CHICAGO, Nov. 7, 2025 /PRNewswire/ --
As previously announced, Array will hold a teleconference on November 7, 2025, at 9:00 a.m. CST. Listen to the call live via the Events & Presentations page of investors.arrayinc.com.
Array Digital Infrastructure, Inc. $(AD)$ reported total operating revenues from continuing operations of $47.1 million for the third quarter of 2025, versus $25.7 million for the same period one year ago. Net income (loss) attributable to Array shareholders and related diluted earnings (loss) per share from continuing operations were $108.8 million and $1.25, respectively, for the third quarter of 2025 compared to $(95.9) million and $(1.12), respectively, in the same period one year ago.
Recent Highlights*
-- Closed on the sale of wireless operations and select spectrum assets to
T-Mobile on August 1, 2025
-- Paid a $23 per share special dividend on August 19, 2025
-- Commenced T-Mobile MLA on August 1, 2025, helping to drive a 68% increase
in Site rental revenues, excluding non-cash amortization
-- Entered into additional spectrum sales expected to result in aggregate
proceeds of $178 million
-- Announced appointment of Anthony Carlson as President and CEO effective
November 16, 2025
* Comparisons are 3Q'24 to 3Q'25 unless otherwise noted
"We are off to a great start as an independent tower company," said Doug Chambers, Array Interim President and CEO. "The new T-Mobile MLA commenced on August 1, and the team has been doing an outstanding job on the implementation effort. This new MLA drove a 68 percent year-over-year increase in Site rental revenue, excluding non-cash amortization. We have also made great progress monetizing our spectrum as we entered into additional agreements to sell our remaining spectrum and have now closed or signed agreements to monetize 70 percent of our spectrum portfolio."
Pending transactions
Subsequent to the August 1, 2025 close of the sale of wireless operations, Array has reached additional agreements with T-Mobile for 700 MHz spectrum licenses, AWS and a portion of the 600 MHz put/call totaling $178 million in aggregate expected proceeds, subject to closing conditions and regulatory approvals.
On October 17, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with Verizon Communications, Inc. (Verizon) to sell certain AWS, Cellular and PCS wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant Verizon certain rights to lease such licenses prior to the transaction close.
On November 6, 2024, Array, and certain subsidiaries of Array, entered into a License Purchase Agreement with New Cingular Wireless PCS, LLC (AT&T), a subsidiary of AT&T Inc. to sell certain 3.45 GHz and 700 MHz wireless spectrum licenses, subject to receipt of regulatory approvals, and agreed to grant AT&T certain rights to lease and sub-lease such licenses prior to the transaction close.
Leadership Transition at Array
As separately announced, Anthony Carlson will become President and CEO of Array on November 16, succeeding Interim President and CEO Doug Chambers.
"Now that we have Array established as a standalone tower company, we are ready to announce its next step in leadership, selecting Anthony Carlson to be Array's President and CEO," said Walter Carlson, Chairman of the Array Board of Directors. "Anthony's substantial and increasing responsibilities at UScellular and TDS Telecom over the past six years provide him with the right foundation to lead Array's growing tower business and provide strategic vision to its operations."
See separately issued announcement on November 7, 2025 for more information on our leadership transition.
Conference Call Information
Array will hold a conference call on November 7, 2025 at 9:00 a.m. Central Time.
-- Access the live call on the Events & Presentations page
of investors.arrayinc.com or
athttps://events.q4inc.com/attendee/604881005
Before the call, certain financial and statistical information to be discussed during the call will be posted to investors.arrayinc.com. The call will be archived on the Events & Presentations page of investors.arrayinc.com.
About Array
Array Digital Infrastructure, Inc. is a leading owner and operator of shared wireless communications infrastructure in the United States. With over 4,400 cell towers in locations from coast to coast, Array enables the deployment of 5G and other wireless technologies throughout the country. As of September 30, 2025, Telephone and Data Systems, Inc. owned approximately 82% of Array.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995: All information set forth in this news release, except historical and factual information, represents forward-looking statements. This includes all statements about the company's plans, beliefs, estimates, and expectations. These statements are based on current estimates, projections, and assumptions, which involve certain risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Important factors that may affect these forward-looking statements include, but are not limited to: the manner in which Array's remaining business is conducted; strategic decisions regarding the tower business; Array's reliance on a small number of tenants for a substantial portion of its revenues; extreme weather events; whether the additional spectrum license sales to T-Mobile and the previously announced spectrum license sales to Verizon and AT&T will be consummated and the impact of the ongoing government shutdown on timing of closing these transactions; whether Array can monetize the remaining spectrum assets; competition in the tower industry; and significant investments in wireless operating entities Array does not control. Investors are encouraged to consider these and other risks and uncertainties that are more fully described under "Risk Factors" in the most recent filing of Array's Form 10-K, as updated by any Array Form 10-Q filed subsequent to such Form 10-K.
