•Pay TV records 366,000 subscriber losses in Q1
•Wireless gains slow to a transitional phase, signalling churn stabilisation rather than sustained growth momentum
The fact
EchoStar reported a net loss of $146.89m in Q1 2026, narrowing from $202.67m a year earlier. Total revenue fell just over 5% to $3.67bn. Pay TV revenue dropped more than 10% year-on-year to $2.29bn, with 366,000 net subscriber losses leaving 6.63 million customers. Wireless revenue reached $962m, with 16,000 net additions lifting its base from 7.1m to 7.5m. Broadband continued to lose subscribers.
The assessment
EchoStar's results reveal a structural split in its operating base. Pay TV remains cash-generative but continues to erode, limiting its ability to fund long-term investment. Wireless stabilisation signals a transitional phase, not growth. The company's strategic value is increasingly concentrated in spectrum holdings, pushing EchoStar further towards an asset-weighted valuation rather than an operating performance narrative.
What to watch
Whether spectrum transactions with AT&T and SpaceX complete on schedule, and whether wireless subscriber gains hold without promotional subsidy as pay TV losses accelerate — a dynamic that will shape EchoStar's restructuring trajectory.
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