回声星通信 2025年季度报告

Form10-Q (Mark One) OR Commission File Number:001-33807 Securities registered pursuant to Section12(b)of the Act: Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file suchreports), and (2)has been subject to such filing requirements for the past 90days.Yes⌧No◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period thatthe 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 smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company” and “emerging growth company” in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.◻ As of April30, 2025, the registrant’s outstanding common stock consisted of156,030,172shares of ClassA common stock and131,348,468shares of ClassB common stock. TABLE OF CONTENTS PARTI— FINANCIAL INFORMATIONDisclosure Regarding Forward-Looking StatementsiItem 1.Financial Statements1Condensed Consolidated Balance Sheets1Condensed Consolidated Statements of Operations and ComprehensiveIncome (Loss)2Condensed Consolidated Statements of Changes in Stockholders’ Equity(Deficit)3Condensed Consolidated Statements of Cash Flows4Notes to Condensed Consolidated Financial Statements5Item 2.Management’s Discussion and Analysis of Financial Condition and Results ofOperations59Item 3.Quantitative and Qualitative Disclosures About Market Risk88Item 4.Controls and Procedures88PART II — OTHER INFORMATIONItem 1.Legal Proceedings88Item1A.Risk Factors88Item 2.Unregistered Sales of Equity Securities and Use of Proceeds89Item 3.Defaults Upon Senior SecuritiesNoneItem 4.Mine Safety DisclosuresNoneItem 5.Other Information89Item 6.Exhibits90Signatures91 PARTI— 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, “DISHNetwork” refers to DISH Network Corporation, our wholly owned subsidiary, and itssubsidiaries, and “DISH DBS” refers to DISH DBS Corporation, a wholly - owned, indirectsubsidiary of DISH Network, and its subsidiaries. This Quarterly Report on Form10-Q contains “forward-looking statements” within themeaning of the Private Securities Litigation Reform Act of 1995, including, in particular,statements about our plans, objectives and strategies, growth opportunities in our industriesand businesses, our expectations regarding future results, financial condition, liquidity andcapital requirements, our estimates regarding the impact of regulatory developments andlegal proceedings, and other trends and projections. Forward-looking statements are nothistorical 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 tous as of the date of this Quarterly Report on Form10-Q and represent management’scurrent views and assumptions. Forward-looking statements are not guarantees of futureperformance, events or results and involve known and unknown risks, uncertainties andother factors, which may be beyond our control. Accordingly, actual performance, events orresults could differ materially from those expressed or implied in the forward-lookingstatements due to a number of factors, including, but not limited to, those summarizedbelow: SUMMARY OF RISK FACTORS Competition and Economic Risks ●We face intense and increasing competition from providers of video, broadbandand/or wireless services. Changing consumer behavior and new technologies in ourPay-TV and/or Wireless business may reduce our subscriber activations and maycause our subscribers to purchase fewer services from us or to cancel our servicesaltogether, resulting in less revenue to us.●We face certain risks competing in the wireless services industry and operating afacilities-based wireless services business.●Our pay-TV competitors may be able to leverage their relationships withprogrammers to reduce their programming costs and/or offer exclusive content thatwill place them at a competitive advantage to us.●Through the MNSA and the