Echostar Corporation（NASDAQ：SATS）於5月9日收於24.19美元，在報告了2025年第一季度的混合結果後獲得1.43％。

該公司的收入為39億美元，比去年下降了3.6％，主要因其付費電視領域的下降而拖累。但是，管理層強調了穩定的無線增長和改善現金流，定位SATS以駕駛正在進行的市場壓力

EchoStar Corporation (NASDAQ:SATS) closed at $24.19 on May 9, gaining 1.43% after reporting mixed first-quarter 2025 results that saw revenue decline but wireless momentum continue.

Echostar Corporation（NASDAQ：SATS）於5月9日收於24.19美元，在報告了2025年第一季度結果混合的結果後，收入下降了，但無線勢頭仍在繼續。

The company's stock had recently enjoyed a strong run-up, notching a year-to-date return of 5.63% and a staggering 54.96% return over the past twelve months. In comparison, the S&P 500 has seen a YTD return of -3.77%, while its longer-term five-year return stands at -21.23%.

該公司的股票最近獲得了強勁的成果，在過去的十二個月中，年初至今的回報率為5.63％，回報率驚人。相比之下，標準普爾500指數的YTD回報率為-3.77％，而其長期五年回報率為-21.23％。

Here's a closer look at EchoStar's earnings report for the first quarter of 2025:

以下是2025年第一季度Echostar的收益報告：

The Good: Wireless Momentum Continues with Subscriber Adds

好：無線動量繼續添加訂戶

EchoStar's wireless segment continues to be a bright spot, performing well despite macroeconomic headwinds. The company reported adding 150,000 net subscribers during the quarter, a strong turnaround from the 81,000 net loss in the same period last year.

Echostar的無線細分市場仍然是一個亮點，儘管宏觀經濟逆風，但表現良好。該公司報告說，本季度增加了150,000個淨訂戶，與去年同期的81,000淨虧損相比有很強的轉變。

This was also a decent increase compared to last quarter's 100,000 net subscriber additions. The company's expanded prepaid and postpaid offerings appear to be paying off, boosting both subscriber quality and churn rates.

與上一季度的100,000個淨訂戶添加相比，這也是不錯的增長。該公司擴大的預付費和後付費產品似乎正在獲得回報，從而提高了訂戶質量和流失率。

EchoStar's report arrives amid a backdrop of mixed earnings reports from U.S. telecoms. Verizon (NYSE:VZ) and AT&T (NYSE:T) reported better-than-expected results, while T-Mobile (NASDAQ:TMUS) missed revenue expectations despite strong subscriber additions.

Echostar的報告在美國電信的混合收益報告的背景下到達。 Verizon（NYSE：VZ）和AT＆T（NYSE：T）報告的結果優於預期，而T-Mobile（NASDAQ：TMUS）儘管增加了訂戶，但仍未獲得收入的預期。

The company's 5G infrastructure rollout also hit a milestone, with over 24,000 network sites now live, surpassing FCC requirements ahead of schedule. This network expansion is a key part of EchoStar's strategy to strengthen its competitive positioning in the U.S. wireless market.

該公司的5G基礎架構推出也達到了一個里程碑，現在有24,000多個網站現場直播，提前超過了FCC要求。這種網絡擴展是Echostar策略的關鍵部分，即加強其在美國無線市場的競爭地位。

The Bad: Pay-TV Revenue Shrinks Further

不良：付費收入進一步縮小

Despite the positive developments on the wireless front, EchoStar's Pay-TV segment continues to shrink, reporting a 6.9% decrease in revenue from last year. This decline was driven by a decreasing average subscriber base.

儘管無線方面取得了積極的發展，但Echostar的付費電視領域仍在縮水，報告的收入比去年下降了6.9％。這種下降是由平均訂戶基礎下降驅動的。

EchoStar's DISH TV service had around 5.5 million subscribers at the end of the quarter, and while churn improved to 1.36% from 1.53% last year, reaching the lowest level in a decade, it is still a concern given the highly competitive Pay-TV landscape. Pay-TV ARPU saw a modest year-over-year lift of 3%.

Echostar的Dish TV服務在本季度末擁有約550萬訂戶，而去年的流失量從1.53％提高到1.36％，達到了十年來最低水平，但考慮到高度競爭性的付費電視景觀，這仍然是一個問題。 Pay-tv Arpu同比的適度提高了3％。

Broadband and satellite services (BSS) revenue slipped by 3.1% to $371 million, reflecting softer sales in both consumer and enterprise markets.

寬帶和衛星服務（BSS）收入下跌了3.1％，至3.71億美元，反映了消費者和企業市場的銷售額較高。

The Ugly: Operating Free Cash Flow Remains Negative

醜陋：營業自由現金流仍然負面

On the cash flow front, operating free cash flow came in at a positive $77 million, showcasing effective cost control and contributions from wireless and enterprise businesses. However, when factoring in debt service, free cash flow remained negative at $172 million, although this was an improvement of $55 million compared to the prior year.

在現金流方面，營業自由現金流為7,700萬美元，展示了無線和企業企業的有效成本控制和貢獻。但是，在債務服務中，自由現金流仍為1.72億美元，儘管與上一年相比，這是5500萬美元的改善。

Capital expenditures totaled $378 million in Q1, including capitalized interest, reflecting ongoing investment in the 5G buildout and network upgrades. Total cash and marketable securities dropped to $5.4 billion, down $464 million from year-end.

資本支出總額為1 Q1，其中包括資本利息，反映了對5G建築和網絡升級的持續投資。總現金和銷售證券降至54億美元，比年底下降了4.64億美元。

Overall, EchoStar's earnings report highlights the mixed performance of the company's various business units. While wireless momentum is a positive takeaway, the Pay-TV headwinds and persistent cash flow challenges pose concerns for investors. As the company heads toward its next earnings report in August, investors will be watching closely to see if wireless strength can translate into sustained cash flow improvement and drive further gains in SATS stock.

總體而言，Echostar的收益報告強調了公司各種業務部門的混合業績。雖然無線勢頭是一個積極的收穫，但付費電視逆風和持續現金流挑戰對投資者的擔憂構成了擔憂。隨著公司在8月份的下一份收益報告，投資者將密切關注，以查看無線實力是否可以轉化為持續的現金流量改善並推動SATS股票的進一步收益。