EchoStar / Hughes Network Systems Q1 2022

In Q1 2022, operator EchoStar, the parent company of Hughes Network Systems, reported:

• Hughes pushed back the launch of its anticipated Jupiter-3 satellite to the first quarter of 2023. Maxar Technologies is building the satellite.
• EchoStar reported total revenue of $502 million for the first quarter, with $494 million in revenue attributed to the Hughes subsidiary. Consolidated revenue increased 3.9% YoY primarily driven by higher equipment sales of $30.5 million to domestic and international enterprise customers, partially offset by lower service revenues of $11.5 million, due to lower broadband consumer customers.
• Net income was $88.9 million, an increase of $11.4 million year over year, due to lower net interest expense and favorable gains on foreign exchange.
• The source of Hughes’ revenue is split 64% / 36% between commercial and enterprise customers, respectively.
• Hughes continued a streak of subscriber decline, shedding 56,000 subscribers in the quarter and ending Q1 with 1,406,000 subscribers.
• EchoStar is now under the leadership of a new CEO and President – Hamid Akhavan.