Tower firm Array Digital Infrastructure reported an increase of site rental revenues of 95 percent for the second quarter.. The company, formerly UScellular, posted total operating revenue of $54.07 million for Q2, up from $28.5m in the same period last year.. – Getty Images. A significant reason for this was site rental revenues, which jumped 95 percent during this period to $53.1m..
For the first six months of this year, Array’s operating revenues are up 91 percent to $106m.. It marks a year since the company transitioned from a regional cellular carrier under its previous guise of UScellular to one that is now focused on digital infrastructure, mainly through telecom towers.
Array owns 4,456 towers, with 4,362 of these colocation sites.. The company notably sold its wireless operations, which included the company’s 4.5 million customers, to T-Mobile for $4.4 billion in August last year.. In Array’s earnings call last week, the company said it’s continuing to work through its T-Mobile integration.. “As T-Mobile works through its integration process, we will see the interim site revenue decline, which began in the quarter,” said Anthony Carlson, president and CEO, Array Digital Infrastructure..
In addition to that transaction, Array also struck additional agreements with T-Mobile for the sale of additional spectrum.. During the last quarter, the company reported that “a significant portion of these closed in May 2026 with approximately $30 million related to 600MHz and 700MHz licenses remaining.” Further transactions with T-Mobile are expected to close later this year..
The company was able to grow site rental revenue despite contending with the termination of its agreements with EchoStar’s Dish.. “Array ceased recognizing revenue from Dish in the first quarter, and all outstanding 2025 balances have been fully reserved. As a result, Dish co-locations are no longer included in our tenancy ratio.
Excluding this impact, we are encouraged by the consistent and steady growth in our tenancy ratio,” said Carlson.. As of the end of Q2, the company’s tenancy ratio at its tower sites sits at 0.98. Carlson has previously told DCD that Array sees an opportunity to grow this number..
Further spectrum monetization, but when the time is right. In addition to the company’s high-profile deal with T-Mobile, Array has also made significant spectrum deals with AT&T and Verizon.. Array completed the $1bn sale of spectrum to AT&T,earlier this year, and completed a separate $1bn spectrum sale to Verizon in June..
Despite these sales, Array still owns a significant portion of the in-demand C-band spectrum.. Echoing previous comments from earlier this year around pushing to monetize these spectrum assets, Carlson noted that there’s no update around a sale of C-band spectrum yet, though is bullish about opportunities around spectrum in the US market, following the recent AWS-3 band spectrum. “In terms of C-band, we don’t have a specific process update to share.
What we will say is that we’re encouraged by the results of the AWS-3 re-auction in terms of the implication it may have for the value of the spectrum, which we continue to believe is extremely valuable. It’s available to deploy now,” said Carlson.. “There’s an existing ecosystem for it, and it’s adjacent to the Upper C-band, so that provides the opportunity for easy deployment for whoever acquires the lower end of that range.”.
While fielding further questions on the earnings call about the C-band spectrum, he reiterated that Array “continues to work to opportunistically monetize our remaining spectrum, primarily C-band,” but isn’t in a hurry to sell.. “Our C-band spectrum is a highly compelling 5G asset with a mature ecosystem ready for carrier deployment, and we believe, given no near-term build-out requirements, we have ample time to realize its value,” he said.. As for who will snap up the spectrum when the time comes, he adds that Array won’t “discriminate” as to who the company will sell this spectrum to, whether it’s a traditional party (i.e., a carrier) or not..
DCD will cover an in-depth interview with Anthony Carlson in the next issue of DCD>Magazine, out next month. Subscribe now to read it for free upon release.. More in Investment / M&A / Financing.
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