electronics and user terminal modules, with each gateway capable of handling 10,000 data hand-offs per second. Following OneWeb's restructuring, Hughes is also set to invest $50 million in the company.
Hughes Network Systems has been approved as a provider under Georgia Technology Authority's GTA Direct program, facilitating broadband connectivity procurement for eligible government agencies. This partnership enables Hughes to offer diverse services, including satellite and LTE, enhancing connectivity across Georgia's 159 counties. Hughes aims to support government agencies in managing their networks, addressing increasing telework demands and online service availability. The company is recognized for its comprehensive managed services and has extensive experience collaborating with government entities.
EchoStar Mobile has partnered with Jersey Telecom to offer a unique hybrid satellite/cellular service across Europe and the UK. This innovative approach combines EchoStar's European S-band mobile satellite network with JT's 4G platform, resulting in the SYNERGY service suite. This solution features a single terminal, subscription, and management interface, enhancing connectivity for IoT and mobile users. As demand for reliable connectivity increases, this collaboration aims to simplify access and reduce costs for customers, promoting seamless digitalisation strategies.
Hughes Network Systems has been recognized by Gartner and Frost & Sullivan as a leader in managed network services and SD-WAN. Hughes was designated a Challenger in the November 2020 Gartner Magic Quadrant due to its strong execution and vision. Additionally, Frost & Sullivan highlighted Hughes as one of the top three managed SD-WAN providers for growth, showcasing its advanced AI-Ops feature that enhances service quality. These recognitions emphasize Hughes' commitment to customer satisfaction and innovative solutions in network management.
Hughes Network Systems has been recognized as an Industry Innovator by the Government Innovation Awards for its contributions to modernizing government networks. This award highlights Hughes' role in connecting government agencies, especially in areas lacking terrestrial broadband. The company's services include managed network services for federal agencies and high-speed satellite Internet provision as the exclusive satellite provider on the NASPO ValuePoint contract. Hughes aims to enhance IT capabilities across federal, state, and local levels.
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