Array Digital Infrastructure Inc (AD) is a wireless tower infrastructure company that owns and operates 4,450 cell towers across the United States, as disclosed in its 10-K filed 2026-02-20. Revenue comes from wireless carriers that lease space on Array's tower structures to install network equipment, with rates varying by equipment quantity, equipment placement on the structure, and tower location. Array positions itself as the fifth largest tower owner and operator of shared wireless communications infrastructure in the United States. The company has owned and operated towers for over 40 years, giving it a long-tenured carrier relationship base. Array signs long-term Master License Agreements with its largest customers, which lock in defined lease terms and defined lease escalators. The business model produces very limited tenant churn and high lease renewal rates, characteristics typical of shared tower infrastructure. Array's stated strategy centers on driving increased colocation on its existing tower portfolio.

Revenue model

Space leasing on tower structures to wireless carrier tenants under long-term Master License Agreements (MLAs), with revenue varying by quantity of installed equipment, placement on the structure, and tower location. Defined lease escalators are built into MLA terms.

Products and services

Shared wireless communications tower infrastructure; cell tower colocation; support for 5G and other wireless technology deployment.

Customers and end markets

Wireless carriers (tenants) that install network equipment on tower structures. End market is wireless connectivity and 5G network deployment across the United States.

Value-chain role

Tower owner and operator; infrastructure landlord enabling wireless carrier network deployment through colocation.

Geographic exposure

United States only, as disclosed in 10-K filed 2026-02-20.

Source: SEC 10-K, filed 2026-02-20

Industry: Radiotelephone Communications Peers: Aerkomm Inc. KonaTel Inc Gogo Inc KORE Group Holdings Inc Surgepays Inc T-Mobile US Inc Shenandoah Telecommunications Co Spok Holdings Inc Telephone and Data Systems Inc