Array Digital Infrastructure Reports 93% Revenue Increase to $52M in Q1 2026

Array Digital Infrastructure, Inc. reported significant financial performance improvements for the first quarter of 2026, with total operating revenues reaching $52.0 million, a 93% increase from $27.0 million in the same period of 2025. The surge in revenue was primarily driven by a substantial rise in site rental income, which increased by 92% to $51.0 million, attributed to the execution of a Master License Agreement (MLA) with T-Mobile that expanded leasing on Array's towers. The company also recorded a net income of $178.0 million, a notable recovery from a loss of $19.7 million in the prior year, reflecting a strong turnaround in profitability.

The financial results were bolstered by Array's strategic divestitures, including the sale of its wireless operations and select spectrum assets to T-Mobile for approximately $4.3 billion in August 2025, and the sale of certain spectrum licenses to AT&T for $1.0 billion in January 2026. These transactions have allowed Array to streamline its operations and focus on its core business of leasing tower space. The company also declared a special dividend of $10.25 per share, totaling $885.5 million, following the successful completion of these sales.

Operationally, Array owned 4,452 towers across 19 states as of March 31, 2026, with a tower tenancy rate of 96%, indicating a high level of utilization. The number of colocations reached 4,290, which includes commitments from T-Mobile under the MLA. However, the company faced challenges with DISH Wireless, which has not met its contractual obligations, leading to a decrease in expected revenues from that source. Array's total cash and cash equivalents increased to $253.6 million, up from $113.4 million at the end of 2025, providing a solid liquidity position for future investments.

Looking ahead, Array is focused on finalizing additional spectrum sales, including agreements with Verizon and T-Mobile, which are expected to generate further revenue. The company is also evaluating a non-binding acquisition proposal from its parent company, Telephone and Data Systems, Inc. (TDS), which could impact its strategic direction. Array anticipates that its ongoing efforts to monetize remaining spectrum assets and optimize its tower operations will continue to enhance its financial performance in the coming quarters.