EchoStar CORP (NASDAQ: SATS)

EchoStar Corporation is a holding company that provides pay television wireless communication and broadband satellite services through its subsidiaries. The company was organized in October 2007 under Nevada law and maintains its principal executive offices in Englewood Colorado. EchoStar Corporation operates four primary business segments delivering services to consumers and enterprise customers across the United States and internationally.

EchoStar Corporation generates revenue primarily from subscription fees for its pay television wireless and broadband services. Customers pay monthly for access to DISH TV and SLING TV video content under the Pay TV segment. Wireless subscribers pay for mobile voice and data services through Boost Mobile and Gen Mobile brands. Broadband and Satellite Services customers pay for internet connectivity and specialized network solutions. The company also earns revenue from equipment sales and professional services related to its satellite and wireless offerings.

The company operates through the following segments: Pay TV Wireless Broadband and Satellite Services and Other.

• The Pay TV segment offers video services under the DISH and SLING brands. DISH TV provides direct broadcast satellite programming with receiver systems and broadcast operations. SLING TV delivers streaming of live linear and on demand content over the internet. As of December 31 2025 the segment served 6.998 million subscribers including 5.022 million DISH TV subscribers and 1.976 million SLING TV subscribers in the United States.

• The Wireless segment provides mobile communication services under the Boost Mobile and Gen Mobile brands. It offers nationwide wireless voice data and device financing options to consumers. As of December 31 2025 the segment had 7.511 million Wireless subscribers. Following the AT&T Transactions in 2025 the company transitioned to a hybrid mobile network operator model utilizing its 5G network core with AT&T's radio access network.

• The Broadband and Satellite Services segment delivers internet and network solutions to consumer government and enterprise customers. It leverages the EchoStar XXIV satellite to provide broadband in underserved markets and offers managed services equipment and connectivity solutions. The segment supports airline flight connectivity and serves customers including retailers financial institutions and government agencies. As of December 31 2025 it had 739 000 Broadband subscribers.

• The Other segment consists of legacy 5G network infrastructure and deployment operations not utilized in the Wireless segment's hybrid model. As of November 15 2025 the company ceased customer traffic on its 5G network following the abandonment and decommission of certain network components. This segment focuses on winding down operations related to spectrum licenses involved in the AT&T and SpaceX transactions.

EchoStar Corporation holds a competitive position in the telecommunications industry despite facing larger rivals. In Pay TV it competes with traditional satellite and cable providers as well as streaming services like Netflix and Hulu emphasizing its technology such as the Hopper DVR and value proposition. The Wireless segment operates against major carriers Verizon AT&T and T-Mobile along with other MVNOs leveraging its Boost and Gen Mobile brands for cost conscious consumers. In Broadband and Satellite Services the company competes with ViaSat and SpaceX for consumer satellite internet while providing specialized solutions for enterprise and government markets where it maintains long term contracts with clients such as aircraft connectivity providers and federal agencies.

EchoStar Corporation serves a diverse customer base including individual consumers and organizational clients. Pay TV subscribers receive video entertainment in households nationwide. Wireless customers use mobile services for personal and business communication. Broadband and Satellite Services consumers access internet in residential and small business settings. Enterprise customers include retailers financial institutions aircraft operators lottery agencies and various United States government departments requiring secure communication networks.