SATS

LONG

ECHOSTAR CORP

Funds

Score

4.50

vs SPY

-6.0%

Stock return (since Q-end)

+10.3%

SPY return (since Q-end)

+16.3%

Current price

$129.19

News Summary

Negative

EchoStar beat Q1 2026 earnings expectations (-$0.51 vs -$0.62 consensus) and secured FCC approval for a landmark $40B spectrum sale to AT&T ($23B) and SpaceX ($17B), providing critical liquidity and strategic positioning in wireless/satellite markets. However, the company faces severe financial distress with $24.56B debt against only $1.52B cash, a going concern warning from auditors, and continued subscriber losses in its legacy pay-TV business.

Red flags

•Going concern warning issued by auditor KPMG
•Debt burden of $24.56B vs. $1.52B cash with $6.127B in near-term maturities due in 2026
•Revenue declined 5.2% YoY to $3.67B
•Pay-TV subscribers fell 366,000 in Q1 2026; core business in structural decline
•Wireless subscriber growth severely decelerated to 16,000 from 150,000 YoY
•FCC spectrum sale approval comes with 'unprecedented involuntary escrow condition' creating execution risk
•CEO Hamid Akhavan (EchoStar Capital) sold 356,837 shares (~$37.7M) with zero purchases in 6 months, signaling insider concern
•Heavy reliance on SpaceX equity stake (>2%) and spectrum monetization for financial viability; both face execution/market risks

Funds Buying (3)

Fund	Manager	Shares Held	∆ Shares	Position Value	QoQ	Status
Sachem Head Capital	Scott Ferguson	3.0M	+3.0M	$351.8B	—	NEW
Point72	Steve Cohen	405K	+405K	$47.4B	—	NEW
Duquesne Family Office	Stanley Druckenmiller	61K	+61K	$7M	—	NEW

Shares Held and Position Value reflect total quarter-end holdings. ∆ Shares is the change from the prior quarter.