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EchoStar Announces Financial Results for the Three Months Ended March 31, 2023


Englewood, CO, May 8, 2023—EchoStar Corporation (Nasdaq: SATS) announced its financial results for the three months ended March 31, 2023.

Three Months Ended March 31, 2023 Financial Highlights:

  • Consolidated revenue of $439.6 million.
  • Net income of $27.8 million, consolidated net income attributable to EchoStar common stock of $29.0 million, and basic and diluted earnings per share of common stock of $0.35.
  • Consolidated Adjusted EBITDA of $135.0 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

“In the first quarter of 2023, the EchoStar team performed as planned, with a focus on optimizing our existing assets and market opportunities efficiently,” said Hamid Akhavan, CEO and President of EchoStar. “The business continues to pursue new avenues of growth, laying the operational foundation to drive increased revenues once our upcoming EchoStar XXIV/JUPITER™ 3 satellite enters into service and taking tangible steps toward fulfilling our vision of a global 5G network in the S-band.”

Three Months Ended March 31, 2023 - Additional Information:

  • Consolidated revenue decreased 12.3% or $61.9 million year over year.  The decrease was driven by lower service revenues of $41.3 million partially due to fewer broadband customers.  Equipment sales decreased $20.7 million, primarily due to lower sales to both domestic and international enterprise customers.
  • Net income decreased $61.1 million year over year.  The decrease was due to lower  operating income of $16.8 million and an unfavorable change in investments of $87.8 million due to $80.7 million of gains that occurred in 2022. These items were partially offset by a favorable change in interest income of $22.2 million and lower net income tax expense of $21.3 million.
  • Adjusted EBITDA decreased 18.6% or $30.9 million year over year.
    • Hughes segment Adjusted EBITDA decreased $30.1 million year over year. The decrease was driven primarily by lower service and equipment revenue, partially offset by lower sales and marketing expense for our broadband consumer business.
    • ESS segment Adjusted EBITDA increased $2.0 million year over year primarily due to higher revenue.
    • Corporate and Other segment Adjusted EBITDA decreased $2.7 million year over year. The decrease was primarily due to higher corporate expenses, partially offset by higher earnings of unconsolidated affiliates, net, of $0.4 million.
  • Hughes broadband subscribers totaled approximately 1,177,000, declining 51,000 from December 31, 2022.  Our current capacity limitations, increasing bandwidth usage by approximately 15% year on year on average by our existing U.S subscribers, and competitive pressures are impacting our consumer subscriber levels.  In Latin America, subscriber levels were tempered by our focus on more profitable consumer segments and by our allocation of capacity to enterprise opportunities.
  • For the three months ended March 31, 2023, approximately 37% of Hughes segment revenue was attributable to our enterprise customers, increasing from 36% in the same period last year.
  • Cash, cash equivalents and current marketable investment securities were $1.7 billion as of March 31, 2023.
  • The JUPITER 3/EchoStar XXIV satellite is currently expected to be shipped to the launch site in June and subsequently launched at the first window that SpaceX can allocate to it, which is subject to preemption by certain higher-priority government launches.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three months ended  March 31, 2023 and 2022 (amounts in thousands) (all US GAAP amounts reference results from operations):


For the three months ended March 31,











$ 431,195


$ 494,106

EchoStar Satellite Services




$ 4,474

Corporate and Other




$ 2,954

Total revenue


$ 439,597


$ 501,534


Net income (loss)


$ 27,820


$ 88,945


Adjusted EBITDA




$ 154,164


$ 184,287

EchoStar Satellite Services




$ 2,691

Corporate & Other




$ (21,089)

Total Adjusted EBITDA


$ 134,987


$ 165,889


Expenditures for property and equipment, net of refunds and other receipts


$ 44,071


$ 112,138


Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):


For the three months ended March 31,






Net income (loss)


$ 27,820


$ 88,945

Interest income, net





Interest expense, net of amounts capitalized





Income tax provision (benefit), net





Depreciation and amortization





Net loss (income) attributable to non-controlling interests










(Gains) losses on investments, net





Impairment of long-lived assets




License fee dispute - India, net of non-controlling interests




Foreign currency transaction (gains) losses, net





Adjusted EBITDA






Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income (loss)” excluding “Interest income, net,” “Interest expense, net of amounts capitalized,” “Income tax benefit (provision), net,” “Depreciation and amortization,” and “Net income (loss) attributable to non-controlling interests.” 

Adjusted EBITDA is defined as EBITDA excluding Gains and losses on investments, net, Foreign currency transaction gains (losses), net, and other non-recurring or non-operational items.

EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP.  EBITDA and Adjusted EBITDA are reconciled to Net income (loss) in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors.

Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance.  Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.

The consolidated financial statements of EchoStar for the periods ended March 31, 2023 and 2022 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the period ended March 31, 2023 filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Tuesday, May 9, 2023 at 8:30 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at  To participate via telephone and ask a question, participants must register using an online form found at:

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier global provider of satellite communications solutions.  Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2022 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.


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