For more information about Array, visit: investors.arrayinc.com
Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
Three Months Ended
September 30, 2025
Capital expenditures from continuing
operations (thousands) $ 7,927
Owned towers 4,449
Number of colocations(1) 4,517
Tower tenancy rate(2) 1.02
(1) Represents instances where a third-party rents or leases space on a
company-owned tower. Excludes Interim Sites whereby T-Mobile is leasing
up to 1,800 sites for a period of up to 30 months subject to the terms
and conditions of the MLA.
(2) Calculated as total number of colocations divided by total number of
towers. Excludes Interim Sites whereby T-Mobile is leasing up to 1,800
sites for a period of up to 30 months subject to the terms and conditions
of the MLA.
Array Digital Infrastructure, Inc.
Consolidated Statement of Operations Highlights
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------------- -----------------------------------
2025 2025
2025 2024 vs. 2024 2025 2024 vs. 2024
-------------------------- ----------- ----------- --------- ----------- ----------- ---------
(Dollars and shares in
thousands, except per
share amounts)
Operating revenues
Site rental $ 45,838 $ 25,669 79 % $ 99,663 $ 76,591 30 %
Services 1,281 70 NM 2,969 254 NM
----------- ----------- ----------- -----------
Total operating
revenues 47,119 25,739 83 % 102,632 76,845 34 %
----------- ----------- ----------- -----------
Operating expenses
Cost of operations
(excluding Depreciation,
amortization and
accretion reported
below) 20,976 18,263 15 % 56,662 52,822 7 %
Selling, general and
administrative 20,525 21,176 (3) % 69,063 78,997 (13) %
Depreciation,
amortization and
accretion 11,868 12,237 (3) % 35,860 35,058 2 %
Loss on impairment of
licenses 47,679 136,234 (65) % 47,679 136,234 (65) %
(Gain) loss on asset
disposals, net 707 196 N/M 620 590 5 %
(Gain) loss on license
sales and exchanges,
net (1,323) (2,200) 40 % (6,123) 4,360 N/M
----------- ----------- ----------- -----------
Total operating
expenses 100,432 185,906 (46) % 203,761 308,061 (34) %
----------- ----------- ----------- -----------
Operating income (loss) (53,313) (160,167) 67 % (101,129) (231,216) 56 %
Other income (expense)
Equity in earnings of
unconsolidated entities 69,811 43,109 62 % 147,453 123,445 19 %
Interest and dividend
income 8,909 3,552 N/M 15,267 9,076 68 %
Interest expense (8,855) (4,241) N/M (16,233) (9,201) (76) %
Short-term imputed
spectrum lease income 30,413 -- N/M 30,413 -- N/M
Other, net 254 -- N/M 253 -- N/M
----------- ----------- ----------- -----------
Total other income
(expense) 100,532 42,420 N/M 177,153 123,320 44 %
----------- ----------- ----------- -----------
Income (loss) before
income taxes 47,219 (117,747) N/M 76,024 (107,896) N/M
Income tax expense
(benefit) (62,701) (22,046) N/M (54,479) (15,600) N/M
----------- ----------- ----------- -----------
Net income (loss) from
continuing operations 109,920 (95,701) N/M 130,503 (92,296) N/M
Less: Net income from
continuing operations
attributable to
noncontrolling
interests, net of tax 1,084 204 N/M 2,210 5,276 (58) %
----------- ----------- ----------- -----------
Net income (loss) from
continuing operations
attributable to Array
shareholders 108,836 (95,905) N/M 128,293 (97,572) N/M
----------- ----------- ----------- -----------
Net income (loss) from
discontinued operations (130,492) 17,320 N/M (99,193) 55,712 N/M
Less: Net income from
discontinued operations
attributable to
noncontrolling
interests, net of tax 16,809 567 N/M 17,822 2,091 N/M
----------- ----------- ----------- -----------
Net income (loss) from
discontinued operations
attributable to Array
shareholders (147,301) 16,753 N/M (117,015) 53,621 N/M
----------- ----------- ----------- -----------
Net income (loss) (20,572) (78,381) 74 % 31,310 (36,584) N/M
Less: Net income
attributable to
noncontrolling
interests, net of tax 17,893 771 N/M 20,032 7,367 N/M
----------- ----------- ----------- -----------
Net income (loss)
attributable to Array
shareholders $ (38,465) $ (79,152) 51 % $ 11,278 $ (43,951) N/M
=========== =========== =========== ===========
Basic weighted average
shares outstanding 86,251 85,832 -- 85,726 85,717 --
Basic earnings (loss) per
share from continuing
operations attributable
to Array shareholders $ 1.26 $ (1.12) N/M $ 1.50 $ (1.14) N/M
Basic earnings (loss) per
share from discontinued
operations attributable
to Array shareholders $ (1.71) $ 0.20 N/M $ (1.37) $ 0.63 N/M
