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On August 1, 2025, United States Cellular Corporation changed its name to Array Digital Infrastructure, Inc. (Array). On August 12, 2025, the Array Common Shares ticker symbol on the New York Stock Exchange changed to "AD".
The business is unprofitable at the operating level (-56.78% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 58.3% YoY with margins expanding 196.1pp. However, free cash flow softened 80%, worth monitoring whether this is timing or structural.
Free cash flow declined 80% versus the prior year, cash generation momentum has weakened. Net debt of $1.09B represents 6.3x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$188M
▲ +58.3% YoY
Net Income (TTM)
$208M
▲ +223.7% YoY
Op. Margin
52.07%
▲ +196.1pp YoY
ROIC
1.61%
▲ +1.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$32M
▼ -79.9% YoY
Op. Cash Flow (TTM)
$65M
▼ -77.2% YoY
Net Debt
$948M
Cash & Equiv.
$254M
5Y CAGR: -47.4%
5Y CAGR: -6.9%
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