http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax0001415404--12-312025Q1false0.05250.05250.07750.07750.05250.05250.066250.066250.033750.033750.05250.05250.11750.11750.073750.073750.05750.05750.051250.051250.10750.10750.038750.038750.06750.0675P1YP1Yhttp://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxP60DP60D0.038750.038750.038750.033750.033750.05250.05750.05250.05750.10750.1075false0001415404sats:WirelessMember2025-01-012025-03-310001415404sats:PayTvAndBroadbandMember2025-01-012025-03-310001415404sats:WirelessMember2024-01-012024-03-310001415404sats:PayTvAndBroadbandMember2024-01-012024-03-310001415404us-gaap:CommonClassAMember2024-11-122024-11-120001415404us-gaap:RetainedEarningsMember2025-03-310001415404us-gaap:NoncontrollingInterestMember2025-03-310001415404us-gaap:CommonStockMember2025-03-310001415404us-gaap:AdditionalPaidInCapitalMember2025-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001415404us-gaap:RetainedEarningsMember2024-12-310001415404us-gaap:NoncontrollingInterestMember2024-12-310001415404us-gaap:CommonStockMember2024-12-310001415404us-gaap:AdditionalPaidInCapitalMember2024-12-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001415404us-gaap:RetainedEarningsMember2024-03-310001415404us-gaap:NoncontrollingInterestMember2024-03-310001415404us-gaap:CommonStockMember2024-03-310001415404us-gaap:AdditionalPaidInCapitalMember2024-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001415404us-gaap:RetainedEarningsMember2023-12-310001415404us-gaap:NoncontrollingInterestMember2023-12-310001415404us-gaap:CommonStockMember2023-12-310001415404us-gaap:AdditionalPaidInCapitalMember2023-12-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001415404sats:RedeemableNoncontrollingInterestMember2023-12-310001415404sats:NagraStarLLCMember2025-01-012025-03-310001415404sats:HughesSystiqueMember2025-01-012025-03-310001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2024-05-012024-05-0100014154042026-04-012025-03-3100014154042025-04-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2025-01-012025-03-310001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2025-01-012025-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-01-012025-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2025-01-012025-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404sats:EquipmentSalesAndOtherRevenueMember2025-01-012025-03-310001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2024-01-012024-03-310001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2024-01-012024-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-01-012024-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2024-01-012024-03-310001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404sats:EquipmentSalesAndOtherRevenueMember2024-01-012024-03-310001415404srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2025-03-310001415404srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-03-310001415404srt:MinimumMembersats:SatellitesMember2025-03-310001415404srt:MinimumMembersats:FurnitureFixturesEquipmentAndOtherMember2025-03-310001415404srt:MinimumMembersats:FivegNetworkEquipmentMember2025-03-310001415404srt:MinimumMembersats:EquipmentsLeasedToOtherPartyMember2025-03-310001415404srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2025-03-310001415404srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-03-310001415404srt:MaximumMembersats:SatellitesMember2025-03-310001415404srt:MaximumMembersats:FurnitureFixturesEquipmentAndOtherMember2025-03-310001415404srt:MaximumMembersats:FivegNetworkEquipmentMember2025-03-310001415404srt:MaximumMembersats:EquipmentsLeasedToOtherPartyMember2025-03-310001415404srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2024-12-310001415404srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404srt:MinimumMembersats:SatellitesMember2024-12-310001415404srt:MinimumMembersats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404srt:MinimumMembersats:FivegNetworkEquipmentMember2024-12-310001415404srt:MinimumMembersats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2024-12-310001415404srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404srt:MaximumMembersats:SatellitesMember2024-12-310001415404srt:MaximumMembersats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404srt:MaximumMembersats:FivegNetworkEquipmentMember2024-12-310001415404srt:MaximumMembersats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404us-gaap:SoftwareDevelopmentMember2025-03-310001415404us-gaap:LandMember2025-03-310001415404us-gaap:ConstructionInProgressMember2025-03-310001415404us-gaap:BuildingAndBuildingImprovementsMember2025-03-310001415404sats:SatellitesMember2025-03-310001415404sats:FurnitureFixturesEquipmentAndOtherMember2025-03-310001415404sats:FivegNetworkEquipmentMember2025-03-310001415404sats:EquipmentsLeasedToOtherPartyMember2025-03-310001415404sats:AssetsHeldUnderFinanceLeasesMember2025-03-310001415404us-gaap:SoftwareDevelopmentMember2024-12-310001415404us-gaap:LandMember2024-12-310001415404us-gaap:ConstructionInProgressMember2024-12-310001415404us-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404sats:SatellitesMember2024-12-310001415404sats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404sats:FivegNetworkEquipmentMember2024-12-310001415404sats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404sats:AssetsHeldUnderFinanceLeasesMember2024-12-310001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2022-02-112022-02-110001415404sats:FivegNetworkMember2018-01-012025-03-310001415404sats:SnrHoldcoMember2024-02-162024-02-160001415404sats:Q3InterCompanyLoanMembersats:DISHDBSCorporationMember2025-03-310001415404sats:Q2InterCompanyLoanMembersats:DISHDBSCorporationMember2025-03-310001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2025-03-310001415404sats:EchostarIntercompanyReceivableCompanyLlcMembersats:DISHDBSCorporationMember2025-03-310001415404sats:EchoStar2024InterCompanyLoansMember2025-03-310001415404us-gaap:ServiceMember2025-01-012025-03-310001415404us-gaap:ServiceMember2024-01-012024-03-310001415404sats:NagraStarLLCMember2025-01-012025-03-310001415404sats:HughesSystiqueMember2025-01-012025-03-310001415404sats:NagraStarLLCMember2024-01-012024-03-310001415404sats:HughesSystiqueMember2024-01-012024-03-310001415404us-gaap:RetainedEarningsMember2025-01-012025-03-310001415404us-gaap:RetainedEarningsMember2024-01-012024-03-310001415404sats:StrategicMarketableInvestmentTradingSecuritiesMember2025-03-310001415404sats:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2025-03-310001415404sats:OtherInvestmentSecuritiesMember2025-03-310001415404sats:StrategicMarketableInvestmentTradingSecuritiesMember2024-12-310001415404sats:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2024-12-310001415404sats:OtherInvestmentSecuritiesMember2024-12-310001415404sats:RestrictedMarketableInvestmentSecuritiesMember2025-03-310001415404sats:RestrictedMarketableInvestmentSecuritiesMember2024-12-310001415404sats:DishWirelessLlcMemberus-gaap:SubsequentEventMember2025-04-152025-04-150001415404sats:CyberSecurityClassActionsMember2025-01-012025-03-310001415404sats:UniversalServiceAdministrativeCompanyMembersats:DishWirelessLlcMember2023-04-032023-04-030001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersrt:MinimumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:TqDeltaLlcMemberus-gaap:PendingLitigationMember2015-07-172015-07-170001415404sats:ClearplayMemberus-gaap:PendingLitigationMember2014-03-142014-03-1400014154042022-09-200001415404srt:MinimumMember2025-03-310001415404srt:MaximumMember2025-03-310001415404sats:WithGhz3.45ToGhz3.55LicensesMember2025-03-310001415404sats:With16951710Mhz17551780MhzAnd21552180MhzMember2025-03-310001415404sats:WirelessMember2025-03-310001415404sats:MultichannelVideoDistributionAndDataServiceLicensesMember2025-03-310001415404sats:Licenses700MHzMember2025-03-310001415404sats:Licenses600MhzMember2025-03-310001415404sats:Licenses35503650MhzMember2025-03-310001415404sats:Licenses3.73.98GhzMember2025-03-310001415404sats:HBlockLicensesMember2025-03-310001415404sats:Ghz3739ghzAnd47ghzLicensesMember2025-03-310001415404sats:Ghz28Member2025-03-310001415404sats:Ghz24Member2025-03-310001415404sats:DBSLicensesMember2025-03-310001415404sats:CapitalizedInterestOnFccAuthorizationsMember2025-03-310001415404sats:CapitalizedInterestMember2025-03-310001415404sats:Aws4LicensesMember2025-03-310001415404sats:Aws3LicensesMember2025-03-310001415404sats:FinanceLeasedEquipmentMember2025-03-310001415404sats:FinanceLeasedEquipmentMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-03-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001415404sats:TerrestarSolutionsInc.Member2025-03-310001415404sats:InvidiTechnologiesCorporationMember2025-03-310001415404sats:DeluxeEchostarLlcMember2025-03-310001415404sats:BroadbandConnectivitySolutionsMember2025-03-310001415404us-gaap:SoftwareDevelopmentMember2025-01-012025-03-310001415404sats:SatellitesMember2025-01-012025-03-310001415404sats:IntangibleAssetsMember2025-01-012025-03-310001415404sats:FivegNetworkEquipmentMember2025-01-012025-03-310001415404sats:EquipmentsLeasedToOtherPartyMember2025-01-012025-03-310001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2025-01-012025-03-310001415404us-gaap:SoftwareDevelopmentMember2024-01-012024-03-310001415404sats:SatellitesMember2024-01-012024-03-310001415404sats:IntangibleAssetsMember2024-01-012024-03-310001415404sats:FivegNetworkEquipmentMember2024-01-012024-03-310001415404sats:EquipmentsLeasedToOtherPartyMember2024-01-012024-03-310001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2024-01-012024-03-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2025-01-012025-03-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2025-01-012025-03-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-11-122024-11-120001415404sats:EchoStar2024InterCompanyLoansMember2024-11-012024-11-300001415404sats:SeniorSecuredNotes10.75PercentDue2029Memberus-gaap:SubsequentEventMember2025-05-090001415404sats:SeniorSecuredNotes10.75PercentDue2029Memberus-gaap:SubsequentEventMember2025-05-080001415404sats:EchoStar2024InterCompanyLoansMember2024-11-300001415404sats:Q3InterCompanyLoanMembersats:DISHDBSCorporationMember2024-09-300001415404sats:Q2InterCompanyLoanMembersats:DISHDBSCorporationMember2024-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2020-12-210001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2016-08-080001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Memberus-gaap:CommonClassAMember2024-11-120001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes6.625PercentDue2026Member2025-03-310001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes5.250PercentDue2026Member2025-03-310001415404sats:DishNetworkCorporationMembersats:SeniorNotes11.75PercentDue2027Member2025-03-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2025-03-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2025-03-310001415404sats:DISHDBSCorporationMembersats:SeniorSecuredNotes5.250PercentDue2026TwoMember2025-03-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2025-03-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2025-03-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.750PercentDue2028Member2025-03-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2025-03-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2029Member2025-03-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2025-03-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2025-03-310001415404sats:SeniorSecuredNotes6.75PercentDue2030Member2025-03-310001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2025-03-310001415404sats:OtherNotesPayableMember2025-03-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2025-03-310001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes6.625PercentDue2026Member2024-12-310001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes5.250PercentDue2026Member2024-12-310001415404sats:DishNetworkCorporationMembersats:SeniorNotes11.75PercentDue2027Member2024-12-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2024-12-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorSecuredNotes5.250PercentDue2026TwoMember2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.750PercentDue2028Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2029Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2024-12-310001415404sats:SeniorSecuredNotes6.75PercentDue2030Member2024-12-310001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2024-12-310001415404sats:OtherNotesPayableMember2024-12-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-12-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2025-01-012025-03-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2025-01-012025-03-310001415404us-gaap:ServiceOtherMember2025-01-012025-03-310001415404sats:ProgrammingMember2025-01-012025-03-310001415404sats:ConnectivityServiceMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2024-01-012024-03-310001415404us-gaap:ServiceOtherMember2024-01-012024-03-310001415404sats:ProgrammingMember2024-01-012024-03-310001415404sats:ConnectivityServiceMember2024-01-012024-03-310001415404sats:CustomerContractMember2025-03-310001415404us-gaap:CommonClassBMember2025-03-310001415404us-gaap:CommonClassAMember2025-03-310001415404us-gaap:CommonClassBMember2024-12-310001415404us-gaap:CommonClassAMember2024-12-310001415404srt:MinimumMemberus-gaap:CommonClassAMember2025-03-310001415404srt:MaximumMemberus-gaap:CommonClassAMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-03-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-03-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2024-12-310001415404us-gaap:WarrantMember2025-01-012025-03-310001415404us-gaap:StockCompensationPlanMember2025-01-012025-03-310001415404sats:PerformanceAndMarketBasedOptionsMember2025-01-012025-03-310001415404us-gaap:WarrantMember2024-01-012024-03-310001415404us-gaap:StockCompensationPlanMember2024-01-012024-03-310001415404sats:PerformanceAndMarketBasedOptionsMember2024-01-012024-03-310001415404sats:WirelessMember2025-03-310001415404sats:PayTvAndBroadbandMember2025-03-310001415404sats:BroadbandAndSatelliteServicesMember2025-03-310001415404sats:WirelessMember2024-12-310001415404sats:PayTvAndBroadbandMember2024-12-310001415404sats:BroadbandAndSatelliteServicesMember2024-12-310001415404sats:WirelessMember2024-03-310001415404sats:PayTvAndBroadbandMember2024-03-310001415404sats:BroadbandAndSatelliteServicesMember2024-03-3100014154042024-03-310001415404sats:WirelessMember2023-12-310001415404sats:PayTvAndBroadbandMember2023-12-310001415404sats:BroadbandAndSatelliteServicesMember2023-12-3100014154042023-12-310001415404us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001415404us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001415404sats:HughesSystiqueMember2025-03-310001415404sats:HughesSystiqueMember2024-12-310001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:NorthstarLicensesMember2025-03-310001415404sats:AmericanIIIMembersats:SNRWirelessOrSNRWirelessHoldcoMember2025-03-310001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404sats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404srt:MaximumMemberus-gaap:CorporateDebtSecuritiesMember2025-01-012025-03-310001415404srt:MaximumMemberus-gaap:CommercialPaperMember2025-01-012025-03-310001415404sats:PayTVSatellitesMember2025-01-012025-03-310001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2025-01-012025-03-3100014154042024-09-012024-09-300001415404sats:DISHDBSCorporationMember2025-01-012025-03-310001415404sats:WirelessMember2024-09-012024-09-300001415404us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersats:Aws3LicensesMember2025-01-012025-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404us-gaap:IntersegmentEliminationMember2025-01-012025-03-310001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-03-310001415404us-gaap:IntersegmentEliminationMember2024-01-012024-03-310001415404sats:SlingTVHoldingLLCMember2025-03-310001415404sats:DishTvMember2025-03-310001415404sats:PayTVSatellitesMember2025-01-012025-03-310001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-03-310001415404sats:SNRWirelessOrSNRWirelessHoldcoMembersats:SNRLicensesMembersats:PriorArrangementMember2025-01-012025-03-310001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:PriorArrangementMember2025-01-012025-03-310001415404sats:DishNetworkCorporationMember2025-01-012025-03-310001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:PriorArrangementMember2025-03-310001415404sats:SNRWirelessOrSNRWirelessHoldcoMember2025-03-310001415404sats:WirelessMember2025-01-012025-03-310001415404us-gaap:NoncontrollingInterestMember2025-01-012025-03-310001415404us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001415404sats:RedeemableNoncontrollingInterestMember2024-01-012024-03-310001415404sats:CertainOfOtherMhz700LicensesAws4LicensesHBlockLicensesMember2025-01-012025-03-310001415404sats:CertainOfMhz700LicensesAws4LicensesHBlockLicenseAreasMember2025-01-012025-03-310001415404sats:CertainOf600MhzLicensesMember2025-01-012025-03-310001415404sats:CertainOf600MhzLicenseAreasMember2025-01-012025-03-310001415404sats:CertainOfAws3OtherLicensesMember2025-01-012025-03-310001415404sats:CertainOfAws3LicenseAreasMember2025-01-012025-03-310001415404sats:Mhz700LicensesAndAws4LicensesMember2025-01-012025-03-310001415404sats:Licenses600MhzMember2025-01-012025-03-310001415404sats:HBlockLicensesMember2025-01-012025-03-310001415404sats:Aws3LicensesMember2025-01-012025-03-310001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2025-01-012025-03-310001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-03-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-03-310001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-03-310001415404us-gaap:FairValueMeasurementsRecurringMember2025-03-310001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404sats:LicenseFeeDisputeMember2020-09-012020-09-010001415404srt:MaximumMember2025-01-012025-03-310001415404sats:SNRWirelessOrSNRWirelessHoldcoMember2025-01-012025-03-310001415404sats:NorthstarWirelessOrNorthstarSpectrumMember2025-01-012025-03-310001415404sats:FivegNetworkMember2025-01-012025-03-310001415404sats:FivegNetworkMember2024-01-012024-03-310001415404sats:EchostarConvertibleSecuredNotesMember2025-01-012025-03-310001415404sats:EchostarConvertibleSecuredNotesMember2025-03-310001415404sats:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-03-310001415404sats:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-03-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-11-120001415404sats:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-01-012025-03-310001415404sats:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-01-012025-03-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Memberus-gaap:CommonClassAMember2024-11-122024-11-120001415404sats:NagraStarLLCMember2025-03-310001415404sats:NagraStarLLCMember2024-12-310001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:SNRWirelessOrSNRWirelessHoldcoMembersats:SNRLicensesMember2015-08-182015-08-180001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:SNRLicensesMember2015-08-182015-08-180001415404sats:EchostarIntercompanyReceivableCompanyLlcMembersats:InterCompanyLoanMember2024-01-3100014154042024-01-012024-03-3100014154042025-03-3100014154042024-12-310001415404sats:WithGhz3.45ToGhz3.55LicensesMember2025-01-012025-03-310001415404us-gaap:CommonClassBMember2025-04-300001415404us-gaap:CommonClassAMember2025-04-3000014154042025-01-012025-03-31sats:segmentxbrli:sharesiso4217:USDxbrli:puresats:itemsats:personsats:periodsats:trancheiso4217:USDxbrli:sharessats:claim

