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EchoStar Announces Financial Results for the Three and Twelve Months Ended December 31, 2023

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ENGLEWOOD, Colo., Feb. 29, 2024 /PRNewswire/ — EchoStar Corporation (NASDAQ: SATS) announced its financial results for the three and twelve months ended December 31, 2023.

Twelve Months Ended December 31, 2023:

EchoStar reported 2023 total revenue of $17.02 billion, compared to $18.63 billion in 2022. The net decrease in revenue primarily resulted from subscriber declines, most significantly in its Pay-TV segment.Net loss attributable to EchoStar in 2023 was $1.70 billion, compared to net income of $2.48 billion in 2022. The net loss in 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.8 billion. Diluted loss per share was $6.28 in 2023, compared to earnings per share of $8.05 in 2022. Excluding the tax affected impact of the goodwill impairment and the 800 MHz adjustment, 2023 net income attributable to EchoStar would have been approximately $361 million.Consolidated OIBDA totaled $1.32 billion, compared to $3.41 billion in 2022. (See OBIDA definition and non-GAAP reconciliation below.) The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.

“We closed the year with the completion of the merger with DISH Network. The transaction combined DISH Network’s satellite technology, streaming services, engineering expertise, retail wireless business, and nationwide 5G network with EchoStar’s premier satellite communications solutions, enterprise go-to-market capabilities, and U.S.-based manufacturing. Collectively, it creates a global leader in terrestrial and non-terrestrial wireless connectivity, and entertainment services,” said Hamid Akhavan, president and CEO, EchoStar Corporation. “With the close of the merger, we will continue to integrate our business and realize savings and operational efficiencies. We also will increase our focus on identifying and targeting the best, most profitable customers in each of our addressable market segments – Pay-TV, Retail Wireless, and Broadband and Satellite Services.”

Three Months Ended December 31, 2023:

Consolidated revenue totaled $4.16 billion for the fourth quarter, compared to $4.53 billion in the year-ago quarter. The net decrease in revenue primarily resulted from subscriber declines, most significantly in the Pay-TV segment.Net loss attributable to EchoStar totaled $2.03 billion for the fourth quarter, compared to net income attributable to EchoStar of $984 million in the year-ago quarter. The net loss in the fourth quarter of 2023 was primarily attributable to a noncash impairment to goodwill totaling approximately $758 million, and an adjustment to the carrying value of the 800 MHz purchase option totaling approximately $1.6 billion. Diluted loss per share was $7.48 for the quarter, compared to earnings of $3.21 per share in the year-ago quarter.Consolidated OIBDA totaled negative $370 million for the fourth quarter, compared to $735 million in the year-ago quarter. The decrease in OIBDA was primarily attributable to the noncash impairment to goodwill and the subscriber declines previously discussed.Net Pay-TV subscribers decreased approximately 314,000 in the fourth quarter, compared to a decrease of approximately 268,000 in the year-ago quarter. The company closed the quarter with 8.53 million Pay-TV subscribers including 6.47 million DISH TV subscribers and 2.06 million SLING TV subscribers. This increase in net Pay-TV losses resulted from the increase in net DISH TV subscriber losses due to lower gross new DISH TV subscriber activations and a higher DISH TV churn rate, offset by the decrease in net SLING TV subscriber losses due to lower subscriber disconnects in 2023 as a result of our emphasis on acquiring higher-quality subscribers.Retail Wireless net subscribers decreased by approximately 123,000 in the fourth quarter, compared to a net decrease of 25,000 in the year-ago quarter. The company closed the quarter with 7.38 million Retail Wireless subscribers. This increase in net Retail Wireless subscriber losses primarily resulted from lower gross new Retail Wireless subscriber activations, partially offset by a lower Retail Wireless churn rate due to our emphasis on acquiring and retaining higher-quality subscribers.Broadband net subscribers decreased by approximately 59,000 in the fourth quarter, compared to a decrease of 57,000 in the year-ago quarter. The company closed the quarter with 1.00 million Broadband subscribers. This increase in net Broadband subscriber losses primarily resulted from our capacity limitations, competitive pressure from satellite-based competitors and other technologies, and a more selective customer screening. The EchoStar XXIV satellite, also known as Jupiter 3, began service in December 2023, bringing additional broadband capacity and is expected to be an integral part of the Broadband and Satellite Services segment business.

