Exhibit 99.1

EchoStar Announces Financial Results for the Three and Six Months Ended June 30, 2021

Englewood, CO, August 3, 2021—EchoStar Corporation (NASDAQ: SATS) today announced its financial results for the three and six months ended June 30, 2021.

Three Months Ended June 30, 2021 Financial Highlights:

•Consolidated revenue of $499.8 million.
•Net income of $35.0 million, consolidated net income attributable to EchoStar common stock of $37.3 million, and basic and diluted earnings per share of $0.41.
•Consolidated Adjusted EBITDA of $186.7 million (see discussion and the reconciliation of GAAP to this non-GAAP measure below).

Six Months Ended June 30, 2021 Financial Highlights:

•Consolidated revenue of $982.4 million.
•Net income of $112.6 million, consolidated net income attributable to EchoStar common stock of $115.8 million, and basic and diluted earnings per share of $1.26 and $1.25, respectively.
•Consolidated Adjusted EBITDA of $372.4 million (see discussion and the reconciliation of GAAP to this non-GAPP measure below).

“Our financial performance in the second quarter of 2021 was outstanding - a reflection of the ongoing commitment and drive of the EchoStar team to deliver solutions that connect the world,” commented Michael Dugan, CEO and President of EchoStar. “We remain focused on increasing the yield on our existing assets and operating the business in an efficient manner while also building the ground network and operational processes to place our next satellite, EchoStar XXIV/JUPITER 3, into service as quickly as possible. We continue to seek opportunities in pursuit of our strategy of being a global connectivity provider.”

Three Months Ended June 30, 2021 - Additional Information:

•Consolidated revenue increased 8.8% or $40.4 million year over year primarily driven by higher equipment sales of $26.1 million to our domestic and international enterprise customers and higher sales of broadband services of $12.4 million to our consumer customers.
•Adjusted EBITDA increased 16.0% or $25.8 million year over year.
◦Hughes segment Adjusted EBITDA increased $21.0 million year over year. The increase was driven primarily by growth in revenue and higher Adjusted EBITDA margin.
◦ESS segment Adjusted EBITDA increased $0.7 million year over year.
◦Corporate and Other segment Adjusted EBITDA increased $4.1 million year over year. The increase was primarily due to decreased losses of unconsolidated affiliates, net, and dividends received from certain marketable investment securities.
•Net income increased $49.9 million to $35.0 million. The increase was primarily due to higher operating income of $30.5 million and higher gains on investments, net, of $36.7 million, partially offset by higher losses in Other, net of $12.4 million that included litigation expense, and higher income tax expense, net, of $10.3 million.
•Total Hughes broadband subscribers are approximately 1,542,000 as of June 30, 2021. Subscribers in the US decreased by 20,000 to approximately 1,144,000. In Latin America, subscribers increased by 9,000 to approximately 398,000.

•For the three months ended June 30, 2021, approximately 67% of Hughes segment revenue was attributable to our consumer customers with approximately 33% attributable to our enterprise customers.
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•Cash, cash equivalents and current marketable investment securities were $1.6 billion as of June 30, 2021.

•For the three months ended June 30, 2021, we purchased 2,374,452 shares of our Class A common stock in open market trades.

•Repurchased or paid off the remaining $809.5 million of our 7 5/8% bonds which matured on June 15th, 2021.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and six months ended June 30, 2021 and 2020 (amounts in thousands) (all US GAAP amounts reference results from operations):
For the three months ended June 30,For the six months ended June 30,
 2021202020212020
Revenue
Hughes
$492,276 $453,172 $968,136 $911,654 
EchoStar Satellite Services
4,283 4,179 8,372 8,831 
Corporate and Other
3,275 2,115 5,908 4,647 
Total revenue
$499,834 $459,466 $982,416 $925,132 
Adjusted EBITDA
Hughes
$207,317 $186,277 $409,253 $348,496 
EchoStar Satellite Services
2,243 1,543 4,162 3,573 
Corporate & Other:
Corporate overhead, operating and other
(20,497)(22,252)(41,964)(42,375)
Equity in earnings (losses) of unconsolidated affiliates, net
(2,369)(4,668)984 (156)
Total Corporate & Other
(22,866)(26,920)(40,980)(42,531)
Total Adjusted EBITDA
$186,694 $160,900 $372,435 $309,538 
Net income (loss)$35,015 $(14,843)$112,587 $(72,580)
Expenditures for property and equipment
$83,232 $92,300 $262,466 $196,904 

