Overview

• U.S. tower operator's Q1 revenue nearly doubled yr/yr, driven by spectrum license sales

• Diluted EPS for Q1 rose sharply to $2.08 from $0.05 yr/yr

• Company reaffirmed full-year 2026 guidance and highlighted ongoing spectrum transactions

Outlook

• Array reaffirms 2026 guidance for total operating revenues at $200-$215 mln

• Company maintains 2026 adjusted EBITDA forecast at $200-$215 mln

• Array keeps 2026 capital expenditures outlook at $25-$35 mln

Result Drivers

• SPECTRUM SALES - Gains from spectrum license sales, including $1,018 mln from 3.45 GHz and 700 MHz licenses, drove Q1 profit

• SITE RENTAL REVENUE - Site rental revenues grew 92% yr/yr, reflecting increased tower tenancy and new colocation applications

• TOWER OPERATIONS - Company said it is focused on optimizing tower operations and securing healthy application volume, excluding DISH impact

Company press release: ID:nPn9CrbyLa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		$2.08
Q1 Pretax Profit		$232 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the wireless telecommunications services peer group is "buy"

• Wall Street's median 12-month price target for Array Digital Infrastructure Inc is $54.00, about 9.5% above its May 7 closing price of $49.30

• The stock recently traded at 19 times the next 12-month earnings vs. a P/E of 39 three months ago

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