On this page of StockholderLetter.com we present the latest annual shareholder letter from EchoStar CORP — ticker symbol SATS. Reading current and past SATS letters to shareholders can bring important insights into the investment thesis.
2024 Annual Report Year Ended December 31, 2024 ECHOSTAR.COM 9601 South Meridian Boulevard, Englewood, CO 80112 | (303) 723-1000
March 21, 2025 Dear EchoStar Shareholders, It is remarkable how quickly a year has passed since we announced the successful merger that formed the new EchoStar. Over the past year, we have gained invaluable insights and made significant progress in positioning the company for a strong and sustainable future. At the outset of 2024, we began the integration of the two merged entities to set the foundation of the new EchoStar. We placed a sharp focus on financial discipline, streamlined governance, performance management, and a transformational shift toward a P&L-driven mindset. We also set a product and innovation course which, over time, will maximize the benefit and synergies of the diverse and unique set of assets and skills of the business. In parallel, throughout the year the leadership team and I worked diligently to enhance our capital structure and solidify the future of EchoStar and its business units. The year was characterized by intense deal negotiations related to a series of financing transactions which were announced late in the 3rd quarter. While not every initiative came to fruition, we were able to secure financing for our immediate capital needs. There is additional work to do on this front in 2025 as we continue to address near-term maturities and position our capital structure for long-term success. Boost Mobile spent much of the past year evolving its portfolio to achieve competitive parity and began seeing positive growth trends in the latter half of the year. Our Pay-TV business optimized its offerings while enhancing customer experiences, and Hughes Enterprise secured significant contracts, expanding into a new aeronautical industry vertical. Our focus on fiscal and operational discipline, and execution of our strategic initiatives, led to meaningful successes, including: Consecutive quarter-over-quarter, net positive subscriber growth for Boost Mobile, excluding government subsidized Affordable Connectivity Program (ACP) subscribers. The Boost Mobile Network now reaches 80% of the U.S. population with 5G broadband coverage. VoNR (Voice over New Radio) added Pittsburgh, Boston, and Seattle, and now reaches more than 220 million Americans. DISH Media Sales closed the year on a strong note due to robust addressable and political demand. Hughes Enterprise secured notable deals, including expanding our presence in the aero sector with Turkish AJet and Delta Airlines, a U.S. Army contract to deploy 5G Open RAN at Ft. Bliss, and the successful launch of the Lyra 1 satellite, bolstering our S-Band satellite program. As we step into 2025, our attention centers on enhancing customer experience and loyalty while maximizing value creation. We are committed to ensuring that our teams leverage precision and data-driven strategies to acquire and retain the best customers available to our brands. This surgical approach will enable us to improve the capital efficiency and sustainability of our business. We appreciate your continued support as we change the way the world communicates. Best regards, Hamid Akhavan Chief Executive Officer & President
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 • shareholder letter icon 3/27/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/14/2023 SATS Stockholder Letter
 • stockholder letter icon 3/20/2024 SATS Stockholder Letter
 • stockholder letter icon More "Communications Services" Category Stockholder Letters
 • Benford's Law Stocks icon SATS Benford's Law Stock Score = 98


SATS Shareholder/Stockholder Letter Transcript:

2024 Annual Report
Year Ended December 31, 2024
ECHOSTAR.COM
9601 South Meridian Boulevard, Englewood, CO 80112 | (303) 723-1000


March 21, 2025
Dear EchoStar Shareholders,
It is remarkable how quickly a year has passed since we announced the successful merger that formed the
new EchoStar. Over the past year, we have gained invaluable insights and made significant progress in
positioning the company for a strong and sustainable future.
At the outset of 2024, we began the integration of the two merged entities to set the foundation of the new
EchoStar. We placed a sharp focus on financial discipline, streamlined governance, performance
management, and a transformational shift toward a P&L-driven mindset. We also set a product and innovation
course which, over time, will maximize the benefit and synergies of the diverse and unique set of assets and
skills of the business. In parallel, throughout the year the leadership team and I worked diligently to enhance
our capital structure and solidify the future of EchoStar and its business units.
The year was characterized by intense deal negotiations related to a series of financing transactions which
were announced late in the 3rd quarter. While not every initiative came to fruition, we were able to secure
financing for our immediate capital needs. There is additional work to do on this front in 2025 as we continue to
address near-term maturities and position our capital structure for long-term success.
Boost Mobile spent much of the past year evolving its portfolio to achieve competitive parity and began seeing
positive growth trends in the latter half of the year. Our Pay-TV business optimized its offerings while
enhancing customer experiences, and Hughes Enterprise secured significant contracts, expanding into a new
aeronautical industry vertical.
Our focus on fiscal and operational discipline, and execution of our strategic initiatives, led to meaningful
successes, including:
   Consecutive quarter-over-quarter, net positive subscriber growth for Boost Mobile, excluding
government subsidized Affordable Connectivity Program (ACP) subscribers.
   The Boost Mobile Network now reaches 80% of the U.S. population with 5G broadband coverage.
   VoNR (Voice over New Radio) added Pittsburgh, Boston, and Seattle, and now reaches more than
220 million Americans.
   DISH Media Sales closed the year on a strong note due to robust addressable and political demand.
   Hughes Enterprise secured notable deals, including expanding our presence in the aero sector with
Turkish AJet and Delta Airlines, a U.S. Army contract to deploy 5G Open RAN at Ft. Bliss, and the
successful launch of the Lyra 1 satellite, bolstering our S-Band satellite program.
As we step into 2025, our attention centers on enhancing customer experience and loyalty while maximizing
value creation. We are committed to ensuring that our teams leverage precision and data-driven strategies to
acquire and retain the best customers available to our brands. This surgical approach will enable us to improve
the capital efficiency and sustainability of our business.
We appreciate your continued support as we change the way the world communicates.
Best regards,
Hamid Akhavan
Chief Executive Officer & President

(This page has been left blank intentionally.)



shareholder letter icon 3/27/2025 Letter Continued (Full PDF)
 

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