EchoStar (ECHO) risk factors: FY2025 10-K

1. The timing and closing of the AT&T Transactions and SpaceX Transactions are not certain, and are subject to certain conditions, some of which we cannot control, which could result in the AT&T Transactions or SpaceX Transactions, respectively, not being completed or being completed later than we expect, which could have a material adverse impact on our expected leverage and available cash-on-hand, as well as costs and revenues, or otherwise reduce the anticipated benefits of the AT&T Transactions and SpaceX Transactions, respectively.new

Read these in Item 1A · See the changes

1. Investor expectations regarding our potential investment in SpaceX may be currently influencing our stock price, and, if so, any adverse developments relating to SpaceX, changes in market perception of SpaceX or failure to complete the SpaceX Transaction could materially and negatively impact the market price of our Class A common stock.new

Read these in Item 1A · See the changes

1. We face intense and increasing competition from providers of video, broadband and/or wireless services, which may require us to further increase subscriber acquisition and retention spending or accept lower subscriber activations and higher subscriber churn.
2. Changing consumer behavior and new technologies in our Pay-TV business may reduce our subscriber activations and may cause our subscribers to purchase fewer services from us or to cancel our services altogether, resulting in less revenue to us.
3. We face certain risks competing in the wireless services industry and operating a facilities-based wireless services business.
4. Our pay-TV competitors may be able to leverage their relationships with programmers to reduce their programming costs and/or offer exclusive content that will place them at a competitive advantage to us.
5. Through the MNSA and the NSA, we depend on T-Mobile and AT&T to provide network services to our Wireless subscribers. Our failure to effectively manage these relationships, including without limitation, our minimum commitments, any system failure in their wireless networks, interruption in the services provided to us and/or the termination of the MNSA or the NSA could have a material adverse effect on our business, financial condition and results of operations.reworded
6. We compete with the MNOs whose networks we rely on to provide wireless services to our customers, and they may seek to limit, reduce or terminate our network access to the extent that it becomes competitively advantageous to do so.reworded
7. Changes in how network operators handle and charge for access to data that travels across their networks could adversely impact our Pay-TV business.
8. Economic weakness and uncertainty may adversely affect our ability to grow or maintain our business.
9. We are facing increasing competition which could impact demand for, and result in, increasing pricing pressures with respect to, our products and services.
10. If we are unable to take advantage of technological developments on a timely basis, or at all, we may experience a decline in demand for our services or face challenges in implementing or evolving our business strategy.

Read these in Item 1A · See the changes

1. Any deterioration in our operational performance and subscriber satisfaction could adversely affect our business, financial condition and results of operations.
2. If our subscriber activations decrease, or if our subscriber churn rate, subscriber acquisition costs or retention costs increase, our financial performance will be adversely affected.
3. With respect to our Pay-TV business, programming expenses are increasing, which may adversely affect our future financial condition and results of operations.
4. We depend on others to provide the programming that we offer to our Pay-TV subscribers and, if we fail to obtain or lose access to certain programming, our Pay-TV subscriber activations and our subscriber churn rate may be negatively impacted.
5. We may not be able to obtain necessary retransmission consent agreements at acceptable rates, or at all, from local network stations.
6. We have limited satellite capacity and failures or reduced capacity could adversely affect our business, financial condition and results of operations.
7. Extreme weather may result in risk of damage to our infrastructure and therefore our ability to provide services, and may lead to changes in federal, state and foreign government regulation, all of which could materially and adversely affect our business, results of operations and financial condition.
8. Our failure to effectively invest in, introduce and implement new competitive products and services could cause our products and services to become obsolete and could negatively impact our business.
9. We rely on a single vendor or a limited number of vendors to provide certain key products or services to us, and the inability of these key vendors to meet our needs could have a material adverse effect on our business.
10. Changes in trade policies, including, but not limited to, tariffs and other restrictions, could, among other things, increase our costs, disrupt our supply chain and negatively affect our business, operations and financial condition.newTariffs
11. We depend on independent third parties to solicit orders for our services that represent a meaningful percentage of our total gross new subscriber activations.

Read these in Item 1A · See the changes

1. We rely on highly skilled personnel for our business, and any inability to hire and retain key personnel or to hire qualified personnel may negatively affect our business, financial condition and results of operations.
2. Our business growth and customer retention strategies rely in part on the work of technically skilled employees.