----------- ----------- ----------- -----------
Basic earnings (loss) per
share attributable to
Array shareholders $ (0.45) $ (0.92) 51 % $ 0.13 $ (0.51) N/M
=========== =========== =========== ===========
Diluted weighted average
shares outstanding 86,846 85,832 1 % 87,842 85,717 2 %
Diluted earnings (loss)
per share from continuing
operations attributable
to Array shareholders $ 1.25 $ (1.12) N/M $ 1.46 $ (1.14) N/M
Diluted earnings (loss)
per share from
discontinued operations
attributable to Array
shareholders $ (1.69) $ 0.20 N/M $ (1.33) $ 0.63 N/M
----------- ----------- ----------- -----------
Diluted earnings (loss)
per share attributable to
Array shareholders $ (0.44) $ (0.92) 52 % $ 0.13 $ (0.51) N/M
=========== =========== =========== ===========
N/M - Percentage change not meaningful
Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
----------------------------------------
2025 2024
---------------------------------- ------------------ --------------------
(Dollars in thousands)
Cash flows from operating
activities
Net income (loss) $ 31,310 $ (36,584)
Net income (loss) from
discontinued operations (99,193) 55,712
------------------ --------------------
Net income (loss) from continuing
operations 130,503 (92,296)
Add (deduct) adjustments to
reconcile net income (loss) to
net cash flows from operating
activities
Depreciation, amortization
and accretion 35,860 35,058
Bad debts expense 1,655 (1,748)
Stock-based compensation
expense 1,560 2,079
Deferred income taxes, net (81,087) (35,055)
Equity in earnings of
unconsolidated entities (147,453) (123,445)
Distributions from
unconsolidated entities 149,732 106,458
Loss on impairment of
licenses 47,679 136,234
(Gain) loss on asset
disposals, net 620 590
(Gain) loss on license sales
and exchanges, net (6,123) 4,360
Other operating activities 338 90
Changes in assets and liabilities
from operations
Accounts receivable (5,157) 6,620
Accounts payable 22,231 (39,865)
Customer deposits and
deferred revenues (28,880) (510)
Accrued taxes (11,713) 4,592
Accrued interest 2,372 (265)
Other assets and liabilities (89,627) (22,435)
------------------ --------------------
Net cash provided by (used
in) operating activities -
continuing operations 22,510 (19,538)
Net cash provided by
operating activities -
discontinued operations 380,388 781,019
------------------ --------------------
Net cash provided by
operating activities 402,898 761,481
------------------ --------------------
Cash flows from investing
activities
Cash paid for additions to
property, plant and equipment (18,597) (13,371)
Cash paid for licenses (4,175) (16,562)
Cash received from divestitures 5,439 --
Other investing activities 1,301 --
------------------ --------------------
Net cash provided by (used
in) investing activities -
continuing operations (16,032) (29,933)
Net cash provided by (used
in) investing activities -
discontinued operations 2,462,399 (385,077)
------------------ --------------------
Net cash provided by (used
in) investing activities 2,446,367 (415,010)
------------------ --------------------
Cash flows from financing
activities
Issuance of long-term debt 325,000 40,000
Repayment of long-term debt (875,250) (203,000)
Tax withholdings, net of cash
receipts, for stock-based
compensation awards (63,506) (11,522)
Repurchase of Common Shares (21,360) (25,628)
Dividends paid to Array
shareholders (1,986,719) --
Payment of debt issuance costs (5,668) --
Distributions to noncontrolling
interests (26,811) (4,060)
Other financing activities (7,930) (2,316)
------------------ --------------------
Net cash used in financing
activities - continuing
operations (2,662,244) (206,526)
Net cash used in financing
activities - discontinued
operations (20,537) (31,579)
------------------ --------------------
Net cash used in financing
activities (2,682,781) (238,105)
------------------ --------------------
Net increase in cash, cash
equivalents and restricted cash 166,484 108,366
Cash, cash equivalents and
restricted cash
Beginning of period 159,142 179,914
------------------ --------------------
End of period $ 325,626 $ 288,280
================== ====================
Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
ASSETS
September 30, 2025 December 31, 2024
----------------------- ------------------------------- -------------------------------
(Dollars in thousands)
Current assets
Cash and cash
equivalents $ 325,626 $ 143,730
Accounts receivable,