Set forth below is a table highlighting certain of EchoStar’s segment results for the three and twelve months ended December 31, 2023 and 2022 (all U.S. GAAP amounts reference results from operations):

For the three months ended
December 31,

For the years ended
December 31,

2023

2022

2023

2022

(in thousands)

Revenue

Pay-TV

$     2,816,787

$    3,106,149

$   11,571,159

$  12,505,392

Retail Wireless

898,284

928,095

3,692,372

4,135,129

5G Network Deployment

24,027

17,406

91,928

65,768

Broadband and Satellite Services

449,779

499,857

1,755,559

1,998,093

All Other & Eliminations

(26,281)

(18,490)

(95,420)

(70,136)

Total

$     4,162,596

$    4,533,017

$   17,015,598

$  18,634,246

Net Income (loss) attributable to EchoStar

$    (2,029,882)

$      984,264

$    (1,702,057)

$    2,477,720

Purchases of property and equipment, net of refunds and other receipts (including capitalized interest related to regulatory authorizations)

Pay-TV

$         75,212

$        39,835

$        242,736

$       131,093

Retail Wireless

$                   –

–

$                    –

$                   –

5G Network Deployment

$       841,522

1,084,441

$     3,748,624

$    3,580,518

Broadband and Satellite Services

$         61,172

76,517

$        233,423

$       325,891

All Other & Eliminations

$                   –

(560)

$                    –

$         (2,721)

Total 

$       977,906

$    1,200,233

$     4,224,783

$    4,034,781

 

Reconciliation of GAAP to Non-GAAP Measurement:

For the Year Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

2,699,810

$

(643,184)

$

(1,881,369)

$

(458,609)

$

5,443

$

(277,909)

Depreciation and amortization

381,292

221,968

620,685

419,262

(45,284)

1,597,923

OIBDA

$

3,081,102

$

(421,216)

$

(1,260,684)

$

(39,347)

$

(39,841)

$

1,320,014

For the Year Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

2,933,898

$

(77,264)

$

(810,968)

$

181,615

$

5,557

$

2,232,838

Depreciation and amortization

428,471

177,914

131,566

462,748

(25,804)

1,174,895

OIBDA

$

3,362,369

$

100,650

$

(679,402)

$

644,363

$

(20,247)

$

3,407,733

For the three months Ended December 31, 2023

Pay-TV

Retail
Wireless

5G Network
Deployment

Broadband
and
Satellite
Services


Eliminations

Consolidated

(In thousands)

Segment operating income (loss)

$

714,319

(344,312)

(682,701)

(540,152)

720

(852,127)

Depreciation and amortization

95,145

53,371

235,615

107,466

(9,273)

482,325

OIBDA

$

809,464

$

(290,941)

$

(447,087)

$

(432,686)

$

(8,553)

$

(369,803)

For the three months Ended December 31, 2022

 Pay-TV

 Retail
Wireless

 5G Network
Deployment

 Broadband
and
Satellite
Services


Eliminations

 Consolidated 

 (In thousands)

Segment operating income (loss)

$

748,729

(118,424)

(254,963)

50,418

1,753

427,513

Depreciation and amortization

100,398

50,534

53,914

111,115

(8,093)

307,869

OIBDA

$

849,127

$

(67,891)

$

(201,048)

$

161,533

$

(6,339)

$

735,382

 

Note on Use of Non-GAAP Financial Measures

OIBDA is defined as “Operating income (loss)” plus “Depreciation and amortization.”

OIBDA, which is presented by segment above, is a non-GAAP measure reconciled to “Operating income (loss)” and does not purport to be an alternative to operating income (loss) as a measure of operating performance. We believe this measure is useful to management, investors and other users of our financial information in evaluating operating profitability of our business segments on a more variable cost basis as it excludes the depreciation and amortization expenses related primarily to capital expenditures and acquisitions for those business segments, as well as in evaluating operating performance in relation to our competitors.

The consolidated financial statements of EchoStar for the periods ended December 31, 2023, are attached to this press release. Detailed financial data and other information are available in EchoStar’s Annual Report on Form 10-K for the period ended December 31, 2023, filed today with the Securities and Exchange Commission.

EchoStar will host a conference call to discuss its earnings on Friday, March 1, 2024, at noon Eastern Time. The conference call will be broadcast live in listen-only mode on EchoStar’s investor relations website at ir.echostar.com. To attend the call, please dial: (877) 484-6065 (U.S.) or (201) 689-8846. When prompted on dial-in, please utilize the conference ID (13744790) or ask for the “EchoStar Corporation Q4 and Full Year 2023 Earnings Conference Call.” Please dial in at least 10 minutes before the call to ensure timely participation.