http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax0001415404--12-312025Q2falseP1YP1Yhttp://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrenthttp://fasb.org/us-gaap/2024#OperatingLeaseLiabilityNoncurrent http://fasb.org/us-gaap/2024#OtherAccruedLiabilitiesCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationshttp://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligations http://fasb.org/us-gaap/2024#LongTermDebtAndCapitalLeaseObligationsCurrenthttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTaxhttp://fasb.org/us-gaap/2024#RevenueFromContractWithCustomerExcludingAssessedTax0.07750.05250.066250.033750.05250.11750.073750.05750.051250.10750.038750.06750.05250.1075P60D0.10750.10750.10750.10750.10750.10750.038750.038750.038750.06750.033750.033750.07750.07750.07750.07750.07750.07750.073750.073750.073750.073750.073750.073750.051250.051250.051250.051250.051250.051250.05250.05250.05250.05250.05250.05250.05750.05750.05750.05750.05750.05750.05250.05750.05250.0575P10Yfalse0001415404sats:WirelessMember2025-01-012025-06-300001415404sats:PayTvAndBroadbandMember2025-01-012025-06-300001415404sats:WirelessMember2024-01-012024-06-300001415404sats:PayTvAndBroadbandMember2024-01-012024-06-300001415404us-gaap:CommonStockMember2025-04-012025-06-300001415404us-gaap:CommonClassAMember2024-11-122024-11-120001415404us-gaap:RetainedEarningsMember2025-06-300001415404us-gaap:NoncontrollingInterestMember2025-06-300001415404us-gaap:CommonStockMember2025-06-300001415404us-gaap:AdditionalPaidInCapitalMember2025-06-300001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-06-300001415404us-gaap:RetainedEarningsMember2025-03-310001415404us-gaap:NoncontrollingInterestMember2025-03-310001415404us-gaap:CommonStockMember2025-03-310001415404us-gaap:AdditionalPaidInCapitalMember2025-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001415404us-gaap:RetainedEarningsMember2024-12-310001415404us-gaap:NoncontrollingInterestMember2024-12-310001415404us-gaap:CommonStockMember2024-12-310001415404us-gaap:AdditionalPaidInCapitalMember2024-12-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001415404us-gaap:RetainedEarningsMember2024-06-300001415404us-gaap:NoncontrollingInterestMember2024-06-300001415404us-gaap:CommonStockMember2024-06-300001415404us-gaap:AdditionalPaidInCapitalMember2024-06-300001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-300001415404us-gaap:RetainedEarningsMember2024-03-310001415404us-gaap:NoncontrollingInterestMember2024-03-310001415404us-gaap:CommonStockMember2024-03-310001415404us-gaap:AdditionalPaidInCapitalMember2024-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310001415404us-gaap:RetainedEarningsMember2023-12-310001415404us-gaap:NoncontrollingInterestMember2023-12-310001415404us-gaap:CommonStockMember2023-12-310001415404us-gaap:AdditionalPaidInCapitalMember2023-12-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310001415404sats:RedeemableNoncontrollingInterestMember2023-12-310001415404us-gaap:OperatingSegmentsMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMember2024-01-012024-06-300001415404sats:NagraStarLLCMember2025-01-012025-06-300001415404sats:HughesSystiqueMember2025-01-012025-06-300001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2024-05-012024-05-0100014154042026-04-012025-06-3000014154042025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2025-04-012025-06-300001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2025-04-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-04-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2025-04-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:ServiceMember2025-04-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMember2025-04-012025-06-300001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2025-01-012025-06-300001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2025-01-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2025-01-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2025-01-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:ServiceMember2025-01-012025-06-300001415404sats:EquipmentSalesAndOtherRevenueMember2025-01-012025-06-300001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2024-04-012024-06-300001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2024-04-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-04-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2024-04-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:ServiceMember2024-04-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMember2024-04-012024-06-300001415404sats:WirelessServicesAndRelatedRevenueMembersats:RetailWirelessMember2024-01-012024-06-300001415404sats:PayTvSubscriberAndRelatedRevenueMembersats:PayTvAndBroadbandMember2024-01-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:RetailWirelessMember2024-01-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:PayTvAndBroadbandMember2024-01-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404sats:BroadbandAndSatelliteServicesAndOtherRevenueMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:ServiceMember2024-01-012024-06-300001415404sats:EquipmentSalesAndOtherRevenueMember2024-01-012024-06-300001415404srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2025-06-300001415404srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-06-300001415404srt:MinimumMembersats:SatellitesMember2025-06-300001415404srt:MinimumMembersats:FurnitureFixturesEquipmentAndOtherMember2025-06-300001415404srt:MinimumMembersats:FivegNetworkEquipmentMember2025-06-300001415404srt:MinimumMembersats:EquipmentsLeasedToOtherPartyMember2025-06-300001415404srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2025-06-300001415404srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2025-06-300001415404srt:MaximumMembersats:SatellitesMember2025-06-300001415404srt:MaximumMembersats:FurnitureFixturesEquipmentAndOtherMember2025-06-300001415404srt:MaximumMembersats:FivegNetworkEquipmentMember2025-06-300001415404srt:MaximumMembersats:EquipmentsLeasedToOtherPartyMember2025-06-300001415404srt:MinimumMemberus-gaap:SoftwareDevelopmentMember2024-12-310001415404srt:MinimumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404srt:MinimumMembersats:SatellitesMember2024-12-310001415404srt:MinimumMembersats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404srt:MinimumMembersats:FivegNetworkEquipmentMember2024-12-310001415404srt:MinimumMembersats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404srt:MaximumMemberus-gaap:SoftwareDevelopmentMember2024-12-310001415404srt:MaximumMemberus-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404srt:MaximumMembersats:SatellitesMember2024-12-310001415404srt:MaximumMembersats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404srt:MaximumMembersats:FivegNetworkEquipmentMember2024-12-310001415404srt:MaximumMembersats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404us-gaap:SoftwareDevelopmentMember2025-06-300001415404us-gaap:LandMember2025-06-300001415404us-gaap:ConstructionInProgressMember2025-06-300001415404us-gaap:BuildingAndBuildingImprovementsMember2025-06-300001415404sats:SatellitesMember2025-06-300001415404sats:FurnitureFixturesEquipmentAndOtherMember2025-06-300001415404sats:FivegNetworkEquipmentMember2025-06-300001415404sats:EquipmentsLeasedToOtherPartyMember2025-06-300001415404sats:AssetsHeldUnderFinanceLeasesMember2025-06-300001415404us-gaap:SoftwareDevelopmentMember2024-12-310001415404us-gaap:LandMember2024-12-310001415404us-gaap:ConstructionInProgressMember2024-12-310001415404us-gaap:BuildingAndBuildingImprovementsMember2024-12-310001415404sats:SatellitesMember2024-12-310001415404sats:FurnitureFixturesEquipmentAndOtherMember2024-12-310001415404sats:FivegNetworkEquipmentMember2024-12-310001415404sats:EquipmentsLeasedToOtherPartyMember2024-12-310001415404sats:AssetsHeldUnderFinanceLeasesMember2024-12-310001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2022-02-112022-02-110001415404sats:FivegNetworkMember2018-01-012025-06-300001415404sats:SnrHoldcoMember2024-02-162024-02-160001415404sats:Q3InterCompanyLoanMembersats:DISHDBSCorporationMember2025-06-300001415404sats:Q2InterCompanyLoanMembersats:DISHDBSCorporationMember2025-06-300001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2025-06-300001415404sats:EchostarIntercompanyReceivableCompanyLlcMembersats:DISHDBSCorporationMember2025-06-300001415404sats:EchoStar2024InterCompanyLoansMember2025-06-300001415404sats:NagraStarLLCMember2025-04-012025-06-300001415404sats:HughesSystiqueMember2025-04-012025-06-300001415404sats:NagraStarLLCMember2025-01-012025-06-300001415404sats:HughesSystiqueMember2025-01-012025-06-300001415404sats:NagraStarLLCMember2024-04-012024-06-300001415404sats:HughesSystiqueMember2024-04-012024-06-300001415404sats:NagraStarLLCMember2024-01-012024-06-300001415404sats:HughesSystiqueMember2024-01-012024-06-300001415404us-gaap:RetainedEarningsMember2025-04-012025-06-300001415404us-gaap:RetainedEarningsMember2025-01-012025-03-310001415404us-gaap:RetainedEarningsMember2024-04-012024-06-300001415404us-gaap:RetainedEarningsMember2024-01-012024-03-310001415404sats:StrategicMarketableInvestmentTradingSecuritiesMember2025-06-300001415404sats:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2025-06-300001415404sats:OtherInvestmentSecuritiesMember2025-06-300001415404sats:StrategicMarketableInvestmentTradingSecuritiesMember2024-12-310001415404sats:StrategicMarketableInvestmentAvailableForSaleSecuritiesMember2024-12-310001415404sats:OtherInvestmentSecuritiesMember2024-12-310001415404sats:RestrictedMarketableInvestmentSecuritiesMember2025-06-300001415404sats:RestrictedMarketableInvestmentSecuritiesMember2024-12-310001415404sats:DishWirelessLlcMember2025-04-152025-04-150001415404sats:CyberSecurityClassActionsMember2025-01-012025-06-300001415404sats:UniversalServiceAdministrativeCompanyMembersats:DishWirelessLlcMember2023-04-032023-04-030001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersrt:MinimumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:TqDeltaLlcMemberus-gaap:PendingLitigationMember2015-07-172015-07-170001415404sats:ClearplayMemberus-gaap:PendingLitigationMember2014-03-142014-03-140001415404sats:DebtMaturingJuly2026Member2025-06-300001415404sats:DebtMaturingAugust2026Member2025-06-3000014154042022-09-200001415404srt:MinimumMember2025-06-300001415404srt:MaximumMember2025-06-300001415404sats:WithGhz3.45ToGhz3.55LicensesMember2025-06-300001415404sats:With16951710Mhz17551780MhzAnd21552180MhzMember2025-06-300001415404sats:WirelessMember2025-06-300001415404sats:MultichannelVideoDistributionAndDataServiceLicensesMember2025-06-300001415404sats:Licenses700MHzMember2025-06-300001415404sats:Licenses600MhzMember2025-06-300001415404sats:Licenses35503650MhzMember2025-06-300001415404sats:Licenses3.73.98GhzMember2025-06-300001415404sats:HBlockLicensesMember2025-06-300001415404sats:Ghz3739ghzAnd47ghzLicensesMember2025-06-300001415404sats:Ghz28Member2025-06-300001415404sats:Ghz24Member2025-06-300001415404sats:DBSLicensesMember2025-06-300001415404sats:CapitalizedInterestOnFccAuthorizationsMember2025-06-300001415404sats:CapitalizedInterestMember2025-06-300001415404sats:Aws4LicensesMember2025-06-300001415404sats:Aws3LicensesMember2025-06-300001415404sats:FinanceLeasedEquipmentMember2025-06-300001415404sats:FinanceLeasedEquipmentMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2025-06-300001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2024-12-310001415404sats:TerrestarSolutionsInc.Member2025-06-300001415404sats:InvidiTechnologiesCorporationMember2025-06-300001415404sats:DeluxeEchostarLlcMember2025-06-300001415404sats:BroadbandConnectivitySolutionsMember2025-06-300001415404us-gaap:SoftwareDevelopmentMember2025-04-012025-06-300001415404sats:SatellitesMember2025-04-012025-06-300001415404sats:IntangibleAssetsMember2025-04-012025-06-300001415404sats:FivegNetworkEquipmentMember2025-04-012025-06-300001415404sats:EquipmentsLeasedToOtherPartyMember2025-04-012025-06-300001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2025-04-012025-06-300001415404us-gaap:SoftwareDevelopmentMember2025-01-012025-06-300001415404sats:SatellitesMember2025-01-012025-06-300001415404sats:IntangibleAssetsMember2025-01-012025-06-300001415404sats:FivegNetworkEquipmentMember2025-01-012025-06-300001415404sats:EquipmentsLeasedToOtherPartyMember2025-01-012025-06-300001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2025-01-012025-06-300001415404us-gaap:SoftwareDevelopmentMember2024-04-012024-06-300001415404sats:SatellitesMember2024-04-012024-06-300001415404sats:IntangibleAssetsMember2024-04-012024-06-300001415404sats:FivegNetworkEquipmentMember2024-04-012024-06-300001415404sats:EquipmentsLeasedToOtherPartyMember2024-04-012024-06-300001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2024-04-012024-06-300001415404us-gaap:SoftwareDevelopmentMember2024-01-012024-06-300001415404sats:SatellitesMember2024-01-012024-06-300001415404sats:IntangibleAssetsMember2024-01-012024-06-300001415404sats:FivegNetworkEquipmentMember2024-01-012024-06-300001415404sats:EquipmentsLeasedToOtherPartyMember2024-01-012024-06-300001415404sats:BuildingFurnitureFixturesOtherEquipmentMember2024-01-012024-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2025-01-012025-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2025-01-012025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-11-122024-11-120001415404sats:EchoStar2024InterCompanyLoansMember2024-11-012024-11-300001415404sats:SeniorSecuredNotes6.75PercentDue2030Member2025-04-012025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2025-04-012025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.250PercentDue2026Member2025-06-300001415404sats:SeniorSecuredNotes5.250PercentDue2026TwoMember2025-06-300001415404sats:SeniorNotes5.750PercentDue2028Member2025-06-300001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2025-05-080001415404sats:EchoStar2024InterCompanyLoansMember2024-11-300001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2024-11-120001415404sats:Q3InterCompanyLoanMembersats:DISHDBSCorporationMember2024-09-300001415404sats:Q2InterCompanyLoanMembersats:DISHDBSCorporationMember2024-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2020-12-210001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2016-08-080001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes6.625PercentDue2026Member2025-06-300001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes5.250PercentDue2026Member2025-06-300001415404sats:DishNetworkCorporationMembersats:SeniorNotes11.75PercentDue2027Member2025-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2025-06-300001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorSecuredNotes5.250PercentDue2026TwoMember2025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.750PercentDue2028Member2025-06-300001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2025-06-300001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2029Member2025-06-300001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2025-06-300001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2025-06-300001415404sats:SeniorSecuredNotes6.75PercentDue2030Member2025-06-300001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2025-06-300001415404sats:OtherNotesPayableMember2025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2025-06-300001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes6.625PercentDue2026Member2024-12-310001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes5.250PercentDue2026Member2024-12-310001415404sats:DishNetworkCorporationMembersats:SeniorNotes11.75PercentDue2027Member2024-12-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotesZeroDue2025Member2024-12-310001415404sats:DishNetworkCorporationMembersats:ConvertibleNotes3.375PercentDue2026Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorSecuredNotes5.250PercentDue2026TwoMember2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.750PercentDue2028Member2024-12-310001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2029Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2024-12-310001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingMandatorilyRedeemablePreferredSharesDue2029Member2024-12-310001415404sats:SeniorSecuredNotes6.75PercentDue2030Member2024-12-310001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2024-12-310001415404sats:OtherNotesPayableMember2024-12-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-12-310001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2025-01-012025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2025-04-012025-06-300001415404us-gaap:ServiceOtherMember2025-04-012025-06-300001415404sats:ProgrammingMember2025-04-012025-06-300001415404sats:ConnectivityServiceMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2025-01-012025-06-300001415404us-gaap:ServiceOtherMember2025-01-012025-06-300001415404sats:ProgrammingMember2025-01-012025-06-300001415404sats:ConnectivityServiceMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2024-04-012024-06-300001415404us-gaap:ServiceOtherMember2024-04-012024-06-300001415404sats:ProgrammingMember2024-04-012024-06-300001415404sats:ConnectivityServiceMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMemberus-gaap:ServiceOtherMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ProgrammingMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:ConnectivityServiceMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMemberus-gaap:ServiceOtherMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMembersats:ConnectivityServiceMember2024-01-012024-06-300001415404us-gaap:ServiceOtherMember2024-01-012024-06-300001415404sats:ProgrammingMember2024-01-012024-06-300001415404sats:ConnectivityServiceMember2024-01-012024-06-300001415404sats:CustomerContractMember2025-06-300001415404us-gaap:CommonClassBMember2025-06-300001415404us-gaap:CommonClassAMember2025-06-300001415404us-gaap:CommonClassBMember2024-12-310001415404us-gaap:CommonClassAMember2024-12-310001415404srt:MinimumMemberus-gaap:CommonClassAMember2025-06-300001415404srt:MaximumMemberus-gaap:CommonClassAMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-06-300001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-06-300001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashEquivalentsAndRestrictedCashEquivalentsMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:CashAndRestrictedCashMember2024-12-3100014154042025-03-3100014154042024-03-310001415404us-gaap:WarrantMember2025-01-012025-06-300001415404us-gaap:StockCompensationPlanMember2025-01-012025-06-300001415404sats:PerformanceAndMarketBasedOptionsMember2025-01-012025-06-300001415404us-gaap:WarrantMember2024-01-012024-06-300001415404us-gaap:StockCompensationPlanMember2024-01-012024-06-300001415404sats:PerformanceAndMarketBasedOptionsMember2024-01-012024-06-300001415404sats:WirelessMember2025-06-300001415404sats:PayTvAndBroadbandMember2025-06-300001415404sats:BroadbandAndSatelliteServicesMember2025-06-300001415404sats:WirelessMember2024-12-310001415404sats:PayTvAndBroadbandMember2024-12-310001415404sats:BroadbandAndSatelliteServicesMember2024-12-310001415404sats:WirelessMember2024-06-300001415404sats:PayTvAndBroadbandMember2024-06-300001415404sats:BroadbandAndSatelliteServicesMember2024-06-3000014154042024-06-300001415404sats:WirelessMember2023-12-310001415404sats:PayTvAndBroadbandMember2023-12-310001415404sats:BroadbandAndSatelliteServicesMember2023-12-3100014154042023-12-310001415404us-gaap:AdditionalPaidInCapitalMember2025-04-012025-06-300001415404us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310001415404us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001415404sats:HughesSystiqueMember2025-06-300001415404sats:HughesSystiqueMember2024-12-310001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:NorthstarLicensesMember2025-06-300001415404sats:AmericanIIIMembersats:SNRWirelessOrSNRWirelessHoldcoMember2025-06-300001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404sats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404srt:MaximumMemberus-gaap:CorporateDebtSecuritiesMember2025-01-012025-06-300001415404srt:MaximumMemberus-gaap:CommercialPaperMember2025-01-012025-06-300001415404sats:PayTVSatellitesMember2025-01-012025-06-300001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2025-04-012025-06-300001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2025-01-012025-06-300001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2024-04-012024-06-300001415404sats:ConxCorpMemberus-gaap:RelatedPartyMember2024-01-012024-06-300001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersrt:MaximumMember2025-01-012025-06-3000014154042024-09-012024-09-300001415404sats:DISHDBSCorporationMember2025-01-012025-06-300001415404sats:WirelessMember2024-09-012024-09-300001415404us-gaap:VariableInterestEntityPrimaryBeneficiaryMembersats:Aws3LicensesMember2025-01-012025-06-300001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-04-012025-06-300001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-300001415404us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2025-04-012025-06-300001415404us-gaap:IntersegmentEliminationMember2025-04-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404us-gaap:IntersegmentEliminationMember2025-01-012025-06-300001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2024-04-012024-06-300001415404us-gaap:IntersegmentEliminationMember2024-04-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:RetailWirelessMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:PayTvMember2024-01-012024-06-300001415404us-gaap:OperatingSegmentsMembersats:BroadbandAndSatelliteServicesMember2024-01-012024-06-300001415404us-gaap:IntersegmentEliminationMember2024-01-012024-06-300001415404sats:SlingTVHoldingLLCMember2025-06-300001415404sats:DishTvMember2025-06-300001415404sats:PayTVSatellitesMember2025-01-012025-06-300001415404sats:BroadbandAndSatelliteServicesMember2025-01-012025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Member2024-11-120001415404sats:SNRWirelessOrSNRWirelessHoldcoMembersats:SNRLicensesMembersats:PriorArrangementMember2025-01-012025-06-300001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:PriorArrangementMember2025-01-012025-06-300001415404sats:DishNetworkCorporationMember2025-01-012025-06-300001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:PriorArrangementMember2025-06-300001415404sats:SNRWirelessOrSNRWirelessHoldcoMember2025-06-300001415404sats:NorthstarWirelessOrNorthstarSpectrumMember2025-06-300001415404sats:WirelessMember2025-01-012025-06-300001415404us-gaap:NoncontrollingInterestMember2025-04-012025-06-300001415404us-gaap:NoncontrollingInterestMember2025-01-012025-03-3100014154042025-01-012025-03-310001415404us-gaap:NoncontrollingInterestMember2024-04-012024-06-300001415404us-gaap:NoncontrollingInterestMember2024-01-012024-03-310001415404sats:RedeemableNoncontrollingInterestMember2024-01-012024-03-3100014154042024-01-012024-03-310001415404sats:CertainOfOtherMhz700LicensesAws4LicensesHBlockLicensesMember2025-01-012025-06-300001415404sats:CertainOfMhz700LicensesAws4LicensesHBlockLicenseAreasMember2025-01-012025-06-300001415404sats:CertainOf600MhzLicensesMember2025-01-012025-06-300001415404sats:CertainOf600MhzLicenseAreasMember2025-01-012025-06-300001415404sats:CertainOfAws3OtherLicensesMember2025-01-012025-06-300001415404sats:CertainOfAws3LicenseAreasMember2025-01-012025-06-300001415404sats:Mhz700LicensesAndAws4LicensesMember2025-06-172025-06-170001415404sats:Mhz700LicensesAndAws4LicensesMember2025-01-012025-06-300001415404sats:Licenses600MhzMember2025-01-012025-06-300001415404sats:HBlockLicensesMember2025-01-012025-06-300001415404sats:Aws3LicensesMember2025-01-012025-06-300001415404sats:InterCompanyLoanMembersats:DISHDBSCorporationMember2025-01-012025-06-300001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-06-300001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2025-06-300001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-06-300001415404us-gaap:FairValueMeasurementsRecurringMember2025-06-300001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialPaperMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMembersats:OtherDebtSecuritiesNonrestrictedAndRestrictedMember2024-12-310001415404us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404us-gaap:FairValueMeasurementsRecurringMember2024-12-310001415404sats:LicenseFeeDisputeMember2020-09-012020-09-010001415404srt:MaximumMember2025-01-012025-06-300001415404us-gaap:VariableInterestEntityPrimaryBeneficiaryMember2025-01-012025-06-300001415404sats:SNRWirelessOrSNRWirelessHoldcoMember2025-01-012025-06-300001415404sats:FivegNetworkMember2025-04-012025-06-300001415404sats:FivegNetworkMember2025-01-012025-06-300001415404sats:FivegNetworkMember2024-04-012024-06-300001415404sats:FivegNetworkMember2024-01-012024-06-300001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2025-01-012025-06-300001415404sats:SeniorSecuredNotes5.250PercentDue2026TwoMember2021-11-262021-11-260001415404sats:SeniorNotes5.750PercentDue2028Member2021-11-262021-11-260001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2021-05-242021-05-240001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2020-07-012020-07-010001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2016-06-132016-06-130001415404sats:EchostarNotesMember2025-01-012025-06-300001415404sats:EchostarNotesMember2025-06-300001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2025-04-012025-06-300001415404sats:HughesSatelliteSystemsCorporationMembersats:SeniorNotes5.250PercentDue2026Member2025-01-012025-06-300001415404sats:DbsSubscribercoMembersats:NewDishDbsFinancingTermLoanDue2025Member2025-01-012025-06-300001415404sats:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-06-300001415404sats:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Memberus-gaap:CommonClassAMember2024-11-120001415404sats:SeniorSecuredNotes10.75PercentDue2029Member2025-05-300001415404sats:SeniorSecuredNotes5.250PercentDue2026TwoMember2021-11-260001415404sats:SeniorNotes5.750PercentDue2028Member2021-11-260001415404sats:DISHDBSCorporationMembersats:SeniorNotes5.125PercentDue2029Member2021-05-240001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.375PercentDue2028Member2020-07-010001415404sats:DISHDBSCorporationMembersats:SeniorNotes7.75Due2026Member2016-06-130001415404sats:ConvertibleNotesZeroDue2025Memberus-gaap:CommonClassAMember2025-01-012025-06-300001415404sats:ConvertibleNotes3.375PercentDue2026Memberus-gaap:CommonClassAMember2025-01-012025-06-300001415404sats:ConvertibleSecuredNotes3.875PercentDue2030Memberus-gaap:CommonClassAMember2024-11-122024-11-120001415404sats:NagraStarLLCMember2025-06-300001415404sats:NagraStarLLCMember2024-12-310001415404sats:VermontNationalTelephoneCompanyMembersats:NorthstarWirelessOrNorthstarSpectrumMembersats:Aws3LicensesMember2016-09-232016-09-230001415404sats:SNRWirelessOrSNRWirelessHoldcoMembersats:SNRLicensesMember2015-08-182015-08-180001415404sats:NorthstarWirelessOrNorthstarSpectrumMembersats:SNRLicensesMember2015-08-182015-08-180001415404sats:EchostarIntercompanyReceivableCompanyLlcMembersats:InterCompanyLoanMember2024-01-3100014154042024-01-012024-06-300001415404us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-3000014154042024-04-012024-06-300001415404sats:NorthstarWirelessOrNorthstarSpectrumMember2025-01-012025-06-3000014154042025-06-3000014154042024-12-310001415404sats:WithGhz3.45ToGhz3.55LicensesMember2025-01-012025-06-3000014154042025-04-012025-06-300001415404us-gaap:CommonClassBMember2025-07-240001415404us-gaap:CommonClassAMember2025-07-2400014154042025-01-012025-06-30sats:claimsats:segmentxbrli:sharesiso4217:USDxbrli:puresats:Dsats:itemsats:personsats:periodsats:trancheiso4217:USDxbrli:shares

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED ~~MARCH~~JUNE 3130, 2025.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM TO .

Commission File Number: 001-33807

EchoStar Corporation

(Exact name of registrant as specified in its charter)


Nevada	26-1232727
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

9601 South Meridian Boulevard
Englewood, Colorado	80112
(Address of principal executive offices)	(Zip code)

(303) 723-1000

(Registrant’s telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A common stock, $0.001 par value	SATS	The Nasdaq Stock Market L.L.C.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧ No ◻

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ No ◻

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.


Large accelerated filer ☒	Accelerated filer ☐

Non-accelerated filer ☐	Smaller reporting company ☐

	Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of ~~April~~July 3024, 2025, the registrant’s outstanding common stock consisted of 156,~~030~~367,~~172~~964 shares of Class A common stock and 131,348,468 shares of Class B common stock.

Table of Contents

TABLE OF CONTENTS


	PART I — FINANCIAL INFORMATION

	Disclosure Regarding Forward-Looking Statements	i

Item 1.	Financial Statements	1

	Condensed Consolidated Balance Sheets	1

	Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	2

	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit)	3

	Condensed Consolidated Statements of Cash Flows	4

	Notes to Condensed Consolidated Financial Statements	5

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	5965

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	88107

Item 4.	Controls and Procedures	88107

PART II — OTHER INFORMATION

Item 1.	Legal Proceedings	88107

Item 1A.	Risk Factors	88107

Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	89110

Item 3.	Defaults Upon Senior Securities	None

Item 4.	Mine Safety Disclosures	None

Item 5.	Other Information	89110

Item 6.	Exhibits	90111

	Signatures	91112

Table of Contents

PART I — FINANCIAL INFORMATION

DISCLOSURE REGARDING FORWARD-LOOKING STATEMENTS

Unless otherwise required by the context, in this report, the words “EchoStar,” the “Company,” “we,” “our” and “us” refer to EchoStar Corporation and its subsidiaries, “DISH Network” refers to DISH Network Corporation, our wholly owned subsidiary, and its subsidiaries, and “DISH DBS” refers to DISH DBS Corporation, a wholly - owned, indirect subsidiary of DISH Network, and its subsidiaries.

This Quarterly Report on Form 10-Q contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including, in particular, statements about our plans, objectives and strategies, growth opportunities in our industries and businesses, our expectations regarding future results, financial condition, liquidity and capital requirements, our estimates regarding the impact of regulatory developments and legal proceedings, and other trends and projections. Forward-looking statements are not historical facts and may be identified by words such as “future,” “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “estimate,” “expect,” “predict,” “will,” “would,” “could,” “can,” “may,” and similar terms. These forward-looking statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve known and unknown risks, uncertainties and other factors, which may be beyond our control. Accordingly, actual performance, events or results could differ materially from those expressed or implied in the forward-looking statements due to a number of factors, including, but not limited to, those summarized below:

SUMMARY OF RISK FACTORS

Risks Relating to the Pending FCC Review

●

In response to the uncertainty created by the FCC inquiries, we may take one or more significant actions in order to protect our interest in our Wireless Licenses and other assets, which actions could negatively impact your investment.

●

The FCC’s review of our compliance with network build-out requirements could lead to the loss or impairment of certain of our existing spectrum licenses.

Competition and Economic Risks

●

We face intense and increasing competition from providers of video, broadband and/or wireless services. Changing consumer behavior and new technologies in our Pay-TV and/or Wireless business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.

●

We face certain risks competing in the wireless services industry and operating a facilities-based wireless services business.

●

Our pay-TV competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.

●

Through the MNSA and the NSA, we depend in part on T-Mobile and AT&T to provide network services to our Wireless subscribers. Our failure to effectively manage these relationships, including without limitation, our minimum commitments, any system failure in their wireless networks, interruption in the services provided to us and/or the termination of the MNSA or the NSA could have a material adverse effect on our business, financial condition and results of operations.

Table of Contents

●

We compete with the MNOs whose networks we partially rely on to provide wireless services to our customers, and they may seek to limit, reduce or terminate our network access to the extent that it becomes competitively advantageous to do so.

●

If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.

Table of Contents

Operational and Service Delivery Risks

●

Any deterioration in our operational performance, subscriber activations and churn rate and subscriber satisfaction could adversely affect our business, financial condition and results of operations.

●

We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.

●

We have limited satellite capacity and any failures or reduced capacity, caused by, among other things, operational and environmental risks, could adversely affect our business, financial condition and results of operations.

●

Extreme weather may result in risk of damage to our infrastructure and therefore our ability to provide services, and may lead to changes in federal, state and foreign government regulation, all of which could materially and adversely affect our business, results of operations and financial condition.

●

We rely on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.

●

Changes in trade policies, including, but not limited to, tariffs and other restrictions, could increase, among other things, our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.

●

We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.

Risks Related to our Human Capital

●

We rely on highly skilled personnel for our business, and any inability to hire and retain key personnel or to hire qualified personnel may negatively affect our business, financial condition and results of operations.

●

Our business growth and customer retention strategies rely in part on the work of technically skilled employees.

Risks Related to our Products and Technology

●

Our business depends on certain intellectual property rights and on not infringing the intellectual property rights of others.

●

We are, and may become, party to various lawsuits which, if adversely decided, could have a significant adverse impact on our business, particularly lawsuits regarding intellectual property.

● If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or cancelled, which could adversely affect our revenue.

Table of Contents

●

If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or cancelled, which could adversely affect our revenue.

Risks Related to Cybersecurity

●

We have experienced and may experience in the future consistent cyber-attacks and attempts to gain unauthorized access to our systems and any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations could disrupt or harm our business.

●

The confidentiality, integrity and availability of our services and products depends on the continuing operation of our information technology and other enabling systems.

Acquisition and Capital Structure Risks

●

We currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our ability to continue as a going concern.

●

We have substantial debt outstanding and may incur additional debt and covenants in our Indentures could limit our ability to undertake certain types of activities and adversely affect our liquidity.

●

We may pursue acquisitions, dispositions, capital expenditures, the development, acquisition and launch of new satellites and other strategic initiatives to complement or expand our business, which may not be successful and we may lose a portion or all of our investment in these acquisitions and transactions.

●

We have made substantial investments to acquire certain wireless spectrum licenses and other related assets, and may be unable to realize a return on these assets.

●

We will need additional capital, which may not be available on favorable terms or at all, to fund current obligations, to continue investing in our business and to finance acquisitions and other strategic transactions.

●

We are controlled by one principal stockholder who is our Chairman.

Risks Related to the Regulation of Our Business

●

Our services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.

Other factors that could cause or contribute to such differences include, but are not limited to, those discussed under the caption “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and in Part I, Item 1A of our most recent Annual Report on Form 10-K (the “10-K”) filed with the Securities and Exchange Commission (“SEC”), those discussed in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” herein and in the 10-K and those discussed in other documents we file with the SEC. All cautionary statements made or referred to herein should be read as being applicable to all forward-looking statements wherever they appear. Investors should consider the risks and uncertainties described or referred to herein and should not place undue reliance on any forward-looking statements. The forward-looking statements speak only as of the date made, and we expressly disclaim any obligation to update these forward-looking statements.

iii

Table of Contents

Item 1. FINANCIAL STATEMENTS

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

(Unaudited)


	As of
	~~March~~June 3130,		December 31,
	2025		2024
Assets
Current Assets:
Cash and cash equivalents	$	2,~~529~~345,~~878~~085	$	4,305,393
Current restricted cash and cash equivalents		172,856		150,898
Current restricted cash, cash equivalents and marketable investment securities		184,012		150,898
Marketable investment securities		21,~~529~~988,~~217~~001		1,242,036
Trade accounts receivable, net of allowance for credit losses of $80,641 and $82,628, respectively		1,183,870		1,198,731
Trade accounts receivable, net of allowance for credit losses of $98,231 and $82,628, respectively		1,158,592		1,198,731
Inventory		~~413~~375,~~365~~118		455,197
Prepaids and other assets		~~724~~771,~~393~~171		655,233
Other current assets		94,~~630~~247		88,255
Total current assets		76,~~648~~916,~~209~~226		8,095,743

Noncurrent Assets:
Restricted cash, cash equivalents and marketable investment securities		~~172~~176,~~357~~004		169,627
Property and equipment, net		8,~~980~~773,~~928~~656		9,187,132
Regulatory authorizations, net		3940,~~739~~029,~~466~~923		39,442,166
Other investments, net		~~202~~191,~~166~~792		202,327
Operating lease assets		3,~~242~~218,~~450~~062		3,260,768
Intangible assets, net		7066,~~906~~903		74,939
Other noncurrent assets, net		~~515~~509,~~045~~831		505,985
Total noncurrent assets		52,~~923~~966,~~318~~171		52,842,944
Total assets	$	6059,~~571~~882,~~527~~397	$	60,938,687

Liabilities and Stockholders’ Equity (Deficit)
Current Liabilities:
Trade accounts payable	$	~~690~~745,~~482~~587	$	740,984
Deferred revenue and other		~~664~~638,~~924~~989		650,940
Accrued programming		1,~~284~~251,~~309~~114		1,339,072
Accrued interest		~~667~~308,~~674~~917		352,499
Other accrued expenses and liabilities		1,~~743~~675,~~545~~958		1,804,516
Current portion of debt, finance lease and other obligations (Note 9)		1,~~004~~053,~~626~~230		943,029
Total current liabilities		65,~~055~~673,~~560~~795		5,831,040

Long-Term Obligations, Net of Current Portion:
Long-term debt, finance lease and other obligations, net of current portion (Note 9)		25,~~328~~401,~~132~~688		25,660,288
Deferred tax liabilities, net		4,~~917~~809,~~006~~572		4,988,653
Operating lease liabilities		3,~~195~~178,~~552~~737		3,211,407
Long-term deferred revenue and other long-term liabilities		1,~~012~~027,~~587~~111		1,002,074
Total long-term obligations, net of current portion		34,~~453~~417,~~277~~108		34,862,422
Total liabilities		40,~~508~~090,~~837~~903		40,693,462

Commitments and Contingencies (Note 10)

Stockholders’ Equity (Deficit):
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 155,262,098 and 155,048,676 shares issued and outstanding, respectively		155		155
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 156,299,276 and 155,048,676 shares issued and outstanding, respectively		156		155
Class B common stock, $0.001 par value, 800,000,000 shares authorized, 131,348,468 shares issued and outstanding		131		131
Additional paid-in capital		8,~~779~~809,~~458~~264		8,768,360
Accumulated other comprehensive income (loss)		(~~187~~183,~~865~~181)		(195,711)
Accumulated earnings (deficit)		11,~~415~~109,~~768~~636		11,618,437
Total EchoStar stockholders’ equity (deficit)		2019,~~007~~736,~~647~~006		20,191,372
Noncontrolling interests		55,~~043~~488		53,853
Total stockholders’ equity (deficit)		2019,~~062~~791,~~690~~494		20,245,225
Total liabilities and stockholders’ equity (deficit)	$	6059,~~571~~882,~~527~~397	$	60,938,687

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

AND COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands, except per share amounts)

(Unaudited)


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
Revenue:
Service revenue	$	3,~~606~~540,~~156~~107	$	3,~~819~~742,~~673~~086	$	7,146,263	$	7,561,755
Equipment sales and other revenue		~~263~~184,~~602~~852		~~195~~210,~~170~~665		448,454		405,839
Total revenue		3,~~869~~724,~~758~~959		43,~~014~~952,~~843~~751		7,594,717		7,967,594

Costs and Expenses (exclusive of depreciation and amortization):
Cost of services		2,~~432~~461,~~198~~631		2,~~557~~507,~~182~~478		4,893,829		5,064,660
Cost of sales - equipment and other		~~439~~354,~~508~~187		~~363~~408,~~083~~093		793,695		771,176
Selling, general and administrative expenses		~~597~~629,~~851~~494		~~624~~595,~~422~~024		1,227,345		1,219,446
Depreciation and amortization		~~488~~493,~~333~~055		~~485~~507,~~400~~525		981,388		992,925
Total costs and expenses		3,~~957~~938,~~890~~367		4,~~030~~018,~~087~~120		7,896,257		8,048,207

Operating income (loss)		(88213,~~132~~408)		(1565,~~244~~369)		(301,540)		(80,613)

Other Income (Expense):
Interest income		65,~~529~~369		3013,~~462~~929		130,898		44,391
Interest expense, net of amounts capitalized (Note 2)		(~~286~~279,~~055~~232)		(9981,~~408~~166)		(565,287)		(180,574)
Other, net (Note 5)		4135,~~390~~137		(2691,~~110~~498)		76,527		(117,608)
Total other income (expense)		(~~179~~178,~~136~~726)		(95158,~~056~~735)		(357,862)		(253,791)

Income (loss) before income taxes		(~~267~~392,~~268~~134)		(~~110~~224,~~300~~104)		(659,402)		(334,404)
Income tax (provision) benefit, net		6385,~~987~~290		116,~~925~~646		149,277		18,571
Net income (loss)		(~~203~~306,~~281~~844)		(~~108~~207,~~375~~458)		(510,125)		(315,833)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(~~612~~712)		(~~999~~1,867)		(1,324)		(2,866)
Net income (loss) attributable to EchoStar	$	(~~202~~306,~~669~~132)	$	(~~107~~205,~~376~~591)	$	(508,801)	$	(312,967)

Weighted-average common shares outstanding - Class A and B common stock:
Basic		~~286~~287,~~513~~505		271,~~519~~592		287,012		271,555
Diluted		~~286~~287,~~513~~505		271,~~519~~592		287,012		271,555

