Array Digital Infrastructure Inc

arrayinc.com

What Do They Do?

Leases space on communications towers to wireless operators, internet providers, and public agencies and other businesses.

How Do They Make Money?

Tower tenants generally pay monthly in advance to lease tower space over the contract term. Array also bills customers for tower inspections, structural analyses and other fees.

revenue

Segment	Share	Revenue	How money arrives
Site rental Recurring	95% FY2022: 25%		Recurring
Services Sold outright	5.1% FY2022: 75%		Sold outright

Who Are Their Customers?

Wireless network operators and internet providers, along with public agencies and other businesses, lease space on Array-owned towers.

Do Revenues Turn Into Profits?

Yes. It kept 30 cents of every revenue dollar as net income in FY2025 and turned 107 cents into free cash flow.

Operating income, FY2025

−57% of revenue

▼ −64% (Loss) vs FY2024 (−$260.3M, −253%)

Net income, FY2025

30% of revenue

▲ Now profitable vs FY2024 (−$39.4M, −38%)

Free cash flow, FY2025

107% of revenue

▼ −80% vs FY2024 ($864M, 839%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +90%; vs $28.5M in Q2 FY2025
Net income: ▲ +1039%; vs $31.5M in Q2 FY2025

Equipment sales share of revenue vs 95.5% in Q2 FY2025

Aug 7, 2026 Array lifts the revenue range floor and raises adjusted EBITDA guidance Revenue guidance moved to $205 million-$215 million, while adjusted EBITDA guidance rose to $220 million-$235 million.
Jun 1, 2026 Array completed the Verizon spectrum sale The $1.0 billion cash sale closed June 1, 2026; the board also declared a special dividend of $11.00 per share.
May 8, 2026 TDS proposed buying Array shares it does not own An independent special committee will evaluate and negotiate or reject the non-binding proposal.

Shrinking. Revenue fell 96% in 4 years, from $4.1B in FY2021 to $163M in FY2025, about 55% a year.

From wireless service to tower leasing The business has shifted from selling wireless services and devices to consumers, businesses and government customers to leasing tower space and ancillary services, following the sale of its wireless operations to T-Mobile.

Revenue over time

Site rental Services

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with American Tower, Crown Castle, and SBA Communications

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