About EchoStar Corporation

EchoStar Corporation (Nasdaq: SATS) is a premier provider of technology, networking services, television entertainment and connectivity, offering consumer, enterprise, operator and government solutions worldwide under its EchoStar®, Boost Mobile®, Boost Infinite, Sling TV, DISH TV, Hughes®, HughesNet®, HughesON™, and JUPITER™ brands. In Europe, EchoStar operates under its EchoStar Mobile Limited subsidiary and in Australia, the company operates as EchoStar Global Australia. For more information, visit www.echostar.com and follow EchoStar on X (Twitter) and LinkedIn.

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, 2023 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.

ECHOSTAR CORPORATION

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share amounts)

As of  

 December 31, 

December 31,

2023

2022

Assets

Current Assets:

Cash and cash equivalents

$

1,821,376

$

2,497,536

Marketable investment securities

623,044

1,809,898

Trade accounts receivable, net of allowance for credit losses of $74,390
and $59,790, respectively

1,122,139

1,182,597

Inventory

665,169

625,979

Prepaids and other assets

644,005

617,819

Other current assets

16,081

23,884

Total current assets

4,891,814

6,757,713

Noncurrent Assets:

Restricted cash, cash equivalents and marketable investment securities

118,065

117,011

Property and equipment, net

9,561,834

7,904,957

Regulatory authorizations, net

38,572,980

37,395,604

Other investments, net

314,370

524,905

Operating lease assets

3,065,448

2,823,834

Intangible assets, net

172,892

1,113,298

Other noncurrent assets, net

411,491

2,110,959

Total noncurrent assets

52,217,080

51,990,568

Total assets

$

57,108,894

$

58,748,281

Liabilities and Stockholders’ Equity (Deficit)

Current Liabilities:

Trade accounts payable

$

774,011

$

1,023,537

Deferred revenue and other

754,658

833,213

Accrued programming

1,427,762

1,298,777

Accrued interest

297,678

298,043

Other accrued expenses and liabilities

1,717,826

1,436,485

Current portion of long-term debt and finance lease obligations

3,046,654

1,552,559

Total current liabilities

8,018,589

6,442,614

Long-Term Obligations, Net of Current Portion:

Long-term debt and finance lease obligations, net of current portion

19,717,266

21,343,561

Deferred tax liabilities, net

5,014,309

5,354,756

Operating lease liabilities

3,121,307

2,808,774

Long-term deferred revenue and other long-term liabilities

849,131

748,384

Total long-term obligations, net of current portion

28,702,013

30,255,475

Total liabilities

36,720,602

36,698,089

Commitments and Contingencies

Redeemable noncontrolling interests

438,382

464,359

Stockholders’ Equity (Deficit):

Class A common stock, $0.001 par value, 1,600,000,000 shares authorized,
140,153,020 and 138,128,368 shares issued and outstanding, respectively

140

138

Class B common stock, $0.001 par value, 800,000,000 shares authorized,
131,348,468 shares issued and outstanding

131

131

Additional paid-in capital

8,301,979

8,222,599

Accumulated other comprehensive income (loss)

(160,056)

(175,267)

Accumulated earnings (deficit)

11,737,983

13,440,040

Total EchoStar stockholders’ equity (deficit)

19,880,177

21,487,641

Noncontrolling interests

69,733

98,192

Total stockholders’ equity (deficit)

19,949,910

21,585,833

Total liabilities and stockholders’ equity (deficit)

$

57,108,894

$

58,748,281

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Dollars in thousands, except per share amounts)

For the Years Ended December 31,

2023

2022

2021

Revenue:

Service and other revenue

$

16,145,763

$

17,596,265

$

18,598,313

Equipment sales and other revenue

869,835

1,037,981

1,220,365

Total revenue

17,015,598

18,634,246

19,818,678

Costs and Expenses (exclusive of depreciation and amortization):

Cost of services

9,510,427

10,111,341

10,717,333

Cost of sales – equipment and other

2,434,904

2,099,136

1,778,471

Selling, general and administrative expenses

2,989,154

3,015,325

2,686,279

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Total costs and expenses

17,293,507

16,401,408

16,396,274

Operating income (loss)

(277,909)

2,232,838

3,422,404

Other Income (Expense):

Interest income, net

207,374

93,240

33,903

Interest expense, net of amounts capitalized

(90,357)

(79,217)

(111,151)

Other, net

(1,770,792)

1,088,441

4,716

Total other income (expense)

(1,653,775)

1,102,464

(72,532)

Income (loss) before income taxes

(1,931,684)

3,335,302

3,349,872

Income tax (provision) benefit, net

296,860

(798,410)

(828,437)

Net income (loss)

(1,634,824)

2,536,892

2,521,435

Less: Net income (loss) attributable to noncontrolling interests, net of tax

67,233

59,172

35,150

Net income (loss) attributable to EchoStar

$

(1,702,057)

