Here are 1-3 brief analogies for EchoStar (SATS):

• Like DirecTV for satellite television.

• Like Comcast for internet, but delivered via its own satellites.

• An emerging AT&T or Verizon, but built on a foundation of satellites and satellite television.

• DISH TV: Provides satellite-based pay-television programming for residential and commercial customers.
• HughesNet: Offers satellite broadband internet services to consumers and businesses, particularly in rural and underserved areas.
• Boost Mobile: Delivers prepaid and postpaid wireless communication services for mobile phones, including voice, text, and data.
• Sling TV: A live television streaming service that provides various channel packages over the internet.
• EchoStar Satellite Services: Provides satellite capacity, ground network infrastructure, and advanced technical services to government, enterprise, and broadcast customers globally.

EchoStar Corporation (SATS), particularly after its merger with DISH Network, primarily sells its services directly to individuals and small businesses.

The major categories of customers that EchoStar serves are:

• Residential Satellite Television Subscribers: Individuals who subscribe to DISH Network for traditional satellite television programming and related services.
• Residential and Small Business Satellite Internet Subscribers: Individuals and small businesses, often in rural or underserved areas, who subscribe to HughesNet for satellite internet access.
• Over-the-Top (OTT) Streaming Subscribers: Individuals who subscribe to Sling TV for live streaming television services delivered over the internet.

Charles Ergen, Co-founder, Chairman, President and Chief Executive Officer

Charles Ergen co-founded EchoStar Corporation in 1980, initially selling satellite dishes. He also co-founded Dish Network, which was spun off from EchoStar in 2008 and later remerged in December 2023. Prior to co-founding EchoStar, Mr. Ergen worked as a financial analyst for Frito-Lay and was a professional gambler.

Paul W. Orban, Executive Vice President and Chief Financial Officer

Paul W. Orban is the Executive Vice President and Chief Financial Officer of EchoStar. He joined DISH in 1996 and has held various leadership positions within their financial reporting, accounting, tax, treasury, and internal audit departments. He previously served as Senior Vice President and Corporate Controller for both DISH and EchoStar from 2008 to 2012. Before joining DISH, Mr. Orban was an auditor at Arthur Andersen LLP.

Hamid Akhavan, Chief Executive Officer, EchoStar Capital

Hamid Akhavan is the Chief Executive Officer of EchoStar Capital, overseeing capital management and strategic investment activities. He previously served as CEO and President of EchoStar Corporation from March 2022 to November 2025. Before joining EchoStar, Mr. Akhavan was a partner at Twin Point Capital, an investment firm, and a founding partner of Long Arc Capital LLC. He has held various executive leadership positions, including CEO of Unify Inc. (formerly Siemens Enterprise Communications), Chief Operating Officer at Deutsche Telekom, and CEO of T-Mobile International.

John Swieringa, President, Technology, and Chief Operating Officer

John Swieringa serves as President, Technology, and Chief Operating Officer for EchoStar. He previously held the role of President of Technology and Chief Operating Officer of DISH Network from August 2023 to December 2023, and also served as President and Chief Operating Officer of DISH's Wireless business segment.

Dean A. Manson, Executive Vice President, General Counsel and Secretary

Dean A. Manson has been the Executive Vice President, General Counsel and Secretary of EchoStar Corporation since November 2011. He is responsible for all legal, regulatory, and government relations matters for EchoStar and its subsidiaries. Prior to his current role, he held influential positions at Hughes Network Systems, including Senior Vice President, General Counsel & Secretary, and was an Associate at Milbank, Tweed, Hadley & McCloy LLP.

1. Regulatory Uncertainty and Compliance: EchoStar is under considerable regulatory pressure, particularly from the Federal Communications Commission (FCC) regarding its 5G buildout obligations related to its 2GHz spectrum holdings. An ongoing FCC investigation into potential compliance lapses and missed interest payments could result in substantial financial penalties, restrictions on future asset sales, or even spectrum revocation. This regulatory scrutiny creates significant uncertainty and could severely impact the company's strategic plans and financial stability.
2. Financial Health and High Debt Load: The company faces significant financial fragility, characterized by a high net debt to equity ratio, operating losses, and negative cash flow. EchoStar has incurred large network decommissioning charges, and there is a risk of further impairments that could negatively impact its balance sheet and profitability. The ability to generate sufficient cash to meet debt service needs and fund operations remains a key concern, especially given the potential for regulatory penalties.
3. Intense Competition and Market Disruption: EchoStar operates in a highly competitive and rapidly evolving telecommunications landscape. The rise of low-Earth orbit (LEO) satellite operators like SpaceX's Starlink and Amazon's Project Kuiper, alongside traditional telecom providers, is creating significant pressure on EchoStar's market share and pricing. Additionally, changing consumer preferences, particularly the shift towards internet-based streaming services, poses a threat to its traditional satellite television revenue streams. The company's reliance on external networks for service delivery also introduces risks related to partnership disruptions or changes in terms.