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(01.7106)	$	(0.4076)	$	(1.77)	$	(1.15)
Diluted net income (loss) per share attributable to EchoStar	$	(01.7106)	$	(0.4076)	$	(1.77)	$	(1.15)

Comprehensive Income (Loss):
Net income (loss)	$	(~~203~~306,~~281~~844)	$	(~~108~~207,~~375~~458)	$	(510,125)	$	(315,833)
Other comprehensive income (loss):
Foreign currency translation adjustments		96,~~264~~221		(517,~~591~~695)		15,485		(23,286)
Unrealized holding gains (losses) on available-for-sale debt securities		(~~1,046~~236)		~~1,452~~(20)		(1,282)		1,432
Recognition of previously unrealized (gains) losses on available-for-sale securities included in net income (loss)		~~1,257~~(129)		~~(1,528)~~—		1,128		(1,528)
Deferred income tax (expense) benefit, net		~~173~~(15)		—(29)		158		(29)
Total other comprehensive income (loss), net of tax		95,~~648~~841		(517,~~667~~744)		15,489		(23,411)
Comprehensive income (loss)		(~~193~~301,~~633~~003)		(~~114~~225,~~042~~202)		(494,636)		(339,244)
Less: Comprehensive income (loss) attributable to noncontrolling interests, net of tax		~~1,190~~445		(25,~~118~~089)		1,635		(7,207)
Comprehensive income (loss) attributable to EchoStar	$	(~~194~~301,~~823~~448)	$	(~~111~~220,~~924~~113)	$	(496,271)	$	(332,037)

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIT)

(In thousands)

(Unaudited)


Purchase of SNR Management's ownership interest in SNR HoldCo					Accumulated
					Accumulated
	Class A and B		Additional		Other		Accumulated						Redeemable
	Common		Paid-In		Comprehensive		Earnings		Noncontrolling				Noncontrolling
	Stock		Capital		Income (Loss)		(Deficit)		Interests		Total		Interests
Balance, December 31, 2023	$	271	$	8,301,979	$	(160,056)	$	11,737,983	$	69,733	$	19,949,910	$	438,382
Issuance of Class A common stock		—		(160)		—		—		—		(160)		—
Non-cash, stock-based compensation		—		9,058		—		—		—		9,058		—
Other comprehensive income (loss)		—		—		(4,548)		—		(1,119)		(5,667)		—
Purchase of SNR Management's ownership interest in SNR HoldCo		—		—		—		—		—		—		(441,998)
Net income (loss) attributable to noncontrolling interests		—		—		—		—		(4,615)		(4,615)		3,616
Net income (loss) attributable to EchoStar		—		—		—		(107,376)		—		(107,376)		—
Balance, March 31, 2024	$	271	$	8,310,877	$	(164,604)	$	11,630,607	$	63,999	$	19,841,150	$	—
Issuance of Class A common stock		—		1,992		—		—		—		1,992		—
Sale of Assets to CONX, net of deferred taxes		—		3,376		—		—		—		3,376		—
Non-cash, stock-based compensation		—		10,635		—		—		—		10,635		—
Other comprehensive income (loss)		—		—		(14,522)		—		(3,222)		(17,744)		—
Net income (loss) attributable to noncontrolling interests		—		—		—		—		(1,867)		(1,867)		—
Net income (loss) attributable to EchoStar		—		—		—		(205,591)		—		(205,591)		—
Balance, June 30, 2024	$	271	$	8,326,880	$	(179,126)	$	11,425,016	$	58,910	$	19,631,951	$	—


					Accumulated
	Class A and B		Additional		Other		Accumulated
	Common		Paid-In		Comprehensive		Earnings		Noncontrolling
	Stock		Capital		Income (Loss)		(Deficit)		Interests		Total
Balance, December 31, 2024	$	286	$	8,768,360	$	(195,711)	$	11,618,437	$	53,853	$	20,245,225
Issuance of Class A common stock		—		2,534		—		—		—		2,534
Non-cash, stock-based compensation		—		7,609		—		—		—		7,609
Other comprehensive income (loss)		—		—		7,846		—		1,802		9,648
Net income (loss) attributable to noncontrolling interests		—		—		—		—		(612)		(612)
Net income (loss) attributable to EchoStar		—		—		—		(202,669)		—		(202,669)
Other		—		955		—		—		—		955
Balance, March 31, 2025	$	286	$	8,779,458	$	(187,865)	$	11,415,768	$	55,043	$	20,062,690
Issuance of Class A common stock		1		21,292		—		—		—		21,293
Non-cash, stock-based compensation		—		8,514		—		—		—		8,514
Other comprehensive income (loss)		—		—		4,684		—		1,157		5,841
Net income (loss) attributable to noncontrolling interests		—		—		—		—		(712)		(712)
Net income (loss) attributable to EchoStar		—		—		—		(306,132)		—		(306,132)
Balance, June 30, 2025	$	287	$	8,809,264	$	(183,181)	$	11,109,636	$	55,488	$	19,791,494

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ECHOSTAR CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)


	For the ~~Three~~Six Months Ended
	~~March~~June 3130,
	2025		2024
Cash Flows From Operating Activities:
Net income (loss)	$	(~~203~~510,~~281~~125)	$	(~~108~~315,~~375~~833)
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Depreciation and amortization		~~488~~981,~~333~~388		~~485~~992,~~400~~925
Realized and unrealized losses (gains) on investments, impairments and other		(3564,~~769~~831)		2349,~~893~~312
Non-cash, stock-based compensation		716,~~609~~123		919,~~058~~693
Deferred tax expense (benefit)		(68174,~~902~~719)		(1135,~~688~~300)
Changes in allowance for credit losses		(115,~~987)~~603		1033,~~516~~108
Change in long-term deferred revenue and other long-term liabilities		~~(2,772)~~420		(38,~~871)~~139
Other, net		51115,~~627~~365		31125,~~261~~969
Changes in operating assets and operating liabilities, net		(28164,~~103~~957)		1552,~~065~~971
Net cash flows from operating activities		~~206~~214,~~755~~267		~~451~~930,~~259~~984

Cash Flows From Investing Activities:
Purchases of marketable investment securities		(12,~~807~~247,~~779~~724)		(1921,~~135~~847)
Sales and maturities of marketable investment securities		~~533~~1,~~812~~526,245		~~458~~501,~~792~~512
Purchases of property and equipment (Note 7)		(~~258~~551,~~427~~600)		(~~519~~866,~~612~~922)
Capitalized interest related to regulatory authorizations (Note 2)		(~~120~~573,~~057~~785)		(~~158~~481,~~084~~807)
Purchases of regulatory authorizations, including deposits		—		(1,104)
Other, net		(4,268)		998
Sale of assets to CONX (Note 13)		—		26,719
Net cash flows from investing activities		(1,656,719)		(238,145)
Sale of Fiber business		47,207		—
Other, net		(64)		(4,716)
Net cash flows from investing activities		(1,799,721)		(848,165)

Cash Flows From Financing Activities:
Repayment of long-term debt, finance lease and other obligations		(2446,~~671~~272)		(2752,~~125~~758)
Redemption and repurchases of term loans, convertible and senior notes		(~~289~~456,~~383~~049)		(951,~~168~~170)
Proceeds from issuance of convertible and senior notes		150,000		—
Debt issuance costs and debt (discount) premium		(946)		—
Early debt extinguishment gains (losses) of convertible and senior notes		11,465		—
Net proceeds from Class A common stock options exercised and stock issued under the Employee Stock Purchase Plan		26,~~534~~994		~~(160)~~1,832
Purchase of SNR Management's ownership interest in SNR HoldCo		—		(441,998)
Other, net		(31,~~792~~189)		—2
Net cash flows from financing activities		(~~331~~365,~~847~~997)		(1,~~420~~444,~~451~~092)

Effect of exchange rates on cash and cash equivalents		12,~~714~~965		(~~849~~3,701)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents		(1,~~780~~948,~~097~~486)		(1,~~208~~364,~~186~~974)
Cash, cash equivalents, restricted cash and cash equivalents, beginning of period (Note 5)		4,593,804		1,911,601
Cash, cash equivalents, restricted cash and cash equivalents, end of period (Note 5)	$	2,~~813~~645,~~707~~318	$	~~703~~546,~~415~~627

The accompanying notes are an integral part of these condensed consolidated financial statements.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

1.	Organization and Business Activities

Principal Business

EchoStar Corporation is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator, and government solutions worldwide under its EchoStar®, Boost Mobile®, Sling TV ®, DISH® TV, Hughes®, HughesNet®, HughesON™ and JUPITER™ brands. EchoStar Corporation is a holding company that was organized in October 2007 as a corporation under the laws of the State of Nevada. Its subsidiaries (which together with EchoStar Corporation are referred to as “EchoStar,” the “Company,” “we,” “us” and/or “our,” unless otherwise required by the context) currently operate three primary business segments.

~~Segments~~Recent Developments

We ~~currently~~received ~~operate~~a ~~three~~letter ~~primary~~from ~~business~~the ~~segments:~~Federal Communications Commission (1the “FCC”) ~~Pay~~ on May 9, 2025, indicating that the FCC was beginning a review of our compliance with certain obligations to provide 5G broadband service and raising certain questions regarding the September 2024 build-~~TV;~~out extension granted by the FCC and mobile-satellite service (“MSS”) utilization in the 2 GHz band (the “Letter”). ~~Wireless~~We responded to the FCC’s subsequent public notices with filings on May 27, 2025 and June 6, 2025. On June 11, 2025, our Chairman met with the FCC; during this meeting we explained that any reconsideration of the September 2024 grant of our construction deadline extensions, any after-the-fact change to the criteria upon which our build-out is judged, or any decision to upend the 2 GHz band’s sharing rules would threaten the viability of our current operations and ~~(3) Broadband~~future plans. While no resolution has been achieved yet, and ~~Satellite~~it ~~Services~~is possible that no such resolution will ultimately be achieved, we continue to explore an acceptable resolution of the FCC’s stated concerns in a manner that minimizes disruption to our businesses and lifts the regulatory uncertainty created by the inquiries. The FCC review has introduced the possibility of reversing prior FCC grants of authority to us. This uncertainty over our spectrum rights has effectively frozen our ability to make decisions regarding our 5G network buildout, has materially adversely impacted our ability to implement and adjust our overall business plan and has required us to re-evaluate the deployment of our resources. In light of the continued uncertainty related to the FCC inquiries, we elected not to make interest payments on a certain portion of our long-term senior notes on their respective scheduled due dates. We subsequently made such payments, including interest on the defaulted interest, within the applicable 30-day grace periods to make such interest payments. See Note 9 for further details. We remain focused on resolving the FCC’s stated concerns. We continue to progress wide-ranging efforts to explore alternative or complementary pathways that could, if successfully implemented, resolve the FCC’s stated concerns in a manner acceptable to us.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, Federal Communications Commission (“FCC”) licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers. 5

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of March 31, 2025, we had 7.397 million Pay-TV subscribers in the United States, including 5.503 million DISH TV subscribers and 1.894 million SLING TV subscribers.

~~Wireless~~Future Capital Requirements

~~Our~~The ~~Wireless~~condensed ~~segment~~consolidated ~~provides~~financial ~~wireless~~statements ~~communication~~have ~~services~~been ~~(“Wireless”~~prepared ~~services)~~in ~~and~~accordance ~~products.~~with Wegenerally ~~currently~~accepted ~~offer~~accounting ~~our~~principles ~~Wireless~~on ~~services~~a ~~for~~going 5Gconcern ~~voice~~basis, ~~over~~which ~~new~~contemplates ~~radio~~the ~~(“5G~~realization ~~VoNR”)~~of toassets ~~over 222 million Americans~~ and ~~for~~the 5Gsatisfaction ~~broadband~~of ~~service~~liabilities toin ~~over~~the ~~269~~normal ~~million~~course ~~Americans, as well as a competitive portfolio~~ of ~~wireless devices~~business. ~~We offer nationwide Wireless services to subscribers primarily under our Boost Mobile® and Gen Mobile® brands.~~

WeOur ~~are~~cash ~~currently~~and ~~operating~~cash ~~primarily~~equivalents asand amarketable ~~mobile~~investment ~~virtual~~securities ~~network~~totaled ~~operator~~$4.333 billion as of June 30, 2025 (“~~MVNO~~Cash on Hand”). As reflected in the condensed consolidated financial statements as of June 30, 2025, we ~~continue~~have to$2.0 ~~commercialize~~billion ~~our~~of ~~Wireless~~debt ~~spectrum~~maturing ~~licenses~~in ~~through~~July ~~the~~2026 ~~completion~~and $1.377 billion of ~~the~~debt ~~nation’s~~maturing ~~first~~in ~~cloud-native~~August 2026. In addition, ~~Open~~the ~~Radio~~re-auction ~~Access~~of ~~Network~~certain ~~(“O~~AWS-~~RAN”)~~3 ~~based~~licenses 5Gpreviously ~~VoNR~~awarded to Northstar Wireless and ~~broadband~~SNR ~~network~~Wireless ~~(our~~has ~~“5G~~been ~~Network”)~~designated as Auction 113 and ~~grow~~the ~~customer~~FCC ~~traffic~~is onrequired ~~our~~to 5Ginitiate ~~Network~~Auction 113 by June 23, 2026. We ~~are~~cannot ~~transitioning~~predict with any degree of certainty the outcome of Auction 113, however, we may be required to make a ~~mobile~~maximum ~~network~~payment ~~operator~~up ~~(“MNO”)~~to asapproximately ~~our~~$2.921 5Gbillion ~~Network~~for ~~has~~the ~~become~~Northstar ~~commercially~~Re-Auction ~~available~~Payment and weSNR ~~grow~~Re-Auction ~~customer~~Payment. ~~traffic~~See onNote ~~our~~10 5Gfor ~~Network.~~definitions and further details.

5Because we do not currently have the necessary Cash on Hand and/or projected future cash flows or committed financing to fund our obligations for at least twelve months from the issuance of these condensed consolidated financial statements, substantial doubt exists about our ability to continue as a going concern. To address our capital needs, we are in active discussions with funding sources to raise additional capital and/or restructure our outstanding debt. We cannot provide assurances that we will be successful in obtaining such new financing and/or restructuring the existing debt obligations necessary for us to have sufficient liquidity.

The condensed consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should we not continue as a going concern.

Segments

We currently operate three primary business segments: (1) Pay-TV; (2) Wireless; and (3) Broadband and Satellite Services.

Pay-TV

We offer pay-TV services under the DISH® brand and the SLING® brand (collectively “Pay-TV” services). The DISH branded pay-TV service consists of, among other things, FCC licenses authorizing us to use direct broadcast satellite (“DBS”) and Fixed Satellite Service (“FSS”) spectrum, our owned and leased satellites, receiver systems, broadcast operations, a leased fiber optic network, in-home service and call center operations and certain other assets utilized in our operations (“DISH TV”). We also design, develop and distribute receiver systems and provide digital broadcast operations, including satellite uplinking/downlinking, transmission and other services to third-party pay-TV providers.

The SLING branded pay-TV services consist of, among other things, multichannel, live-linear and on-demand streaming over-the-top (“OTT”) Internet-based domestic, international, Latino and Freestream video programming services (“SLING TV”). As of June 30, 2025, we had 7.108 million Pay-TV subscribers in the United States, including 5.323 million DISH TV subscribers and 1.785 million SLING TV subscribers.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5G VoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. We have deployed 5G VoNR covering over 222 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the amended Master Network Services Agreement (“MNSA”) and Network Services Agreement (the “NSA”), respectively. As of March 31, 2025, we had 7.145 million Wireless subscribers.

Wireless

Our Wireless segment provides wireless communication services (“Wireless” services) and products. We currently offer our Wireless services for 5G voice over new radio (“5G VoNR”) to over 223 million Americans and for 5G broadband service to over 269 million Americans, as well as a competitive portfolio of wireless devices. We offer nationwide Wireless services to subscribers primarily under our Boost Mobile® and Gen Mobile® brands.

We are currently operating primarily as a mobile virtual network operator (“MVNO”) as we continue to commercialize our Wireless spectrum licenses through the completion of the nation’s first cloud-native, Open Radio Access Network (“O-RAN”) based 5G VoNR and broadband network (our “5G Network”) and grow customer traffic on our 5G Network. We are transitioning to a mobile network operator (“MNO”) as our 5G Network has become commercially available and we grow customer traffic on our 5G Network.

We are currently activating Boost Mobile subscribers with compatible devices onto our 5G Network in markets where we have reached 5G VoNR. We currently offer a broad range of premium wireless devices on our 5G Network, including the Apple iPhone 15 and newer generation iPhones, as well as a wide selection of Samsung, Motorola and other premium devices. We have deployed 5G VoNR covering over 223 million Americans. Within our MVNO operations, today we depend in part on T-Mobile and AT&T to provide us with network services under the amended Master Network Services Agreement (“MNSA”) and Network Services Agreement (the “NSA”), respectively. As of June 30, 2025, we had 7.357 million Wireless subscribers.

We have invested a total of over $30 billion in Wireless spectrum licenses. The $30 billion of investments related to Wireless spectrum licenses does not include $10 billion of capitalized interest related to the carrying value of such licenses. See Note 2 and Note 10 for further information. We continue to commercialize our Wireless spectrum licenses through the completion of our 5G Network. We have committed to the FCC to deploy a facilities-based 5G broadband network capable of serving increasingly larger portions of the U.S. population at different deadlines.

We will need to raise additional capital in the future, which may not be available on favorable terms or at all, to fund the efforts described below, as well as, among other things, make any potential Northstar Re-Auction Payment and SNR Re-Auction Payment for the AWS-3 licenses retained by the FCC. There can be no assurance that we will be able to complete all build-out requirements or profitably deploy our Wireless spectrum licenses, which may affect the carrying amount of these assets and our future financial condition or results of operations. See Note 10 for further information.

Our Wireless spectrum licenses are subject to certain interim and final build-out requirements, as well as certain renewal requirements. In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated ~~buildout~~build-out (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments. See Note 10 for definitions and further details. Also see Note 1 “Recent Developments” for additional information.

We may need to make significant additional investments or partner with others to, among other things, continue our 5G Network deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as we continue our 5G Network deployment, we have and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, we will need to raise additional capital, which may not be available on favorable terms or at all. We may also determine that additional wireless spectrum licenses may be required for our 5G Network deployment, which will enhance our ability to compete effectively with other wireless service providers. 7

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We will need to make significant additional investments or partner with others to, among other things, continue our 5G Network deployment and further commercialize, build-out and integrate these licenses and related assets and any additional acquired licenses and related assets, as well as to comply with regulations applicable to such licenses. Depending on the nature and scope of such activities, any such investments or partnerships could vary significantly. In addition, as we continue our 5G Network deployment, we have and may continue to incur significant additional expenses related to, among other things, research and development, wireless testing and ongoing upgrades to the wireless network infrastructure, software and third-party integration. As a result of these investments, among other factors, we will need to raise additional capital, which may not be available on favorable terms or at all. We may also determine that additional wireless spectrum licenses may be required for our 5G Network deployment, which will enhance our ability to compete effectively with other wireless service providers.

Broadband and Satellite Services

We offer broadband satellite technologies and broadband internet products and services to consumer customers. We provide broadband network technologies, managed services, equipment, hardware, satellite services and communications solutions to government and enterprise customers. We also design, provide and install gateway and terminal equipment to customers for other satellite systems. In addition, we design, develop, construct and provide telecommunication networks comprising satellite ground segment systems and terminals to mobile system operators and our enterprise customers. We offer a robust suite of integrated, multi-transport solutions to enable airline and airline service providers to deliver reliable in-flight network connectivity serving both commercial and business aviation. Revenue in our satellite services business depends largely on our ability to make continuous use of our available satellite capacity on behalf of existing customers and our ability to enter into commercial relationships with new customers. As of ~~March~~June 3130, 2025, we had ~~853~~819,000 Broadband subscribers.

2.	Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and with the instructions to Form 10-Q and Article 10 of Regulation S-X for interim financial information. Accordingly, these statements do not include all of the information and notes required for complete financial statements prepared under GAAP. In our opinion, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Our results of operations for the interim periods presented are not necessarily indicative of the results that may be expected for the full year. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2024. Certain prior period amounts have been reclassified to conform to the current period presentation.

Principles of Consolidation

We consolidate all majority owned subsidiaries, investments in entities in which we have controlling influence and variable interest entities (“VIEs”) where we have been determined to be the primary beneficiary. The portion of equity in a subsidiary not attributable, directly or indirectly, to us are recorded as noncontrolling interests or redeemable noncontrolling interests. See below for further information. Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Non-consolidated investments are accounted for using the equity method when we have the ability to significantly influence the operating decisions of the investee. When we do not have the ability to significantly influence the operating decisions of an investee, these equity securities are classified as either marketable investment securities or other investments, which will be initially recorded at cost, and based on observable market prices, will be adjusted to their fair value. We record fair value adjustments in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All significant intercompany accounts and transactions have been eliminated in consolidation.

Redeemable Noncontrolling Interests

SNR Wireless. SNR Wireless LicenseCo, LLC (“SNR Wireless”) is a wholly-owned subsidiary of SNR Wireless HoldCo, LLC (“SNR HoldCo”), which is an entity wholly-owned by us and, prior to February 16, 2024, by us and SNR Wireless Management, LLC (“SNR Management”). On February 16, 2024, the FCC consented to the sale of SNR Management’s ownership interests in SNR HoldCo, which was purchased by our direct wholly-owned subsidiary EchoStar SNR HoldCo L.L.C. for a total of approximately $442 million. This purchase resulted in the elimination of all of our redeemable noncontrolling interest as it related to SNR HoldCo as of the purchase date and we continue to consolidate the SNR Entities as wholly-owned subsidiaries.

For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires us to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense for each reporting period. Estimates are based on historical experience, observable market inputs, and other reasonable assumptions in accounting for, among other things, allowances for credit losses (including those related to our installment billing programs), self-insurance obligations, deferred taxes and related valuation allowances, uncertain tax positions, loss contingencies, fair value of financial instruments including embedded derivatives, fair value of options granted under our stock-based compensation plans, fair value of assets and liabilities acquired in business combinations, inputs or outputs used to recognize revenue over time, including the relative standalone selling prices of performance obligations, finance leases, asset impairments, estimates of future cash flows used to evaluate and recognize impairments, useful lives of property, equipment and intangible assets, incremental borrowing rate (“IBR”) on lease right of use assets, estimates of the timing of future cash flows used to pay principal on certain debt obligations, estimated credit risk underlying installment receivables, nonrefundable upfront fees, independent third-party retailer incentives, programming expenses subscriber lives and likelihood of certain contingent events. Economic conditions may increase the inherent uncertainty in the estimates and assumptions indicated above. Actual results may differ from previously estimated amounts, and such differences may be material to our condensed consolidated financial statements. Estimates and assumptions are reviewed periodically, and the effects of revisions are reflected prospectively in the period they occur.

Capitalized Interest

We capitalize interest associated with the acquisition or construction of certain assets, including, among other things, our Wireless spectrum licenses, build-out costs associated with our 5G Network deployment and satellites. Capitalization of interest begins when, among other things, steps are taken to prepare the asset for its intended use and ceases when the asset is ready for its intended use or when ~~these~~substantially all activities ~~are~~related ~~substantially~~to the project are suspended.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We are currently commercializing our 5G Network. As a result, the interest expense is being capitalized based on the carrying amount of the 5G Network qualifying assets and the capitalization rate applied to those assets. As the qualifying assets, including markets within certain bands of wireless spectrum licenses, have been placed into service with the deployment of our 5G Network, we no longer capitalize interest on those assets.

~~During~~Capitalized interest totaled $309 million and $267 million for the three months ended ~~March~~June 3130, 2025 and 2024, ~~capitalized~~respectively, ~~interest~~and ~~totaled~~ $~~317~~626 million and $~~258~~525 million for the six months ended June 30, 2025 and 2024, respectively, which reduced “Interest expense, net of amounts capitalized” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). ~~This~~The carrying amount of the 5G Network qualifying assets remained consistent during the three and six months ended June 30, 2025 and 2024. The change in capitalized interest primarily resulted from the increase in the capitalization rate as a result of our financing transactions during the third and fourth quarters of 2024.

Fair Value Measurements

We determine fair value based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Market or observable inputs are the preferred source of values, followed by unobservable inputs or assumptions based on hypothetical transactions in the absence of market inputs. We apply the following hierarchy in determining fair value:

●

Level 1, defined as observable inputs being quoted prices in active markets for identical assets;

●

Level 2, defined as observable inputs other than quoted prices included in Level 1, including quoted prices for similar assets and liabilities in active markets; and quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and

●

Level 3, defined as unobservable inputs for which little or no market data exists, consistent with reasonably available assumptions made by other participants therefore requiring assumptions based on the best information available.

As of ~~March~~June 3130, 2025 and December 31, 2024, the carrying amount for cash and cash equivalents, trade accounts receivable (net of allowance for credit losses) and current liabilities (excluding the “Current portion of debt, finance lease and other obligations”) was equal to or approximated fair value due to their short-term nature or proximity to current market rates.

Fair values of our marketable investment securities are measured on a recurring basis based on a variety of observable market inputs. For our investments in publicly traded equity securities and U.S. government securities, fair value ordinarily is determined based on Level 1 measurements that reflect quoted prices for identical securities in active markets. Fair values of our investments in other marketable debt securities are generally based on Level 2 measurements as the markets for such debt securities are less active. We consider trades of identical debt securities on or near the measurement date as a strong indication of fair value and matrix pricing techniques that consider par value, coupon rate, credit quality, maturity and other relevant features may also be used to determine fair value of our investments in marketable debt securities. Additionally, we use fair value measurements from time to time in connection with other investments, asset impairment testing and the assignment of purchase consideration to assets and liabilities of acquired companies. Those fair value measurements typically include significant unobservable inputs and are categorized within Level 3 of the fair value hierarchy. Transfers between levels in the fair value hierarchy are considered to occur at the beginning of the quarterly accounting period. See Note 5 for the fair value of our marketable investment securities and derivative instruments.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of private debt are based on, among other things, available trade information, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. See Note 9 for the fair value of our debt.

Fair values for our publicly traded debt securities are based on quoted market prices, when available. The fair values of non-publicly traded debt are based on, among other things, available trade information, valuations performed by a third-party, and/or an analysis in which we evaluate market conditions, related securities, various public and private offerings, and other publicly available information. In performing this analysis, we make various assumptions regarding, among other things, credit spreads, and the impact of these factors on the value of the debt securities. The non-publicly traded debt is categorized within Level 3 of the fair value hierarchy. See Note 9 for the fair value of our debt.

Assets Recognized Related to the Costs to Obtain a Contract with a Customer

We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year. We have determined that certain sales incentive programs, including those with our independent third-party retailers, meet the requirements to be capitalized, and payments made under these programs are capitalized and amortized to expense over the estimated customer life or the contract term. These amounts are capitalized in “Prepaids and other assets” and “Other noncurrent assets, net” on our Condensed Consolidated Balance Sheets, and then amortized in “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Advertising Costs

We recognize advertising expense when incurred as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Advertising expenses totaled $~~209~~217 million and $164 million for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. Advertising expenses totaled $426 million and $328 million for the six months ended June 30, 2025 and 2024, respectively.

Research and Development

Research and development costs, not incurred in connection with customer requirements, are expensed as incurred and are included as a component of “Selling, general and administrative expenses” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

Additionally, customer-related research and development costs are incurred in connection with the specific requirements of a customer’s order; in such instances, the amounts for these customer funded development efforts are also included in “Cost of sales–equipment and other” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Research and development costs totaled $1816 million and $2529 million for the three months ended ~~March~~June 3130, 2025 and 2024, respectively. Research and development costs totaled $34 million and $54 million for the six months ended June 30, 2025 and 2024, respectively.

~~New Accounting Pronouncements~~11

Not Yet Adopted

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard will be effective for fiscal years beginning after December 15, 2024. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and we expect the adoption of the standard will impact certain of our income tax disclosures.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

New Accounting Pronouncements

Not Yet Adopted

Income Taxes. On December 14, 2023, the FASB issued ASU 2023-9, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”), which will enhance income tax disclosures. ASU 2023-09 requires among other items disaggregated information in a reporting entity’s rate reconciliation table, clarification on uncertain tax positions and the related financial statement impact as well as information on income taxes paid on a disaggregated basis. This standard is effective for fiscal years beginning after December 15, 2024. We plan to adopt the standard when it becomes effective for us beginning in our fiscal year 2025 annual financial statements, and the adoption of the standard will impact certain of our income tax disclosures.

