Logo

UZD

Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069

UZD

Array Digital Infrastructure, Inc. 6.250% Senior Notes due 2069 • NYSE
$20.46 ▲ 0.47% (+0.10)
Market Cap $6.45 B
52w High $25.71
52w Low $19.13
Dividend Yield 1.56%
P/E 0
Volume 4.30K
Outstanding Shares 315.44M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $47.119M ▼ $20.525M ▼ $200.802M ▲ 426.159% ▲ $2.33 ▲ $67.942M ▼
Q2-2025 $916M ▲ $489M ▼ $31M ▲ 3.384% ▲ $0.36 ▲ $244M ▲
Q1-2025 $891M ▼ $496M ▼ $18M ▲ 2.02% ▲ $0.21 ▲ $243M ▲
Q4-2024 $971M ▲ $522M ▼ $5M ▲ 0.515% ▲ $0.059 ▲ $198M ▲
Q3-2024 $922M $629M $-79M -8.568% $-0.92 $127M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $325.626M ▼ $4.918B ▼ $2.381B ▼ $2.53B ▼
Q2-2025 $386M ▲ $10.377B ▲ $5.747B ▼ $4.6B ▲
Q1-2025 $182M ▲ $10.365B ▼ $5.75B ▼ $4.585B ▲
Q4-2024 $144M ▼ $10.449B ▼ $5.841B ▼ $4.577B ▼
Q3-2024 $272M $10.516B $5.902B $4.582B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $92.027M ▲ $-82.102M ▼ $2.596B ▲ $-2.59B ▼ $-75.374M ▼ $46.301M ▼
Q2-2025 $32M ▲ $325M ▲ $-76M ▼ $-49M ▼ $200M ▲ $248M ▲
Q1-2025 $20M ▲ $160M ▲ $-74M ▲ $-44M ▲ $42M ▲ $86M ▲
Q4-2024 $5M ▲ $122M ▼ $-141M ▼ $-110M ▼ $-129M ▼ $-19M ▼
Q3-2024 $-79M $245M $-131M $-41M $73M $114M

Revenue by Products

Product Q2-2024Q3-2024Q4-2024Q2-2025
Product
Product
 $180.00M ▲$170.00M ▼$230.00M ▲$180.00M ▼
Service
Service
 $740.00M ▲$750.00M ▲$740.00M ▼$740.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the past few years, with only small ups and downs rather than strong growth. Profitability improved for a while but then slipped back, with the most recent year showing a small loss instead of a profit. Operating profit and EBITDA are positive but not especially strong, suggesting a business with reasonable underlying earnings power but limited margin for error. The recent strategic shift away from being a full wireless operator toward becoming an infrastructure landlord likely distorts the latest results and may mean that past earnings patterns are not a clean guide to the future.

Balance Sheet

Balance Sheet The company has an asset-heavy balance sheet, which fits its role as an owner of towers and spectrum. Debt is meaningful relative to the size of the business, and cash on hand is modest, so the firm relies on steady cash generation and access to capital markets rather than a big cash cushion. Equity has been fairly stable over time, indicating no major destruction or creation of book value, but also not a lot of visible balance sheet-driven upside. Overall, leverage looks manageable but not low, which matters for a long‑dated note like UZD.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which is a key strength, but free cash flow has swung between positive and negative because of heavy investment in network and infrastructure. Capital spending appears to have been high in prior years and is now easing, which has helped free cash flow improve more recently. For a debt investor, the main story is that the core business tends to generate cash, but the company’s choices around future investment, tower upgrades, and any expansion will strongly influence how much cash is left after capex to support debt over time.

Competitive Edge

Competitive Edge Array’s competitive position now rests on control of physical infrastructure—towers in important locations—and a sizable portfolio of spectrum. These are scarce assets that are hard and costly for rivals to replicate, particularly in rural or hard‑to‑permit areas, which gives Array a structural advantage. However, the company is much smaller than the big national tower players and may not enjoy the same economies of scale or pricing power. Its dependence on a few large tenants, including T‑Mobile, also creates concentration risk: the assets are valuable, but the bargaining power balance with major carriers will be important to watch.

Innovation and R&D

Innovation and R&D This business is not about traditional lab-style R&D; innovation is more about how effectively it monetizes and repurposes its towers and spectrum. The key levers are increasing the number of tenants per tower, designing flexible leasing structures for spectrum, and exploring new uses such as hosting edge computing gear or other digital infrastructure at tower sites. The company’s long history managing these assets gives it operational know‑how, but it must now prove it can innovate as an independent infrastructure platform rather than as part of a wireless carrier. Partnerships and creative deal structures may matter more than pure technology breakthroughs.

Summary

Array Digital Infrastructure has transformed from a regional wireless carrier into a focused owner of towers and spectrum, and UZD is now a claim on that reshaped business. Historically, the company has shown steady revenue, modest profitability, and reliable operating cash flow, but also periods of heavy investment and a recent dip into net losses. The balance sheet is typical for an infrastructure owner—asset rich with meaningful debt and limited cash—so long‑term debt holders are relying on the durability of tower and spectrum cash flows. The strategic pivot could ultimately simplify the model and sharpen its cash‑generating profile, but it also introduces execution risk, tenant‑concentration risk, and uncertainty because past financials largely reflect a different business mix than the company will have going forward.