EchoStar (ECHO) 10-K Summary — Year Ended Dec 31, 2023
EchoStar Corporation completed a merger with DISH Network at the end of the reported period, becoming a holding company with a combined pay-TV subscriber base. The company reported a decline in total revenue and operating income compared to the prior year, with a net loss for the period.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
EchoStar Corporation completed a merger with DISH Network at the end of the reported period, becoming a holding company with a combined pay-TV subscriber base. The company reported a decline in total revenue and operating income compared to the prior year, with a net loss for the period.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$17B
Revenue reported for the fiscal year.
Operating income
-$277.9M
Income from operations reported for the year.
Net income
-$1.7B
Net income reported for the year.
Operating cash flow
$2.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Jun 30, 2023 | $4.4B | n/a |
| Sep 30, 2023 | $4.1B | -5.7% |
| Dec 31, 2023 | $17B | +314.1% |
Business overview
EchoStar Corporation is a Nevada holding company whose Class A common stock trades on NASDAQ under the symbol SATS. Its subsidiaries include DISH Network, acquired via merger at the end of the period, and DISH DBS, an indirect subsidiary. The company provides pay-TV services through DISH TV and SLING TV brands.
Financial performance
Total revenue decreased compared to the prior year, driven by a decline in service revenue, while equipment sales and other revenue increased slightly. Operating income also decreased, and the company reported a net loss for the period. Pay-TV subscriber numbers declined across both DISH TV and SLING TV.
Material risks
The filing references risk factors in Item 1B, though specific risk details are not provided in the supplied context. The merger with DISH Network introduces integration and operational risks. The company faces ongoing subscriber losses in its pay-TV business.
Liquidity and capital
The filing includes a section on liquidity and capital resources, but the supplied context only references subscriber acquisition and retention costs without providing specific capital allocation details. Operating cash flow was reported as a positive figure for the period.
What to watch
Monitor the integration progress and financial impact of the DISH Network merger in the next filing.