Read these in Item 1A · See the changes

1. Our owned and leased satellites in orbit are subject to significant operational and environmental risks that could limit our ability to utilize these satellites.
2. Our satellites under construction are subject to risks related to, among other things, construction, technology, regulations and launch that could limit our ability to utilize these satellites, increase costs and adversely affect our business.
3. Our use of certain satellites is often dependent on satellite coordination agreements, which may be difficult to obtain.

Read these in Item 1A · See the changes

1. Our business depends on certain intellectual property rights and on not infringing the intellectual property rights of others.
2. We are, and may become, party to various lawsuits which, if adversely decided, could have a significant adverse impact on our business, particularly lawsuits regarding intellectual property.
3. If our products contain defects, we could be subject to significant costs to correct such defects and our product and network service contracts could be delayed or cancelled, which could adversely affect our revenue.

Read these in Item 1A · See the changes

1. Any failure or inadequacy of our information technology infrastructure and communications systems or those of third parties that we use in our operations, including, without limitation, those caused by cyber-attacks or other malicious activities, could disrupt or harm our business.Cybersecurity
2. We have experienced and may experience in the future cyber-attacks and other attempts to gain unauthorized access to our systems on a consistent basis.Cybersecurity
3. The confidentiality, integrity and availability of our services and products depends on the continuing operation of our information technology and other enabling systems.
4. Our international businesses expose us to additional risks that could harm our business.
5. Our ongoing investments in security will likely continue to identify new vulnerabilities within our services and products.

Read these in Item 1A · See the changes

1. We, and certain of our subsidiaries, currently do not have the necessary cash on hand, projected future cash flows or committed financing to fund our obligations over the next twelve months, which raises substantial doubt about our, and certain of our subsidiaries, ability to continue as a going concern.new
2. We have substantial debt outstanding and may incur additional debt, and covenants in our Indentures could limit our ability to undertake certain types of activities and adversely affect our liquidity.new
3. We depend upon our subsidiaries’ earnings to make payments on our indebtedness.
4. We have made substantial investments to acquire certain wireless spectrum licenses and other related assets, and may be unable to realize a return on these assets.
5. We may pursue acquisitions, dispositions, capital expenditures, the development, acquisition and launch of new satellites and other strategic initiatives to complement or expand our business, which may not be successful and we may lose a portion or all of our investment in these acquisitions and transactions.
6. We will need additional capital, which may not be available on favorable terms or at all, to fund current obligations, continue investing in our business and to finance acquisitions and other strategic transactions.reworded
7. The conditional conversion features of our convertible notes, if triggered, may adversely affect our financial condition.
8. From time to time a portion of our investment portfolio may be invested in securities that have limited liquidity and may not be immediately accessible to support our financing needs.
9. Covenants in our and our subsidiaries’ Indentures restrict our business in many ways.

Read these in Item 1A · See the changes

1. Our services depend on FCC licenses that can expire or be revoked or modified and applications for FCC licenses that may not be granted.
2. The risk of non-compliance with laws and regulations, including, but not limited to, the risk of changes to laws and regulations, could adversely affect our business.
3. If our internal controls are not effective, our business, our stock price and investor confidence in our financial results may be adversely affected.

Read these in Item 1A · See the changes

1. We are controlled by one principal stockholder who is our Chairman, President and Chief Executive Officerreworded
2. It may be difficult for a third-party to acquire us, even if doing so may be beneficial to our shareholders, because of our capital structure.
3. Future issuances of our Class A common stock and hedging activities may depress the trading price of our Class A common stock.
4. Our Class A common stock price and trading volume has been and may continue to be volatile or may decline regardless of our operating performance, which could cause purchasers of our Class A common stock to incur substantial losses.

Read these in Item 1A · See the changes

1. Sociopolitical volatility and polarization may adversely affect our business operations and reputation.
2. Our articles of incorporation designate the Eighth Judicial District Court of Clark County of the State of Nevada as the sole and exclusive forum for certain types of actions and proceedings that may be initiated by our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, employees or agents.
3. We may face other risks described from time to time in periodic and current reports we file with the SEC.new

Read these in Item 1A · See the changes

Headings in the FY2024 10-K with no match this year.

1. We have substantial debt outstanding and may incur additional debt.