Disaggregation of Income Statement Expenses. On November 5, 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which will enhance financial statement reporting by providing additional information about specific expense categories, including purchases of inventory, employee compensation, depreciation, and amortization. This standard will be effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027. Early adoption is permitted. We are evaluating the impact the adoption of ASU 2024-03 will have on our condensed consolidated financial statements, related disclosures and control environment.

3.	Basic and Diluted Net Income (Loss) Per Share

We present both basic earnings per share (“EPS”) and diluted EPS. Basic EPS excludes potential dilution and is computed by dividing “Net income (loss) attributable to EchoStar” by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if stock awards were exercised and if, our Existing DISH Convertible Notes and EchoStar Convertible Notes, as defined in Note 9, (together the “Convertible Notes,”) were converted. The potential dilution from stock awards is accounted for using the treasury stock method based on the average market value of our Class A common stock for the reporting period. The potential dilution from conversion of the Convertible Notes is accounted for using the if-converted method, which requires that all of the shares of our Class A common stock issuable upon conversion of the Convertible Notes will be included in the calculation of diluted EPS assuming conversion of the Convertible Notes at the beginning of the reporting period (or at time of issuance, if later).

1112

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The following table presents EPS amounts for all periods and the basic and diluted weighted-average shares outstanding used in the calculation.


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
	(In thousands, except per share amounts)
Net income (loss)	$	(~~203~~306,~~281~~844)	$	(~~108~~207,~~375~~458)	$	(510,125)	$	(315,833)
Less: Net income (loss) attributable to noncontrolling interests, net of tax		(~~612~~712)		(~~999~~1,867)		(1,324)		(2,866)
Net income (loss) attributable to EchoStar - Basic		(~~202~~306,~~669~~132)		(~~107~~205,~~376~~591)		(508,801)		(312,967)
Interest on dilutive Convertible Notes, net of tax (1)		—		—		—		—
Net income (loss) attributable to EchoStar - Diluted	$	(~~202~~306,~~669~~132)	$	(~~107~~205,~~376~~591)	$	(508,801)	$	(312,967)

Weighted-average common shares outstanding - Class A and B common stock:
Basic (2)		~~286~~287,~~513~~505		271,~~519~~592		287,012		271,555
Dilutive impact of Convertible Notes (1)		—		—		—		-
Dilutive impact of stock awards outstanding (1)		—		—		—		—
Diluted		~~286~~287,~~513~~505		271,~~519~~592		287,012		271,555

Earnings per share - Class A and B common stock:
Basic net income (loss) per share attributable to EchoStar	$	(01.7106)	$	(0.4076)	$	(1.77)	$	(1.15)
Diluted net income (loss) per share attributable to EchoStar	$	(01.7106)	$	(0.4076)	$	(1.77)	$	(1.15)

(1) For the three and six months ended ~~March~~June 3130, 2025 and 2024, the interest on dilutive Convertible Notes and the dilutive impact of weighted-average shares of Class A common stock were excluded from the computation of “Diluted net income (loss) per share attributable to EchoStar” because the effect would have been anti-dilutive as a result of the net loss attributable to EchoStar in the period. As of ~~March~~June 3130, 2025 and 2024, our Convertible Notes may be converted into 58 million shares and 33 million shares, respectively.

(2)	On November 12, 2024, we issued and sold 14.265 million shares of our Class A Common Stock to certain PIPE investors.

Certain stock awards to acquire our Class A common stock are not included in the weighted-average common shares outstanding above, as their effect is anti-dilutive. In addition, vesting of performance/market based options and rights to acquire shares of our Class A common stock granted pursuant to our performance based stock incentive plans (“Restricted Performance Units”) are both contingent upon meeting certain goals, some of which are not yet probable of being achieved. Furthermore, the warrants that we issued to certain option counterparties in connection with the Convertible Notes due 2026 are only exercisable at their expiration if the market price per share of our Class A common stock is greater than the strike price of the warrants, which is at price ranges of approximately $185.75 to $245.33 per share, subject to certain adjustments. As a consequence, the following are not included in the diluted EPS calculation.


	As of ~~March~~June 3130,
	2025	2024
	(In thousands)
Anti-dilutive stock awards	3,~~256~~724	119,~~417~~762
Performance/market based options	4,~~271~~257	4,~~556~~421
Common stock warrants	16,151	16,151
Total	2324,~~678~~132	3230,~~124~~334

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

4.	Supplemental Data - Statements of Cash Flows

The following table presents certain supplemental cash flow and other non-cash data. See Note 8 for supplemental cash flow and non-cash data related to leases.


	For the ~~Three~~Six Months Ended
	~~March~~June 3130,
	2025		2024
	(In thousands)
Cash paid for interest (including capitalized interest)	$	~~236~~1,~~096~~012,699	$	~~230~~681,~~581~~737
Cash paid for income taxes, net of (refunds)		1,244		(41,115)
Interest paid in kind on long-term debt (1)		125,559		—
Total capitalized interest (1)		316,803		258,367
Cash paid for income taxes, net of (refunds)		15,014		(22,843)
Accrued capital expenditures		110,340		164,693
Total capitalized interest (2)		625,918		524,696
Asset retirement obligation		3,697		4,308
Accrued capital expenditures		113,152		147,464
Asset retirement obligation		4,885		8,959

(1) See Note 29 for further information.

(2)	See Note 2 for further information.

5.	Marketable Investment Securities, Restricted Cash and Cash Equivalents, and Other Investments

Our marketable investment securities, restricted cash and cash equivalents, and other investments consisted of the following:


	As of
	~~March~~June 3130,		December 31,
	2025		2024
	(In thousands)
Marketable investment securities:
Current marketable investment securities:
Strategic - available-for-sale	$	1917,~~339~~552	$	51
Strategic - trading/equity		4952,~~128~~113		26,454
Other		21,~~460~~918,~~750~~336		1,215,531
Total current marketable investment securities		21,~~529~~988,~~217~~001		1,242,036
Restricted marketable investment securities (1)		6159,~~384~~783		32,114
Total marketable investment securities		2,~~590~~047,~~601~~784		1,274,150

Restricted cash and cash equivalents (1)		~~283~~300,~~829~~233		288,411

Other investments, net:
Equity method investments		8384,~~262~~843		83,423
Other investments		~~118~~106,~~904~~949		118,904
Total other investments, net		~~202~~191,~~166~~792		202,327

Total marketable investment securities, restricted cash and cash equivalents, and other investments, net	$	32,~~076~~539,~~596~~809	$	1,764,888

(1) Restricted marketable investment securities and restricted cash and cash equivalents are included in “Current restricted cash, ~~and~~ cash equivalents and marketable investment securities” and “Restricted cash, cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets and discussed below.

1314

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Marketable Investment Securities

Our marketable investment securities portfolio may consist of debt and equity instruments. All equity securities are carried at fair value, with changes in fair value recognized in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). All debt securities are classified as available-for-sale and are recorded at fair value. We report the temporary unrealized gains and losses related to changes in market conditions of marketable debt securities as a separate component of “Accumulated other comprehensive income (loss)” within “Stockholders’ Equity (Deficit),” net of related deferred income tax on our Condensed Consolidated Balance Sheets. The corresponding changes in the fair value of marketable debt securities, which are determined to be company specific credit losses are recorded in “Other, net” within “Other Income (Expense)” on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). See Note 2 for further information.

Current Marketable Investment Securities – Strategic

Our current strategic marketable investment securities portfolio includes and may include strategic and financial debt and/or equity investments in private and public companies that are highly speculative and have experienced and continue to experience volatility. As of ~~March~~June 3130, 2025, this portfolio consisted of securities of a small number of issuers, and as a result the value of that portfolio depends, among other things, on the performance of those issuers. The fair value of certain of the debt and equity securities in this portfolio can be adversely impacted by, among other things, the issuers’ respective performance and ability to obtain any necessary additional financing on acceptable terms, or at all.

Current Marketable Investment Securities – Other

Our current other marketable investment securities portfolio includes investments in various debt instruments including, among others, commercial paper, corporate securities and United States treasury and/or agency securities. Commercial paper consists mainly of unsecured short-term, promissory notes issued primarily by corporations with maturities ranging up to 365 days. Corporate securities consist of debt instruments issued by corporations with various maturities normally less than 18 months. U.S. Treasury and agency securities consist of debt instruments issued by the federal government and other government agencies.

Restricted Cash, Cash Equivalents and Marketable Investment Securities

As of ~~March~~June 3130, 2025 and December 31, 2024, our restricted marketable investment securities, together with our restricted cash and cash equivalents, included amounts required as collateral for our letters of credit, surety bonds and trusts.

Current restricted cash, ~~and~~ cash equivalents and marketable investment securities. As of ~~March~~June 3130, 2025 and December 31, 2024, we had $~~173~~184 million and $151 million, respectively, included in “Current restricted cash, ~~and~~ cash equivalents and marketable investment securities” on our Condensed Consolidated Balance Sheets that primarily consists of funds received by our subsidiary, DISH DBS Issuer LLC (“DBS SubscriberCo”), from subscriber payments and certain other revenue, which are required to be restricted per the terms of the debt issued by DBS SubscriberCo. DBS SubscriberCo holds certain DISH TV subscribers and their related subscription and equipment agreements which collateralizes certain debt obligations.

1415

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Other Investments, net

We have strategic investments in certain debt and/or equity securities that are included in noncurrent “Other investments, net” on our Condensed Consolidated Balance Sheets. Our debt securities are classified as available-for-sale and are recorded at fair value. Generally, our debt investments in non-publicly traded debt instruments without a readily determinable fair value are recorded at amortized cost. Our equity investments where we have the ability to exercise significant influence over the investee are accounted for using the equity method of accounting. Certain of our equity method investments are detailed below.

NagraStar L.L.C. We own a 50% interest in NagraStar L.L.C. (“NagraStar”), a joint venture that is our primary provider of encryption and related security systems intended to assure that only authorized customers have access to our programming. The three main technologies NagraStar provides to its customers are microchips, set-top box software and uplink computer systems. NagraStar also provides end-to-end platform security testing services.

Invidi Technologies Corporation. We own a 35% interest in Invidi Technologies Corporation (“Invidi”), an entity that provides proprietary software for the addressable advertising market. Invidi contracts with multichannel video programming distributers to include its software in their respective set-top boxes and DVRs in order to deliver targeted advertisements based on a variety of demographic attributes selected by the advertisers. Invidi has also developed a cloud-based solution for internet protocol-based platforms.

TerreStar Solutions, Inc. We own a 33% interest in TerreStar Solutions, Inc. (“TSI”), an entity that provides wireless mobile communication coverage in Canada using a satellite user terminal. TSI’s wireless communications system is based on a satellite and ground-based technology, which provides communication services in hard-to-reach areas and provides a nationwide interoperable, survivable and critical communications infrastructure. TSI also holds and leases certain 2 GHz wireless spectrum licenses in Canada.

Deluxe/EchoStar LLC. We own 50% of Deluxe/EchoStar LLC (“Deluxe”), a joint venture that we entered into in 2010 to build an advanced digital cinema satellite distribution network targeting delivery to digitally equipped theaters in the U.S. and Canada.

Broadband Connectivity Solutions (Restricted) Limited. We own 20% of Broadband Connectivity Solutions (Restricted) Limited (together with its subsidiaries, “BCS”), a joint venture that we entered into in 2018 to provide commercial Ka-band satellite broadband services across Africa, the Middle East and southwest Asia operating over Yahsat’s Al Yah 2 and Al Yah 3 Ka-band satellites. The Al Yah 3 Ka-band satellite is no longer in service.

We also hold investments that are not accounted for using the equity method of accounting, which are measured at fair value. Investments in equity securities without readily determinable fair values are accounted for at cost, less impairment, and adjusted for observable price changes for identical or similar investments of the same issuer.

Our ability to realize value from our strategic investments in securities that are not publicly traded depends on, among other things, the success of the issuers’ businesses and their ability to obtain sufficient capital, on acceptable terms or at all, and to execute their business plans. Because private markets are not as liquid as public markets, there is also increased risk that we will not be able to sell these investments, or that when we desire to sell them we will not be able to obtain fair value for them.

1516

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Fair Value Measurements

Our investments measured at fair value on a recurring basis were as follows:


	As of
	~~March~~June 3130, 2025								December 31, 2024
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
	(In thousands)
Cash and cash equivalents (including restricted):
Cash	$	~~504~~588,~~151~~499	$	—	$	—	$	~~504~~588,~~151~~499	$	594,654	$	—	$	—	$	594,654
Cash equivalents		~~197~~261,~~508~~837		21,~~112~~794,~~048~~982		—		2,~~309~~056,~~556~~819		255,118		3,744,032		—		3,999,150
Total	$	~~701~~850,~~659~~336	$	21,~~112~~794,~~048~~982	$	—	$	2,~~813~~645,~~707~~318	$	849,772	$	3,744,032	$	—	$	4,593,804

Debt securities (including restricted):
U.S. Treasury and agency securities	$	10,~~356~~466	$	—	$	—	$	10,~~356~~466	$	8,163	$	—	$	—	$	8,163
Commercial paper		—		1846,~~197,721~~840		—		1846,~~197,721~~840		—		596,568		—		596,568
Corporate securities		—		1,~~311~~119,~~847~~826		—		1,~~311~~119,~~847~~826		—		629,115		—		629,115
Other		—		2118,~~498~~488		51		2118,~~549~~539		—		13,799		51		13,850
Equity securities		4952,~~128~~113		—		—		4952,~~128~~113		26,454		—		—		26,454
Total	$	5962,~~484~~579	$	21,~~531~~985,~~066~~154	$	51	$	2,~~590~~047,~~601~~784	$	34,617	$	1,239,482	$	51	$	1,274,150

As of ~~March~~June 3130, 2025, restricted and non-restricted marketable investment securities included debt securities of $1.~~444~~061 billion with contractual maturities within one year and $~~1.097~~934 ~~billion~~million with contractual maturities extending longer than one year through and including five years. Actual maturities may differ from contractual maturities as a result of our ability to sell these securities prior to maturity.

Gains and Losses on Sales and Changes in Carrying Amounts of Investments and Other

“Other, net” within “Other Income (Expense)” included on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) is as follows:


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
Other, net:	2025		2024		2025		2024
	(In thousands)
Marketable and non-marketable investment securities - realized and unrealized gains (losses)	$	24,304	$	(23,893)
Marketable and non-marketable investment securities - realized and unrealized gains (losses) and impairments	$	(8,377)	$	(25,417)	$	15,925	$	(49,312)
Gains (losses) related to early redemption of debt		~~11,465~~—		—		11,465		—
Foreign currency transaction gains (losses)		23,~~249~~429		(~~627~~2,702)		5,678		(3,329)
Equity in earnings (losses) of affiliates		12,~~644~~539		(266,~~786~~397)		4,183		(69,183)
Other		1,728		1,196
Sale of Fiber business gains (losses)		37,441		—		37,441		—
Total	$	41,390	$	(26,110)
Other		105		3,018		1,835		4,216
Total	$	35,137	$	(91,498)	$	76,527	$	(117,608)

1617

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

6.	Inventory

Inventory consisted of the following:


	As of
	~~March~~June 3130,		December 31,
	2025		2024
	(In thousands)
Finished goods	$	~~315~~271,~~753~~034	$	353,401
Work-in-process and service repairs		5161,~~661~~386		58,028
Consignment		84,~~507~~127		10,110
Raw materials		3738,~~444~~571		33,658
Total inventory	$	~~413~~375,~~365~~118	$	455,197

7.	Property and Equipment and Intangible Assets

Property and Equipment

Property and equipment consisted of the following:


	Depreciable			As of
	Life			~~March~~June 3130,		December 31,
	(In Years)			2025		2024
				(In thousands)
Equipment leased to customers	2	-	5	$	1,~~791~~700,~~745~~328	$	1,784,801
Satellites	5	-	15		3,~~875~~865,~~304~~200		3,872,664
Satellites acquired under finance lease agreements		15			~~351~~356,~~548~~275		344,972
Furniture, fixtures, equipment and other	1	-	20		1,~~695~~690,~~639~~032		1,686,992
5G Network equipment (1)	3	-	15		5,~~594~~672,~~388~~959		5,382,706
Software and computer equipment	1	-	8		2,~~288~~390,~~719~~532		2,216,007
Buildings and improvements	1	-	40		~~516~~517,~~118~~014		513,419
Land		-			4243,~~893~~000		42,842
Construction in progress		-			1,~~485~~535,~~953~~975		1,570,275
Total property and equipment					17,~~642~~771,~~307~~315		17,414,678
Accumulated depreciation					(8,~~661~~997,~~379~~659)		(8,227,546)
Property and equipment, net (2)				$	8,~~980~~773,~~928~~656	$	9,187,132

(1)	Includes 5G Network assets acquired under finance lease agreements.

(2) As of ~~March~~June 3130, 2025 and December 31, 2024, there were no refunds and other receipts of purchases of property and equipment.

1718

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Depreciation and amortization expense consisted of the following:


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
	(In thousands)
Equipment leased to customers	$	6357,~~212~~810	$	7159,~~767~~178	$	121,022	$	130,945
Satellites		6564,~~980~~283		75,~~577~~323		130,263		150,901
Buildings, furniture, fixtures, equipment and other		2932,~~173~~098		2747,~~713~~707		61,271		75,420
5G Network equipment		~~208~~216,~~132~~782		~~166~~179,~~822~~473		424,914		346,294
Software and computer equipment		~~107~~108,~~973~~187		8895,~~687~~866		216,160		184,553
Intangible assets and other amortization expense		13,~~863~~895		5449,~~834~~978		27,758		104,812
Total depreciation and amortization	$	~~488~~493,~~333~~055	$	~~485~~507,~~400~~525	$	981,388	$	992,925

Cost of sales and operating expense categories included in our accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) do not include depreciation and amortization expense related to satellites, equipment leased to customers, or our 5G Network equipment and software, and amortization of development costs of externally marketed software.

Activity relating to our asset retirement obligations, included in “Long-term deferred revenue and other long-term liabilities” on our Condensed Consolidated Balance Sheets, was as follows:


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
	(In thousands)
Balance, beginning of period	$	~~327~~338,~~031~~506	$	~~278~~289,~~287~~059	$	327,031	$	278,287
Liabilities incurred		31,~~697~~188		4,~~308~~651		4,885		8,959
Accretion expense		78,~~778~~026		6,~~464~~765		15,804		13,229
Balance, end of period	$	~~338~~347,~~506~~720	$	~~289~~300,~~059~~475	$	347,720	$	300,475

The corresponding assets, net of accumulated depreciation, related to asset retirement obligations were $~~214~~209 million and $216 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

1819

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Satellites Pay-TV Segment

Our Pay-TV segment currently utilizes ~~nine~~eight satellites in geosynchronous orbit approximately 22,300 miles above the equator, seven of which we own and depreciate over their estimated useful life. We also lease ~~two~~one ~~satellites~~satellite from a third ~~parties:~~party, ~~Anik F3 and~~ Nimiq 5, which ~~are~~is accounted for as an operating ~~leases~~lease.

As of ~~March~~June 3130, 2025, our Pay-TV segment satellite fleet consisted of the following:


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar X	February 2006	110	N/A
EchoStar XI	July 2008	110	N/A
EchoStar XIV	March 2010	119	N/A
EchoStar XV (1)	July 2010	~~61.5~~119	N/A
EchoStar XVI	November 2012	61.5	N/A
EchoStar XVIII	June 2016	61.5	N/A
EchoStar XXIII	March 2017	110	N/A

Under Construction:
EchoStar XXV	2026	110	N/A
EchoStar XXVI	2028	119	N/A

Leased from Other Third-Party:
Anik F3 (2)	April 2007	118.7	April 2025
Nimiq 5	September 2009	72.7	October 2029

(1) During April 2025, the EchoStar XV satellite began the process of relocating from the 61.5 degree orbital location to the 119 degree orbital location. The relocation process iswas ~~expected to be~~ completed byin ~~the~~July ~~third quarter of~~ 2025.

(2) As of April 2025, we no longer lease this satellite.

As of April 2025, we no longer lease the Anik F3 satellite.

Satellites Under Construction

19EchoStar XXV. On March 20, 2023, we entered into a contract with Maxar Space LLC for the construction of EchoStar XXV, a DBS satellite that is capable of providing service to the continental United States (“CONUS”) and is intended to be used at the 110 degree orbital location. During the fourth quarter of 2023, we entered into an agreement with Space Exploration Technologies Corp (“SpaceX”) for launch services for this satellite, which is expected to be launched during 2026.

EchoStar XXVI. On May 15, 2025, we entered into a contract with Maxar Space LLC for the construction of EchoStar XXVI, a DBS satellite that is capable of providing service to the CONUS and is intended to be used at the 119 degree orbital location. EchoStar XXVI is expected to be launched during 2028.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Satellites - Broadband and Satellite ~~Under~~Services ~~Construction~~Segment

~~EchoStar~~Our ~~XXV.~~Broadband Onand ~~March 20,~~Satellite ~~2023,~~Services wesegment ~~entered~~currently ~~into~~utilizes aseven ~~contract~~satellites ~~with~~in ~~Maxar~~geosynchronous ~~Space~~orbit ~~LLC~~approximately ~~for~~22,300 ~~the~~miles ~~construction~~above ofthe ~~EchoStar XXV~~equator, afour ~~DBS satellite that is capable~~ of ~~providing~~which ~~service~~we toown ~~the continental United States (“CONUS”)~~ and isdepreciate ~~intended~~over totheir beestimated ~~used~~useful atlife. ~~the~~We ~~110~~also ~~degree~~lease ~~orbital~~three ~~location.~~satellites ~~During~~from ~~the~~third ~~fourth quarter of 2023~~parties, wewhich ~~entered~~are ~~into~~accounted ~~an agreement with Space Exploration Technologies Corp (“SpaceX”)~~ for ~~launch~~as ~~services~~finance ~~for~~leases ~~this~~and ~~satellite,~~are ~~which~~depreciated isover ~~expected~~their toeconomic ~~be launched during 2026~~life.

~~Satellites -~~As of June 30, 2025, our Broadband and Satellite Services ~~Segment~~segment satellite fleet consisted of the following:

Our Broadband and Satellite Services segment currently utilizes nine satellites in geosynchronous orbit approximately 22,300 miles above the equator, six of which we own and depreciate over their estimated useful life. We also lease three satellites from third parties, which are accounted for as finance leases and are depreciated over their economic life.


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar XVII	July 2012	107	N/A
EchoStar XIX	December 2016	97.1	N/A
EchoStar XXI	June 2017	10.25	N/A
EchoStar XXIV	July 2023	95.2	N/A

Leased from Other Third-Party:
Eutelsat 65 West A	March 2016	65	July 2031
Telesat T19V	July 2018	63	August 2033
EchoStar 105/SES-11	October 2017	105	November 2030

AsIn ofaddition ~~March~~to 31the satellites listed above, during 2025, ~~our~~we ~~Broadband~~have launched and ~~Satellite~~will ~~Services~~continue ~~segment~~to ~~satellite~~launch, ~~fleet~~certain ~~consisted~~low ofearth ~~the~~orbit ~~following:~~satellites in connection with additional business opportunities.


		Degree	Lease
	Launch	Orbital	Termination
Satellites	Date	Location	Date
Owned:
EchoStar IX	August 2003	121	N/A
EchoStar XVII	July 2012	107	N/A
EchoStar XIX	December 2016	97.1	N/A
EchoStar XXI	June 2017	10.25	N/A
Al Yah 3	January 2018	20	N/A
EchoStar XXIV	July 2023	95.2	N/A

Leased from Other Third-Party:
Eutelsat 65 West A	March 2016	65	July 2031
Telesat T19V	July 2018	63	August 2033
EchoStar 105/SES-11	October 2017	105	November 2030

As of June 2025, all commercial traffic on the Al Yah 3 satellite had been transferred to other satellites in our fleet and the Al Yah 3 satellite is no longer operational and is no longer in service.

In addition, toall commercial traffic on the EchoStar IX satellite has been transferred to other satellites ~~listed~~in ~~above,~~our ~~during~~fleet and the EchoStar IX satellite is no longer in service. During the second quarter of 2025, we ~~have~~began ~~launched~~the disposal process for the EchoStar IX satellite and ~~will~~the ~~launch~~disposal ~~certain~~process ~~low~~is ~~earth~~expected ~~orbit~~to ~~satellites~~be completed in ~~connection~~the ~~with~~third ~~additional~~quarter ~~business~~of ~~opportunities~~2025.

8.	Leases

Lessee Accounting

We enter into non-cancelable operating and finance leases for, among other things, communication towers, satellites, satellite-related ground infrastructure, data centers, office space, dark fiber and transport equipment, warehouses and distribution centers, vehicles and other equipment. Substantially all of our leases have remaining lease terms from one to 13 years, with a weighted average remaining lease term of 1.53 to 9.53 years, some of which include renewal options, and some of which include options to terminate the leases within one year. For certain arrangements (generally communication towers), the lease term includes the non-cancelable period plus the renewal period that we are reasonably certain to exercise.

2021

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Our Eutelsat 65 West A, Telesat T19V and EchoStar 105/SES-11 satellites are accounted for as finance leases within our Broadband and Satellite Services segment. Through the third quarter of 2024, our Nimiq 5 satellite was accounted for as finance lease within our Pay-TV segment. However, during October 2024, we extended the Nimiq 5 lease and as a result it is currently accounted for as an operating lease. ~~Substantially~~In ~~all~~addition, through the first quarter of 2025, our ~~remaining~~Anik ~~leases~~F3 ~~are~~satellite was accounted for as an operating ~~leases,~~lease ~~including~~within our ~~Anik~~Pay-TV F3segment ~~satellite~~and as of April 2025 we no longer lease this satellite. Substantially all of our remaining leases are accounted for as operating leases.

The components of lease expense were as follows:


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
	(In thousands)
Operating lease cost	$	~~167~~166,~~357~~505	$	~~167~~155,~~006~~484	$	333,862	$	322,490

Short-term lease cost (1)		53,~~290~~051		1,~~023~~028		8,341		2,051

Finance lease cost:
Amortization of right-of-use assets		13,~~231~~238		1814,~~468~~210		26,469		32,678
Interest on lease liabilities		1,~~502~~342		2,~~792~~397		2,844		5,189
Total finance lease cost		14,~~733~~580		2116,~~260~~607		29,313		37,867
Total lease costs	$	~~187~~184,~~380~~136	$	~~189~~173,~~289~~119	$	371,516	$	362,408

(1)	Leases that have terms of 12 months or less.

Supplemental cash flow information related to leases was as follows:


	For the ~~Three~~Six Months Ended
	~~March~~June 3130,
	2025		2024
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	~~143~~284,~~546~~667	$	~~118~~238,~~408~~574
Operating cash flows from finance leases	$	12,~~018~~314	$	25,~~824~~299
Financing cash flows from finance leases	$	411,~~676~~406	$	1529,~~134~~627

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	59110,~~980~~400	$	~~199~~313,~~300~~628
Finance leases	$	—	$	—

2122

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Supplemental balance sheet information related to leases was as follows:


	As of
	~~March~~June 3130,		December 31,
	2025		2024
	(In thousands)
Operating Leases:
Operating lease assets	$	3,~~242~~218,~~450~~062	$	3,260,768

Other current liabilities	$	~~547~~565,~~348~~684	$	528,542
Operating lease liabilities		3,~~195~~178,~~552~~737		3,211,407
Total operating lease liabilities	$	3,~~742~~744,~~900~~421	$	3,739,949

Finance Leases:
Property and equipment, gross	$	~~472~~477,~~650~~377	$	466,074
Accumulated depreciation		(~~251~~267,~~787~~697)		(235,001)
Property and equipment, net	$	~~220~~209,~~863~~680	$	231,073

Other current liabilities	$	3534,~~268~~088	$	30,381
Other long-term liabilities		2721,~~256~~705		36,818
Total finance lease liabilities	$	6255,~~524~~793	$	67,199

Weighted Average Remaining Lease Term:
Operating leases		9.53 years		9.7 years
Finance leases		1.53 years		1.7 years

Weighted Average Discount Rate:
Operating leases		10.2%		10.2%
Finance leases		9.56%		9.3%

2223

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Maturities of lease liabilities as of ~~March~~June 3130, 2025 were as follows:


	Maturities of Lease Liabilities
	Operating		Finance
For the Years Ending December 31,	Leases		Leases		Total
	(In thousands)
2025 (remaining nine months)	$	431,791	$	29,699	$	461,490
2025 (remaining six months)	$	300,553	$	21,672	$	322,225
2026		~~611~~617,~~048~~416		36,588		~~647~~654,~~636~~004
2027		~~612~~619,~~317~~052		2,574		~~614~~621,~~891~~626
2028		~~568~~577,~~314~~897		—		~~568~~577,~~314~~897
2029		~~548~~558,~~482~~768		—		~~548~~558,~~482~~768
Thereafter		3,~~061~~106,~~142~~518		—		3,~~061~~106,~~142~~518
Total lease payments		5,~~833~~780,~~094~~204		6860,~~861~~834		5,~~901~~841,~~955~~038
Less: Imputed interest		(2,~~090~~035,~~194~~783)		(65,~~337~~041)		(2,~~096~~040,~~531~~824)
Total		3,~~742~~744,~~900~~421		6255,~~524~~793		3,~~805~~800,~~424~~214
Less: Current portion		(~~547~~565,~~348~~684)		(3534,~~268~~088)		(~~582~~599,~~616~~772)
Long-term portion of lease obligations	$	3,~~195~~178,~~552~~737	$	2721,~~256~~705	$	3,~~222~~200,~~808~~442

Lessor Accounting

We lease satellite capacity, communications equipment and real estate to certain of our customers.

