Exhibit 99.1

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2023

Englewood, CO, August 8, 2023—EchoStar Corporation (Nasdaq: SATS) announced its financial results for the three and six months ended June 30, 2023.

Three Months Ended June 30, 2023 Financial Highlights:

•Consolidated revenue of $453.1 million.
•Net income of $9.1 million, consolidated net income attributable to EchoStar common stock of $11.2 million, and basic and diluted earnings per share of common stock of $0.13.
•Consolidated Adjusted EBITDA of $153.3 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).
•Cash, cash equivalents and current marketable investment securities were $1.9 billion as of June 30, 2023, up from $1.7 billion as of March 31, 2023.

Six months ended June 30, 2023 Financial Highlights:

•Consolidated revenue of $892.7 million.
•Net income of $36.9 million, consolidated net income attributable to EchoStar common stock of $40.2 million, and basic and diluted earnings per share of common stock of $0.48.
•Consolidated Adjusted EBITDA of $288.2 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

“In the second quarter of 2023, the EchoStar team once again delivered a strong performance, ending the quarter with the delivery of the JUPITER 3/EchoStar XXIV satellite to the launch base as scheduled,” said Hamid Akhavan, CEO and President of EchoStar. “While optimizing existing assets and pursuing new avenues of growth, the team also planned the JUPITER 3 launch mission in record time – executing it flawlessly and setting us on the path to future growth.”

Three Months Ended June 30, 2023 - Additional Information:

•Consolidated revenue decreased 9.3% or $46.2 million year over year. The decrease was driven by lower service revenues of $43.2 million partially due to fewer broadband customers. Equipment revenue decreased $3.0 million, primarily due to lower sales to both domestic and international enterprise customers, partially offset by an increase in sales to our mobile satellite system customers and positive adjustments on profit margin on long-term contracts.

•Net income decreased $1.4 million year over year. The decrease was primarily due to an impairment of a certain equity investment of $33.4 million and higher income tax expense of $13.4 million. These items were partially offset by a favorable change in investment losses of $17.1 million, higher interest income of $14.5 million, $6.9 million in foreign exchange gains and $6.7 million in other income due to gain on the repayment from other debt securities.
•Adjusted EBITDA decreased 8.6% or $14.5 million year over year.
◦Hughes segment Adjusted EBITDA decreased $11.3 million year over year. The decrease was driven primarily by lower service and equipment revenue, partially offset by lower sales and marketing expense from our broadband consumer business.
◦ESS segment Adjusted EBITDA increased $1.0 million year over year, primarily due to higher revenue.
◦Corporate and Other Adjusted EBITDA decreased $4.2 million year over year, primarily due to higher corporate expenses.
•Hughes broadband subscribers totaled approximately 1,122,000, declining 106,000 from December 31, 2022. Our current capacity limitations, increasing bandwidth usage by
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approximately 16% year on year on average by our existing U.S subscribers, and competitive pressures are impacting our consumer subscriber levels. In Latin America, subscriber levels were tempered by our focus on more profitable consumer segments and by our allocation of capacity to enterprise opportunities.
•For the three months ended June 30, 2023, approximately 41% of Hughes segment revenue was attributable to our enterprise customers, increasing from 37% in the same period last year.

•The JUPITER 3/EchoStar XXIV satellite shipped to the launch site in June and subsequently launched successfully on July 28, 2023. Currently, the satellite is being raised to its orbit, 22,236 miles (35,786 kilometers) above the Earth and to its destination at the 95 degrees west orbital slot. It will undergo extensive bus and payload testing before beginning service in the fourth quarter of this year.
Set forth below is a table highlighting certain of EchoStar’s segment results for the three and six months ended June 30, 2023 and 2022 (amounts in thousands) (all US GAAP amounts reference results from operations):
For the three months ended June 30,For the six months ended June 30,
 2023202220232022
Revenue
Hughes$444,335 $491,841 $875,530 $985,947 
EchoStar Satellite Services6,120 4,850 12,117 9,324 
Corporate and Other2,654 2,625 5,059 5,579 
Total revenue$453,109 $499,316 $892,706 $1,000,850 
Net income (loss)$9,085 $10,473 $36,905 $99,418 
Adjusted EBITDA
Hughes$171,114 $182,423 $325,277 $366,710 
EchoStar Satellite Services4,563 3,521 9,218 6,212 
Corporate & Other(22,423)(18,216)(46,254)(39,305)
Total Adjusted EBITDA$153,254 $167,728 $288,241 $333,617 
Expenditures for property and equipment, net of refunds and other receipts$49,016 $75,779 $93,087 $187,917 