• Starlink and other low-Earth orbit (LEO) satellite internet providers directly competing with and offering superior performance (lower latency, often higher speeds) compared to EchoStar's geostationary satellite internet service (HughesNet), rapidly eroding its traditional market share.
• Accelerated expansion of terrestrial broadband technologies, specifically fiber optics and fixed wireless access (FWA), into rural and underserved areas, often supported by government subsidies, which directly competes with and offers superior alternatives to satellite internet.
• Significant capital intensity, execution risk, and intense competition in the 5G wireless market, challenging EchoStar's ability to successfully build out and monetize its nationwide 5G network (Project Genesis) against entrenched carriers, potentially leading to slow subscriber adoption and ongoing financial strain.

EchoStar Corporation (SATS) operates in several key markets, offering a diverse range of products and services. The addressable market sizes for its main offerings are detailed below:

• Satellite Internet Services (HughesNet): The global satellite internet market was valued at $6.88 billion in 2024 and is projected to grow to $25.67 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.9%. North America held the largest share of this market, at 57.99% in 2024. EchoStar's HughesNet primarily serves residential and small business customers in North and South America. The consumer broadband segment of the broader satellite communications market was estimated at $90.8 billion (total revenue for 2018-2028, including services and equipment), with service revenue expected to reach $79.7 billion. This market has significant potential, particularly in emerging markets across Latin America, the Middle East, Africa, and Asia, which collectively represent 90% of potential global subscribers.
• Satellite Services (Hughes, JUPITER satellite services): The global satellite services market was estimated at $131.2 billion in 2022 and is expected to reach $152.84 billion by 2027, growing at a CAGR of 3.1%. North America was the highest revenue contributor to the satellite services market, accounting for $13.3 billion in 2023, and is estimated to reach $21.9 billion by 2033, with a CAGR of 5.42%. This segment includes video distribution, data communications, and backhaul services for media, broadcast, enterprise, government, and military customers, with EchoStar operating a fleet of satellites providing Ku-band transponder capacity with coverage across the United States, the Gulf of Mexico, and the Caribbean. The consumer satellite services segment alone contributed $15.1 billion in revenue globally in 2023 and is projected to reach $26.6 billion by 2033, with a CAGR of 6.15%.
• Wireless Services (Boost Mobile, Boost Infinite, DISH Wireless): While a specific addressable market size for EchoStar's wireless brands is not explicitly stated in the provided information, EchoStar is investing in building a nationwide 5G wireless network, with its Boost Mobile network reaching 80% of the U.S. population with 5G broadband coverage. The company has spent approximately $30 billion to acquire various spectrum licenses over the past 15 years for its wireless business. EchoStar's wireless segment delivered approximately $939 million in revenue for Q3 2025.
• Pay-TV Services (DISH TV, Sling TV): EchoStar serves approximately 5 million U.S. satellite customers and 2 million under the Sling brand, commanding about 10% of the traditional television market in the U.S. The Pay-TV segment generated approximately $2.34 billion in revenue for Q3 2025. However, the demand for satellite television services in the U.S. has been decreasing.
• Managed Network Solutions (HughesON): This service provides managed network solutions, broadband satellite services, digital media, and in-store Wi-Fi for enterprise customers across various industries, including retail, energy, and government. The Broadband & Satellite Services segment, which includes Hughes enterprise services, had an enterprise contracted backlog of $1.5 billion as of Q3 2025. A specific overall market size for managed network solutions for enterprise customers was not explicitly found.

Expected Drivers of Future Revenue Growth for EchoStar (SATS)

EchoStar (NASDAQ: SATS) is strategically positioning itself for future revenue growth over the next 2-3 years by focusing on several key areas, leveraging recent asset divestitures and technological advancements.