The following table presents our lease revenue by type of lease:


	For the Three Months Ended				For the Six Months Ended
	~~March~~June 3130,				June 30,
	2025		2024		2025		2024
	(In thousands)
Lease revenue:
Sales-type lease revenue	$	21,~~197~~787	$	1,~~084~~539	$	3,984	$	2,623
Operating lease revenue		2,~~401~~014		53,~~654~~830		4,415		9,484
Total lease revenue	$	43,~~598~~801	$	65,~~738~~369	$	8,399	$	12,107

Substantially all of our net investment in sales-type leases consisted of lease receivables totaling $2223 million and $26 million as of ~~March~~June 3130, 2025 and December 31, 2024, respectively.

The following table presents future operating lease payments to be received as of ~~March~~June 3130, 2025:


For the Years Ending December 31,	Total
	(In thousands)
2025 (remaining nine months)	$	7,506
2025 (remaining six months)	$	5,515
2026		57,~~535~~271
2027		35,~~745~~839
2028		13,~~996~~669
2029		~~889~~3,128
Thereafter		~~158~~2,028
Total lease payments to be received	$	1927,~~829~~450

2324

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

9.	Debt and Finance Lease Obligations

Fair Value of our Debt

The following table summarizes the carrying amount and fair value of our debt facilities as of ~~March~~June 3130, 2025 and December 31, 2024:


		As of
		~~March~~June 3130, 2025				December 31, 2024
	Issuer	CarryingAmount		Fair Value		CarryingAmount		Fair Value
		(In thousands)
0% Convertible Notes due 2025	DISH	$	138,403	$	~~126~~125,~~493~~717	$	138,403	$	124,916
Term Loan due 2025 (1)	DBS SubscriberCo		~~333~~166,~~333~~667		~~333~~166,~~333~~667		500,000		500,000
7 3/4% Senior Notes due 2026	DDBS		2,000,000		1,~~745~~779,~~000~~660		2,000,000		1,678,640
5 1/4% Senior Secured Notes due 2026 (2)	HSSC		627,283		~~586~~560,~~886~~063		750,000		686,475
6 5/8% Senior Notes due 2026	HSSC		750,000		~~615~~548,~~563~~625		750,000		595,725
3 3/8% Convertible Notes due 2026	DISH		45,209		3837,~~953~~987		45,209		38,495
5 1/4% Senior Secured Notes due 2026	DDBS		2,750,000		2,~~530~~502,~~000~~500		2,750,000		2,507,780
11 3/4% Senior Secured Notes due 2027	DISH		3,500,000		3,~~690~~605,~~645~~000		3,500,000		3,708,460
7 3/8% Senior Notes due 2028	DDBS		1,000,000		~~714~~722,~~160~~500		1,000,000		715,680
5 3/4% Senior Secured Notes due 2028	DDBS		2,500,000		2,~~122~~175,~~900~~000		2,500,000		2,143,350
5 1/8% Senior Notes due 2029	DDBS		1,500,000		~~976~~987,~~050~~480		1,500,000		959,610
Term Loan due 2029 (3)	DBS SubscriberCo		1,800,000		1,~~800~~761,~~000~~313		1,800,000		1,800,000
Mandatorily Redeemable Preferred Shares due 2029 (3)(4)	DBS SubscriberCo		200,000		~~200~~193,~~000~~519		200,000		200,000
10 3/4% Senior Secured Notes due 2029	SATS		5,356,000		5,633,441		5,356,000		5,763,110
10 3/4% Senior Secured Notes due 2029 (5)	SATS		5,506,000		5,664,298		5,356,000		5,763,110
3 7/8% Convertible Secured Notes due 2030	SATS		1,906,229		2,122,300		1,906,229		2,029,715
3 7/8% Convertible Secured Notes due 2030 (6)	SATS		1,946,856		2,297,290		1,906,229		2,029,715
6 3/4% Senior Secured Notes due 2030	SATS		2,287,738		2,077,975		2,287,738		2,070,952
6 3/4% Senior Secured Notes due 2030 (7)	SATS		2,372,670		2,185,229		2,287,738		2,070,952
Other notes payable			9480,~~426~~201		9480,~~426~~201		108,072		108,072
Subtotal			26,~~788~~883,~~621~~289	$	25,~~408~~393,~~125~~049		27,091,651	$	25,630,980
Unamortized deferred financing costs and other debt discounts, net			(~~518~~484,~~387~~164)				(555,533)
Finance lease obligations (5)			62,524				67,199
Finance lease obligations (8)			55,793				67,199
Total			26,~~332~~454,~~758~~918				26,603,317
Less: current portion (3)			(1,~~004~~053,~~626~~230)				(943,029)
Total debt, finance lease and other obligations, net of current portion		$	25,~~328~~401,~~132~~688			$	25,660,288

(1) During the three and six months ended ~~March~~June 3130, 2025, we redeemed approximately $~~167~~166 million and $333 million, respectively, of our Term Loan due 2025. The remaining balance of approximately $~~333~~167 million is paid monthly and the final payment is due September 30, 2025.

(2) During the ~~three~~six months ended ~~March~~June 3130, 2025, we repurchased approximately $123 million of our 5 1/4% Senior Secured Notes due 2026 in open market trades. The remaining balance of approximately $627 million matures on August 1, 2026. See Note 5 for further information.

(3) A portion of the principal balance of these instruments is classified as “Current portion of debt, finance lease and other obligations” due to payment terms upon which we ~~may~~will pay a portion of principal balance based on ~~estimated~~the variable cash flows for certain Pay-TV business metrics which are an estimate and could change significantly based on actual performance.

(4)	Due to the June 30, 2029 mandatory redemption feature of this instrument, it is considered a debt instrument.

(5) ~~Disclosure~~On ~~regarding~~May ~~fair~~8, ~~value~~2025, we issued an additional $150 million aggregate principal amount of ~~finance~~our ~~leases~~10 is3/4% ~~not~~Senior ~~required~~Secured Notes due November 30, 2029.

(6)	During the three months ended June 30, 2025, we elected to make our semi-annual interest payment of approximately $41 million in kind.

(7)	During the three months ended June 30, 2025, we elected to make our semi-annual interest payment of approximately $85 million in kind.

(8)	Disclosure regarding fair value of finance leases is not required.

~~We estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2).~~25

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

~~Convertible~~We ~~Notes~~estimated the fair value of our publicly traded long-term debt using market prices in less active markets (Level 2). We estimated the fair value of our non-publicly traded debt based on, among other things, available trade information and/or valuations performed by a third-party (Level 3).

Senior Notes and Convertible Notes

The below summaries are not complete and are qualified in entirety by reference to the full and complete text of the applicable indentures.

EchoStar Senior Secured Notes and Convertible Secured Notes

The EchoStar Senior Secured Notes and Convertible Secured Notes are:

●

senior unsecured obligations of EchoStar and guaranteed by the Spectrum Assets Guarantors (as defined below) and the Equity Pledge Guarantors (as defined below) on a senior secured basis;

● secured equally and ratably with certain other secured indebtedness on a first-priority basis, subject to permitted liens, certain exceptions, and the first lien intercreditor agreement, by: (i) a lien on all licenses, authorizations and permits issued from time to time by the FCC for use of the AWS-3 Spectrum and for the use of the AWS-4 Spectrum (the “Spectrum Assets”) held by certain of our subsidiaries that hold any Spectrum Assets (each, a “Spectrum Assets Guarantor”); (ii) the proceeds of any Spectrum Assets sale; (iii) ~~the Spectrum Assets can be substituted for~~ other wireless licenses (valued by third-party) of similar value which can be substituted for the Spectrum Assets; and (iv) a lien on the equity interests held by an entity that directly owns any equity interests in any Spectrum Assets Guarantor (each, a “Equity Pledge Guarantor”);

●

ranked equally in right of payment, without giving effect to collateral arrangements, with all of our and the Spectrum Assets Guarantors’ or Equity Pledge Guarantors’ existing and future senior indebtedness;

●

ranked senior in right of payment to any of our and the Spectrum Assets Guarantors or Equity Pledge Guarantors’ subordinated existing and future indebtedness and effectively senior to any of the Spectrum Assets Guarantors or Equity Pledge Guarantors unsecured indebtedness and indebtedness secured by junior liens on the collateral to the extent of the value of the collateral and effectively junior to all the existing and future obligations of any of our subsidiaries that are not Spectrum Assets Guarantors or Equity Pledge Guarantors.

The indentures related to our EchoStar Senior Secured Notes and Convertible Secured Notes contain restrictive covenants that, among other things, impose limitations on the ability of EchoStar and the Spectrum Assets Guarantors and the Equity Pledge Guarantors to:

●

incur or guarantee additional debt;

●

make certain investments and other restricted payments;

●

create liens;

●

enter into transactions with affiliates;

●

merge or consolidate with another company;

●

transfer or sell assets;

●

allow to exist certain restrictions on paying dividends or other payments; and

● ~~guarantor~~engage ~~engagement~~ in new activities (applicable to guarantors).

Pursuant to the related indenture, we were required to appoint independent appraisers to determine the aggregate Appraised Value (as defined in the related indenture) of the Spectrum Assets within 60 days following the issue date of the EchoStar Convertible Secured Notes. Based on the independent appraisals and in accordance with the definition of “Appraised Value” in the related indenture, the Initial Appraisal (as defined in the related indenture) was determined to be $33.1 billion, with a LTV Ratio (as defined in the related indenture) of approximately 0.3 to 1.00. 26

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We will also be required to obtain a forfeiture appraisal of the Spectrum Assets (the “Spectrum Assets Forfeiture Appraisal”) within 60 days of the forfeiture date if wireless spectrum licenses that form part of the Spectrum Assets accounting for more than 10% of the aggregate MHz-POPs of all such licenses constituting the Spectrum Assets are forfeited to the FCC as a result of our failure to meet its buildout milestones with respect to such forfeited licenses.

Pursuant to the related indenture, we were required to appoint independent appraisers to determine the aggregate Appraised Value (as defined in the related indenture) of the Spectrum Assets within 60 days following the issue date of the EchoStar Senior Secured Notes and Convertible Secured Notes. Based on the independent appraisals and in accordance with the definition of “Appraised Value” in the related indenture, the Initial Appraisal (as defined in the related indenture) was determined to be $33.1 billion, with a LTV Ratio (as defined in the related indenture) of approximately 0.3 to 1.00.

We will also be required to obtain a forfeiture appraisal of the Spectrum Assets (the “Spectrum Assets Forfeiture Appraisal”) within 60 days of the forfeiture date if wireless spectrum licenses that form part of the Spectrum Assets accounting for more than 10% of the aggregate MHz-POPs of all such licenses constituting the Spectrum Assets are forfeited to the FCC as a result of our failure to meet its build-out milestones with respect to such forfeited licenses.

If the loan-to-value ratio with respect to the Spectrum Assets as of the date of the Spectrum Assets Forfeiture Appraisal is greater than 0.375 to 1.00, then within 60 days following the date of the delivery of the Spectrum Assets Forfeiture Appraisal, we will be required to add additional Spectrum Assets Guarantors and/or pledge (or cause to be pledged) cash or additional wireless spectrum licenses as Spectrum Assets to comply with the required loan-to-value ratio of 0.375 to 1.00.

10 3/4% Senior Secured Notes due 2029

On November 12, 2024 and on May 8, 2025, we issued $5.356 billion and $150 million, respectively, aggregate principal amount of our 10 3/4% Senior Secured Notes due November 30, 2029. Interest accrues at an annual rate of 10 3/4% and is payable semi-annually in cash, in arrears on May 30 and November 30 of each year, which commenced on May 30, 2025. We elected not to make the approximately $326 million cash interest payment due on May 30, 2025 (the “10 3/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 10 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 10 3/4% Interest Payment originally due May 30, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

3 7/8% Convertible Secured Notes due 2030

On November 12, 2024, we issued $1.906 billion aggregate principal amount of our 3 7/8% Convertible Secured Notes due November 30, 2030 (“Convertible Notes due 2030”). Interest accrues at an annual rate of 3 7/8% and is payable semi-annually in arrears on May 30 and November 30 of each year, commencing on May 30, 2025. Interest payments are, at our option, payable in cash or in kind for the first four interest payment periods; provided that no payment in kind interest may be paid for any interest period if the payment of interest on the ~~Convertible~~6 3/4% Senior Secured Notes due 2030 or certain other indebtedness during such period is made in cash~~, and paid in cash thereafter~~. Interest payments from and including the fifth interest payment period (which will be payable on May 30, 2027) and thereafter must be paid in cash.

We may not redeem the Convertible Notes due 2030 prior to November 30, 2027. The Convertible Notes due 2030 are redeemable, in whole or in part, at any time on or after November 30, 2027 at the redemption prices and subject to the conversion rights and other conditions specified in the related indenture.

If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2030, holders may require us to repurchase for cash all or part of their Convertible Notes due 2030 at a specified make-whole price equal to 100% of the principal amount of such Convertible Notes due 2030, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

Subject to the terms of the related indenture, the Convertible Notes due 2030 may be converted at an initial conversion rate of 29.73507 shares of our Class A common stock per $1,000 principal amount of Convertible Notes due 2030 (equivalent to an initial conversion price of approximately $33.63 per share of our Class A common stock) (the “Initial Conversion Rate”), at any time on or after May 30, 2030 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2030 will also have the right to convert the Convertible Notes due 2030 at the Initial Conversion Rate prior to May 30, 2030, but only upon the occurrence of specified events described in the related indenture.

The conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, we will settle our conversion obligation in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Existing DISH Convertible Notes

0% Convertible Notes due 2025

On December 21, 2020, we issued $2.0 billion aggregate principal amount of the Convertible Notes due December 15, 2025 in a private placement. A portion of these notes were tendered for exchange and cancelled and an aggregate principal amount of $138 million remains outstanding. These notes will not bear interest, and the principal amount of the Notes will not ~~accrete~~increase over time.

The Convertible Notes due 2025 are:

●

our general unsecured obligations;

●

ranked senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Notes due 2025;

●

ranked equally in right of payment with all of our existing and future unsecured senior indebtedness;

●

ranked effectively junior to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness;

●

ranked structurally junior to all indebtedness and other liabilities of our subsidiaries; and

●

not guaranteed by our subsidiaries.

We may not redeem the Convertible Notes due 2025 prior to the maturity date. If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2025, holders may require us to repurchase for cash all or part of their Convertible Notes due 2025 at a repurchase price equal to 100% of the principal amount of such Convertible Notes due 2025, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The indenture related to the Convertible Notes due 2025 does not contain any financial covenants and does not restrict us from paying dividends, issuing or repurchasing our other securities, issuing new debt (including secured debt) or repaying or repurchasing our debt.

Subject to the terms of the related indenture, the Convertible Notes due 2025 may be converted at an initial conversion rate of 8.566 shares of our Class A common stock per $1,000 principal amount of the Convertible Notes due 2025 (equivalent to an initial conversion price of approximately $116.74 per share of our Class A common stock) (the “Initial Conversion Rate”), at any time on or after July 15, 2025 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2025 ~~will~~ also ~~have~~had the right to convert the Convertible Notes due 2025 at the Initial Conversion Rate prior to July 15, 2025, but only upon the occurrence of specified events described in the related indenture. The conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, we will settle our conversion obligation in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election.

~~3 3/8% Convertible Notes due 2026~~28

On August 8, 2016, we issued $3.0 billion aggregate principal amount of the Convertible Notes due August 15, 2026 in a private offering. A portion of these notes were tendered for exchange and cancelled and an aggregate principal amount of $45 million remains outstanding. Interest accrues at an annual rate of 3 3/8% and is payable semi-annually in cash, in arrears on February 15 and August 15 of each year.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

3 3/8% Convertible Notes due 2026

The Convertible Notes due 2026 are:

●

our general unsecured obligations;

●

ranked senior in right of payment to any future indebtedness that is expressly subordinated in right of payment to the Convertible Notes due 2026;

●

ranked equally in right of payment with all of our existing and future unsecured senior indebtedness;

●

ranked effectively junior to any of our existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness;

●

ranked structurally junior to all indebtedness and other liabilities of our subsidiaries; and

●

not guaranteed by our subsidiaries.

We may not redeem the Convertible Notes due 2026 prior to the maturity date. If a “fundamental change” (as defined in the related indenture) occurs prior to the maturity date of the Convertible Notes due 2026, holders may require us to repurchase for cash all or part of their Convertible Notes due 2026 at a specified make-whole price equal to 100% of the principal amount of such Convertible Notes due 2026, plus accrued and unpaid interest to, but not including, the fundamental change repurchase date.

The indenture related to the Convertible Notes due 2026 does not contain any financial covenants and does not restrict us from paying dividends, issuing or repurchasing our other securities, issuing new debt (including secured debt) or repaying or repurchasing our debt.

Subject to the terms of the related indenture, the Convertible Notes due 2026 may be converted at an initial conversion rate of 5.383 shares of our Class A common stock per $1,000 principal amount of Convertible Notes due 2026 (equivalent to an initial conversion price of approximately $185.76 per share of our Class A common stock) (the “Initial Conversion Rate”), at any time on or after March 15, 2026 through the second scheduled trading day preceding the maturity date. Holders of the Convertible Notes due 2026 will also have the right to convert the Convertible Notes due 2026 at the Initial Conversion Rate prior to March 15, 2026, but only upon the occurrence of specified events described in the related indenture. The conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, we will settle our conversion obligation in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election.

~~Intercompany~~The ~~Loans~~conversion rate is subject to anti-dilution adjustments if certain events occur. Upon any conversion, we will settle our conversion obligation in cash, shares of our Class A common stock or a combination of cash and shares of our Class A common stock, at our election.

~~DISH 2021 Intercompany Loan~~ 29

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The net proceeds from the offering of our 5 1/4% Senior Secured Notes due 2026 and our 5 3/4% Senior Secured Notes due 2028 (the “DISH DBS Senior Secured Notes”) issued on November 26, 2021 were used by DISH DBS to make an intercompany loan to DISH Network pursuant to a Loan and Security Agreement dated November 26, 2021 (together with potential future advances to DISH Network, the “DISH 2021 Intercompany Loan”) between DISH DBS and DISH Network in order to finance the purchase of wireless spectrum licenses and for general corporate purposes, including our 5G Network deployment. The DISH 2021 Intercompany Loan matures in two tranches, with the first tranche maturing on December 1, 2026 (the “DISH 2021 Intercompany Loan 2026 Tranche”) and the second tranche maturing on December 1, 2028 (the “DISH 2021 Intercompany Loan 2028 Tranche”). DISH DBS may make additional advances to DISH Network under the DISH 2021 Intercompany Loan, and on February 11, 2022, DISH DBS advanced an additional $1.5 billion to DISH Network under the DISH 2021 Intercompany Loan 2026 Tranche.

28DISH DBS Unsecured Senior Notes

7 3/4% Senior Notes due 2026

On June 13, 2016, we issued $2.0 billion aggregate principal amount of our ten-year 7 3/4% Senior Notes due July 1, 2026. Interest accrues at an annual rate of 7 3/4% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year. We elected not to make the approximately $78 million cash interest payment due on July 1, 2025 (the “7 3/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/4% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

7 3/8% Senior Notes due 2028

On July 1, 2020, we issued $1.0 billion aggregate principal amount of our 7 3/8% Senior Notes due July 1, 2028. Interest accrues at an annual rate of 7 3/8% and is payable semi-annually in cash, in arrears on January 1 and July 1 of each year. We elected not to make the approximately $37 million cash interest payment due on July 1, 2025 (the “7 3/8% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 7 3/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On July 30, 2025, we made the scheduled 7 3/8% Interest Payment originally due July 1, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

5 1/8% Senior Notes due 2029

On May 24, 2021, we issued $1.5 billion aggregate principal amount of our 5 1/8% Senior Notes due June 1, 2029. Interest accrues at an annual rate of 5 1/8% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $38 million cash interest payment due on June 2, 2025 (the “5 1/8% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/8% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/8% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

DISH DBS Senior Secured Notes

5 1/4% Senior Secured Notes due 2026

On November 26, 2021, we issued $2.750 billion aggregate principal amount of our 5 1/4% Senior Secured Notes due December 1, 2026. Interest accrues at an annual rate of 5 1/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the “5 1/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 1/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 1/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

5 3/4% Senior Secured Notes due 2028

On November 26, 2021, we issued $2.5 billion aggregate principal amount of our 5 3/4% Senior Secured Notes due December 1, 2028. Interest accrues at an annual rate of 5 3/4% and is payable semi-annually in cash, in arrears on June 1 and December 1 of each year. We elected not to make the approximately $72 million cash interest payment due on June 2, 2025 (the “5 3/4% Interest Payment”). Under the related indenture, such non-payment is a default and we had a 30-day grace period to make the 5 3/4% Interest Payment before such non-payment would have been an Event of Default, as defined in the related indenture. On June 27, 2025, we made the scheduled 5 3/4% Interest Payment originally due June 2, 2025, including interest on the defaulted interest, within the applicable 30-day grace period to make such interest payment.

Intercompany Loans

DISH 2021 Intercompany Loan

The DISH 2021 Intercompany Loan matures in two tranches, with the first tranche maturing on December 1, 2026 (the “DISH 2021 Intercompany Loan 2026 Tranche”) and the second tranche maturing on December 1, 2028 (the “DISH 2021 Intercompany Loan 2028 Tranche”). DISH DBS may make additional advances to DISH Network under the DISH 2021 Intercompany Loan, and on February 11, 2022, DISH DBS advanced an additional $1.5 billion to DISH Network under the DISH 2021 Intercompany Loan 2026 Tranche.

Interest accrues and is payable semiannually, and interest payments with respect to the DISH 2021 Intercompany Loan were, at our option, payable in kind for the first two years from the issuance date of November 2021. In the third year post issuance date, a minimum of 50% of each interest payment due with respect to each tranche of the DISH 2021 Intercompany Loan were required to be paid in cash. Currently and prospectively, interest payments must be paid in cash. Interest accrues: (a) when paid in cash, at a fixed rate of 0.25% per annum in excess of the interest rate applicable to, in the case of the DISH 2021 Intercompany Loan 2026 Tranche, the 5 1/4% Senior Secured Notes due 2026, and in the case of the DISH 2021 Intercompany Loan 2028 Tranche, the 5 3/4% Senior Secured Notes due 2028 (each, the “Cash Accrual Rate” with respect to the applicable tranche); and (b) when paid in kind, at a rate of 0.50% per annum in excess of the Cash Accrual Rate for the applicable tranche.

As of ~~March~~June 3130, 2025, the total DISH 2021 Intercompany Loan amount outstanding plus interest paid in kind was $7.612 billion.

DISH 2021 Intercompany Loan 2026 Tranche. In January 2024, we completed a series of assignments resulting in the transfer of the receivable in respect to the DISH 2021 Intercompany Loan 2026 Tranche of $4.7 billion from DISH DBS to EchoStar Intercompany Receivable Company L.L.C., our direct wholly-owned subsidiary, such that amounts owed in respect of the DISH 2021 Intercompany Loan 2026 Tranche will now be paid by DISH Network to EchoStar Intercompany Receivable Company L.L.C. As of ~~March~~June 3130, 2025, the total DISH 2021 Intercompany Loan 2026 Tranche amount outstanding plus interest paid in kind was $4.767 billion.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The DISH 2021 Intercompany Loan was initially secured by interest in the wireless spectrum licenses for the 3.45-3.55 GHz Licenses up to the total loan amount outstanding including interest paid in kind. Pursuant to the terms of the DISH 2021 Intercompany Loan, under certain circumstances, DISH Network wireless spectrum licenses (valued based upon a third-party valuation) may be substituted for the collateral. During the first quarter of 2025, we exercised our right to exchange certain of the 3.45-3.55 GHz Licenses for certain other previously unencumbered wireless spectrum licenses of equal or greater value based upon the most recent third-party valuation. The DISH 2021 Intercompany Loan is not included as collateral for the DISH DBS Senior Secured Notes, and the DISH DBS Senior Secured Notes are subordinated to DISH DBS’s existing and certain future unsecured notes with respect to certain realizations under the DISH 2021 Intercompany Loan and any collateral pledged as security for the DISH 2021 Intercompany Loan.

DISH Q2 2024 Intercompany Loan

In June 2024, DISH Network entered into an intercompany loan with DISH DBS (the “DISH Q2 2024 Intercompany Loan”) for an initial principal amount of $1.508 billion. The DISH Q2 2024 Intercompany Loan matures on August 13, 2028. Interest accrues and is payable monthly and interest payments are payable in kind. The interest rate with respect to the DISH Q2 2024 Intercompany Loan is at a variable rate. As of ~~March~~June 3130, 2025, the total DISH Q2 2024 Intercompany Loan amount outstanding plus interest paid in kind was $1.~~603~~631 billion.

DISH Q3 2024 Intercompany Loan

In September 2024, DISH Network entered into an intercompany loan with DISH DBS (the “DISH Q3 2024 Intercompany Loan”) for an initial principal amount of $481 million. The DISH Q3 2024 Intercompany Loan matures on November 13, 2028. Interest accrues and is payable monthly and interest payments are payable in kind. The interest rate with respect to the DISH Q3 2024 Intercompany Loan is at a variable rate. As of ~~March~~June 3130, 2025, the total DISH Q3 2024 Intercompany Loan amount outstanding plus interest paid in kind was $~~501~~510 million.

29EchoStar 2024 Intercompany Loan

In November 2024, EchoStar Financing L.L.C., our subsidiary, entered into an intercompany loan with DISH Wireless L.L.C., a subsidiary of DISH Network, for a borrowing principal amount of up to $4.500 billion (the “EchoStar 2024 Intercompany Loan”). The EchoStar 2024 Intercompany Loan matures on November 30, 2030. Interest accrues at an annual rate of 11.50% and is payable monthly. Interest payments are payable in kind. DISH Wireless L.L.C., at its option, may elect to repay the EchoStar 2024 Intercompany Loan amount outstanding prior to maturity in cash or assets at a redemption price equal to 100% of the principal amount. As of June 30, 2025, the total EchoStar 2024 Intercompany Loan amount outstanding plus interest paid in kind was $2.666 billion.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

EchoStar 2024 Intercompany Loan

In November 2024, EchoStar Financing L.L.C., our subsidiary, entered into an intercompany loan with DISH Wireless L.L.C., a subsidiary of DISH Network, for a borrowing principal amount of up to $4.500 billion (the “EchoStar 2024 Intercompany Loan”). The EchoStar 2024 Intercompany Loan matures on November 30, 2030. Interest accrues at an annual rate of 11.50% and is payable monthly. Interest payments are payable in kind. DISH Wireless L.L.C., at its option, may elect to repay the EchoStar 2024 Intercompany Loan amount outstanding prior to maturity in cash or assets at a redemption price equal to 100% of the principal amount. As of March 31, 2025, the total EchoStar 2024 Intercompany Loan amount outstanding plus interest paid in kind was $1.760 billion.

10.Commitments and Contingencies

Commitments

5G Network

We have invested a total of over $30 billion in Wireless spectrum licenses. The $30 billion of investments related to Wireless spectrum licenses does not include $10 billion of capitalized interest related to the carrying value of such licenses. See Note 2 for further information. We continue to commercialize our Wireless spectrum licenses through the completion of our 5G Network. We have committed to the FCC to deploy a facilities-based 5G broadband network capable of serving increasingly larger portions of the U.S. population at different deadlines. There can be no assurance that we will be able to complete all build-out requirements or profitably deploy our Wireless spectrum licenses, which may affect the carrying amount of these assets and our future financial condition or results of operations.