$

2,477,720

$

2,486,285

Weighted-average common shares outstanding – Class
A and B common stock:

Basic

270,842

270,102

275,117

Diluted

270,842

307,733

313,122

Earnings per share – Class A and B common stock:

Basic net income (loss) per share attributable to EchoStar

$

(6.28)

$

9.17

$

9.04

Diluted net income (loss) per share attributable to EchoStar

$

(6.28)

$

8.05

$

7.94

 

ECHOSTAR CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

For the Years Ended December 31,

2023

2022

2021

Cash Flows From Operating Activities:

Net income (loss)

$

(1,634,824)

$

2,536,892

$

2,521,435

Adjustments to reconcile net income (loss) to net cash flows from operating activities:

Depreciation and amortization

1,597,923

1,174,895

1,213,946

Impairment of long-lived assets and goodwill

761,099

711

245

Realized and unrealized losses (gains) on investments, impairments and other

(46,888)

(72,371)

(7,541)

Realized and unrealized losses (gains) on derivatives

1,693,387

(1,015,387)

13,000

Non-cash, stock-based compensation

51,514

82,994

59,379

Deferred tax expense (benefit)

(337,222)

729,587

639,708

Changes in allowance for credit losses

14,600

6,590

(34,635)

Change in long-term deferred revenue and other long-term liabilities

15,825

83,453

65,943

Other, net

166,383

253,784

135,871

Changes in current assets and current liabilities, net

Trade accounts receivable

20,622

(74,812)

206,995

Prepaid and accrued income taxes

15,836

(36,115)

81,197

Inventory

(37,981)

16,200

(175,918)

Other current assets

(40,290)

21,737

(47,144)

Trade accounts payable

4,108

90,721

86,219

Deferred revenue and other

(78,555)

(71,709)

(62,034)

Accrued programming and other accrued expenses

267,110

(105,980)

(41,293)

Net cash flows from operating activities

2,432,647

3,621,190

4,655,373

Cash Flows From Investing Activities:

Purchases of marketable investment securities

(2,407,546)

(1,965,859)

(6,338,641)

Sales and maturities of marketable investment securities

3,710,544

4,159,830

4,390,903

Purchases of property and equipment

(3,100,921)

(3,050,472)

(1,619,312)

Refunds and other receipts of purchases of property and equipment

38,611

—

—

Capitalized interest related to regulatory authorizations

(1,162,473)

(984,309)

(777,885)

Proceeds from other debt investments

148,448

—

—

Refund of regulatory authorizations deposit

—

—

337,490

Purchases of regulatory authorizations, including deposits

(2,009)

(7,206,865)

(122,657)

Other, net

(33,386)

(11,900)

(116,621)

Net cash flows from investing activities

(2,808,732)

(9,059,575)

(4,246,723)

Cash Flows From Financing Activities:

Repayment of long-term debt and finance lease obligations

(121,981)

(86,229)

(89,958)

Redemption and repurchases of senior notes

(1,460,635)

(2,056,821)

(2,901,818)

Proceeds from issuance of senior notes

1,500,000

2,000,000

6,750,000

Repurchases of convertible notes

(182,834)

—

—

Early debt extinguishment gains (losses)

73,024

—

—

Net proceeds from Class A common stock options exercised and stock issued under the
Employee Stock Purchase Plan

10,598

27,438

68,182

Purchase of Northstar Manager, LLC’s ownership interest in Northstar Spectrum

(109,432)

—

—

Treasury share repurchase

—

(89,303)

(261,436)

Debt issuance costs and debt (discount) premium

21,635

(51,121)

(34,459)

Other, net

(7,496)

(18,413)

(15,507)

Net cash flows from financing activities

(277,121)

(274,449)

3,515,004

Effect of exchange rates on cash and cash equivalents

3,004

(2,306)

(3,749)

Net increase (decrease) in cash, cash equivalents, restricted cash and cash equivalents

(650,202)

(5,715,140)

3,919,905

Cash, cash equivalents, restricted cash and cash equivalents, beginning of period

2,561,803

8,276,943

4,357,038

Cash, cash equivalents, restricted cash and cash equivalents, end of period

$

1,911,601

$

2,561,803

$

8,276,943

 

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SOURCE EchoStar Corporation

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Rohit Sharma Joins Freyr Energy as its First Brand Ambassador; Launches ‘Solar Ho, Toh Freyr Ho!’ Campaign

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• India’s World Cup-winning captain fronts a nationwide campaign urging families to choose a rooftop solar partner they can count on for the next 30 years

• Freyr’s “Rishta Pakka” ad film features brand ambassador Rohit Sharma

National, Oct. 17, 2026 /PRNewswire/ — Freyr Energy, India’s second-largest residential rooftop solar company under the PM Surya Ghar: Muft Bijli Yojana, announced Rohit Sharma, India’s World Cup-winning captain, as its first-ever brand ambassador. The association launches with ‘Solar Ho, Toh Freyr Ho!’, a nationwide campaign built on a simple idea: rooftop solar is a 30-year decision, and it deserves a company that delivers year after year. The campaign also features an ad film, “Rishta Pakka,” with Rohit Sharma as the protagonist, talking about solar, subsidies, and its benefits through a humour-led narrative.

