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NEWS RELEASE
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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 reports third quarter 2025 results

CHICAGO (November 7, 2025) — 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.
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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.
Contacts
Julie Mathews, IRC, Director - Investor Relations of TDS
julie.mathews@tdsinc.com

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
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Array Digital Infrastructure, Inc.
Summary Operating Data (Unaudited)
Three Months Ended
September 30, 2025
Capital expenditures from continuing operations (thousands)$7,927 
Owned towers4,449 
Number of colocations1
4,517 
Tower tenancy rate2
1.02 

1Represents 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.
2Calculated 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.
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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 %
Services1,281 70 NM2,969 254 NM
Total operating revenues47,119 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 administrative20,525 21,176 (3)%69,063 78,997 (13)%
Depreciation, amortization and accretion11,868 12,237 (3)%35,860 35,058 2 %
Loss on impairment of licenses47,679 136,234 (65)%47,679 136,234 (65)%
(Gain) loss on asset disposals, net707 196 N/M620 590 5 %
(Gain) loss on license sales and exchanges, net(1,323)(2,200)40 %(6,123)4,360 N/M
Total operating expenses100,432 185,906 (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 entities69,811 43,109 62 %147,453 123,445 19 %
Interest and dividend income8,909 3,552 N/M15,267 9,076 68 %
Interest expense(8,855)(4,241)N/M(16,233)(9,201)(76)%
Short-term imputed spectrum lease income30,413 — N/M30,413 — N/M
Other, net254 — N/M253 — N/M
Total other income (expense)100,532 42,420 N/M177,153 123,320 44 %
Income (loss) before income taxes47,219 (117,747)N/M76,024 (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 operations109,920 (95,701)N/M130,503 (92,296)N/M
Less: Net income from continuing operations attributable to noncontrolling interests, net of tax1,084 204 N/M2,210 5,276 (58)%
Net income (loss) from continuing operations attributable to Array shareholders108,836 (95,905)N/M128,293 (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 tax16,809 567 N/M17,822 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 tax17,893 771 N/M20,032 7,367 N/M
Net income (loss) attributable to Array shareholders$(38,465)$(79,152)51 %$11,278 $(43,951)N/M
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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)      
Basic weighted average shares outstanding86,251 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 outstanding86,846 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
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Array Digital Infrastructure, Inc.
Consolidated Statement of Cash Flows
(Unaudited)
Nine Months Ended
September 30,
20252024
(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 operations130,503 (92,296)
Add (deduct) adjustments to reconcile net income (loss) to net cash flows from operating activities
Depreciation, amortization and accretion35,860 35,058 
Bad debts expense1,655 (1,748)
Stock-based compensation expense1,560 2,079 
Deferred income taxes, net(81,087)(35,055)
Equity in earnings of unconsolidated entities(147,453)(123,445)
Distributions from unconsolidated entities149,732 106,458 
Loss on impairment of licenses47,679 136,234 
(Gain) loss on asset disposals, net620 590 
(Gain) loss on license sales and exchanges, net(6,123)4,360 
Other operating activities338 90 
Changes in assets and liabilities from operations
Accounts receivable(5,157)6,620 
Accounts payable22,231 (39,865)
Customer deposits and deferred revenues(28,880)(510)
Accrued taxes(11,713)4,592 
Accrued interest2,372 (265)
Other assets and liabilities(89,627)(22,435)
Net cash provided by (used in) operating activities - continuing operations22,510 (19,538)
Net cash provided by operating activities - discontinued operations380,388 781,019 
Net cash provided by operating activities402,898 761,481 
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 divestitures5,439 — 
Other investing activities1,301 — 
Net cash provided by (used in) investing activities - continuing operations(16,032)(29,933)
Net cash provided by (used in) investing activities - discontinued operations2,462,399 (385,077)
Net cash provided by (used in) investing activities 2,446,367 (415,010)
Cash flows from financing activities
Issuance of long-term debt325,000 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 cash166,484 108,366 
Cash, cash equivalents and restricted cash
Beginning of period159,142 179,914 
End of period$325,626 $288,280 
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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, net19,683 12,729 
Prepaid expenses2,981 7,060 
Income taxes receivable— 123 
Current assets of discontinued operations— 1,163,032 
Other current assets3,954 18,196 
Total current assets352,244 1,344,870 
Non-current assets held for sale1,585,258 12 
Non-current assets of discontinued operations— 4,499,069 
Licenses1,648,604 3,281,508 
Investments in unconsolidated entities452,174 453,938 
Property, plant and equipment, net386,834 384,021 
Operating lease right-of-use assets477,744 465,274 
Other assets and deferred charges15,469 20,289 
Total assets$4,918,327 $10,448,981 
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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 payable69,157 36,454 
Customer deposits and deferred revenues122,090 1,716 
Accrued taxes289,836 27,077 
Accrued compensation4,620 89,476 
Short-term operating lease liabilities15,600 16,133 
Current liabilities of discontinued operations20,242 671,575 
Other current liabilities15,453 19,340 
Total current liabilities539,029 883,771 
Non-current liabilities of discontinued operations— 2,310,660 
Deferred liabilities and credits
Deferred income tax liability, net320,689 728,229 
Long-term operating lease liabilities513,421 495,736 
Other deferred liabilities and credits336,135 221,376 
Long-term debt, net671,902 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 share88,074 88,074 
Additional paid-in capital1,795,035 1,782,219 
Treasury shares(85,618)(111,589)
Retained earnings732,333 2,818,002 
Total Array shareholders’ equity2,529,824 4,576,706 
Noncontrolling interests7,327 14,947 
Total equity2,537,151 4,591,653 
Total liabilities and equity$4,918,327 $10,448,981 
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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
September 30,		Nine Months Ended
September 30,
2025202420252024
(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 expense8,855 4,241 16,233 9,201 
Depreciation, amortization and accretion expense11,868 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 review489 1,253 2,349 19,913 
Loss on impairment of licenses47,679 136,234 47,679 136,234 
(Gain) loss on asset disposals, net707 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 entities69,811 43,109 147,453 123,445 
Interest and dividend income8,909 3,552 15,267 9,076 
Other, net254 — 253 — 
Adjusted OIBDA (Non-GAAP)$6,107 $(12,447)$(20,744)$(35,061)
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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 charges274 
Equity in earnings of unconsolidated entities(69,811)
Distributions from unconsolidated entities61,794 
(Gain) loss on license sales and exchanges, net(1,323)
(Gain) loss on asset disposals, net707 
Loss on impairment of licenses47,679 
Depreciation, amortization and accretion11,868 
Expenses related to strategic alternatives review489 
Straight line and other non-cash revenue adjustments(3,872)
Straight line expense adjustment1,559 
Maintenance and other capital expenditures(2,374)
Adjusted Free Cash Flow from continuing operations (Non-GAAP)$45,925 
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