1. Expansion of Wireless Services and Subscriber Growth: EchoStar is heavily investing in its wireless segment, particularly with Boost Mobile. The company has demonstrated positive net subscriber additions and improved Average Revenue Per User (ARPU) in its wireless segment. The merger with DISH Network and continued investment in Boost Mobile's 5G capabilities are expected to expand market opportunities. Furthermore, partnerships, such as the one with SpaceX for Direct-to-Cell (D2C) technology, aim to accelerate the development of powerful and economical direct-to-cell service offerings for consumers and enterprises, including Boost Mobile customers, thereby driving subscriber and revenue growth.
2. Development and Deployment of 5G Non-Terrestrial Networks (NTN) and LEO Satellite Constellations: EchoStar is making a significant strategic bet on the future of telecommunications through its focus on integrated terrestrial and non-terrestrial (satellite) connectivity. The company is developing 5G standalone Open RAN networks and engaging in strategic partnerships, such as the one with MDA for a Low Earth Orbit (LEO) satellite constellation. This initiative aims to serve the increasing demand for 5G connectivity and enhance global communication systems, with potential contract growth from $1.3 billion to $2.5 billion. This focus positions EchoStar to capitalize on the growing global satellite communications market, projected to reach $46.1 billion by 2030, by offering hybrid solutions that combine satellite and terrestrial broadband.
3. Strategic Investments and Diversification via EchoStar Capital: Following substantial proceeds from recent spectrum transactions, EchoStar has formed EchoStar Capital, a new investment division. This entity is tasked with deploying new capital to fuel future growth opportunities in new and complementary arenas beyond the company's traditional pay-TV, wireless, and enterprise business units. This strategic move indicates a proactive approach to diversification and the pursuit of innovative revenue streams through targeted investments.
4. Growth in Enterprise Broadband & Satellite Services: EchoStar's Broadband & Satellite Services segment shows a promising future with a reported enterprise order backlog of $1.5 billion. This growth is primarily driven by gaining market share, particularly within the aviation sector. Expanding services and customer acquisition in this enterprise segment are expected to contribute positively to future revenue.

Share Repurchases

• EchoStar's Board of Directors authorized stock repurchases of up to $1.0 billion of its Class A common stock through December 31, 2025. This program was extended, with the maximum dollar value of shares authorized for repurchase remaining $1.0 billion through December 31, 2026.
• For the nine months ended September 30, 2025, Class A common stock repurchases amounted to approximately $48.5 million.

Share Issuance

• Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan totaled approximately $35.8 million for the nine months ended September 30, 2025.
• On November 12, 2024, EchoStar issued and sold 14.265 million shares of its Class A Common Stock.
• As of September 30, 2025, convertible notes could be converted into 59 million shares, an increase from 33 million shares in 2024.

Inbound Investments

• EchoStar completed major spectrum transactions, including an approximately $22.65 billion agreement with AT&T and an approximately $19 billion deal with SpaceX. These deals were crucial for resolving FCC spectrum utilization reviews and providing significant capital.
• An amended agreement with SpaceX involves the sale of EchoStar's unpaired AWS-3 wireless spectrum for approximately $2.6 billion, payable in SpaceX stock.
• The company formed EchoStar Capital, a new division, to manage and invest capital from recent spectrum transactions, aiming to fuel future growth opportunities through strategic investments and mergers and acquisitions.

Outbound Investments

• EchoStar made a strategic investment of approximately $2.6 billion in SpaceX stock, which it considers a holding with significant growth potential, as part of the consideration from a spectrum sale.
• Hughes Network Systems, an EchoStar subsidiary, acquired Anderson Connectivity to enhance its capabilities in the global aviation, space, and defense sectors.

Capital Expenditures

• EchoStar reported capital expenditures of $359 million in the third quarter of 2025, reflecting a 27.5% decrease year-over-year.
• The company is actively investing in cutting-edge satellite technology to advance its enterprise segment.
• In Q3 2025, EchoStar recognized a one-time, non-cash impairment charge of $16.48 billion related to the abandonment and decommissioning of certain 5G network assets due to a shift in its hybrid mobile strategy. This indicates previous substantial capital expenditures were made towards these now abandoned assets, including efforts to build a nationwide wireless network and deploy a facilities-based 5G broadband network.