The partnership brings together two records of consistency and benchmark-setting. Rohit Sharma has spent nearly two decades delivering at the highest level of international cricket, setting standards others now measure themselves against. Freyr Energy has done the same on India’s rooftops for more than a decade, designing, financing, installing and servicing 24,000+ solar systems across 40+ cities, and introducing industry firsts such as its Freyr Energy App, self-cleaning solar systems and solar experience centres. The launch comes at a turning point for the category, with the PM Surya Ghar Yojana bringing millions of Indian families to rooftop solar for the first time. Eligible households can access government subsidy support of up to ₹78,000, while financing options at low and competitive interest rates can further reduce the upfront financial burden of making the switch. A solar system is meant to perform for decades, long after installation day, so the real risk for a family is not whether to go solar, but whom to trust with it. ‘Solar Ho, Toh Freyr Ho!’ is built to answer that question.

Saurabh Marda, Co-founder & Managing Director, Freyr Energy, said, “Our aim has always been to raise the bar for what Indian homeowners can expect from rooftop solar, not just on installation day but across the 30-year life of their system. Rohit has spent his career doing exactly that in cricket, which made him the natural choice as our first brand ambassador.”

Radhika Choudary, Co-founder & Director, Freyr Energy, said, “When a family puts solar on its roof, they are trusting a company for the next 30 years. That company has to show up every time and stand behind the family’s decision long after the system is switched on. ‘Solar Ho, Toh Freyr Ho!’ says that in five words, and no one says it better than Rohit.”

Speaking about the association, Rohit Sharma, exclusively managed by RISE Worldwide, said, “Protecting the environment has been close to my heart for years. Rooftop solar gives families a chance to do their bit for the planet, and it’s important to have a partner you can trust for the journey. That’s what drew me to Freyr Energy. I’m happy to be part of their campaign, encouraging more families to embrace solar and choose a cleaner, more sustainable future.”

Rajan Mahalingam, Marketing Head, Freyr Energy, said, “‘Solar Ho, Toh Freyr Ho!’ is built to make Freyr the first name families think of when they consider rooftop solar. Rohit’s reputation for consistency and trust mirrors what we promise every customer, and that gives the campaign an authenticity audiences will connect with. We look forward to taking this message to millions of homes across India.”

The ad film “Rishta Pakka” is live across Freyr Energy’s YouTube channel on: https://youtu.be/SW_0c1FSaQU   

About Freyr Energy

Founded in 2014 by Saurabh Marda and Radhika Choudary, Freyr Energy is India’s second-largest residential rooftop solar company under the PM Surya Ghar: Muft Bijli Yojana, with 24,000+ installations for homes and businesses across 40+ cities. The company brings system design, installation, financing assistance and technology-enabled customer support under one roof to make the switch to rooftop solar simple and dependable.

 

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Thousands of Suppliers, Nine Buyer Delegations, Three Major Trends: The 35th Guzhen Lighting Fair Opens October 22 to Chart New Directions for the Industry

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ZHONGSHAN, China, Oct. 17, 2026 /PRNewswire/ — This October, the global lighting industry will once again turn its attention to the Pearl River Delta. The 2026 China (Guzhen) International Lighting Fair (Autumn Edition), also known as the 35th Guzhen Lighting Fair, will take place from October 22 to 25, 2026, at the Guzhen Convention and Exhibition Center in Zhongshan, Guangdong. Thousands of suppliers, nine buyer delegations, three major trends. They represent a major collective showcase for China’s lighting industry at a time of profound change in global trade.

Highlight 1: A New National Milestone for the Lighting Industry’s Only National-Level Trade Event

The Guzhen Lighting Fair’s standing begins with its national credentials. Approved by the Ministry of Commerce of the People’s Republic of China as a national-level exhibition and certified by UFI, the Global Association of the Exhibition Industry, this edition draws on a strong industrial base: a RMB 100 billion-plus lighting industry cluster centered on Guzhen and encompassing 11 towns and subdistricts across three surrounding cities.

