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 has unveiled a revolutionary Low Earth Orbit (LEO) Electronically Steerable Antenna (ESA) for In-Flight Entertainment & Connectivity (IFEC) at the Aircraft Interiors Expo (AIX) in Hamburg on May 28, 2024. This new technology promises enterprise-grade, low latency, high-speed connectivity for commercial aviation, significantly enhancing the passenger experience.
The compact, lightweight, and energy-efficient ESA is optimized for the Eutelsat OneWeb LEO system and is built at Hughes' facility in Germantown, Maryland. The first units will be shipped in Q4 2024. The ESA leverages core technology from business aviation and enterprise connectivity for a seamless internet experience in the skies. Hughes aims to set new standards in in-flight connectivity with this launch.
Hughes Network Systems has signed an MoU with Airbus to join the Airbus HBCplus program as a managed service provider (MSP) and Ka-band provider. This collaboration aims to enhance in-flight connectivity (IFC) services for airlines, promising high-speed, reliable connectivity for passengers globally. Hughes, a subsidiary of EchoStar (NASDAQ: SATS), will initially integrate its IFC services into the Airbus network with plans to explore other connectivity architectures such as Ku-band.
Boost Mobile, in collaboration with Coach Prime, has launched the new Coach Prime moto watch 70, available exclusively at Boost Mobile stores starting May 24. Priced at $99.99, this smartwatch combines advanced health and fitness tracking with a stylish design, featuring a gold bezel and black silicone band with PRIME branding. Key features include heart rate monitoring, step counting, sleep tracking, personalized coaching, and weekly motivational messages from Coach Prime. The watch offers an intuitive interface, extended battery life of up to 10 days, and seamless Bluetooth connectivity. This launch follows the successful release of the Coach Prime moto razr in April.
DISH Network and Hughes Network Systems, both EchoStar companies (Nasdaq: SATS), have launched a new bundled service offering that combines DISH satellite TV with Hughesnet satellite internet, aimed at enhancing connectivity and entertainment in rural America.
This collaboration leverages the DISH Hopper whole-home DVR and the JUPITER 3 satellite, offering speeds up to 100 Mbps with unlimited data and powerful Wi-Fi. The bundle is designed to provide quality TV and internet services to rural households, who often face options.
Rural customers who subscribe to both services will receive a $5 monthly discount on each. The initiative aims to improve coverage, performance, and value, positioning the companies strategically to better serve rural communities.
EchoStar (NASDAQ: SATS) has been awarded a U.S. Navy contract worth up to $2.7 billion over the next 10 years. This IDIQ contract, part of the Spiral 4 wireless products and services program, will be executed by EchoStar's subsidiaries, Hughes Network Systems and Boost Mobile. The program aims to provide 5G wireless services and devices to the Department of Defense and other federal agencies across the U.S. and its territories, including international travel for temporary duty. The contract covers smartphone devices, service plans, and potentially other 5G-enabled equipment, along with customer service and support through an online portal. The contract begins in May 2024 with a base year and nine one-year options through 2034.
EchoStar announced its financial results for the first quarter of 2024, reporting total revenue of $4.01 billion, a net loss of $107.38 million, and diluted loss per share of $0.40. The company focused on integrating businesses, improving customer satisfaction, and diversifying its services. However, there was a decrease in Pay-TV, Retail Wireless, and Broadband subscribers. The company aims to address necessary financing, improve Retail Wireless, and acquire higher-quality Pay-TV customers.
EchoStar will hold a conference call to discuss its first quarter 2024 financial results on May 8, 2024. The call will be broadcast live on the company's investor relations website. EchoStar offers technology, networking services, television entertainment, and connectivity solutions globally under various brands.
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