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UZE

Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070

UZE

Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 • NYSE
$17.93 ▲ 1.55% (+0.27)
Market Cap $6.57 B
52w High $23.00
52w Low $16.56
Dividend Yield 1.38%
P/E 0
Volume 4.60K
Outstanding Shares 366.28M

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 ▼$610.00M ▲$180.00M ▼
Service
Service
 $740.00M ▲$750.00M ▲$2.24Bn ▲$740.00M ▼

Five-Year Company Overview

Income Statement

Income Statement The business has been running at roughly the same size for several years, with revenue essentially flat and edging down slightly more recently. Profitability has been positive but thin: operating profit and net income were modest and have recently slipped into a small loss as the company restructures toward a pure infrastructure model. Underlying cash-style earnings (before non‑cash items) remain healthier than accounting profit, which is common for tower and infrastructure businesses. Overall, the income statement shows a stable, asset‑heavy operation under some short‑term earnings pressure rather than a growth‑at‑all‑costs story.

Balance Sheet

Balance Sheet The balance sheet looks like that of a typical infrastructure owner: lots of long‑lived assets, a meaningful amount of debt, and a steady but not dramatic build in equity over time. Total assets have been fairly stable, suggesting no aggressive expansion or contraction. Debt has crept up compared with a few years ago but does not appear out of line for a tower and digital infrastructure company, where leverage is a normal part of the model. Cash on hand is relatively low, so the company likely relies on ongoing cash generation and credit access rather than a large cash buffer, which is a point to watch in tougher environments.

Cash Flow

Cash Flow The core business consistently generates solid cash from operations, which is a key strength for a company supporting long‑term debt like the UZE notes. However, the company has also been spending heavily on capital investments to build and upgrade its infrastructure, which has at times pushed free cash flow close to break‑even or slightly negative. More recently, capital spending has eased somewhat, and free cash flow has turned modestly positive, indicating a shift from heavy build‑out toward a more harvest and optimization phase. The picture is of a cash‑generative business that has been reinvesting aggressively but is gradually normalizing its investment pace.

Competitive Edge

Competitive Edge Array has repositioned itself from a regional wireless carrier to a dedicated digital infrastructure owner, with thousands of towers spread across the U.S., many in rural and hard‑to‑reach markets. These locations are difficult and slow for competitors to replicate because of zoning, geography, and permitting, which gives the company meaningful local advantages. A long‑term master lease with a major national carrier provides an anchor tenant and predictable tower‑lease revenue, helping to stabilize the business. The main competitive risks come from much larger tower companies, customer concentration in a few big carriers, and technology or regulatory shifts that could change how wireless networks are built over time.

Innovation and R&D

Innovation and R&D Innovation here is less about labs and patents and more about business model and network design. The company’s key “innovation” has been its strategic shift into being a pure digital infrastructure platform, monetizing towers through multi‑tenant leasing and exploring adjacent areas like fiber and potentially edge computing. Its history as a network operator gives it a practical understanding of what carriers need, which can translate into smarter site development, customized lease structures, and better use of existing assets. Future progress will depend on how well it can add more tenants to its towers, successfully expand into fiber, and potentially use its sites for new services like edge data centers, all while controlling capital spending.

Summary

Overall, Array Digital Infrastructure appears to be a mature, asset‑heavy business transitioning into a focused tower and digital infrastructure platform. Revenues are steady rather than fast‑growing, profitability is currently under some pressure but backed by healthier cash generation, and the balance sheet carries typical infrastructure leverage without obvious signs of distress. The long‑term lease with a major carrier and the strategic placement of towers in underserved regions provide a solid base of recurring, contracted cash flows that are important for servicing long‑dated obligations like the 2070 senior notes. Key uncertainties relate to execution on the new strategy, dependence on a small number of large tenants, the capital intensity of expanding into fiber and new services, and how evolving 5G and future technologies reshape demand for tower and digital infrastructure over the coming decade.