XM Satellite Radio reported a net loss of $642.4 million for 2004, compared to a net loss of $584.5 million in 2003, in spite of growth in revenues to $244.4 million from $91.8 million over the same time period. The company said it added 1.8 million net subscribers in 2004 and finished the year with 3,229,124 subscribers, ahead of projections by more than 125,000 subscribers. XM President and CEO Hugh Panero said in a prepared statement that the company is targeting to end 2005 with 5.5 million subscribers. The financial results offered “no surprises,” according to Bear Stearns analyst Robert Peck.