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Reconciliation of GAAP to Non-GAAP Measurement (amounts in thousands):
For the three months ended June 30,For the six months ended June 30,
2021202020212020
Net income (loss)$35,015 $(14,843)$112,587 $(72,580)
Interest income, net(5,240)(10,760)(11,189)(26,343)
Interest expense, net of amounts capitalized28,868 38,258 63,535 74,491 
Income tax provision (benefit), net21,152 10,851 43,299 3,359 
Depreciation and amortization118,982 129,887 248,268 262,255 
Net loss (income) attributable to non-controlling interests2,280 3,431 3,227 6,873 
EBITDA
201,057 156,824 459,727 248,055 
(Gains) losses on investments, net
(30,633)6,090 (109,233)52,762 
Impairment of long-lived assets15 — 245 — 
Litigation Expense16,800 — 16,800 — 
License fee dispute - India, net of non-controlling interests
(236)(454)(446)(563)
Loss on Debt Repurchase356 — 1,938 — 
Foreign currency transaction (gains) losses, net
(665)(1,560)3,404 9,284 
Adjusted EBITDA
$186,694 $160,900 $372,435 $309,538 

Note on Use of Non-GAAP Financial Measures

EBITDA is defined as “Net income (loss)” excluding “Interest income, net,” Interest expense, net of amounts capitalized,” “Income tax benefit (provision), net,” “Depreciation and amortization,” and “Net income (loss) attributable to non-controlling interests.”

Adjusted EBITDA is defined as EBITDA excluding Gains and losses on investments, net, Foreign currency transaction gains (losses), net, and other non-recurring or non-operational items. EBITDA and Adjusted EBITDA are not measures determined in accordance with US GAAP. EBITDA and Adjusted EBITDA are reconciled to Net income (loss) in the table above and should not be considered in isolation or as a substitute for operating income, net income or any other measure determined in accordance with US GAAP. Our management uses EBITDA and Adjusted EBITDA as measures of our operating efficiency and overall financial performance for benchmarking against our peers and competitors. Management believes that these non-GAAP measures provide meaningful supplemental information regarding the underlying operating performance of our business and are appropriate to enhance an overall understanding of our financial performance. Management also believes that EBITDA and Adjusted EBITDA are useful to investors because they are frequently used by securities analysts, investors, and other interested parties to evaluate the performance of companies in our industry.

The consolidated financial statements of EchoStar for the periods ended June 30, 2021 and 2020 are attached to this press release. Detailed financial data and other information are available in EchoStar’s Quarterly Report on Form 10-Q for the period ended June 30, 2021 filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Tuesday, August 3, 2021 at 11:00 a.m. Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To ask a question, the dial in numbers are (833) 562-0124 (toll-free) and (661) 567-1102 (international), Conference ID 9641157.
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About EchoStar Corporation

EchoStar Corporation (NASDAQ: SATS) is a premier global provider of satellite communications solutions. Headquartered in Englewood, Colo., and conducting business around the globe, EchoStar is a pioneer in secure communications technologies through its Hughes Network Systems and EchoStar Satellite Services business segments.

Safe Harbor Statement under the US Private Securities Litigation Reform Act of 1995

This press release may contain statements that are forward looking, as that term is defined by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. When used in this release, the words “believe,” “anticipate,” “goal,” “seek,” “estimate,” “expect,” “intend,” “project,” “continue,” “future,” “will,” “would,” “can,” “may,” “plans,” and similar expressions and the use of future dates are intended to identify forward‑looking statements. Although management believes that the expectations reflected in these forward‑looking statements are reasonable, it can give no assurance that these expectations will prove to have been correct. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date made. We assume no responsibility for the accuracy of forward-looking statements or information or for updating forward-looking information or statements. These statements are subject to certain risks, uncertainties, and assumptions. See “Risk Factors” in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2020 as filed with the Securities and Exchange Commission and in the other documents EchoStar files with the Securities and Exchange Commission from time to time.

