Home / Going-concern warnings / EchoStar CORP
Filed 2025-11-06 · Form 10-Q · Accession 0001104659-25-107277 large
Price before filing: $72.32 (2025-11-05 close, split/dividend-adjusted)
Market cap at flag: $20.32B (2025-11-06) · Latest: $24.77B (2026-10-16)
| Window | ECHO | SPY | vs SPY | |
|---|---|---|---|---|
| 30 days | +22.0% | +0.9% | +21.1% | 2025-12-08 |
| 90 days | +53.1% | +1.6% | +51.5% | 2026-02-04 |
| 180 days | +62.3% | +7.4% | +54.8% | 2026-05-05 |
Return from the last close before the filing date to the first close on/after the window end. Pending windows have not fully elapsed. Past performance says nothing certain about the future.
90 days before the flag: 6 insiders sold $45.7M (23 sales)
30 days after: 1 insider sold $1.5M (1 sale); 1 insider bought $68K (1 purchase)
| Date | Insider | Type | Shares | Price | Value | 10b5-1 plan | Source |
|---|---|---|---|---|---|---|---|
| 2025-08-26 | ORBAN PAUL W EVP, CFO, DISH | Sale | 2,089 | $54.20 | $113K | yes | Form 4 |
| 2025-08-27 | ORBAN PAUL W EVP, CFO, DISH | Sale | 2,358 | $55.65 | $131K | yes | Form 4 |
| 2025-08-27 | ORBAN PAUL W EVP, CFO, DISH | Sale | 26,702 | $55.65 | $1.5M | yes | Form 4 |
| 2025-08-29 | ORBAN PAUL W EVP, CFO, DISH | Sale | 16,518 | $61.26 | $1.0M | yes | Form 4 |
| 2025-08-29 | ORBAN PAUL W EVP, CFO, DISH | Sale | 13,544 | $61.24 | $829K | yes | Form 4 |
| 2025-08-29 | ORBAN PAUL W EVP, CFO, DISH | Sale | 20,000 | $61.26 | $1.2M | yes | Form 4 |
| 2025-09-08 | Gaske Paul COO, HUGHES | Sale | 45,000 | $80.25 | $3.6M | no | Form 4 |
| 2025-09-09 | Abernathy Kathleen Q Director | Sale | 1,754 | $82.37 | $144K | no | Form 4 |
| 2025-09-09 | Abernathy Kathleen Q Director | Sale | 10,000 | $82.36 | $824K | no | Form 4 |
| 2025-09-09 | Abernathy Kathleen Q Director | Sale | 5,000 | $82.33 | $412K | no | Form 4 |
| 2025-09-09 | Manson Dean CHIEF LEGAL OFFICER | Sale | 60,000 | $81.24 | $4.9M | no | Form 4 |
| 2025-09-09 | ORBAN PAUL W EVP, CFO, DISH | Sale | 744 | $82.37 | $61K | no | Form 4 |
| 2025-09-09 | Swieringa John PRES, TECH & COO | Sale | 27,276 | $81.24 | $2.2M | no | Form 4 |
| 2025-09-09 | Swieringa John PRES, TECH & COO | Sale | 63,840 | $81.20 | $5.2M | no | Form 4 |
| 2025-09-09 | Swieringa John PRES, TECH & COO | Sale | 11,696 | $81.18 | $949K | no | Form 4 |
| 2025-09-09 | Swieringa John PRES, TECH & COO | Sale | 16,936 | $81.18 | $1.4M | no | Form 4 |
| 2025-09-09 | Swieringa John PRES, TECH & COO | Sale | 35,087 | $81.20 | $2.8M | no | Form 4 |
| 2025-09-12 | Akhavan Hamid PRESIDENT AND CEO, Director | Sale | 170,824 | $74.93 | $12.8M | no | Form 4 |
| 2025-09-12 | Akhavan Hamid PRESIDENT AND CEO, Director | Sale | 63,094 | $76.50 | $4.8M | no | Form 4 |
| 2025-09-12 | Gaske Paul COO, HUGHES | Sale | 750 | $78.32 | $59K | no | Form 4 |
| 2025-09-12 | Gaske Paul COO, HUGHES | Sale | 1,444 | $75.63 | $109K | no | Form 4 |
| 2025-09-12 | Gaske Paul COO, HUGHES | Sale | 2,964 | $75.91 | $225K | no | Form 4 |
| 2025-09-12 | Gaske Paul COO, HUGHES | Sale | 5,075 | $75.91 | $385K | no | Form 4 |
| 2025-11-06: red flag filed | |||||||
| 2025-11-18 | Brokaw George R Director | Purchase | 1,000 | $68.07 | $68K | no | Form 4 |
| 2025-11-21 | Swieringa John PRES, TECH & COO | Sale | 22,000 | $67.34 | $1.5M | no | Form 4 |
Open-market purchases and sales (Form 4 codes P and S) by officers, directors and 10% owners, by transaction date, from 2025-08-08 to 2025-12-06. Excludes option exercises, grants, gifts and tax withholding. Amended filings replace the originals; joint filings count once. Foreign private issuers do not file Form 4. Many insider sales are pre-scheduled (10b5-1 plans) and are not by themselves a sign of wrongdoing.
"These conditions raise substantial doubt about our ability to continue as a going concern and, as a result, a 'going concern' disclosure appears in the Notes to our Condensed Consolidated Financial Statements in this Quarterly Report on Form 10-Q. ​ 127 Table of Contents ​ We expect completion of either of the AT&T Transactions or SpaceX Transactions to fully resolve our going concern qualification, except for our..."
Quoted from the filing. Source
The filing states that substantial doubt exists about the company's ability to continue as a going concern: it may not have enough cash to last the next 12 months. Expect dilution, debt deals or worse. An auditor's going-concern paragraph is the strongest form of this warning.
Source: management disclosure in Form 10-Q (period 2025-09-30)
Why this score: quarterly (unaudited) disclosure
Read the original filing on SEC.gov →
Not investment advice. Automated summary; verify against the filing.
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