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UZF

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

UZF

Array Digital Infrastructure, Inc. 5.500% Senior Notes due 2070 • NYSE
$17.78 ▲ 1.27% (+0.22)
Market Cap $6.44 B
52w High $23.13
52w Low $16.53
Dividend Yield 1.38%
P/E 0
Volume 19.28K
Outstanding Shares 362.21M

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 Q3-2024Q4-2024Q2-2025Q3-2025
Product
Product
 $170.00M ▲$610.00M ▲$180.00M ▼$50.00M ▼
Service
Service
 $750.00M ▲$2.24Bn ▲$740.00M ▼$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly steady over the past few years but is now drifting slightly downward, which suggests the legacy wireless business was mature and under some pressure before the pivot. Profitability has narrowed over time: operating profit, once consistently positive, slipped into a small loss recently, and net income moved from healthy profits a few years ago to a modest loss in the latest period. This points to margin pressure and transition costs rather than outright collapse, but it does mean the business is entering its infrastructure-focused phase from a position of only modest earnings strength, not from peak profitability.

Balance Sheet

Balance Sheet The company sits on a sizeable asset base, which fits with a tower and spectrum-focused infrastructure model. Total assets have crept up over time, but not dramatically. Debt has steadily increased, while equity has stayed roughly flat, which means leverage has been rising even if not yet extreme. Cash on hand is relatively thin compared with the overall size of the balance sheet, so the company leans on ongoing cash generation and access to funding rather than large cash reserves. Overall, the balance sheet is asset-heavy and increasingly debt-funded, typical for infrastructure, but leaves less room for major missteps.

Cash Flow

Cash Flow Operating cash flow has been consistently positive and reasonably stable, which is a key strength and more informative than the recent accounting loss. However, heavy capital spending on networks and infrastructure has often absorbed most of that cash and at times pushed free cash flow into negative territory. In the most recent years, investment spending appears to be easing, and free cash flow is improving, but it is still not comfortably abundant. The story here is a business that can reliably generate cash from operations but has historically reinvested heavily, leaving limited leftover cash after growth and maintenance projects.

Competitive Edge

Competitive Edge Array Digital’s competitive position rests on hard‑to‑replicate physical assets and long-term contracts rather than on brand or price. Its large tower portfolio and meaningful spectrum holdings give it infrastructure that wireless carriers need and cannot easily duplicate due to zoning hurdles, permitting delays, and site scarcity. A long-dated lease agreement with a major carrier locks in a base of predictable, inflation-protected revenue, while a notable share of towers face little direct local competition, supporting pricing power and colocation potential. Longstanding relationships with carriers and government entities further reinforce this position. Overall, it has a solid structural moat typical of established tower companies, though it still competes with larger, better-capitalized peers.

Innovation and R&D

Innovation and R&D Innovation here is primarily strategic rather than about breakthrough technology. The major “R&D” has been the pivot from a retail wireless operator to a pure infrastructure landlord, shedding a capital-intensive, competitive business in favor of steadier leasing income. The company is focused on monetizing its spectrum through sales and leases, expanding fiber to support 5G backhaul, and driving more tenants per tower to improve returns on existing assets. It is also positioning to serve rural and underserved areas, which could benefit from regulatory support and rising broadband demand. Execution risk remains: successfully selling or leasing spectrum on attractive terms, scaling fiber, and winning additional colocation tenants are all essential for turning this strategic blueprint into sustained financial improvement.

Summary

Array Digital Infrastructure is transitioning from a traditional wireless carrier into a tower and spectrum infrastructure platform. Financially, it enters this new phase with stable but slightly declining revenue, tightening margins, and a recent move into modest losses, offset by consistently positive operating cash flow. The balance sheet is typical for infrastructure: asset-rich, increasingly debt-funded, and light on cash, which makes steady cash generation and disciplined capital allocation especially important. The core strengths lie in its physical network of towers, valuable spectrum, long-term lease with a major carrier, and the high barriers to entry in its industry. Key uncertainties center on how effectively it can monetize spectrum, ramp up colocation, expand fiber, and manage leverage while capital needs remain significant. The long-term growth themes of 5G and broadband are supportive, but the company is in an execution-heavy transition period where both financial discipline and strategic follow-through will matter a great deal.