EchoStar discloses going concern, announces $42.65B spectrum sales to AT&T and SpaceX

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 9, 2025 · ~2 min read

Key Changes

• high

  Company disclosed substantial doubt about ability to continue as going concern due to insufficient cash to cover $7.1B of 2026 debt maturities plus potential $2.9B AWS-3 payment. Liquidity depends entirely on closing pending spectrum sales, which require regulatory approvals and are not deemed committed.

  MD&A: Going Concern verify on EDGAR →
• high

  Announced $22.65B sale of 3.45 GHz and 600 MHz spectrum to AT&T (expected H1 2026) and $20B sale of AWS-4 and H-Block spectrum to SpaceX (expected Nov 2027). Proceeds earmarked to repay $2.8B intercompany loan, redeem $3.5B of 11 3/4% notes, and retire convertible notes. SpaceX deal includes up to $11B payable in SpaceX stock at $212/share.

  MD&A: Spectrum Transactions verify on EDGAR →
• high

  Cash position collapsed 71% year-over-year to $1.5B (from $5.2B in Q1 2025), driven by $1.8B debt prepayment and reduced by $1.6B quarter-over-quarter. Company burned through liquidity while awaiting spectrum transaction closings, leaving minimal cushion against 2026 maturities.

  MD&A: Cash Position verify on EDGAR →