Notably, the fair has been included in the 2026 National Consumer Goods Campaign Key Activity List, jointly issued by the Ministry of Industry and Information Technology and the Ministry of Culture and Tourism. It is the only major annual trade event from the lighting industry included on the list. The fair is also listed in the Guangdong Department of Commerce’s 2026 Guangdong Trade Nationwide program. These endorsements recognize the collective strength of Guzhen’s lighting industry and mark the fair’s rise from an industry exhibition to a national showcase.

Highlight 2: Seven themed Halls Reflect the Industry’s Evolving Priorities

All seven halls at the main venue have been upgraded, creating a new exhibition and trading layout in which each hall has a distinct theme and identity.

The seven-hall layout reveals three clear trends: increasingly sophisticated smart technologies, the return of design and aesthetics to the mainstream, and greater supply chain autonomy and control. Hall A, Urban Lighting and Smart Engineering, focuses on smart lighting and project lighting. Hall B, inter and commercial lighting, brings together decorative fixtures, residential lighting, and commercial lighting. Hall C, outdoor and special lighting, covers outdoor lighting, lighting for cultural and tourism attractions, and special-purpose fixtures. Halls D and E, lighting manufacturing and supply-chain, connect machinery, auxiliary materials and components, and supporting services. Hall F, smart home and living decor, combines smart home technologies with decorative furnishings and accessories. Hall H, new brands and cross-border sourcing, gives buyers a one-stop product sourcing destination.

The fair will showcase advances in three major areas. In AI integration, lighting control systems powered by large AI models and wireless AIoT lighting solutions will deliver more responsive experiences, with light adapting to people’s movements. In health-focused lighting, highlights include classroom lighting solutions designed to meet China’s new national standards, along with human-centric lighting and products tailored to older adults. In green and low-carbon development, the displays will span high-efficiency energy-saving technologies, solar photovoltaic and energy storage applications, and innovations in environmentally friendly materials.

Highlight 3: Targeted Sourcing for a Thousand Buyers Shifts the Focus from Visitor Traffic to Lasting Business

This edition will assemble nine professional buyer delegations. Six domestic groups will cover smart lighting systems, decorative lighting, linear lighting, wholesale distribution, the full range of lighting products, and intelligent lighting. Under the banner “Hundreds of Businesses, Nationwide Connections: Leading Lighting Distributors’ Sourcing Delegation,” the fair will invite selected company executives and decision-makers to attend with concrete sourcing plans. Three further delegations will bring together key overseas buyers, media and associations, and key opinion leaders (KOLs).

This approach shifts the emphasis from visitor traffic to a sustained flow of orders. Using the IIRIS data management system, the fair will identify high-quality buyers, establish qualification criteria for major buyers, and build a year-round service framework. By extending short-term connections at the fair into year-round trade support, it will help exhibitors turn a four-day encounter into year-round business relationships.

Highlight 4: The Hosted Buyer Program Combines Business Matching, VIP Sourcing Tour, and Networking Party

The fair’s flagship Hosted Buyer Program (HBP) will return with an expanded program, inviting hundreds of overseas buyers to join an international sourcing delegation. The business matching area in Hall H will host five Denggle.com Business Matching, four for overseas buyers and one for domestic buyers. The proven format combines pre-event research into buyers’ needs, targeted invitations, and one-on-one matching in a dedicated meeting area during the fair. It will cover major lighting markets including Southeast Asia, South Asia, Europe, the Americas, and Africa.

A distinctive addition is the partnership with GZCD•STAR ALLIANCE for the “Stars Gather at Star Alliance: A Global Search for Lighting” event series. Activities will include a guided tour for 40 overseas buyers, store visits by KOLs, and the “206 Hosted Buyer Program Networking Party.” Together, they will create an integrated program of exhibition matchmaking, direct sourcing at lighting malls, and social networking over cocktails.

This combination of exhibition halls and lighting malls, formal business meetings and informal networking, sets the Guzhen Lighting Fair apart. Behind the event is Guzhen’s extensive local industry. In China’s Lighting Capital, the entire town serves as a showroom, with opportunities to do business throughout the area. This is the foundation of the fair’s distinctive strength: industry concentration drives efficiency, and location creates a competitive advantage that is hard to replicate.

Highlight 5: Five Lighting Forums Address the Industry’s Challenges and Next Steps

This edition will feature five themed forums, all centered on light.

“Illuminating Prospects: Forum on Industry Trends and New Opportunities in Guzhen” will examine the reshaping of global trade and the direction of industrial policy, exploring how the industry can move from selling lighting products to providing lighting solutions and services.

The “Building Intelligence with Light, Achieving Low-Carbon Coexistence” forum will focus on green, low-carbon IoT applications, wireless AIoT lighting, and upgrades to smart manufacturing in factories.

