Just caught EchoStar's Q4 results and the numbers are rough. Stock dropped 2.2% on the news, trading around $113. They reported a massive $1.21 billion net loss for the quarter versus a $335 million profit a year ago. What's interesting is looking at the OIBDA picture - their operating income before depreciation swung negative to $566.86 million from positive $397.14 million. That's a brutal swing. Though adjusted OIBDA came in at $583.68 million, up from $397.14 million prior year, so there's some operational improvement hiding under the headline loss. The real story here is nearly $17.63 billion in non-cash asset impairments that tanked their bottom line. For the full year 2025, they're sitting on a $14.50 billion loss compared to a $119.55 million loss in 2024. Revenues also slipped to $15.00 billion from $15.83 billion. When you strip out those impairments and look at adjusted OIBDA metrics, the underlying business isn't collapsing, but those asset write-downs are definitely a red flag for what management sees ahead.