Wireless Spectrum Licenses

Our Wireless spectrum licenses are subject to certain build-out requirements, as well as certain renewal requirements that are summarized in the table below:


				Build-Out Deadlines
					Final
		Carrying Amount		Interim	Accelerated License Areas	Extension License Areas	Expiration Date
	(In thousands)
Owned:
DBS Licenses (1)		$	677,409
700 MHz Licenses (2)			701,803		December 31, 2024 (3)	June 14, 2025 (5)	June 2033
AWS-4 Licenses (2)			1,928,688		December 31, 2024 (3)	June 14, 2025 (5)	June 2033
H Block Licenses (2)			1,671,506		December 31, 2024 (3)	June 14, 2025 (6)	June 2033
600 MHz Licenses			6,192,575		December 31, 2024 (4)	June 14, 2025 (7)	June 2029
MVDDS Licenses (1)			24,000				July, August, September 2034
LMDS Licenses (1)			—				September 2028
28 GHz Licenses			2,883			October 2, 2029 (8)	October 2029
24 GHz Licenses			11,772			December 11, 2029 (8)	December 2029
37 GHz, 39 GHz and 47 GHz Licenses			202,392			June 4, 2030 (8)	June 2030
3550-3650 MHz Licenses			912,200			March 12, 2031 (8)	March 2031
3.7-3.98 GHz Licenses			2,969	July 23, 2029 (8)		July 23, 2033 (8)	July 2036
3.45–3.55 GHz Licenses			7,329,093	May 4, 2026 (9)		May 4, 2030 (9)	May 2037
1695-1710 MHz, 1755-1780 MHz and 2155-2180 MHz (2)			972				March 2026
AWS-3			9,829,287		December 31, 2024 (10)	October 25, 2025 (11)	October 2025 (11)
Subtotal			29,487,549

Capitalized Interest (12)			910,~~800~~091,~~812~~371
Total as of March 31, 2025		$	39,288,361
Total as of June 30, 2025		$	39,578,920

30(1) The build-out deadlines for these licenses have been met.

(2)	The interim build-out deadlines for these licenses are in the past.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

(13) ~~The~~In a January 10, 2025 filing to the FCC, we certified that we were offering 5G broadband service for certain of these license areas to at least 85% of the population in each Economic Area (which is a service area established by the FCC), and offering 5G broadband service for certain other licenses to at least 80% of the population in each Economic Area by this date (part of Commitments #2 and #3 of the September 2024 FCC Extension Request “Extension Request”). These licenses are set forth in Appendices A and D of the Extension Request. Under the Extension Request, if we successfully fulfill Commitments #2 and #3, the final construction deadline for the AWS-4 licenses, the AWS H Block licenses, and the Lower 700 MHz E Block licenses listed in Appendix G-1 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026. While the FCC has not yet updated the build-out deadlines ~~for~~in ~~these~~the Universal Licensing System, the licenses ~~have~~remain ~~been~~in ~~met~~effect based upon the submission of our build-out certifications. See Note 1 “Recent Developments” for additional information.

(4) In a January 10, 2025 filing to the FCC, we certified that we were offering 5G broadband service for certain of these license areas to at least 85% of the population in each Partial Economic Area (which is a service area established by the FCC), and offering 5G broadband service for certain other licenses to at least 80% of the population in each Partial Economic Area by this date (part of Commitments #2 and #3 of the Extension Request). ~~The~~These ~~interim~~licenses are set forth in Appendices B and E of the Extension Request. Under the Extension Request, if we successfully fulfill Commitments #2 and #3, the final construction deadline for the 600 MHz licenses listed in Appendix G-2 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026. While the FCC has not yet updated the build-out deadlines ~~for~~in ~~these~~the Universal Licensing System, the licenses ~~are~~remain in effect based upon the ~~past~~submission of our build-out certifications. See Note 1 “Recent Developments” for additional information.

(35) InFor athe ~~January~~700 ~~10,~~MHz ~~2025~~and ~~filing~~AWS-4 tolicenses set forth in Appendix G-1 of the ~~FCC~~Extension Request, we have certified ~~that~~to wemeeting ~~were~~the ~~offering~~accelerated 5Gbuild-out ~~broadband~~obligations ~~service~~described ~~for~~in ~~certain~~footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of ~~these~~the ~~license~~Extension ~~areas~~Request), and as a result the final deadline for us to offer 5G broadband service to at least 8570% of the population in each Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, ~~and~~2026. ~~offering~~While 5Gthe ~~broadband~~FCC ~~service~~has ~~for~~not ~~certain~~yet ~~other~~updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; inand, ~~each~~by ~~Economic~~June ~~Area~~14, by2025 ~~this~~(a) ~~date~~we have offered a low-cost 5G broadband plan and device to consumers nationwide; (~~part~~b) ofwe ~~Commitments~~have #2deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and #3(d) we have provisioned at least 75% of ~~the~~new ~~September~~subscribers ~~2024~~with ~~FCC~~an ~~Extension~~EchoStar-certified ~~Request~~5G ~~“Extension~~device ~~Request”).~~on ~~These~~our ~~licenses~~MNO ~~are~~network if the subscriber is within the accelerated markets as set forth in Appendices A-F ~~and D~~ of the Extension Request. ~~Under~~In a January 10, 2025 filing to the ~~Extension~~FCC, ~~Request~~we certified that, ifas of December 31, 2024: (i) we ~~successfully~~were ~~fulfill~~offering ~~Commitments~~5G #2broadband ~~and~~service #3to, at least, 80% of the ~~final~~U.S. ~~construction~~population ~~deadline~~and ~~for~~(ii) ~~the~~we ~~AWS~~were offering a low-4cost ~~licenses,~~5G ~~the~~broadband ~~AWS~~plan Hand ~~Block~~device ~~licenses~~to consumers nationwide. In a March 17, ~~and~~2025 filing to the ~~Lower~~FCC, ~~700~~we ~~MHz~~certified Ethat ~~Block~~we ~~licenses~~have ~~listed~~upgraded inour ~~Appendix~~deployed ~~G-1~~5G ofsites to 3GPP Release 17. In a May 5, 2025 filing to the ~~Extension~~FCC, ~~Request~~we ~~shall~~certified bethat ~~extended~~we ~~from~~have deployed at least 24,000 5G sites. In a June 1417, 2025 filing to ~~December~~the 14FCC, ~~2026~~we certified that we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. See Note 1 “Recent Developments” for additional information.

(4) In a January 10, 2025 filing to the FCC, we certified that we were offering 5G broadband service for certain of these license areas to at least 85% of the population in each Partial Economic Area (which is a service area established by the FCC), and offering 5G broadband service for certain other licenses to at least 80% of the population in each Partial Economic Area by this date (part of Commitments #2 and #3 of the Extension Request). These licenses are set forth in Appendices B and E of the Extension Request. Under the Extension Request, if we successfully fulfill Commitments #2 and #3, the final construction deadline for the 600 MHz licenses listed in Appendix G-2 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026.

(5) For the 700 MHz and AWS-4 licenses set forth in Appendix G-1 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 70% of the population in each Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites.

(6) For the H-Block licenses set forth in Appendix G-1 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites.

3134

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

(76) For the ~~600~~H-Block ~~MHz~~ licenses set forth in Appendix G-21 of the Extension Request, we have certified to meeting the accelerated ~~buildout~~build-out obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each ~~Partial~~ Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. See Note 1 “Recent Developments” for additional information.

(7)

For the 600 MHz licenses set forth in Appendix G-2 of the Extension Request, we have certified to meeting the accelerated build-out obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each Partial Economic Area (which is a service area established by the FCC) with respect to these licenses shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. See Note 1 “Recent Developments” for additional information.

(8)	There are a variety of build-out options and associated build-out metrics associated with these licenses.

(9)	There are a variety of build-out options and associated build-out metrics associated with these licenses. If the interim build-out requirement is not met, the final build-out requirement may be accelerated by one year from May 2030 to May 2029.

(10) In a January 10, 2025 filing to the FCC, we certified that we were offering reliable signal coverage for certain of these license areas and offering service for certain accelerated licenses to at least 85% of the population of each license area and for certain other accelerated licenses to at least 80% of the population of each license area by this date (part of Commitments #2 and #3 the Extension Request). These accelerated licenses are set forth in Appendices C and F of the Extension Request. Under the Extension Request, if we successfully fulfill Commitment #2 and Commitment #3, the final construction deadlines for the AWS-3 licenses listed in Appendix G-3 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026.

(11) For the AWS-3 licenses set forth in Appendix G-3 of the Extension Request, we have certified to meeting the accelerated buildout obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer 5G broadband service to at least 75% of the population in each license area with respect to these licenses shall be extended to December 14, 2026. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered 5G broadband service to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering 5G broadband service to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites.35

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

(10)

In a January 10, 2025 filing to the FCC, we certified that we were offering reliable signal coverage for certain of these license areas and offering service for certain accelerated licenses to at least 85% of the population of each license area and for certain other accelerated licenses to at least 80% of the population of each license area by this date (part of Commitments #2 and #3 the Extension Request). These accelerated licenses are set forth in Appendices C and F of the Extension Request. Under the Extension Request, if we successfully fulfill Commitment #2 and Commitment #3, the final construction deadlines for the AWS-3 licenses listed in Appendix G-3 of the Extension Request shall be extended from June 14, 2025 to December 14, 2026. See Note 1 “Recent Developments” for additional information.

(11)

For the AWS-3 licenses set forth in Appendix G-3 of the Extension Request, we have certified to meeting the accelerated build-out obligations described in footnotes 3, 4 and 10 herein (thus fulfilling Commitments #2 and #3 of the Extension Request), and as a result the final deadline for us to offer reliable signal coverage to at least 75% of the population in each license area with respect to these licenses shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. Under the Extension Request, the final construction deadline shall be further extended to June 14, 2028, if: by December 31, 2024, we have offered reliable signal coverage to, at least, 80% of the U.S. population; and, by June 14, 2025 (a) we have offered a low-cost 5G broadband plan and device to consumers nationwide; (b) we have deployed at least 24,000 5G sites; (c) we have upgraded our deployed 5G sites to 3GPP Release 17; and (d) we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. In a January 10, 2025 filing to the FCC, we certified that, as of December 31, 2024: (i) we were offering reliable signal coverage to, at least, 80% of the U.S. population and (ii) we were offering a low-cost 5G broadband plan and device to consumers nationwide. In a March 17, 2025 filing to the FCC, we certified that we have upgraded our deployed 5G sites to 3GPP Release 17. In a May 5, 2025 filing to the FCC, we certified that we have deployed at least 24,000 5G sites. In a June 17, 2025 filing to the FCC, we certified that we have provisioned at least 75% of new subscribers with an EchoStar-certified 5G device on our MNO network if the subscriber is within the accelerated markets as set forth in Appendices A-F of the Extension Request. See Note 1 “Recent Developments” for additional information.

(12)	See Note 2 for further information.

Commercialization of Our Wireless Spectrum Licenses and Related Assets. We currently offer our Wireless services for 5G VoNR to over ~~222~~223 million Americans and 5G broadband service covering over 269 million Americans. We currently expect capital expenditures, excluding capitalized interest, for our 5G Network to be approximately $10 billion, including amounts incurred to date since 2021. See Note 2 for further information.

32In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated build-out (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024, as defined and detailed in the footnotes to the table above. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. While the FCC has not yet updated the build-out deadlines in the Universal Licensing System, the licenses remain in effect based upon the submission of our build-out certifications. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments, as defined and detailed in the footnotes to the table above. See Note 1 “Recent Developments” for additional information.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

In September 2024, the FCC conditionally granted our requests to extend the 5G deployment deadlines for certain of our Wireless spectrum licenses based on several commitments and in a January 10, 2025 filing to the FCC, we certified to meeting the accelerated buildout (Commitments #2 and #3 of the Extension Request) and the nationwide 80% coverage obligations (Commitment #1 of the Extension Request) due by December 31, 2024, as defined and detailed in the footnotes to the table above. Thus, pursuant to the Extension Request, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be extended to December 14, 2026. In addition, the final deployment deadlines for the licenses subject to the Extension Request (listed in Appendix G) shall be further extended to June 14, 2028 as long as we satisfy the remaining Extension Request commitments, as defined and detailed in the footnotes to the table above.

AWS-3 Auction

Northstar Wireless is a wholly-owned subsidiary of Northstar Spectrum, which is an entity owned by us and, prior to October 12, 2023, by us and Northstar Manager. SNR Wireless is a wholly-owned subsidiary of SNR HoldCo, which is an entity owned by us and, prior to February 16, 2024, by us and SNR Management. See Note 2 for further information.

Northstar Wireless and SNR Wireless each filed applications with the FCC to participate in Auction 97 (the “AWS-3 Auction”) for the purpose of acquiring certain AWS-3 Licenses. Each of Northstar Wireless and SNR Wireless applied to receive bidding credits of 25% as designated entities under applicable FCC rules.

FCC Order and October 2015 Arrangements. On August 18, 2015, the FCC released a Memorandum Opinion and Order, FCC 15-104 (the “Order”) in which the FCC determined, among other things, that DISH Network has a controlling interest in, and is an affiliate of, Northstar Wireless and SNR Wireless, and therefore DISH Network’s revenues should be attributed to them, which in turn makes Northstar Wireless and SNR Wireless ineligible to receive the 25% bidding credits (approximately $1.961 billion for Northstar Wireless and $1.370 billion for SNR Wireless). On November 23, 2020, the FCC released a Memorandum Opinion and Order on Remand, FCC 20-160, that found that Northstar Wireless and SNR Wireless are not eligible for bidding credits based on the FCC’s determination that they remain under DISH Network’s de facto control. Northstar Wireless and SNR Wireless appealed the FCC’s order to the D.C. Circuit Court of Appeals. On June 21, 2022, the United States Court of Appeals for the District of Columbia issued an Opinion rejecting this challenge. On January 17, 2023, Northstar Wireless filed a petition for a writ of certiorari asking the United States Supreme Court to hear a further appeal, but that petition was denied on June 30, 2023.

Letters Exchanged between Northstar Wireless and the FCC Wireless Bureau. As outlined in letters exchanged between Northstar Wireless and the Wireless Telecommunications Bureau of the FCC (the “FCC Wireless Bureau”), Northstar Wireless paid the gross winning bid amounts for 261 AWS-3 Licenses and notified the FCC that it would not be paying the gross winning bid amounts for 84 AWS-3 Licenses. As a result of the nonpayment of those gross winning bid amounts, the FCC retained those licenses. In addition, we will be subject to a default payment with respect to the licenses for which Northstar Wireless did not pay the gross winning bids (the “Northstar Re-Auction Payment”). The Northstar Re-Auction Payment has two components. First, if the winning bids at re-auction are less than the winning bids of Northstar Wireless, we will be responsible for the difference between the two bids. The second component is an additional payment in the amount of fifteen percent (15%) of Northstar Wireless’s bid or the subsequent winning bids, whichever is less. The amount of the Northstar Re-Auction Payment will be offset by the $334 million interim payment Northstar Wireless has already made. For example, if the winning bids in a re-auction are $1, the Northstar Re-Auction Payment would be approximately $2.226 billion, which is calculated as the difference between $2.226 billion (the Northstar winning bid amounts) and $1 (the winning bids from re-auction), plus 15% of the $1 (the winning bids from re-auction), If the winning bids from re-auction or other award of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of Northstar Wireless, the Northstar Re-Auction Payment would be approximately $334 million, calculated as fifteen percent (15%) of $2.226 billion (Northstar Wireless’s defaulted bids). In each case, the amount of the Northstar Re-Auction Payment would be offset by the $334 million interim payment Northstar already made, resulting in a maximum exposure of $1.892 billion. We cannot predict with any degree of certainty the outcome of any re-auction or the amount of any Northstar Re-Auction Payment. The re-auction of the AWS-3 licenses has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026.

If the winning bids from re-auction or other award of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of Northstar Wireless, no additional amounts will be owed to the FCC by Northstar Wireless. However, if those winning bids are less than the winning bids of Northstar Wireless, then we will be responsible for the difference less any overpayment of the Northstar interim payment, detailed below, (which will be recalculated as 15% of the winning bids from re-auction or other award) (the “Northstar Re-Auction Payment”). For example, if the winning bids in a re-auction are $1, the Northstar Re-Auction Payment would be approximately $1.892 billion, which is calculated as the difference between $2.226 billion (the Northstar winning bid amounts) and $1 (the winning bids from re-auction) less the resulting $334 million overpayment of the Northstar interim payment. We cannot predict with any degree of certainty the timing or outcome of any re-auction or the amount of any Northstar Re-Auction Payment.37

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Letters Exchanged between SNR Wireless and the FCC Wireless Bureau. As outlined in letters exchanged between SNR Wireless and the FCC Wireless Bureau, SNR Wireless paid the gross winning bid amounts for 244 AWS-3 Licenses and notified the FCC that it would not be paying the gross winning bid amounts for 113 AWS-3 Licenses. As a result of the nonpayment of those gross winning bid amounts, the FCC retained those licenses. In addition, we will be subject to a default payment with respect to the licenses for which SNR Wireless did not pay the gross winning bids (the “SNR Re-Auction Payment”). The SNR Re-Auction Payment has two components. First, if the winning bids at re-auction are less than the winning bids of SNR Wireless, we will be responsible for the difference between the two bids. The second component is an additional payment in the amount of fifteen percent (15%) of SNR Wireless’s bid or the subsequent winning bids, whichever is less. The amount of the SNR Re-Auction Payment will be offset by the $182 million interim payment SNR Wireless has already made. For example, if the winning bids in a re-auction are $1, the SNR Re-Auction Payment would be approximately $1.~~029~~211 billion, which is calculated as the difference between $1.211 billion (the SNR winning bid amounts) and $1 (the winning bids from re-auction), ~~less~~plus 15% of the ~~resulting~~$1 (the winning bids from re-auction). If the winning bids from re-auction of the AWS-3 licenses retained by the FCC are greater than or equal to the winning bids of SNR Wireless, the SNR Re-Auction Payment would be approximately $182 million, ~~overpayment~~calculated as fifteen percent (15%) of $1.211 billion (SNR Wireless’s defaulted bids). In each case, the amount of the SNR Re-Auction Payment would be offset by the $182 million interim payment SNR already made, resulting in a maximum exposure of $1.029 billion. We cannot predict with any degree of certainty the ~~timing or~~ outcome of any re-auction or the amount of any SNR Re-Auction Payment. The re-auction of the AWS-3 licenses has been designated as Auction 113 and the FCC is required to initiate Auction 113 by June 23, 2026.

D.C. Circuit Court Opinion. On August 29, 2017, the United States Court of Appeals for the District of Columbia Circuit (the “D.C. Circuit”) in SNR Wireless LicenseCo, LLC, et al. v. Federal Communications Commission, 868 F.3d 1021 (D.C. Cir. 2017) (the “Appellate Decision”) affirmed the Order in part, and remanded the matter to the FCC to give Northstar Wireless and SNR Wireless an opportunity to seek to negotiate a cure of the issues identified by the FCC in the Order (a “Cure”). On January 26, 2018, SNR Wireless and Northstar Wireless filed a petition for a writ of certiorari, asking the United States Supreme Court to hear an appeal from the Appellate Decision, which the United States Supreme Court denied on June 25, 2018.

Order on Remand. On January 24, 2018, the FCC released an Order on Remand, DA 18-70 (the “Order on Remand”) purporting to establish a procedure to afford Northstar Wireless and SNR Wireless the opportunity to implement a Cure pursuant to the Appellate Decision. On June 8, 2018, Northstar Wireless and SNR Wireless each filed amended agreements to demonstrate that, in light of such changes, each of Northstar Wireless and SNR Wireless qualified for the very small business bidding credit that it sought in the AWS-3 Auction. Northstar Wireless and SNR Wireless filed a Joint Application for Review of the Order on Remand requesting, among other things, an iterative negotiation process with the FCC regarding a Cure, which was denied on July 12, 2018. The pleading cycle established in the Order on Remand concluded in October 2018. On November 23, 2020, the FCC issued a Memorandum Opinion and Order that concluded, among other things, that DISH Network retained de facto control over Northstar Wireless and SNR Wireless and denied the very small business bidding credit sought by Northstar Wireless and SNR Wireless, even though the parties had eliminated or significantly modified every provision previously deemed to have been disqualifying by the FCC. Northstar Wireless and SNR Wireless timely filed an appeal of the FCC’s 2020 decision. On June 21, 2022, the United States Court of Appeals for the District of Columbia issued an Opinion rejecting this challenge. On January 17, 2023, Northstar Wireless filed a petition for a writ of certiorari asking the United States Supreme Court to hear a further appeal, but that petition was denied on June 30, 2023.

For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023.

3438

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Contingencies

Litigation

We are involved in a number of legal proceedings (including those described below) concerning matters arising in connection with the conduct of our business activities. Many of these proceedings are at preliminary stages, and many of these proceedings seek an indeterminate amount of damages. We regularly evaluate the status of the legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or an additional loss may have been incurred and to determine if accruals are appropriate. If accruals are not appropriate, we further evaluate each legal proceeding to assess whether an estimate of the possible loss or range of possible loss can be made.

For certain cases described on the following pages, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, (i) the proceedings are in various stages; (ii) damages have not been sought; (iii) damages are unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories to be presented or a large number of parties. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material adverse effect on our financial condition, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

ClearPlay, Inc.

On March 13, 2014, ClearPlay, Inc. (“ClearPlay”) filed a complaint against us and our wholly-owned subsidiaries DISH Network and DISH Network L.L.C., and our then wholly-owned subsidiary EchoStar Technologies L.L.C., in the United States District Court for the District of Utah. The complaint alleges willful infringement of United States Patent Nos. 6,898,799 (the “799 patent”), entitled “Multimedia Content Navigation and Playback”; 7,526,784 (the “784 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,543,318 (the “318 patent”), entitled “Delivery of Navigation Data for Playback of Audio and Video Content”; 7,577,970 (the “970 patent”), entitled “Multimedia Content Navigation and Playback”; and 8,117,282 (the “282 patent”), entitled “Media Player Configured to Receive Playback Filters From Alternative Storage Mediums.” ClearPlay alleges that the AutoHop™ feature of our Hopper® set-top box infringes the asserted patents. On February 11, 2015, the case was stayed pending various third-party challenges before the United States Patent and Trademark Office regarding the validity of certain of the patents asserted in the action.

In those third-party challenges, the United States Patent and Trademark Office found that all claims of the 282 patent are unpatentable, and that certain claims of the 784 patent and 318 patent are unpatentable. ClearPlay appealed as to the 784 patent and the 318 patent, and on August 23, 2016, the United States Court of Appeals for the Federal Circuit affirmed the findings of the United States Patent and Trademark Office. On October 31, 2016, the stay was lifted, and in May 2017, ClearPlay agreed to dismiss us and DISH Network as defendants, leaving DISH Network L.L.C. and DISH Technologies L.L.C. as the sole defendants.

35On October 16, October 21, November 2, 2020 and November 9, 2020, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of the asserted claims of, respectively, the 784 patent, the 799 patent, the 318 patent and the 970 patent; and on November 2, November 20, December 14 and December 15, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May 7, 2021, May 25, 2021, June 25, 2021 and July 7, 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims of, respectively, the 799 patent, the 784 patent, the 318 patent and the 970 patent.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On October 16, October 21, November 2, 2020 and November 9, 2020, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of the asserted claims of, respectively, the 784 patent, the 799 patent, the 318 patent and the 970 patent; and on November 2, November 20, December 14 and December 15, 2020, the United States Patent and Trademark Office granted each request for reexamination. On May 7, 2021, May 25, 2021, June 25, 2021 and July 7, 2021, the United States Patent and Trademark Office issued Ex Parte Reexamination Certificates confirming the patentability of the challenged claims of, respectively, the 799 patent, the 784 patent, the 318 patent and the 970 patent.

In October and November 2021, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of certain asserted claims of the 784 patent, the 799 patent and the 970 patent. In November and December, 2021, the United States Patent and Trademark Office granted review of the challenged claims of the 799 patent and the 970 patent, but denied review of the challenged claims of the 784 patent. On January 24, 2022, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 799 patent, and on January 19, 2023, an examiner of the United States Patent and Trademark Office affirmed the challenged claims of the 970 patent.

In an order dated January 31, 2023, the Court granted in part and denied in part DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for summary judgment. Thereafter, ClearPlay narrowed its case to three asserted claims: one under the 799 patent and two under the 970 patent. Following a two-week trial, on March 10, 2023, the jury returned a verdict that DISH Network L.L.C. and DISH Technologies L.L.C. infringed each of the asserted patent claims (though not willfully), and awarded damages of $469 million. That verdict became moot on March 21, 2023, when the trial court indicated that it would grant DISH Network L.L.C.’s and DISH Technologies L.L.C.’s motion for judgment as a matter of law, thus effectively vacating the jury award. On June 2, 2023, the Court entered its formal order granting judgment as a matter of law. On December 12, 2023, the Court denied ClearPlay’s motion to alter or amend the judgment. ClearPlay has filed a notice of appeal to the United States Court of Appeals for the Federal Circuit, and briefing was completed on November 27, 2024.

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Data Breach Class Actions

On May 9, 2023, Susan Owen-Brooks, an alleged customer, filed a putative class action complaint against our wholly-owned subsidiary DISH Network in the United States District Court for the District of Colorado. She purports to represent a nationwide class of all individuals in the United States who allegedly had private information stolen as a result of the February 23, 2023 Cyber-security Incident (and a North Carolina statewide subclass of the same individuals). Since that filing, ten additional putative class action complaints have been filed in the United States District Court for the District of Colorado, purporting to represent the same nationwide class of people, and Owen-Brooks has filed an amended complaint. On August 2, 2023, the Court issued an order consolidating the first ten cases (the eleventh was dismissed) and, on November 16, 2023 and January 16, 2024, the plaintiffs filed consolidated amended class action complaints. On September 27, 2024, the Court granted DISH Network’s motion to dismiss the First Amended Consolidated Class Action Complaint as to eight of the eleven named plaintiffs and as to certain causes of action. On October 29, 2024, the Plaintiffs filed the operative Second Amended Consolidated Class Action Complaint, which deletes the allegations as to the dismissed plaintiffs and causes of action, leaving three named plaintiffs and causes of action for negligence, negligence per se, breach of implied contract, and declaratory judgment.

36We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Digital Broadcasting Solutions, LLC

On August 29, 2022, Digital Broadcasting Solutions, LLC filed a complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 8,929,710 (the “710 patent”) and U.S. Patent No. 9,538,122 (the “122 patent”), each entitled “System and method for time shifting at least a portion of a video program.” Generally, the plaintiff contends that the AutoHop feature of our Hopper® set-top boxes infringes the asserted patents. On June 21, 2023, the Court granted the motion of DISH Network L.L.C. and DISH Technologies L.L.C. to have the case transferred to the United States District Court for the District of Colorado.

In May 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 710 patent and the 122 patent and, on December 9, 2024, the United States Patent and Trademark Office issued final written decisions invalidating 38 of the 39 challenged claims. On January 13, 2025, Digital Broadcasting Solutions filed a notice of appeal of those final written decisions, and on February 7, 2025, DISH Network L.L.C. and DISH Technologies L.L.C. cross-appealed as to the single patent claim that wasn’t invalidated. Briefing is underway. The underlying case has been stayed since May 9, 2024, pending resolution of the petitions before the United States Patent and Trademark Office and any related appeals.

Entropic Communications, LLC (first action)

On March 9, 2022, Entropic Communications, LLC (“Entropic”) filed a complaint against our wholly-owned subsidiaries DISH Network, DISH Network L.L.C. and Dish Network Service L.L.C. in the United States District Court for the Eastern District of Texas. The complaint alleges infringement of U.S. Patent No. 7,130,576 (the “576 patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; U.S. Patent No. 7,542,715 (the “715 Patent”), entitled “Signal Selector and Combiner for Broadband Content Distribution”; and U.S. Patent No. 8,792,008 (the “008 Patent”), entitled “Method and Apparatus for Spectrum Monitoring.” On March 30, 2022, Entropic filed an amended complaint alleging infringement of the same patents. Generally, the plaintiff accuses satellite antennas, low-noise block converters, signal selector and combiners, and set-top boxes and the manner in which they process signals for satellite television customers of infringing the asserted patents. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On October 24, 2022, this case was ordered to be transferred to the United States District Court for the Central District of California. A companion case against DirecTV was also ordered transferred to the United States District Court for the Central District of California. In January and February of 2023, DISH Network L.L.C. and Dish Network Service L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all claims of the 715 patent, all claims of the 008 patent, and 25 claims of the 576 patent, which includes all of its asserted claims.

