EchoStar Corporation Reports $15.83 Billion Revenue Decline and Increased Operating Loss for Fiscal Year 2024

EchoStar Corporation reported a consolidated revenue of $15.83 billion for the fiscal year ending December 31, 2024, marking a decrease of 7% from $17.02 billion in 2023. The decline was primarily driven by reduced revenues across its three main segments: Pay-TV, Wireless, and Broadband and Satellite Services. The company experienced an operating loss of $304 million, compared to a loss of $278 million in the previous year, reflecting increased challenges in its Wireless segment, which reported a significant operating loss of $2.83 billion, up from $2.52 billion in 2023.

In terms of subscriber metrics, EchoStar's Pay-TV segment had 7.78 million subscribers as of December 31, 2024, down from 8.53 million the previous year. This included a loss of approximately 785,000 DISH TV subscribers, while SLING TV saw a slight increase of 37,000 subscribers. The overall decline in Pay-TV subscribers was attributed to heightened competition, changing consumer preferences, and increased churn rates, which were partially offset by a rise in average revenue per user (ARPU) to $108.90, up 4.2% from the previous year.

Strategically, EchoStar completed the acquisition of DISH Network on December 31, 2023, which has since become a wholly-owned subsidiary. However, a planned sale of DISH DBS Corporation to DIRECTV was terminated in November 2024 due to unmet conditions. The company continues to focus on its Wireless segment, which has expanded its 5G services to over 220 million Americans, although it operates primarily as a mobile virtual network operator (MVNO) while transitioning to a mobile network operator (MNO).

Operationally, EchoStar's Wireless segment reported 6.99 million subscribers, a decrease from 7.38 million in 2023. The segment's service revenue fell by 5.4% to $3.16 billion, influenced by a lower average subscriber base despite a slight increase in ARPU. The company has invested over $30 billion in wireless spectrum licenses and is committed to meeting FCC deployment requirements, with extensions granted for certain deadlines through 2028.

Looking ahead, EchoStar anticipates continued challenges in subscriber retention and acquisition due to competitive pressures and changing market dynamics. The company is focused on enhancing its service offerings and operational efficiencies while managing its substantial debt, which stood at approximately $27.09 billion as of December 31, 2024. The outlook remains cautious as EchoStar navigates the complexities of the telecommunications landscape and aims to stabilize its financial performance.