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Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):
For the three months ended June 30,For the six months ended June 30,
2023202220232022
Net income (loss)$9,085 $10,473 $36,905 $99,418 
Interest income, net(23,526)(9,072)(52,122)(15,494)
Interest expense, net of amounts capitalized13,240 14,307 26,526 29,280 
Income tax provision (benefit), net18,773 5,390 30,233 38,172 
Depreciation and amortization105,588 116,555 208,446 236,991 
Net loss (income) attributable to non-controlling interests2,072 3,395 3,293 5,883 
EBITDA$125,232 $141,048 $253,281 $394,250 
(Gains) losses on investments, net5,485 22,538 12,594 (58,148)
Foreign currency transaction (gains) losses, net(3,258)3,642 (6,571)(2,752)
Impairment of long-lived assets— 711 3,142 711 
Other-than-temporary impairment losses on equity method investments33,400 — 33,400 — 
Gain on repayment of other debt securities(7,605)— (7,605)— 
License fee dispute - India, net of non-controlling interests— (211)— (444)
Adjusted EBITDA$153,254 $167,728 $288,241 $333,617 

Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income (loss)” excluding “Interest income, net,” “Interest expense, net of amounts capitalized,” “Income tax benefit (provision), net,” “Depreciation and amortization,” and “Net income (loss) attributable to non-controlling interests.”

Adjusted EBITDA is defined as EBITDA excluding Gains and losses on investments, net, Foreign currency transaction gains (losses), net, and other non-recurring or non-operational items.

EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled to Net income (loss) in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors.

Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.

The consolidated financial statements of EchoStar for the periods ended June 30, 2023 and 2022 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the period ended June 30, 2023 filed today with the Securities and Exchange Commission.

EchoStar will host a webcast to discuss its earnings on Tuesday, August 8, 2023 at 11:00 a.m. Eastern Time. The webcast will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To participate via telephone and ask a question, participants must register using an online form found at: https://register.vevent.com/register/BIe20855193e2544169ac34ab8964798ff.

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About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier technology and networking services provider offering consumer, enterprise, operator and government solutions worldwide under its Hughes®, HughesNet® and EchoStar® brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the Company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on social media.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2022 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

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Contact Information:
EchoStar Investor Relations
EchoStar Media Relations
Samantha Whirley
Phone: +1 301-601-6451
Email: ir@echostar.com
Sharyn Nerenberg
Phone: +1 301-428-7124
Email: sharyn.nerenberg@echostar.com
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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(In thousands, except share and per share amounts)
 As of
 June 30, 2023December 31, 2022
(unaudited)
Assets
Current assets:
Cash and cash equivalents$702,055 $704,541 
Marketable investment securities1,211,407 973,915 
Trade accounts receivable and contract assets, net238,967 236,479 
Other current assets, net244,347 210,446 
Total current assets2,396,776 2,125,381 
Non-current assets:  
Property and equipment, net2,168,376 2,237,617 
Operating lease right-of-use assets144,055 151,518 
Goodwill533,295 532,491 
Regulatory authorizations, net460,310 462,531 
Other intangible assets, net14,582 15,698 
Other investments, net193,432 356,705 
Other non-current assets, net326,218 317,062 
Total non-current assets3,840,268 4,073,622 
Total assets$6,237,044 $6,199,003 
Liabilities and Stockholders' Equity
Current liabilities:
Trade accounts payable$91,118 $101,239 
Contract liabilities107,977 121,739 
Accrued expenses and other current liabilities199,086 199,853 
Total current liabilities398,181 422,831 
Non-current liabilities:
Long-term debt, net1,497,187 1,496,777 
Deferred tax liabilities, net432,877 424,621 
Operating lease liabilities128,374 135,932 
Other non-current liabilities109,299 119,787 
Total non-current liabilities2,167,737 2,177,117 
Total liabilities2,565,918 2,599,948 
Commitments and contingencies













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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(In thousands, except share and per share amounts)


Stockholders' equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both June 30, 2023 and December 31, 2022
— — 
Common stock, $0.001 par value, 4,000,000,000 shares authorized:
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 59,474,291 shares issued and 36,160,980 shares outstanding at June 30, 2023 and 58,604,927 shares issued and 35,291,616 shares outstanding at December 31, 2022
59 59 
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both June 30, 2023 and December 31, 2022
48 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2023 and December 31, 2022
— — 
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2023 and December 31, 2022
— — 
Additional paid-in capital3,379,997 3,367,058 
Accumulated other comprehensive income (loss)(153,874)(172,239)
Accumulated earnings (losses)873,715 833,517 
Treasury shares, at cost, 23,313,311 at both June 30, 2023 and December 31, 2022
(525,824)(525,824)
Total EchoStar Corporation stockholders' equity3,574,121 3,502,619 
Non-controlling interests97,005 96,436 
Total stockholders' equity3,671,126 3,599,055 
Total liabilities and stockholders' equity$6,237,044 $6,199,003 
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ECHOSTAR CORPORATION
Consolidated Statements of Operations
(Unaudited, in thousands, except per share amounts)