3741

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

In August and September 2023, the Patent Office denied institution on the petitions challenging the 715 patent and the 576 patent. In September 2023, at the parties’ joint request, the Patent Office dismissed the petition challenging the 008 patent, as Entropic agreed to drop its claims against DISH Network on that patent. On July 12, 2024, the United States Patent and Trademark Office granted a request for reexamination of the 715 patent.

Entropic Communications, LLC (second action)

On February 10, 2023, Entropic filed a second lawsuit against our wholly-owned subsidiaries DISH Network, DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation in the United States District Court for the Central District of California. The complaint alleges infringement of U.S. Patent No. 7,295,518 (the “518 patent”), entitled “Broadband network for coaxial cable using multi-carrier modulation”; U.S. Patent No. 7,594,249 (the “249 patent”), entitled “Network interface device and broadband local area network using coaxial cable”; U.S. Patent Nos. 7,889,759 (the “759 patent”), entitled “Broadband cable network utilizing common bit-loading”; U.S. Patent No. 8,085,802 (the “802 Patent”), entitled “Multimedia over coaxial cable access protocol”; U.S. Patent No. 9,838,213 (the “213 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 10,432,422 (the “422 patent”), entitled “Parameterized quality of service architecture in a network”; U.S. Patent No. 8,631,450 (the “450 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,621,539 (the “539 patent”), entitled “Physical layer transmitter for use in a broadband local area network”; U.S. Patent No. 8,320,566 (the “0,566 patent”), entitled “Method and apparatus for performing constellation scrambling in a multimedia home network”; U.S. Patent No. 10,257,566 (the “7,566 patent”), entitled “Broadband local area network”; U.S. Patent No. 8,228,910 (the “910 Patent”), entitled “Aggregating network packets for transmission to a destination mode”; and U.S. Patent No. 8,363,681 (the “681 patent”), entitled “Method and apparatus for using ranging measurements in a multimedia home network.” Generally, the patents relate to Multimedia over Coax Alliance standards and the manner in which we provide a whole-home DVR network over an on-premises coaxial cable network.

Entropic has asserted the same patents in the same court against Comcast, Cox and DirecTV. On September 7, 2023, the Court granted the motion of DISH Network L.L.C., Dish Network Service L.L.C. and Dish Network California Service Corporation to dismiss the claims arising from the 7,566 patent and the 910 patent on the grounds that they claimed in eligible subject matter. In January and February 2024, DISH Network L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of the 249 patent, the 518 patent, the 759 patent, the 450 patent, the 539 patent, the 0,566 patent, and the 681 patent. In July and August 2024, the United States Patent and Trademark Office agreed to institute proceedings on the petitions challenging the 249 patent and the 518 patent, but denied institution on the remaining petitions. On February 24, 2025, the Court granted other defendants’ motions to dismiss the claims arising from the 213 patent, the 422 patent, the 681 patent and the 802 patent on the grounds that they claimed in eligible subject matter. In a claim construction order issued on April 18, 2025, the Court found that the asserted claim of the 539 patent is invalid as indefinite.

WeIn ~~intend~~January toand ~~vigorously~~February ~~defend~~2024, ~~this~~DISH ~~case~~Network L.L.C. Infiled petitions with the ~~event~~United ~~that~~States aPatent ~~court~~and ~~ultimately~~Trademark ~~determines~~Office ~~that~~challenging wethe ~~infringe~~validity of the ~~asserted~~249 ~~patents~~patent, wethe ~~may~~518 bepatent, ~~subject~~the to759 ~~substantial~~patent, ~~damages~~the 450 patent, ~~which~~the ~~may~~539 ~~include~~patent, ~~treble~~the ~~damages~~0,566 patent, and~~/or~~ anthe ~~injunction~~681 ~~that~~patent. ~~could~~In ~~require~~July usand toAugust ~~materially~~2024, ~~modify~~the ~~certain~~United ~~features~~States ~~that~~Patent weand ~~currently~~Trademark ~~offer~~Office agreed to ~~consumers.~~institute Weproceedings ~~cannot~~on ~~predict~~the ~~with~~petitions ~~any~~challenging ~~degree~~the of249 ~~certainty~~patent and the ~~outcome~~518 ofpatent, but denied institution on the ~~suit~~remaining orpetitions. ~~determine~~On July 22, 2025, the ~~extent~~United States Patent and Trademark Office issued final written decisions invalidating the asserted claims of ~~any~~the ~~potential~~249 ~~liability~~patent orand the ~~damages~~518 patent.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Hughes Telecomunicações do Brasil v. State of São Paulo Treasury Department

On December 12, 2019, Hughes Telecomunicações do Brasil (“HTB”) filed a tax annulment claim in the Judicial Court of São Paulo, claiming that a tax assessment from the State Treasury of São Paulo, for the period from January 2013 to December 2014, was based on an erroneous interpretation of an exemption to the ICMS (a state tax on, among other things, communications).

In June 2022, a judicial expert determined that HTB’s interpretation of the exemption was correct. Nonetheless, in July 2023, the Court entered judgment against HTB, and in October 2023, rejected HTB’s request for clarification. In November 2023, HTB filed an appeal to the Court of Justice, but on February 25, 2025, the Court of Justice ruled against HTB. On March 14, 2025, HTB filed a motion seeking clarification.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit.

Jones 401(k) Litigation

On December 20, 2021, four former employees filed a class action complaint in the United States District Court for the District of Colorado against our wholly-owned subsidiary DISH Network, its Board of Directors, and its Retirement Plan Committee alleging fiduciary breaches arising from the management of our 401(k) Plan. The putative class, comprised of all participants in the Plan on or after January 20, 2016, alleges that the Plan had excessive recordkeeping and administrative expenses and that it maintained underperforming funds. On February 1, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the complaint be granted, and on March 27, 2023, the district court judge granted the motion. As permitted by the Court’s order, the plaintiffs filed an amended complaint on April 10, 2023, which is limited to allegations regarding the alleged underperformance of the Fidelity Freedom Funds. On November 7, 2023, a Magistrate Judge issued a recommendation that the defendants’ motion to dismiss the amended complaint be denied as to the duty to prudently monitor fund performance, but be granted as to the duty of loyalty and, on November 27, 2023, the district court judge entered an order adopting the recommendation. On March 1, 2024, by stipulation, the plaintiffs dismissed their claims against the Board of Directors and the Retirement Plan Committee, leaving DISH Network as the sole defendant. On April 30, 2024, pursuant to the parties’ stipulation, the Court certified the proposed plaintiff class. OnPursuant to the parties’ stipulation, the case was stayed from October 30, 2024 through May 29, ~~pursuant~~2025 to ~~the~~facilitate ~~parties’~~a ~~stipulation~~mediation, but the ~~Court~~parties ~~stayed~~did ~~the~~not ~~litigation~~reach ~~pending~~ a ~~mediation~~settlement.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

~~License Fee Dispute with Government of India, Department of Telecommunications~~43

In 1994, the Government of India promulgated a “National Telecommunications Policy” under which the government liberalized the telecommunications sector and required telecommunications service providers to pay fixed license fees. Pursuant to this policy, our subsidiary Hughes Communications India Private Limited (“HCIPL”), formerly known as Hughes Escorts Communications Limited, obtained a license to operate a data network over satellite using VSAT systems. In 2002, HCIPL’s license was amended pursuant to a 1999 government policy that eliminated fixed license fees and replaced them with license fees based on service providers’ adjusted gross revenue (“AGR”). In March 2005, the Indian Department of Telecommunications (“DOT”) notified HCIPL that, based on its review of HCIPL’s audited accounts and AGR statements, HCIPL must pay additional license fees and penalties and interest on such fees and penalties. HCIPL responded that the DOT had improperly calculated its AGR by including revenue from both licensed and unlicensed activities.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

License Fee Dispute with Government of India, Department of Telecommunications

The DOT rejected this explanation and in 2006, HCIPL filed a petition with an administrative tribunal (the “Tribunal”), challenging the DOT’s calculation of its AGR. The DOT also issued license fee assessments to other telecommunications service providers and those other providers filed similar petitions with the Tribunal. These petitions were amended, consolidated, remanded and re-appealed several times. On April 23, 2015, the Tribunal issued a judgment affirming the DOT’s calculation of AGR for the telecommunications service providers but reversing the DOT’s imposition of interest, penalties and interest on such penalties as excessive.

Over subsequent years, the DOT and HCIPL and other telecommunications service providers, respectively, filed several appeals of the Tribunal’s ruling. On October 24, 2019, the Supreme Court of India (“Supreme Court”) issued an order (the “October 2019 Order”) affirming the license fee assessments imposed by the DOT, including its imposition of interest, penalties and interest on the penalties, but without indicating the amount HCIPL was required to pay the DOT, and ordering payment by January 23, 2020. On November 23, 2019, HCIPL and other telecommunication service providers filed a petition asking the Supreme Court to reconsider the October 2019 Order.

The petition was denied on January 20, 2020. On January 22, 2020, HCIPL and other telecommunication service providers filed an application requesting that the Supreme Court modify the October 2019 Order to permit the DOT to calculate the final amount due and extend HCIPL’s and the other telecommunication service providers’ payment deadline. On February 14, 2020, the Supreme Court directed HCIPL and the other telecommunication service providers to explain why the Supreme Court should not initiate contempt proceedings for failure to pay the amounts due.

During a hearing on March 18, 2020, the Supreme Court ordered that all amounts that were due before the October 2019 Order must be paid, including interest, penalties and interest on the penalties. The Supreme Court also ordered that the parties appear for a further hearing addressing, among other things, a proposal by the DOT to allow for extended or deferred payments of amounts due. On June 11, 2020, the Supreme Court ordered HCIPL and the other telecommunication service providers to submit affidavits addressing the proposal made by the DOT to extend the time frame for payment of the amounts owed and for HCIPL and the other telecommunication providers to provide security for such payments.

On September 1, 2020, the Supreme Court issued a judgment permitting a 10-year payment schedule. Under this payment schedule, HCIPL is required to make an annual payment every March 31, through 2031. Following the Supreme Court of India’s October 2019 judgment, HCIPL made payments during the first quarter of 2020, and additional payments on each March 31 thereafter. As of ~~March~~June 3130, 2025, the gross amount of fees, penalties and interest owed was approximately $93 million with $46 million remaining outstanding as a result of historical payments.

Pursuant to the Contribution and Membership Interest Purchase Agreement (the “Purchase Agreement”) dated December 3, 2004 between The DirecTV Group, Inc. (“DirecTV”) and certain other entities relating to DirecTV’s spinoff of certain of its subsidiaries, including HCIPL, DirecTV undertook to indemnify HCIPL for certain pre-closing tax liabilities. On March 27, 2020, HCIPL filed an indemnification complaint against DirecTV in the United States District Court for the Southern District of New York, seeking to recover certain license fees, penalties and interest owed to the Indian government as a result of the aforementioned proceedings. On November 16, 2021, the New York court granted summary judgment in favor of DirecTV, but on June 22, 2023, the United States Court of Appeals for the Second Circuit reversed, holding that, under the Purchase Agreement, HCIPL is entitled to indemnification from DirecTV. The Second Circuit remanded the case back to the trial court to determine the amount of indemnification owed. The parties reached a conditional agreement to settle the matter, but the conditions were not met, so the stay entered on October 3, 2024 was lifted on November 22, 2024.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The parties reached a conditional agreement to settle the matter, but the conditions were not met, so the stay entered on October 3, 2024 was lifted on November 22, 2024. On July 8, 2025, a magistrate judge issued a report and recommendation that DirecTV should have to indemnify HCIPL only for license fees, penalties and interest that would have been owing to the DOT as of the April 22, 2005 closing date of the spinoff, but not the penalties and interest that compounded on such pre-closing amounts during the course of the litigation in India.

Lingam Securities Class Action (formerly Jaramillo)

On March 23, 2023, a securities fraud class action complaint was filed against our wholly-owned subsidiary DISH Network and Messrs. Ergen, Carlson and Orban in the United States District Court for the District of Colorado. The complaint was brought on behalf of a putative class of purchasers of our securities during the February 22, 2021 to February 27, 2023 class period.

In general, the complaint alleged that DISH Network’s public statements during that period were false and misleading and contained material omissions, because they did not disclose that DISH Network allegedly maintained a deficient cyber-security and information technology infrastructure, were unable to properly secure customer data and DISH Network’s operations were susceptible to widespread service outages.

In August 2023, the Court appointed a new lead plaintiff and lead plaintiff’s counsel, and, on October 20, 2023, they filed a First Amended Complaint that abandoned the original allegations. In their First Amended Complaint, plaintiffs alleged that, during the class period, the defendants concealed problems concerning the 5G network ~~buildout~~build-out that prevented scaling and commercializing the network to obtain enterprise customers. The amended complaint added as individual defendants James S. Allen, DISH Network’s Senior Vice President and Chief Accounting Officer; John Swieringa, our President, Technology and Chief Operating Officer; Dave Mayo, DISH Network’s former Executive Vice President of Network Development; Marc Rouanne, DISH Network’s former Executive Vice President and Chief Network Officer; and Stephen Bye, DISH Network’s former Executive Vice President and Chief Commercial Officer.

After the defendants filed a motion to dismiss the First Amended Complaint, the plaintiffs filed a Second Amended Complaint, asserting the same theory, on February 23, 2024. The new complaint drops Erik Carlson, John Swieringa, Paul Orban and James Allen as individual defendants. The defendants filed a motion to dismiss the Second Amended Complaint, and on March 20, 2025, the Court granted the motion without granting plaintiffs permission to further amend. On April 18, 2025, the plaintiffs filed a notice of appeal, and briefing is underway.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Mesa Digital

On November 27, 2024, Mesa Digital, LLC filed a complaint in the United States District Court for the Western District of Texas against our wholly-owned subsidiary DISH Wireless alleging infringement of United States Patent No. 9,031,537, entitled “Electronic Wireless Hand Held Multimedia Device.” Generally, it relates to an electronic handheld device with a touch-sensitive display. On March 31, 2025, the case was dismissed pursuant to a stipulation under which Mesa Digital gave DISH Wireless a covenant not to sue on any of its patents, without any payment from DISH Wireless. This matter is now concluded.

Mobility Workx

On December 3, 2024, Mobility Workx, LLC filed a complaint in the United States District Court for the Eastern District of Texas against our wholly-owned subsidiary DISH Wireless alleging infringement of United States Patent No. 7,697,508, entitled “System, Apparatus and Methods for Proactive Allocation of Wireless Communication Resources.” Generally, it relates to hand-offs in a mobile network. On July 7, 2025, the case was dismissed under the terms of a non-material confidential settlement.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Peninsula Technologies, LLC

On April 15, 2025, Peninsula Technologies filed two lawsuits against our wholly-owned subsidiary DISH Wireless L.L.C. in the United States District Court for the Eastern District of Texas. In the first ~~complaint~~lawsuit, Peninsula Technologies alleges infringement of U.S. Patent Nos. 9,844,009 (the “009 patent”), entitled “Power Headroom Report In A Wireless Device With Carrier Aggregation”; 11,792,743 (the “743 patent”), entitled “Transmit Power Priority Based On Cell Types In Wireless Devices”; 11,824,810 (the “4,810 patent”), entitled “Restarting A Deactivation Timer Of A Secondary Cell In A Wireless Network”; and 11,917,549 (the “549 patent”), entitled “Scaling Transmission Power Of Uplink Signals Of A Wireless Device.” In the second ~~complaint~~lawsuit, Peninsula Technologies alleges infringement of U.S. Patent Nos. 11,438,810 (the “38,810 patent”), entitled “Communication Of Configuration Parameters Of Radio Resources Of An Unlicensed Cell”; 11,570,844 (the “844 patent”), entitled “Release Message In Small Data Transmission Procedure”; 11,723,109 (the “109 patent”), entitled “Downlink Data Of Small Data Transmission Procedure”; and 12,144,057 (the “057 patent”), entitled “Release Message In Small Data Transmission Procedure.” Generally, the asserted patents relate to 5G network operations. On July 16, 2025, Peninsula Technologies filed a First Amended Complaint in the second action, which dropped the 8,810 Patent.

Realtime Data LLC and Realtime Adaptive Streaming LLC

On June 6, 2017, Realtime Data LLC d/b/a IXO (“Realtime”) filed an amended complaint in the United States District Court for the Eastern District of Texas (the “Original Texas Action”) against us and our wholly-owned subsidiaries DISH Network, DISH Network L.L.C., DISH Technologies L.L.C. (then known as EchoStar Technologies L.L.C.), Sling TV L.L.C., Sling Media L.L.C. and Hughes Network Systems, L.L.C. (“HNS”); and Arris Group, Inc. Realtime’s initial complaint in the Original Texas Action, filed on February 14, 2017, had named only us and our wholly-owned subsidiary HNS as defendants.

The amended complaint in the Original Texas Action alleges infringement of United States Patent No. 8,717,204 (the “204 patent”), entitled “Methods for encoding and decoding data”; United States Patent No. 9,054,728 (the “728 patent”), entitled “Data compression systems and methods”; United States Patent No. 7,358,867 (the “867 patent”), entitled “Content independent data compression method and system”; United States Patent No. 8,502,707 (the “707 patent”), entitled “Data compression systems and methods”; United States Patent No. 8,275,897 (the “897 patent”), entitled “System and methods for accelerated data storage and retrieval”; United States Patent No. 8,867,610 (the “610 patent”), entitled “System and methods for video and audio data distribution”; United States Patent No. 8,934,535 (the “535 patent”), entitled “Systems and methods for video and audio data storage and distribution”; and United States Patent No. 8,553,759 (the “759 patent”), entitled “Bandwidth sensitive data compression and decompression.”46

Realtime alleges that our, Sling TV L.L.C.’s, Sling Media L.L.C.’s and Arris Group, Inc.’s streaming video products and services compliant with various versions of the H.264 video compression standard infringe the 897 patent, the 610 patent and the 535 patent, and that the data compression system in HNS’ products and services infringes the 204 patent, the 728 patent, the 867 patent, the 707 patent and the 759 patent.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On July 19, 2017, the Court severed Realtime’s claims against DISH Network, DISH Network L.L.C., Sling TV L.L.C., Sling Media L.L.C. and Arris Group, Inc. (alleging infringement of the 897 patent, the 610 patent and the 535 patent) from the Original Texas Action into a separate action in the United States District Court for the Eastern District of Texas (the “Second Texas Action”). On August 31, 2017, Realtime dismissed the claims against DISH Network, Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. from the Second Texas Action and refiled these claims (alleging infringement of the 897 patent, the 610 patent and the 535 patent) against Sling TV L.L.C., Sling Media Inc., and Sling Media L.L.C. in a new action in the United States District Court for the District of Colorado (the “Colorado Action”). Also on August 31, 2017, Realtime dismissed DISH Technologies L.L.C. from the Original Texas Action, and on September 12, 2017, added it as a defendant in an amended complaint in the Second Texas Action. On November 6, 2017, Realtime filed a joint motion to dismiss the Second Texas Action without prejudice, which the Court entered on November 8, 2017.

On October 10, 2017, Realtime Adaptive Streaming LLC (“Realtime Adaptive Streaming”) filed suit against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., in a new action in the United States District Court for the Eastern District of Texas (the “Third Texas Action”), alleging infringement of the 610 patent and the 535 patent. Also on October 10, 2017, an amended complaint was filed in the Colorado Action, substituting Realtime Adaptive Streaming as the plaintiff instead of Realtime, and alleging infringement of only the 610 patent and the 535 patent, but not the 897 patent. On November 6, 2017, Realtime Adaptive Streaming filed a joint motion to dismiss the Third Texas Action without prejudice, which the court entered on November 8, 2017. Also on November 6, 2017, Realtime Adaptive Streaming filed a second amended complaint in the Colorado Action, adding our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C., as well as Arris Group, Inc., as defendants.

As a result, neither DISH Network nor any of its subsidiaries is a defendant in the Original Texas Action; the Court has dismissed without prejudice the Second Texas Action and the Third Texas Action; and our wholly-owned subsidiaries DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. as well as Arris Group, Inc., are defendants in the Colorado Action, which now has Realtime Adaptive Streaming as the named plaintiff. Following settlements with the plaintiff, we and HNS were dismissed from the Original Texas Action in February 2019, and Arris Group, Inc. was dismissed from the Colorado Action in March 2021.

On July 3, 2018, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of each of the asserted patents. On January 31, 2019, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network’s petitions, and it held trial on the petitions on December 5, 2019. On January 17, 2020, the United States Patent and Trademark Office terminated the petitions as time-barred, but issued a final written decision invalidating the 535 patent to third parties that had timely joined in DISH Network’s petition (and, on January 10, 2020, issued a final written decision invalidating the 535 patent in connection with a third party’s independent petition). On March 16, 2020, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a notice of appeal from the terminated petitions to the United States Court of Appeals for the Federal Circuit. On June 29, 2020, the United States Patent and Trademark Office filed a notice of intervention in the appeal. On March 16, 2021, the Court of Appeals dismissed the appeal for lack of jurisdiction. On April 29, 2021, Sling TV L.L.C., Sling Media L.L.C., DISH Network L.L.C., and DISH Technologies L.L.C. filed a petition for rehearing, which was denied on June 28, 2021. On January 12, 2021, Realtime Adaptive Streaming filed a notice of dismissal of its claims on the 535 patent.47

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On July 30, 2021, the District Court granted summary judgment in favor of DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C., holding that the remaining asserted patent, the 610 patent, is invalid because it claims patent-ineligible abstract subject matter. Realtime Adaptive Streaming appealed that ruling to the United States Court of Appeals for the Federal Circuit, and on May 11, 2023, that Court affirmed the District Court’s summary judgment order. Independently, on September 21, 2021, in connection with an ex parte reexamination of the validity of the 610 patent, an examiner at the United States Patent and Trademark Office issued a final office action rejecting each asserted claim of the 610 patent as invalid over the cited prior art. On April 19, 2023, the Patent Trial and Appeal Board rejected Realtime Adaptive Streaming’s appeal and affirmed the examiner’s rejection of the asserted claims of the 610 patent. Realtime did not further appeal the Patent Trial and Appeal Board’s determination and, thus, the asserted claims of the 610 patent were canceled. As a result, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. no longer face any possible exposure from this matter, and the liability phase of this case is concluded.

On January 21, 2022, the District Court granted the motion by DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. to have the case declared “exceptional,” and on September 20, 2022, awarded them $3.9 million in attorneys’ fees. Realtime Adaptive Streaming filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the exceptionality and fee award orders, and on August 23, 2024, that Court vacated the exceptionality finding and remanded for further consideration of the issue. On November 26, 2024, the United States Court of Appeals for the Federal Circuit denied DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C.’s petition seeking rehearing en banc. On February 5, 2025, on remand, the District Court denied the motion to declare the case exceptional. On March 6, 2025, DISH Network L.L.C., DISH Technologies L.L.C., Sling TV L.L.C. and Sling Media L.L.C. filed a notice of appeal of that order, but dismissed the appeal on July 3, 2025. This matter is now concluded.

SafeCast Limited

On June 27, 2022, SafeCast Limited filed a complaint against our wholly-owned subsidiary DISH Network in the United States District Court for the Western District of Texas. The complaint alleges that DISH Network infringes U.S. Patent No. 9,392,302, entitled “System for providing improved facilities in time-shifted broadcasts” (the “302 patent”). On the same day, it brought complaints in the same court asserting infringement of the same patent against AT&T, Google, HBO, NBCUniversal, Paramount and Verizon. On October 24, 2022, in response to the parties’ joint motion, the Court ordered the case against DISH Network transferred to the United States District Court for the District of Colorado.

On December 1, 2022, SafeCast filed an amended complaint naming our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. as defendants and withdrawing the allegations as to DISH Network. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On June 22, 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of the asserted claims of the 302 patent, and on June 26, 2024, the United States Patent and Trademark Office agreed to institute proceedings on that petition. On August 28, 2023, the Court stayed the case pending resolution of the petition. On October 3, 2024, in connection with a third-party’s petition citing different prior art, the United States Patent and Trademark Office invalidated all claims asserted against DISH Network L.L.C. and DISH Technologies L.L.C. Because SafeCast Limited did not appeal that decision, on January 27, 2025, the United States Patent and Trademark Office issued a certificate canceling, the challenged claims. As a result, DISH Network L.L.C. and DISH Technologies L.L.C. have moved to terminate their now-moot petition before the United States Patent and Trademark Office, and to have the district court litigation dismissed.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We intend to vigorously defend this case. In the event that a court ultimately determines that we infringe the asserted patent, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

On June 22, 2023, DISH Network L.L.C. and DISH Technologies L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of the asserted claims of the 302 patent, and on June 26, 2024, the United States Patent and Trademark Office agreed to institute proceedings on that petition. On August 28, 2023, the Court stayed the case pending resolution of the petition. On October 3, 2024, in connection with a third-party’s petition citing different prior art, the United States Patent and Trademark Office invalidated all claims asserted against DISH Network L.L.C. and DISH Technologies L.L.C. Because SafeCast Limited did not appeal that decision, on January 27, 2025, the United States Patent and Trademark Office issued a certificate canceling, the challenged claims. As a result, DISH Network L.L.C. and DISH Technologies L.L.C. filed a motion to terminate their petition before the United States Patent and Trademark Office, which was granted on June 5, 2025. On July 28, 2025, the District Court dismissed the litigation. This matter is now concluded.

Sound View Innovations, LLC

On December 30, 2019, Sound View Innovations, LLC filed one complaint against our wholly-owned subsidiaries DISH Network L.L.C. and DISH Technologies L.L.C. and a second complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The complaint against DISH Network L.L.C. and DISH Technologies L.L.C. alleges infringement of United States Patent No 6,502,133 (the “133 patent”), entitled “Real-Time Event Processing System with Analysis Engine Using Recovery Information” and both complaints allege infringement of United States Patent No. 6,708,213 (the “213 patent), entitled “Method for Streaming Multimedia Information Over Public Networks”; United States Patent No. 6,757,796 (the “796 patent”), entitled “Method and System for Caching Streaming Live Broadcasts transmitted Over a Network”; and United States Patent No. 6,725,456 (the “456 patent”), entitled “Methods and Apparatus for Ensuring Quality of Service in an Operating System.” All but the 133 patent are also asserted in the complaint against Sling TV L.L.C. The plaintiff is an entity that seeks to license a patent portfolio without itself practicing any of the claims recited therein.

On May 21, 2020, June 3, 2020, June 5, 2020 and July 10, 2020, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of, respectively, the 213 patent, the 133 patent, the 456 patent and the 796 patent. On November 25, 2020, the United States Patent and Trademark Office declined to review the validity of the 213 patent, and on September 29, 2021, denied a request for rehearing of that decision. On January 19, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 456 patent but declined to review the 133 patent. On February 24, 2021, the United States Patent and Trademark Office agreed to institute proceedings on the 796 patent.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On January 18, 2022, the United States Patent and Trademark Office issued a final written decision holding that the challenged claim of the 456 patent is patentable, and on February 8, 2022, it issued a final written decision holding that the challenged claims of the 796 patent are patentable. On March 22, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a notice of appeal to the United States Court of Appeals for the Federal Circuit from the adverse final written decision regarding the 456 patent, and on April 8, 2022, they filed a notice of appeal to the same court from the adverse final written decision regarding the 796 patent. The appeal on the 456 patent was voluntarily dismissed on December 6, 2022.

The Federal Circuit heard oral argument on the 796 patent appeal on October 3, 2023, and affirmed the United States Patent and Trademark Office’s adverse final written decision on October 5, 2023.