“Expanding Markets with Light, Making Retail Breakthroughs,” a distribution alliance forum, will address declining foot traffic for dealers and encourage shared access to customer bases and joint brand initiatives among lighting malls.

“Light for All Homes, Harmonious Living,” a forum on health-focused lighting, will explore lighting environments that serve people of all ages and the standardization of lighting for older adults.

“Global Reach with Light, Profit at the Endpoints,” a practical matchmaking forum on cross-platform customer acquisition through new media and overseas expansion, will focus on AI-powered customer acquisition across new media channels and generative engine optimization (GEO).

The five events will be organized in collaboration with leading bodies including the China Association of Lighting Industry, the Guangdong Lighting Association, and the Guangdong Electronic Commerce Association. They will cover industry trends, smart manufacturing, retail channels, health-focused lighting, and overseas expansion through new media. Their themes address both where businesses should go and how to get there. Combining strategic direction with practical methods is precisely the value industry dialogue should deliver.

Highlight 6: A Networking Party Builds Industry Consensus Through Recognition

To mark its 35th edition, the fair will hold the 35th Guzhen Lighting Fair Sourcing and Supply Information Networking Dinner on the evening of October 22. The organizing committee will launch a “Gold Partners” recognition program, with awards across several categories honoring companies that have supported the fair over the long term, demonstrated sustained commitment to the industry, and excelled in their respective fields.

By recognizing exemplary businesses, the program will establish industry role models, strengthen longstanding exhibitors’ connection to the fair, and demonstrate to global buyers the industry’s commitment to quality and a strong reputation for reliability. Around 250 key guests are expected to be invited, including representatives of government, business and industry associations, industrial bases, and high-caliber exhibitor partners. With the fair as a meeting point, the dinner will help companies support one another and strengthen ties between individual businesses and the wider industry.

Highlight 7: The 2026 Short-Video & Live Creator Contest Award Ceremony and KOL Tours Test New Ways for a Traditional Trade Fair to Reach Wider Audiences

“Good Lighting in Guzhen: The 2026 Short-Video & Live Creator Contest Award Ceremony” has evolved into a year-round signature event on Douyin and WeChat Channels. It features two categories, short-form video and on-site livestreaming, with quarterly popularity awards, annual grand prizes, and other honors. Recognition, audience metrics, and cash prizes will encourage participation by industry buyers and sellers, creators, and influencers.

The “Star Scout KOL Sourcing Group” will bring together more than 30 short-video creators specializing in lighting. Through in-depth short videos and on-site livestreams, they will explore the fair and amplify its reach across their combined online channels. Campaign-related content is expected to generate more than one million impressions over the full campaign period.

The Data Foundation: A Buyer Database of Over 1.3 Million Records and Year-Round Online Exhibitions and Trade

For promotion and buyer outreach, the fair uses the IIRIS data management system to draw on more than 1.3 million global buyer records. It works with over 150 trade and general-interest media outlets and web portals, alongside a social media presence on WeChat, Douyin, Kuaishou, Xiaohongshu, and Weibo, to send multiple rounds of targeted invitations to buyers in more than 140 countries and regions. Offline, it partners with over ten industry print publications and sends promotion teams to more than 40 lighting wholesale markets across China. Outdoor advertising will also appear along Guzhen’s main roads, on shuttle buses, and on LED displays.

On the digital side, the fair’s specialized B2B trading website, Denggle.com, and its online exhibition and e-commerce platform, Denggle EZbuy, use big data and intelligent recommendations to match buyers and suppliers precisely, providing online exhibition and trading services 365 days a year. By extending a four-day fair into a year-round online presence and complementing in-person connections with data-driven matching, the Guzhen Lighting Fair is redefining the reach of a lighting exhibition, extending it beyond its physical venue and four-day run.

Since its launch in 1999, the Guzhen Lighting Fair has held 34 successful editions over 27 years. From a regional ordering fair to an international exhibition and trading platform spanning more than 1.5 million square meters, each stage of its development has kept pace with the transformation of China’s lighting industry.

As AI integration reshapes lighting products, health-focused lighting responds to people’s aspirations for a better life, and green, low-carbon practices become a requirement for access to global supply chains, the 35th Guzhen Lighting Fair offers more than seven event highlights. It presents a promising vision for the future of China’s lighting industry.