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Contact Information
EchoStar Investor Relations
EchoStar Media Relations
Terry Brown
Phone: +1 303-728-5179
Email: terry.brown@echostar.com
Sharyn Nerenberg
Phone: +1 301-428-7124
Email: sharyn.nerenberg@echostar.com
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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)
 As of
 June 30, 2021December 31, 2020
Assets  
Current assets:  
Cash and cash equivalents$716,522 $896,005 
Marketable investment securities841,521 1,638,271 
Trade accounts receivable and contract assets, net186,945 183,989 
Other current assets, net194,095 189,821 
Total current assets1,939,083 2,908,086 
Non-current assets:  
Property and equipment, net2,431,653 2,390,313 
Operating lease right-of-use assets131,931 128,303 
Goodwill511,886 511,597 
Regulatory authorizations, net474,770 478,762 
Other intangible assets, net14,773 18,433 
Other investments, net340,688 284,937 
Other non-current assets, net364,822 352,921 
Total non-current assets4,270,523 4,165,266 
Total assets$6,209,606 $7,073,352 
Liabilities and Stockholders' Equity  
Current liabilities:  
Trade accounts payable$121,635 $122,366 
Current portion of long-term debt, net— 898,237 
Contract liabilities127,820 104,569 
Accrued expenses and other current liabilities297,649 299,999 
Total current liabilities547,104 1,425,171 
Non-current liabilities:  
Long-term debt, net1,495,619 1,495,256 
Deferred tax liabilities, net394,155 359,896 
Operating lease liabilities118,779 114,886 
Other non-current liabilities69,044 70,893 
Total non-current liabilities2,077,597 2,040,931 
Total liabilities2,624,701 3,466,102 
Commitments and contingencies







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ECHOSTAR CORPORATION
Consolidated Balance Sheets
(Amounts in thousands, except share and per share amounts)


Stockholders' equity:  
Preferred stock, $0.001 par value, 20,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
— — 
Common stock, $0.001 par value, 4,000,000,000 shares authorized:
  
Class A common stock, $0.001 par value, 1,600,000,000 shares authorized, 57,825,270 shares issued and 42,289,277 shares outstanding at June 30, 2021 and 57,254,201 shares issued and 48,863,374 shares outstanding at December 31, 2020
58 57 
Class B convertible common stock, $0.001 par value, 800,000,000 shares authorized, 47,687,039 shares issued and outstanding at both June 30, 2021 and December 31, 2020
48 48 
Class C convertible common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
— — 
Class D common stock, $0.001 par value, 800,000,000 shares authorized, none issued and outstanding at both June 30, 2021 and December 31, 2020
— — 
Additional paid-in capital3,337,190 3,321,426 
Accumulated other comprehensive income (loss)(182,226)(187,876)
Accumulated earnings (losses)699,405 583,591 
Treasury shares, at cost(343,869)(174,912)
Total EchoStar Corporation stockholders' equity3,510,606 3,542,334 
Non-controlling interests74,299 64,916 
Total stockholders' equity3,584,905 3,607,250 
Total liabilities and stockholders' equity$6,209,606 $7,073,352 
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ECHOSTAR CORPORATION
Consolidated Statements of Operations
(Amounts in thousands, except per share amounts)