On April 20, 2022, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office requesting ex parte reexamination of the validity of one of the asserted claims of the 213 patent, and reexamination was ordered on June 16, 2022. On November 13, 2023, the United States Patent and Trademark Office confirmed the patentability of the challenged claim. On January 18, 2023, DISH Network L.L.C., DISH Technologies L.L.C. and Sling TV L.L.C. filed a second petition requesting ex parte reexamination of the validity of the four other asserted claims of the 213 patent, reexamination was ordered on April 17, 2023, and it remains pending. On October 17, 2024, the Court ordered that the stay of the case, which had been entered for the pendency of the original petitions before the United States Patent and Trademark Office, would remain in place pending the outcome of Sound View’s appeal in a parallel action against Hulu.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We intend to vigorously defend these cases. In the event that a court ultimately determines that we infringe the asserted patents, we may be subject to substantial damages, which may include treble damages, and/or an injunction that could require us to materially modify certain features that we currently offer to consumers. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

State of Illinois ex rel. Rodriguez

In March 2020, two private “relators” filed this case in the Circuit Court of Cook County Illinois, County Department, Law Division, under the Illinois False Claims Act against DISH Wireless, Sprint and more than 60 Boost Mobile retailers in Illinois. The defendants only became aware of the lawsuit after it was unsealed in March 2022. The operative Second Amended Complaint alleges that the retailer defendants should have collected sales tax under the Retailers’ Occupation Tax Act on any amounts that Sprint or DISH Network rebated them to facilitate handset price discounts to Illinois consumers (“Prepaid Phone Rebates”) and on any phone activation fees the retailers charged to customers (“Device Setup Charges”). It further alleges that DISH Wireless and Sprint are liable for the alleged violations arising from the Device Setup Charges because of the way they allegedly managed the point-of-sale system that the retailer defendants used.

The Plaintiffs seek to recover triple the amount of allegedly unpaid taxes, fines for each alleged violation, and attorneys’ fees and costs. On June 13, 2023, the Court denied the defendants’ motions to dismiss the complaint, but on January 2, 2024, it granted reconsideration and dismissed the complaint as to DISH Wireless and Sprint, with leave to amend. The Plaintiffs filed a Third Amended Complaint on February 2, 2024. On September 20, 2024, the Court granted DISH Wireless’s and Sprint’s motion to dismiss the Third Amended Complaint, without further leave to amend, but the case is continuing against the retailers.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

~~TQ Delta, LLC~~50

On July 17, 2015, TQ Delta, LLC (“TQ Delta”) filed a complaint against our wholly-owned subsidiaries DISH Network, DISH DBS Corporation and DISH Network L.L.C. in the United States District Court for the District of Delaware. The Complaint alleges infringement of United States Patent No. 6,961,369 (the “369 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 8,718,158 (the “158 patent”), which is entitled “System and Method for Scrambling the Phase of the Carriers in a Multicarrier Communications System”; United States Patent No. 9,014,243 (the “243 patent”), which is entitled “System and Method for Scrambling Using a Bit Scrambler and a Phase Scrambler”; United States Patent No.7,835,430 (the “430 patent”), which is entitled “Multicarrier Modulation Messaging for Frequency Domain Received Idle Channel Noise Information”; United States Patent No. 8,238,412 (the “412 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; United States Patent No. 8,432,956 (the “956 patent”), which is entitled “Multicarrier Modulation Messaging for Power Level per Subchannel Information”; and United States Patent No. 8,611,404 (the “404 patent”), which is entitled “Multicarrier Transmission System with Low Power Sleep Mode and Rapid-On Capability.” On September 9, 2015, TQ Delta filed a first amended complaint that added allegations of infringement of United States Patent No. 9,094,268 (the “268 patent”), which is entitled “Multicarrier Transmission System With Low Power Sleep Mode and Rapid-On Capability.”

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

~~On May 16, 2016,~~ TQ Delta ~~filed a second amended complaint that added us Corporation and our then wholly-owned subsidiary EchoStar Technologies L.L.C. as defendants. TQ Delta alleges that our satellite TV service~~, Internet service, set-top boxes, gateways, routers, modems, adapters and networks that operate in accordance with one or more Multimedia over Coax Alliance Standards infringe the asserted patents. TQ Delta has filed actions in the same court alleging infringement of the same patents against Comcast Corp., Cox Communications, Inc., DirecTV, Time Warner Cable Inc. and Verizon Communications, Inc. TQ Delta is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.LLC

On May 16, 2016, TQ Delta filed a second amended complaint that added us, and our then wholly-owned subsidiary EchoStar Technologies L.L.C. as defendants. TQ Delta alleges that our satellite TV service, Internet service, set-top boxes, gateways, routers, modems, adapters and networks that operate in accordance with one or more Multimedia over Coax Alliance Standards infringe the asserted patents. TQ Delta has filed actions in the same court alleging infringement of the same patents against Comcast Corp., Cox Communications, Inc., DirecTV, Time Warner Cable Inc. and Verizon Communications, Inc. TQ Delta is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On July 14, 2016, TQ Delta stipulated to dismiss with prejudice all claims related to the 369 patent and the 956 patent. On July 20, 2016, DISH Network filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims of the 404 patent and the 268 patent that have been asserted against DISH Network. Third parties filed petitions with the United States Patent and Trademark Office challenging the validity of all of the patent claims that have been asserted against us in the action. On November 4, 2016, the United States Patent and Trademark Office agreed to institute proceedings on the third-party petitions related to the 158 patent, the 243 patent, the 412 patent and the 430 patent. On December 20, 2016, pursuant to a stipulation of the parties, the Court stayed the case until the resolution of all petitions to the United States Patent and Trademark Office challenging the validity of all of the patent claims at issue. On January 19, 2017, the United States Patent and Trademark Office granted DISH Network’s motions to join the instituted petitions on the 430 and 158 patents.

On February 9, 2017, the United States Patent and Trademark Office agreed to institute proceedings on DISH Network’s petition related to the 404 patent, and on February 13, 2017, the United States Patent and Trademark Office agreed to institute proceedings on our petition related to the 268 patent. On February 27, 2017, the United States Patent and Trademark Office granted DISH Network’s motions to join the instituted petitions on the 243 and 412 patents. On October 26, 2017, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 158 patent, the 243 patent, the 412 patent and the 430 patent, and it invalidated all of the asserted claims of those patents.

On February 7, 2018, the United States Patent and Trademark Office issued final written decisions on the petitions challenging the 404 patent, and it invalidated all of the asserted claims of that patent on the basis of DISH Network’s petition. On February 10, 2018, the United States Patent and Trademark Office issued a final written decision on DISH Network’s petition challenging the 268 patent, and it invalidated all of the asserted claims.51

On March 12, 2018, the United States Patent and Trademark Office issued a final written decision on a third-party petition challenging the 268 patent, and it invalidated all of the asserted claims. TQ Delta filed notices of appeal from the final written decisions adverse to it. On May 9, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the 430 patent and the 412 patent. On July 10, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 404 patent. On July 15, 2019, the United States Court of Appeals for the Federal Circuit affirmed the invalidity of the asserted claims of the 268 patent. On November 22, 2019, the United States Court of Appeals for the Federal Circuit reversed the invalidity finding on the 243 patent and the 158 patent, and then, on March 29, 2020, denied a petition for panel rehearing as to those findings. On April 13, 2021, the Court lifted the stay, and the case is proceeding on the 243 patent and the 158 patent. On April 23 and April 26, 2021, the United States Patent and Trademark Office issued orders granting requests for ex parte reexamination of, respectively, the 243 patent and the 158 patent, but on July 27, 2023 and October 11, 2023, respectively, the United States Patent and Trademark Office confirmed the challenged claims of the 243 patent and the 158 patent. In a proposed supplemental report, TQ Delta’s damages expert contends that TQ Delta is entitled to $251 million in damages.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Uniloc 2017 LLC

On January 31, 2019, Uniloc 2017 LLC (“Uniloc”) filed a complaint against our wholly-owned subsidiary Sling TV L.L.C. in the United States District Court for the District of Colorado. The Complaint alleges infringement of United States Patent No. 6,519,005 (the “005 patent”), which is entitled “Method of Concurrent Multiple-Mode Motion Estimation for Digital Video”; United States Patent No. 6,895,118 (the “118 patent”), which is entitled “Method of Coding Digital Image Based on Error Concealment”; United States Patent No. 9,721,273 (the “273 patent”), which is entitled “System and Method for Aggregating and Providing Audio and Visual Presentations Via a Computer Network”); and United States Patent No. 8,407,609 (the “609 patent”), which is entitled “System and Method for Providing and Tracking the Provision of Audio and Visual Presentations Via a Computer Network.” Uniloc is an entity that seeks to license an acquired patent portfolio without itself practicing any of the claims recited therein.

On June 25, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 005 patent. On July 19, 2019 and July 22, 2019, respectively, Sling TV L.L.C. filed petitions with the United States Patent and Trademark Office challenging the validity of all asserted claims of the 273 patent and the 609 patent. On August 12, 2019, Sling TV L.L.C. filed a petition with the United States Patent and Trademark Office challenging the validity of all of the asserted claims of the 118 patent. On October 18, 2019, pursuant to a stipulation of the parties, the Court entered a stay of the trial proceedings.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On January 9, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 005 patent. On January 15, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 273 patent. On February 4, 2020, the United States Patent and Trademark Office agreed to institute proceedings on the petition challenging the 609 patent. On February 25, 2020, the United States Patent and Trademark Office declined to institute proceedings on the petition challenging the 118 patent.

On December 28, 2020, the United States Patent and Trademark Office issued a final written decision upholding the validity of the challenged claims of the 273 patent. Sling TV L.L.C. appealed that decision to the United States Court of Appeals for the Federal Circuit, and on February 2, 2022, the Federal Circuit vacated the final written decision and remanded to the United States Patent and Trademark Office to reconsider its ruling. On remand, on September 7, 2022, the United States Patent and Trademark Office issued a revised final written decision finding all challenged claims of the 273 patent invalid. Uniloc filed a notice of appeal of that revised final written decision to the United States Court of Appeals for the Federal Circuit, and on September 4, 2024, that court affirmed the United States Patent and Trademark Office’s invalidity finding.

On January 5, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 005 patent. On January 19, 2021, the United States Patent and Trademark Office issued a final written decision invalidating all challenged claims of the 609 patent (and a second final written decision invalidating all challenged claims of the 609 patent based on a third party’s petition). Uniloc did not appeal those decisions. Thus, the sole remaining asserted patent is the 118 patent.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

Universal Service Administrative Company

On April 3, 2023, the Universal Service Administrative Company (“USAC”) notified our wholly-owned subsidiary DISH Wireless that it intended to seek to recover funds in the amount of $13.9 million disbursed under the Emergency Broadband Benefit Program (“EBBP”) and Affordable Connectivity Program (“ACP”) rules. We appealed this action and the USAC denied our appeal in October 2023. We appealed USAC's action to the FCC's Wireline Competition Bureau, which denied our appeal on January 17, 2025.

We will continue to appeal USAC's action. We cannot predict with any degree of certainty the outcome of our appeals or determine the extent of any potential liability or damages.

U.S. Bank Trust Company

On April 26, 2024, U.S. Bank Trust Company, in its capacity as Trustee under the Indentures for DISH DBS Corporation’s 5.75% Senior Secured Notes due 2028 and 7.75% Senior Notes due 2026, filed an action in state court in New York City against DISH DBS Corporation, DISH Network L.L.C., EchoStar Intercompany Receivable Company L.L.C., DISH DBS Issuer LLC, and DBS Intercompany Receivable L.L.C. In its complaint, the Trustee contends that certain intracompany asset transfers in January 2024 breached the Indentures for those Notes, and that the transfers were intentional and constructive fraudulent transfers under the Colorado Uniform Fraudulent Transfer Act. The Trustee seeks a declaratory judgment that DISH DBS Corporation breached the Indentures and that an Event of Default occurred under the DBS Indentures. It further asks the Court to unwind certain intracompany asset transfers and to award damages. On May 13, 2024, the defendants removed the case to the United States District Court for the Southern District of New York and, on June 28, 2024, filed a motion to dismiss the complaint. Rather than opposing the motion, on July 18, 2024, the Trustee filed a first amended complaint, which added a new declaratory judgment claim challenging certain intercompany advances and new factual allegations challenging a certification of compliance with the DBS Indentures. On January 22, 2025, with permission from the Court, the Trustee filed a second amended complaint, which added allegations regarding the debt issued by DBS SubscriberCo, a related intercompany loan, and the DIRECTV transaction.

~~We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.~~53

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

On May 13, 2024, the defendants removed the case to the United States District Court for the Southern District of New York and, on June 28, 2024, filed a motion to dismiss the complaint. Rather than opposing the motion, on July 18, 2024, the Trustee filed a first amended complaint, which added a new declaratory judgment claim challenging certain intercompany advances and new factual allegations challenging a certification of compliance with the DBS Indentures. On January 22, 2025, with permission from the Court, the Trustee filed a second amended complaint, which added allegations regarding the debt issued by DBS SubscriberCo, a related intercompany loan, and the DIRECTV transaction.

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of the suit or determine the extent of any potential liability or damages.

Vermont National Telephone Company

On September 23, 2016, the United States District Court for the District of Columbia unsealed a qui tam complaint that, on May 13, 2015, Vermont National filed against our wholly-owned subsidiaries, DISH Network, American AWS-3 Wireless I L.L.C., American II, American III, and DISH Wireless Holding L.L.C.; Charles W. Ergen (our Chairman) and Cantey M. Ergen (a member of our Board of Directors); Northstar Wireless; Northstar Spectrum; Northstar Manager; SNR Wireless; SNR HoldCo; SNR Management; and certain other parties. The complaint alleges violations of the federal civil False Claims Act (the “FCA”) based on, among other things, allegations that Northstar Wireless and SNR Wireless falsely claimed bidding credits of 25% in the AWS-3 Auction when they were allegedly under the de facto control of DISH Network and, therefore, were not entitled to the bidding credits as designated entities under applicable FCC rules. Vermont National participated in the AWS-3 Auction through its wholly-owned subsidiary, VTel Wireless. The complaint was unsealed after the United States Department of Justice notified the District Court that it had declined to intervene in the action. Vermont National seeks to recover on behalf of the United States government approximately $10 billion, which reflects the $3.3 billion in bidding credits that Northstar Wireless and SNR Wireless claimed in the AWS-3 Auction, trebled under the FCA. Vermont National also seeks civil penalties of not less than $5,500 and not more than $11,000 for each violation of the FCA. On March 2, 2017, the United States District Court for the District of Columbia entered a stay of the litigation until such time as the United States Court of Appeals for the District of Columbia (the “D.C. Circuit”) issued its opinion in SNR Wireless LicenseCo, LLC, et al. v. F.C.C. The D.C. Circuit issued its opinion on August 29, 2017 and remanded the matter to the FCC for further proceedings.

Thereafter, the District Court maintained the stay until October 26, 2018. On February 11, 2019, the District Court granted Vermont National’s unopposed motion for leave to file an amended complaint. On March 28, 2019, the defendants filed a motion to dismiss Vermont National’s amended complaint, and on March 23, 2021, the District Court granted the motion to dismiss. On April 21, 2021, Vermont National filed a notice of appeal to the United States Court of Appeals for the DC Circuit and, on May 17, 2022, that court reversed the District Court’s dismissal of the complaint. On June 16, 2022, the Defendants-Appellees filed a petition for rehearing or rehearing en banc, but on August 17, 2022, that petition was denied.

On August 25, 2023, the FCC provided a sworn declaration stating that “the FCC considers … SNR and Northstar to have fully and timely satisfied their obligations to pay money to the Government arising from the AWS-3 Auction.” On that basis, on September 22, 2023, the Defendants filed a motion seeking partial summary judgment of no damages. On September 26, 2023, the Court denied the motion as premature. On March 8, 2024, the United States filed a motion to exercise its statutory prerogative to intervene in the case for the purpose of moving to dismiss it with prejudice, stating that the case is “unlikely to vindicate the United States’ interests and would needlessly expend the Government’s and this Court’s resources.” In a report and recommendation issued on April 7, 2025, a magistrate judge recommended that the government’s motion be granted. Vermont National’s objections to that recommendation have been fully briefed to the Court.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

We intend to vigorously defend this case. We cannot predict with any degree of certainty the outcome of this proceeding or determine the extent of any potential liability or damages.

Other

In addition to the above actions, we are subject to various other legal proceedings and claims that arise in the ordinary course of business, including, among other things, disputes with programmers regarding fees. In our opinion, the amount of ultimate liability with respect to any of these actions is unlikely to materially affect our financial condition, results of operations or liquidity, though the outcomes could be material to our operating results for any particular period, depending, in part, upon the operating results for such period.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

11.Segment Reporting

Our reportable segments are strategic business units managed separately based on different business strategies, services and products.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. “OIBDA,” defined as “Operating income (loss)” plus “Depreciation and amortization,” is the primary measure used by our CODM to evaluate segment operating performance. The CODM regularly reviews budget-to-actual variances of OIBDA when evaluating segment performance and allocating resources to each segment.

We currently operate three primary business segments: (1) Pay-TV; (2) Wireless; and (3) Broadband and Satellite Services. See Note 1 for further information. Our Pay-TV segment revenue is primarily derived from Pay-TV subscriber revenue. Our Wireless segment revenue is primarily derived from Wireless subscriber revenue and selling wireless devices to subscribers. Our Broadband and Satellite Services segment revenue is primarily derived from Broadband subscriber revenue, broadband services revenue and communications equipment sales and leases.

All other and eliminations primarily include intersegment eliminations related to intercompany revenue and the related expense, which are eliminated in consolidation.

The CODM is not regularly provided assets on a segment basis; therefore, such information is not presented.

51The revenue, expense, operating income (loss) and OIBDA by segment were as follows:

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts presented.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The revenue, expense, operating income (loss) and OIBDA by segment were as follows:

The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. Intersegment expenses are included within the amounts presented.


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,444,851	$	823,721	$	271,535	$	—	$	3,540,107
Equipment sales and other revenue		13,638		110,647		60,567		—		184,852
Intersegment revenue		3,760		263		7,678		(11,701)		—
Total revenue		2,462,249		934,631		339,780		(11,701)		3,724,959

Operating Expenses
Cost of services:
Programming		1,179,987		—		—		—		1,179,987
Connectivity services (1)		52,652		636,680		50,180		(2,315)		737,197
Other (2)		316,332		164,501		65,052		(1,438)		544,447
Total cost of services		1,548,971		801,181		115,232		(3,753)		2,461,631
Cost of sales - equipment and other		9,446		282,045		63,551		(855)		354,187
Selling, general and administrative expenses:
Subscriber acquisition costs		87,606		204,810		44,924		(1,389)		335,951
Selling, general and administrative expenses		152,849		98,575		48,374		(6,255)		293,543
Total selling, general and administrative expenses		240,455		303,385		93,298		(7,644)		629,494

OIBDA (3)		663,377		(451,980)		67,699		551		279,647

Depreciation and amortization		67,825		320,968		104,437		(175)		493,055
Total costs and expenses		1,866,697		1,707,579		376,518		(12,427)		3,938,367

Operating income (loss)	$	595,552	$	(772,948)	$	(36,738)	$	726		(213,408)

Unallocated Amounts
Interest income										65,369
Interest expense, net of amounts capitalized										(279,232)
Other, net										35,137
Income (loss) before income taxes									$	(392,134)


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total
	(In thousands)
For the Three Months Ended March 31, 2025
Revenue
Revenue from external customers:
Service revenue	$	2,521,552	$	809,607	$	274,997	$	—	$	3,606,156
Equipment sales and other revenue		12,955		162,124		88,523		—		263,602
Intersegment revenue		4,220		1,044		7,138		(12,402)		—
Total Revenue		2,538,727		972,775		370,658		(12,402)		3,869,758

Operating Expenses
Cost of services:
Programming		1,216,422		—		—		—		1,216,422
Connectivity services (1)		54,134		622,068		49,159		(2,183)		723,178
Other (2)		286,080		144,132		63,966		(1,580)		492,598
Total cost of services		1,556,636		766,200		113,125		(3,763)		2,432,198
Cost of sales - equipment and other		9,672		349,245		81,734		(1,143)		439,508
Selling, general and administrative expenses:
Subscriber acquisition costs		86,513		190,485		46,432		(889)		322,541
Selling, general and administrative expenses		156,033		81,909		43,664		(6,296)		275,310
Total selling, general and administrative expenses		242,546		272,394		90,096		(7,185)		597,851

OIBDA (3)		729,873		(415,064)		85,703		(311)		400,201

Depreciation and amortization		76,443		307,238		104,898		(246)		488,333
Total costs and expenses		1,885,297		1,695,077		389,853		(12,337)		3,957,890

Operating income (loss)	$	653,430	$	(722,302)	$	(19,195)	$	(65)		(88,132)

Unallocated Amounts
Interest income										65,529
Interest expense, net of amounts capitalized										(286,055)
Other, net										41,390
Income (loss) before income taxes									$	(267,268)

(1)	“Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud-based service, satellite and transmission, and other related costs.

(1) “Connectivity services” is the cost to deliver our services and products to customers, which includes, among other things, network, transport and data, cloud based service, satellite and transmission, and other related costs.

(2)	“Other” primarily consists of variable costs including call center, manufacturing, dealer incentive, bad debt, billing and other variable costs, as well as costs to retain our subscribers.

(3)

OIBDA is a non-GAAP measure and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total

	(In thousands)
For the Three Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	2,656,580	$	785,140	$	300,366	$	—	$	3,742,086
Equipment sales and other revenue		17,379		107,452		85,834		—		210,665
Intersegment revenue		2,325		136		7,811		(10,272)		—
Total revenue		2,676,284		892,728		394,011		(10,272)		3,952,751

Operating Expenses
Cost of services:
Programming		1,259,042		—		—		—		1,259,042
Connectivity services		54,504		619,855		52,760		(2,144)		724,975
Other		325,137		125,649		73,490		(815)		523,461
Total cost of services		1,638,683		745,504		126,250		(2,959)		2,507,478
Cost of sales - equipment and other		17,837		312,983		78,409		(1,136)		408,093
Selling, general and administrative expenses:
Subscriber acquisition costs		102,635		147,308		48,690		(583)		298,050
Selling, general and administrative expenses		164,128		81,372		58,270		(6,796)		296,974
Total selling, general and administrative expenses		266,763		228,680		106,960		(7,379)		595,024

OIBDA		753,001		(394,439)		82,392		1,202		442,156

Depreciation and amortization		85,249		305,863		116,978		(565)		507,525
Total costs and expenses		2,008,532		1,593,030		428,597		(12,039)		4,018,120

Operating income (loss)	$	667,752	$	(700,302)	$	(34,586)	$	1,767		(65,369)

Unallocated Amounts
Interest income										13,929
Interest expense, net of amounts capitalized										(81,166)
Other, net										(91,498)
Income (loss) before income taxes									$	(224,104)


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total
	(In thousands)
For the Three Months Ended March 31, 2024
Revenue
Revenue from external customers:
Service revenue	$	2,699,525	$	804,265	$	315,883	$	—	$	3,819,673
Equipment sales and other revenue		24,861		109,547		60,762		—		195,170
Intersegment revenue		2,192		194		5,941		(8,327)		—
Total Revenue		2,726,578		914,006		382,586		(8,327)		4,014,843

Operating Expenses
Cost of services:
Programming		1,284,830		—		—		—		1,284,830
Connectivity services		57,197		641,642		49,358		(813)		747,384
Other		322,418		122,466		80,822		(738)		524,968
Total cost of services		1,664,445		764,108		130,180		(1,551)		2,557,182
Cost of sales - equipment and other		16,992		289,542		56,634		(85)		363,083
Selling, general and administrative expenses:
Subscriber acquisition costs		120,753		141,738		53,434		(776)		315,149
Selling, general and administrative expenses		168,878		82,114		63,051		(4,770)		309,273
Total selling, general and administrative expenses		289,631		223,852		116,485		(5,546)		624,422

OIBDA		755,510		(363,496)		79,287		(1,145)		470,156

Depreciation and amortization		85,402		281,672		118,841		(515)		485,400
Total costs and expenses		2,056,470		1,559,174		422,140		(7,697)		4,030,087

Operating income (loss)	$	670,108	$	(645,168)	$	(39,554)	$	(630)		(15,244)

Unallocated Amounts
Interest income										30,462
Interest expense, net of amounts capitalized										(99,408)
Other, net										(26,110)
Income (loss) before income taxes									$	(110,300)

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2025
Revenue
Revenue from external customers:
Service revenue	$	4,966,403	$	1,633,328	$	546,532	$	—	$	7,146,263
Equipment sales and other revenue		26,593		272,771		149,090		—		448,454
Intersegment revenue		7,980		1,307		14,816		(24,103)		—
Total revenue		5,000,976		1,907,406		710,438		(24,103)		7,594,717

Operating Expenses
Cost of services:
Programming		2,396,409		—		—		—		2,396,409
Connectivity services		106,786		1,258,748		99,339		(4,498)		1,460,375
Other		602,412		308,633		129,018		(3,018)		1,037,045
Total cost of services		3,105,607		1,567,381		228,357		(7,516)		4,893,829
Cost of sales - equipment and other		19,118		631,290		145,285		(1,998)		793,695
Selling, general and administrative expenses:
Subscriber acquisition costs		174,119		395,295		91,356		(2,278)		658,492
Selling, general and administrative expenses		308,882		180,484		92,038		(12,551)		568,853
Total selling, general and administrative expenses		483,001		575,779		183,394		(14,829)		1,227,345

OIBDA		1,393,250		(867,044)		153,402		240		679,848

Depreciation and amortization		144,268		628,206		209,335		(421)		981,388
Total costs and expenses		3,751,994		3,402,656		766,371		(24,764)		7,896,257

Operating income (loss)	$	1,248,982	$	(1,495,250)	$	(55,933)	$	661		(301,540)

Unallocated Amounts
Interest income										130,898
Interest expense, net of amounts capitalized										(565,287)
Other, net										76,527
Income (loss) before income taxes									$	(659,402)

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)

The purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) by segment were as follows:


	Pay-TV		Wireless		Broadband and Satellite Services		Eliminations		Consolidated Total

	(In thousands)
For the Six Months Ended June 30, 2024
Revenue
Revenue from external customers:
Service revenue	$	5,356,105	$	1,589,401	$	616,249	$	—	$	7,561,755
Equipment sales and other revenue		42,240		217,003		146,596		—		405,839
Intersegment revenue		4,517		330		13,752		(18,599)		—
Total revenue		5,402,862		1,806,734		776,597		(18,599)		7,967,594

Operating Expenses
Cost of services:
Programming		2,543,872		—		—		—		2,543,872
Connectivity services		111,701		1,261,497		102,118		(2,957)		1,472,359
Other		647,555		248,115		154,312		(1,553)		1,048,429
Total cost of services		3,303,128		1,509,612		256,430		(4,510)		5,064,660
Cost of sales - equipment and other		34,829		602,525		135,043		(1,221)		771,176
Selling, general and administrative expenses:
Subscriber acquisition costs		223,388		289,046		102,124		(1,359)		613,199
Selling, general and administrative expenses		333,006		163,486		121,321		(11,566)		606,247
Total selling, general and administrative expenses		556,394		452,532		223,445		(12,925)		1,219,446

OIBDA		1,508,511		(757,935)		161,679		57		912,312

Depreciation and amortization		170,651		587,535		235,819		(1,080)		992,925
Total costs and expenses		4,065,002		3,152,204		850,737		(19,736)		8,048,207

Operating income (loss)	$	1,337,860	$	(1,345,470)	$	(74,140)	$	1,137		(80,613)

Unallocated Amounts
Interest income										44,391
Interest expense, net of amounts capitalized										(180,574)
Other, net										(117,608)
Income (loss) before income taxes									$	(334,404)


	Pay-TV		Wireless		Broadband and Satellite Services		Total
	(In thousands)
For the Three Months Ended March 31, 2025
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)	$	62,388	$	283,993	$	32,103	$	378,484

For the Three Months Ended March 31, 2024
Purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations)	$	57,912	$	549,173	$	70,611	$	677,696

~~The revenue from external customers disaggregated by major revenue source was as follows:~~59

Table of Contents

ECHOSTAR CORPORATION

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - Continued

(Unaudited)


	For the Three Months Ended
	March 31,
Category:	2025		2024
	(In thousands)
Pay-TV subscriber and related revenue	$	2,524,352	$	2,701,179
Wireless services and related revenue		809,607		804,270
Broadband and satellite services and other revenue		276,944		317,120
Pay-TV equipment sales and other revenue		14,375		25,399
Wireless equipment sales and other revenue		163,168		109,736
Broadband equipment and other revenue		93,714		65,466
Eliminations		(12,402)		(8,327)
Total	$	3,869,758	$	4,014,843

The purchases of property and equipment, net of refunds, (including capitalized interest related to regulatory authorizations) by segment were as follows:

Pay-TV

Wireless

Broadband and Satellite Services

Total

(In thousands)

For the Three Months Ended June 30, 2025

Filing Compare · EchoStar CORP