 For the three months ended June 30,For the six months ended June 30,
 2023202220232022
Revenue:
Services and other revenue$371,510 $414,697 $749,037 $833,508 
Equipment revenue81,599 84,619 143,669 167,342 
Total revenue453,109 499,316 892,706 1,000,850 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)132,724 144,235 268,096 285,364 
Cost of sales - equipment (exclusive of depreciation and amortization)56,162 70,054 107,824 139,168 
Selling, general and administrative expenses107,420 113,091 217,481 231,261 
Research and development expenses6,842 8,764 15,097 16,381 
Depreciation and amortization105,588 116,555 208,446 236,991 
Impairment of long-lived assets— 711 3,142 711 
Total costs and expenses408,736 453,410 820,086 909,876 
Operating income (loss)44,373 45,906 72,620 90,974 
Other income (expense):
Interest income, net23,526 9,072 52,122 15,494 
Interest expense, net of amounts capitalized(13,240)(14,307)(26,526)(29,280)
Gains (losses) on investments, net(5,485)(22,538)(12,594)58,148 
Equity in earnings (losses) of unconsolidated affiliates, net(546)(1,301)(1,097)(3,015)
Other-than-temporary impairment losses on equity method investments(33,400)— (33,400)— 
Foreign currency transaction gains (losses), net3,258 (3,642)6,571 2,752 
Other, net9,372 2,673 9,442 2,517 
Total other income (expense), net(16,515)(30,043)(5,482)46,616 
Income (loss) before income taxes27,858 15,863 67,138 137,590 
Income tax benefit (provision), net(18,773)(5,390)(30,233)(38,172)
Net income (loss)9,085 10,473 36,905 99,418 
Less: Net loss (income) attributable to non-controlling interests2,072 3,395 3,293 5,883 
Net income (loss) attributable to EchoStar Corporation common stock$11,157 $13,868 $40,198 $105,301 
Earnings (losses) per share - Class A and B common stock:
Basic$0.13 $0.16 $0.48 $1.24 
Diluted$0.13 $0.16 $0.48 $1.24 
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ECHOSTAR CORPORATION
Consolidated Statements of Cash Flows
(Unaudited, in thousands)

 For the six months ended June 30,
 20232022
Cash flows from operating activities:
Net income (loss)$36,905 $99,418 
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:
Depreciation and amortization208,446 236,991 
Impairment of long-lived assets3,142 711 
Losses (gains) on investments, net12,594 (58,148)
Equity in losses of unconsolidated affiliates, net1,097 3,015 
Foreign currency transaction losses (gains), net(6,571)(2,752)
Deferred tax provision, net7,872 24,412 
Stock-based compensation5,375 5,047 
Amortization of debt issuance costs410 386 
Gain on repayment of other debt securities(7,605)— 
Other-than-temporary impairment losses on equity method investments33,400 — 
Other, net(22,498)27,397 
Changes in assets and liabilities, net:
Trade accounts receivable and contract assets, net975 (39,271)
Other current assets, net(41,887)(6,113)
Trade accounts payable(16,771)1,793 
Contract liabilities(13,762)(6,487)
Accrued expenses and other current liabilities3,416 (10,119)
Non-current assets and non-current liabilities, net(13,580)(24,648)
Net cash provided by (used for) operating activities190,958 251,632 
Cash flows from investing activities:
Purchases of marketable investment securities(900,560)(183,529)
Sales and maturities of marketable investment securities663,873 669,600 
Expenditures for property and equipment(124,458)(187,917)
Refunds and other receipts related to capital expenditures31,371 — 
Expenditures for externally marketed software(15,253)(11,967)
Proceeds from repayment of other debt investment148,448 — 
India JV formation— (7,892)
Dividend received from unconsolidated affiliate— 2,000 
Net cash provided by (used for) investing activities(196,579)280,295 
Cash flows from financing activities:
Payment of finance lease obligations— (114)
Payment of in-orbit incentive obligations(2,460)(1,908)
Proceeds from Class A common stock issued under the Employee Stock Purchase Plan2,143 5,046 
Treasury share repurchase— (77,095)
Net cash provided by (used for) financing activities(317)(74,071)
Effect of exchange rates on cash and cash equivalents3,483 (728)
Net increase (decrease) in cash and cash equivalents(2,455)457,128 
Cash and cash equivalents, including restricted amounts, beginning of period705,883 536,874 
Cash and cash equivalents, including restricted amounts, end of period$703,428 $994,002 
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