 For the three months ended June 30,For the six months ended June 30,
 2021202020212020
Revenue:  
Services and other revenue$431,279 $417,043 $861,616 $825,400 
Equipment revenue68,555 42,423 120,800 99,732 
Total revenue499,834 459,466 982,416 925,132 
Costs and expenses:
Cost of sales - services and other (exclusive of depreciation and amortization)139,547 141,019 272,336 286,271 
Cost of sales - equipment (exclusive of depreciation and amortization)54,503 32,542 99,654 78,450 
Selling, general and administrative expenses114,038 113,798 228,157 239,079 
Research and development expenses7,441 7,448 14,986 13,702 
Depreciation and amortization118,982 129,887 248,268 262,255 
Impairment of long-lived assets15 — 245 — 
Total costs and expenses434,526 424,694 863,646 879,757 
Operating income (loss)65,308 34,772 118,770 45,375 
Other income (expense):
Interest income, net5,240 10,760 11,189 26,343 
Interest expense, net of amounts capitalized(28,868)(38,258)(63,535)(74,491)
Gains (losses) on investments, net30,633 (6,090)109,233 (52,762)
Equity in earnings (losses) of unconsolidated affiliates, net(4,044)(6,345)(2,670)(3,732)
Foreign currency transaction gains (losses), net665 1,560 (3,404)(9,284)
Other, net(12,767)(391)(13,697)(670)
Total other income (expense), net(9,141)(38,764)37,116 (114,596)
Income (loss) before income taxes56,167 (3,992)155,886 (69,221)
Income tax benefit (provision), net(21,152)(10,851)(43,299)(3,359)
Net income (loss)35,015 (14,843)112,587 (72,580)
Less: Net loss (income) attributable to non-controlling interests2,280 3,431 3,227 6,873 
Net income (loss) attributable to EchoStar Corporation common stock$37,295 $(11,412)$115,814 $(65,707)
Earnings (losses) per share - Class A and B common stock:
Basic$0.41 $(0.12)$1.26 $(0.67)
Diluted$0.41 $(0.12)$1.25 $(0.67)
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ECHOSTAR CORPORATION
Consolidated Statements of Cash Flows
(Amounts in thousands)
 For the six months ended June 30,
 20212020
Cash flows from operating activities:  
Net income (loss)$112,587 $(72,580)
Adjustments to reconcile net income (loss) to cash flows provided by (used for) operating activities:  
Depreciation and amortization248,268 262,255 
Impairment of long-lived assets245 — 
Losses (gains) on investments, net(109,233)52,762 
Equity in losses (earnings) of unconsolidated affiliates, net2,670 3,732 
Foreign currency transaction losses (gains), net3,404 9,284 
Deferred tax provision (benefit), net34,024 (2,452)
Stock-based compensation3,825 4,509 
Amortization of debt issuance costs2,008 2,120 
Other, net6,198 (7,295)
Changes in assets and liabilities, net: 
Trade accounts receivable and contract assets, net(3,363)(5,262)
Other current assets, net(1,120)(11,642)
Trade accounts payable(9,631)(11,701)
Contract liabilities23,251 (11,229)
Accrued expenses and other current liabilities621 27,050 
Non-current assets and non-current liabilities, net(5,114)5,729 
Net cash provided by (used for) operating activities308,640 245,280 
Cash flows from investing activities:  
Purchases of marketable investment securities(939,255)(555,367)
Sales and maturities of marketable investment securities1,824,332 977,532 
Expenditures for property and equipment(262,466)(196,904)
Expenditures for externally marketed software(16,835)(19,237)
Purchase of other investments(50,000)(5,500)
Sales of other investments10,516 — 
Net cash provided by (used for) investing activities566,292 200,524 
Cash flows from financing activities:  
Repurchase and maturity of the 2021 Senior Unsecured Notes(901,818)— 
Payment of finance lease obligations(476)(421)
Payment of in-orbit incentive obligations(1,431)(1,021)
Net proceeds from Class A common stock options exercised— 436 
Net proceeds from Class A common stock issued under the Employee Stock Purchase Plan4,815 5,300 
Treasury share repurchase(163,822)(5,893)
Contribution by non-controlling interest holder9,880 10,000 
Other, net(966)674 
Net cash provided by (used for) financing activities(1,053,818)9,075 
Effect of exchange rates on cash and cash equivalents(443)(19,232)
Net increase (decrease) in cash and cash equivalents(179,329)435,647 
Cash and cash equivalents, including restricted amounts, beginning of period896,812 1,521,889 
Cash and cash equivalents, including restricted amounts, end of period$717,483 $1,957,536 
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