net 19,683 12,729
Prepaid expenses 2,981 7,060
Income taxes
receivable -- 123
Current assets of
discontinued
operations -- 1,163,032
Other current assets 3,954 18,196
------------------------------- -------------------------------
Total current
assets 352,244 1,344,870
Non-current assets held
for sale 1,585,258 12
Non-current assets of
discontinued
operations -- 4,499,069
Licenses 1,648,604 3,281,508
Investments in
unconsolidated
entities 452,174 453,938
Property, plant and
equipment, net 386,834 384,021
Operating lease
right-of-use assets 477,744 465,274
Other assets and
deferred charges 15,469 20,289
Total assets $ 4,918,327 $ 10,448,981
=============================== ===============================
Array Digital Infrastructure, Inc.
Consolidated Balance Sheet Highlights
(Unaudited)
LIABILITIES AND EQUITY
September 30, 2025 December 31, 2024
----------------------- ------------------------------ --------------------------------
(Dollars in thousands,
except per share
amounts)
Current liabilities
Current portion of
long-term debt $ 2,031 $ 22,000
Accounts payable 69,157 36,454
Customer deposits and
deferred revenues 122,090 1,716
Accrued taxes 289,836 27,077
Accrued compensation 4,620 89,476
Short-term operating
lease liabilities 15,600 16,133
Current liabilities of
discontinued
operations 20,242 671,575
Other current
liabilities 15,453 19,340
------------------------------ --------------------------------
Total current
liabilities 539,029 883,771
Non-current liabilities
of discontinued
operations -- 2,310,660
Deferred liabilities
and credits
Deferred income tax
liability, net 320,689 728,229
Long-term operating
lease liabilities 513,421 495,736
Other deferred
liabilities and
credits 336,135 221,376
Long-term debt, net 671,902 1,201,725
Noncontrolling
interests with
redemption features -- 15,831
Equity
Array shareholders'
equity
Series A Common and
Common Shares, par
value $1.00 per
share 88,074 88,074
Additional paid-in
capital 1,795,035 1,782,219
Treasury shares (85,618) (111,589)
Retained earnings 732,333 2,818,002
------------------------------ --------------------------------
Total Array
shareholders'
equity 2,529,824 4,576,706
Noncontrolling
interests 7,327 14,947
------------------------------ --------------------------------
Total equity 2,537,151 4,591,653
Total liabilities and
equity $ 4,918,327 $ 10,448,981
============================== ================================
Array Digital Infrastructure, Inc.
EBITDA, Adjusted EBITDA, Adjusted OIBDA and AFCF Reconciliations
(Unaudited)
EBITDA, Adjusted EBITDA and Adjusted OIBDA
EBITDA, Adjusted EBITDA and Adjusted OIBDA are defined as net income adjusted for the items set forth in the reconciliations below. EBITDA, Adjusted EBITDA and Adjusted OIBDA are not measures of financial performance under Generally Accepted Accounting Principles in the United States (GAAP) and should not be considered as alternatives to Net income or Cash flows from operating activities, as indicators of cash flows or as measures of liquidity. Array does not intend to imply that any such items set forth in the reconciliations below are infrequent or unusual; such items may occur in the future. Management uses Adjusted EBITDA and Adjusted OIBDA as measurements of profitability, and therefore reconciliations to Net income are deemed appropriate. Management believes Adjusted EBITDA and Adjusted OIBDA are useful measures of Array's operating results before significant recurring non-cash charges, nonrecurring expenses, gains and losses, and other items as presented below as they provide additional relevant and useful information to investors and other users of Array's financial data in evaluating the effectiveness of its operations and underlying business trends in a manner that is consistent with management's evaluation of business performance. Adjusted EBITDA shows adjusted earnings before interest, taxes, depreciation, amortization and accretion, gains and losses, and expenses related to the strategic alternatives review of Array while Adjusted OIBDA reduces this measure further to exclude Equity in earnings of unconsolidated entities and Interest and dividend income in order to more effectively show the performance of operating activities excluding investment activities. The following tables reconcile EBITDA, Adjusted EBITDA and Adjusted OIBDA to the corresponding GAAP measure, Net income (loss) and Income (loss) before income taxes.
