Array Digital Infrastructure Inc

arrayinc.com

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.