EchoStar Corporation reported its financial results for the third quarter and the nine months ended September 30, 2024, revealing significant challenges in revenue and profitability compared to the previous fiscal period. Total revenue for the third quarter was $3.891 billion, a decrease of 5.3% from $4.109 billion in the same period of 2023. For the nine months, revenue fell to $11.859 billion, down 7.7% from $12.853 billion in 2023. The decline was primarily attributed to reduced revenues in the Pay-TV, Broadband and Satellite Services, and Retail Wireless segments.

The company experienced an operating loss of $160.8 million for the third quarter, worsening from a loss of $31.3 million in the prior year. For the nine months, the operating loss was $241.4 million, a stark contrast to the operating income of $574.2 million reported in 2023. The net loss attributable to EchoStar for the third quarter was $141.8 million, compared to a loss of $138.4 million in the same quarter of 2023. For the nine months, the net loss was $454.8 million, a significant decline from a net income of $327.8 million in the previous year.

The Pay-TV segment, which includes DISH and SLING TV, reported a subscriber base of 8.031 million, with DISH TV subscribers at 5.888 million and SLING TV at 2.143 million. Revenue from Pay-TV services decreased to $2.618 billion for the third quarter, down 6.7% from $2.807 billion in 2023. The Retail Wireless segment also saw a decline in service revenue, totaling $778.7 million, a 4.4% decrease from the previous year.

Strategically, EchoStar is undergoing significant changes, including the recent acquisition of DISH Network, completed on December 31, 2023, and the planned sale of DISH DBS Corporation to DIRECTV Holdings, LLC for $1.00 plus the assumption of its net debt. This transaction is subject to various conditions, including a pre-closing restructuring. The company has also engaged in substantial financing activities, including a $2.5 billion issuance of new senior secured notes and a PIPE investment of approximately $400 million.

As of September 30, 2024, EchoStar's total assets increased to $57.547 billion from $57.109 billion at the end of 2023, while total current assets rose to $5.000 billion. However, total stockholders' equity decreased to $19.500 billion from $19.950 billion. The company reported a significant increase in long-term debt, which rose to $21.557 billion from $19.717 billion at the end of 2023.

Overall, EchoStar's financial performance reflects ongoing challenges in its core segments, alongside strategic shifts aimed at enhancing its market position and addressing competitive pressures.