View original content:https://www.prnewswire.com/apac/news-releases/thousands-of-suppliers-nine-buyer-delegations-three-major-trends-the-35th-guzhen-lighting-fair-opens-october-22-to-chart-new-directions-for-the-industry-302911746.html

SOURCE China (Guzhen) International Lighting Fair

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DR. PHONE FIX ANNOUNCES AMENDMENT TO INTEREST CONVERSION TERMS OF CONVERTIBLE DEBENTURES

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/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

EDMONTON, AB, Oct. 16, 2026 /CNW/ — Dr. Phone Fix Canada Corporation (“Dr. Phone Fix” or the “Company”) (TSXV: DPF) announces that it has entered into an amending agreement dated October 8, 2026 (the “Amending Agreement”) to amend the mechanics for converting accrued and unpaid interest under its unsecured convertible debentures issued on June 24, 2026 and July 17, 2026 in the aggregate principal amount of $1,608,000 and bearing interest at 10% per annum (the “Debentures”). The conversion price applicable to the principal amount of the Debentures is not affected by the amendments.

Under the Amending Agreement, the principal amount of the Debentures remains convertible, at the option of the holder, at any time on or before the maturity date into common shares of the Company (“Common Shares”) at a conversion price of $0.16 per Common Share. Accrued and unpaid interest on the Debentures remains convertible into Common Shares at the option of the holder, but at a deemed price per Common Share (the “Interest Conversion Price”) equal to the closing price of the Common Shares on the TSX Venture Exchange (the “TSXV”) on the last trading day before the holder delivers a notice electing to convert interest (an “Interest Conversion Notice”), provided that the Interest Conversion Price will not be less than the Market Price (as defined in the policies of the TSXV) on that trading day.

An Interest Conversion Notice must be delivered within the five trading days before the date on which the applicable interest becomes payable, including on conversion of the principal amount, in which case the Interest Conversion Notice is to be delivered together with the conversion notice. Any issuance of Common Shares in satisfaction of interest is subject to the prior acceptance of the TSXV, and any interest that is not converted, or for which TSXV acceptance is not obtained, will be paid in cash. The form of conversion notice attached to the Debentures has been updated to reflect these amendments. All other terms of the Debentures remain unchanged.

The terms of the Debentures provide that they may be amended with the consent of the holders of a majority of the aggregate principal amount of the Debentures outstanding, and that all holders are bound by any amendment so approved. Holders of more than 50% of the aggregate principal amount of the outstanding Debentures have consented to the Amending Agreement. Accordingly, the amendments are binding on all holders of Debentures, whether or not they executed the Amending Agreement and whether or not replacement certificates are issued.

The amendments to the Debentures remain subject to the acceptance of the TSXV.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities described in this news release in the United States. Such securities have not been, and will not be, registered under the U.S. Securities Act, or any state securities laws, and, accordingly, may not be offered or sold within the United States, or to or for the account or benefit of persons in the United States or “U.S. Persons”, as such term is defined in Regulation S promulgated under the U.S. Securities Act, unless registered under the U.S. Securities Act and applicable state securities laws or pursuant to an exemption from such registration requirements.

About Dr. Phone Fix

Dr. Phone Fix is an award-winning, eco-friendly, and customer-centric integrated device care platform providing repair, refurbishment, certified pre-owned devices, trade-in solutions, accessories and related services through its growing national retail network. Founded in 2019, the Company serves consumers and businesses across multiple Canadian markets, delivering convenient and reliable device care solutions through its corporately owned retail network. With a focus on operational execution, customer service and sustainability, Dr. Phone Fix continues to expand its national platform while supporting the repair, reuse and extension of the useful life of connected devices.

NEITHER THE TSXV NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSXV) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Forward-Looking Information and Cautionary Statements

Certain information in this news release constitutes forward-looking statements under applicable securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as “may”, “should”, “anticipate”, “expect”, “potential”, “believe”, “intend” or the negative of these terms and similar expressions. Forward-looking statements in this news release include statements relating to: the acceptance of the amendments to the Debentures by the TSXV; and the conversion of principal and interest under the Debentures and the issuance of Common Shares in connection therewith. Forward-looking information in this news release is based on certain assumptions and expected future events, namely: the Company’s financial condition and development plans do not change as a result of unforeseen events; and the Company will be able to obtain the financing required in order to develop and continue its business and operations. These statements involve known and unknown risks, uncertainties and other factors, which may cause actual results, performance or achievements to differ materially from those expressed or implied by such statements, including but not limited to: the Company’s inability to obtain TSXV acceptance of the amendments to the Debentures or of any issuance of Common Shares in satisfaction of interest; market conditions and investor demand for the Company’s securities; and general economic and market conditions. Readers are cautioned that the foregoing list is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement and reflect the Company’s expectations as of the date hereof and are subject to change thereafter. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.

SOURCE Dr. Phone Fix

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