Echostar Corporation（NASDAQ：SATS）于5月9日收于24.19美元，在报告了2025年第一季度的混合结果后获得1.43％。

该公司的收入为39亿美元，比去年下降了3.6％，主要因其付费电视领域的下降而拖累。但是，管理层强调了稳定的无线增长和改善现金流，定位SATS以驾驶正在进行的市场压力

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）于5月9日收于24.19美元，在报告了2025年第一季度结果混合的结果后，收入下降了，但无线势头仍在继续。

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%.

该公司的股票最近获得了强劲的成果，在过去的十二个月中，年初至今的回报率为5.63％，回报率惊人。相比之下，标准普尔500指数的YTD回报率为-3.77％，而其长期五年回报率为-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的收益报告：

The Good: Wireless Momentum Continues with Subscriber Adds

好：无线动量继续添加订户

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的无线细分市场仍然是一个亮点，尽管宏观经济逆风，但表现良好。该公司报告说，本季度增加了150,000个净订户，与去年同期的81,000净亏损相比有很强的转变。

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.

与上一季度的100,000个净订户添加相比，这也是不错的增长。该公司扩大的预付费和后付费产品似乎正在获得回报，从而提高了订户质量和流失率。

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的报告在美国电信的混合收益报告的背景下到达。 Verizon（NYSE：VZ）和AT＆T（NYSE：T）报告的结果优于预期，而T-Mobile（NASDAQ：TMUS）尽管增加了订户，但仍未获得收入的预期。

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.

该公司的5G基础架构推出也达到了一个里程碑，现在有24,000多个网站现场直播，提前超过了FCC要求。这种网络扩展是Echostar策略的关键部分，即加强其在美国无线市场的竞争地位。

The Bad: Pay-TV Revenue Shrinks Further

不良：付费收入进一步缩小

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.

尽管无线方面取得了积极的发展，但Echostar的付费电视领域仍在缩水，报告的收入比去年下降了6.9％。这种下降是由平均订户基础下降驱动的。

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服务在本季度末拥有约550万订户，而去年的流失量从1.53％提高到1.36％，达到了十年来最低水平，但考虑到高度竞争性的付费电视景观，这仍然是一个问题。 Pay-tv Arpu同比的适度提高了3％。

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

宽带和卫星服务（BSS）收入下跌了3.1％，至3.71亿美元，反映了消费者和企业市场的销售额较高。

The Ugly: Operating Free Cash Flow Remains Negative

丑陋：营业自由现金流仍然负面

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.

在现金流方面，营业自由现金流为7,700万美元，展示了无线和企业企业的有效成本控制和贡献。但是，在债务服务中，自由现金流仍为1.72亿美元，尽管与上一年相比，这是5500万美元的改善。

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.

资本支出总额为1 Q1，其中包括资本利息，反映了对5G建筑和网络升级的持续投资。总现金和销售证券降至54亿美元，比年底下降了4.64亿美元。

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.

总体而言，Echostar的收益报告强调了公司各种业务部门的混合业绩。虽然无线势头是一个积极的收获，但付费电视逆风和持续现金流挑战对投资者的担忧构成了担忧。随着公司在8月份的下一份收益报告，投资者将密切关注，以查看无线实力是否可以转化为持续的现金流量改善并推动SATS股票的进一步收益。