Three Months Ended Nine Months Ended
September 30, September 30,
----------------------------------- ----------------------------------
2025 2024 2025 2024
----------------------- ----------------- ---------------- ---------------- ----------------
(Dollars in thousands)
Net income (loss) from
continuing operations
(GAAP) $ 109,920 $ (95,701) $ 130,503 $ (92,296)
Add back or deduct:
Income tax expense
(benefit) (62,701) (22,046) (54,479) (15,600)
----------------- ---------------- ---------------- ----------------
Income (loss) before
income taxes (GAAP) 47,219 (117,747) 76,024 (107,896)
Add back:
Interest expense 8,855 4,241 16,233 9,201
Depreciation,
amortization and
accretion expense 11,868 12,237 35,860 35,058
----------------- ---------------- ---------------- ----------------
EBITDA (Non-GAAP) 67,942 (101,269) 128,117 (63,637)
Add back or deduct:
Expenses related to
strategic
alternatives review 489 1,253 2,349 19,913
Loss on impairment of
licenses 47,679 136,234 47,679 136,234
(Gain) loss on asset
disposals, net 707 196 620 590
(Gain) loss on license
sales and exchanges,
net (1,323) (2,200) (6,123) 4,360
Short-term imputed
spectrum lease
income (30,413) -- (30,413) --
----------------- ---------------- ---------------- ----------------
Adjusted EBITDA
(Non-GAAP) 85,081 34,214 142,229 97,460
Deduct:
Equity in earnings of
unconsolidated
entities 69,811 43,109 147,453 123,445
Interest and dividend
income 8,909 3,552 15,267 9,076
Other, net 254 -- 253 --
----------------- ---------------- ---------------- ----------------
Adjusted OIBDA
(Non-GAAP) $ 6,107 $ (12,447) $ (20,744) $ (35,061)
================= ================ ================ ================
Adjusted Free Cash Flow (AFCF)
AFCF is a non-GAAP measure defined as Net income from continuing operations adjusted for the items set forth in the reconciliation below. AFCF is not a measure of financial performance under GAAP and should not be considered as an alternative to Net income from continuing operations or as an indicator of cash flows.
Management believes AFCF is a useful measure of Array's cash generated from operations and investments. The following table reconciles AFCF to the corresponding GAAP measure, Net income from continuing operations. This measure will only be presented prospectively as following the sale of Array's wireless operations to T-Mobile on August 1, 2025, the primary business operations for Array changed from providing wireless communications services to a standalone tower company. In addition, Array continues to own noncontrolling interests in investments that earn significant income, and generate significant cash flows.
Three Months Ended
September 30, 2025
------------------------------------------ ----------------------------------
(Dollars in thousands)
Net income from continuing operations
(GAAP) $ 109,920
Add back or deduct:
Deferred income taxes (80,572)
Short-term imputed spectrum lease income (30,413)
Amortization of deferred debt charges 274
Equity in earnings of unconsolidated
entities (69,811)
Distributions from unconsolidated
entities 61,794
(Gain) loss on license sales and
exchanges, net (1,323)
(Gain) loss on asset disposals, net 707
Loss on impairment of licenses 47,679
Depreciation, amortization and accretion 11,868
Expenses related to strategic
alternatives review 489
Straight line and other non-cash revenue
adjustments (3,872)
Straight line expense adjustment 1,559
Maintenance and other capital
expenditures (2,374)
----------------------------------
Adjusted Free Cash Flow from continuing
operations (Non-GAAP) $ 45,925
==================================
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SOURCE Array Digital Infrastructure, Inc.
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November 07, 2025 07:30 ET (12:30 GMT)