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. (NYSE: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 at
https://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 colocations1
4,517
Tower tenancy rate2
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
September 30,
Nine Months Ended
September 30,
2025
2024
2025
vs. 2024
2025
2024
2025
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)
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