Finance

Satellite operator EchoStar, parent company of Hughes Network Systems, reported a tough 2023 fiscal third quarter (Q3), which included a 17% year-over-year decrease in consolidated revenue and a loss of 165,000 Hughes broadband subscribers. Echostar’s Q3 consolidated revenue dropped to $413.1 million, with the decrease driven by lower service revenues and fewer broadband customers. Equipment...

Globalstar increased its overall 2023 guidance on Thursday after reporting 53% year-over-year growth in the third quarter. Globalstar raised the low end of its guidance for the second time this year, after raising it in Q2. The company now expects 2023 total revenue to range between $215 and $230 million. Original guidance was between $185...

GPS startup Zephr raised $3.5 million in a seed round led by Space Capital and First Spark Ventures, the company announced Tuesday. Zephr is working to create a networked GPS solution to enhance GPS accuracy for mobile devices.  The company says it is solving for a gap in GPS technology, where customer GPS used in...

Viasat is laying off 800 employees, about 10% of its workforce, as it is integrating the Inmarsat business post-acquisition. Viasat announced the reduction on Thursday and said it will be spread across the business in terms of geographies and divisions.  These layoffs come after Viasat closed the Inmarsat acquisition in May. Post-layoffs Viasat will still...

MDA closed on its acquisition of SatixFy Space Systems UK (SSS) on Oct. 31, the company announced. MDA announced its plan to acquire the digital payload division of SatixFy Communications in late August to bolster its offerings in the digital satellite communications market.  The SSS division is based in the United Kingdom and MDA said...

SES is pushing back the start of commercial service for its O3b mPOWER constellation to early in the second quarter of 2024, as it deals with power module issues on the satellites. To deal with the impact to the constellation, SES “reshaped” its contract with manufacturer Boeing to upgrade five of the remaining satellites and...

Maxar Intelligence has named Dan Smoot as CEO, after Maxar Technologies recently split into two businesses — Maxar Space Infrastructure and Maxar Intelligence. The satellite imagery-focused company announced the move on Monday, along with a slate of new executive hires.  Smoot was most recently the CEO of Riverbed Technology, and he is credited with transitioning...

The Space & Airborne Systems and Communication Systems segments at L3Harris delivered growth in the third quarter of 2023.  Company-wide revenue at L3Harris was up 16% in Q3 compared to the same period last year, due to acquisitions including Aerojet Rocketdyne (AR) and the Tactical Data Links business L3Harris acquired from Viasat. Organically, excluding the...

Terran Orbital held a town hall on Thursday to increase investor confidence in an attempt to raise the share price. Over an hour-long call, CEO and Chairman Marc Bell took questions to assuage concerns that the company’s business is too concentrated with customers Lockheed Martin and Rivada Space Networks. The town hall event was in...

Eutelsat Communications operating vertical revenues in the first quarter of the operator’s 2023-24 fiscal year were down 2.4% compared to the same time last year on a like-for-like basis. Eutelsat reported financial results on Thursday, also reporting Konnect VHTS satellite that launched more than a year ago entered service.  Konnect VHTS will provide fixed, mobile...