AcquisitionsMay 8, 2026, 07:36 AM
Array receives non-binding acquisition proposal from TDS; Q1 Revenue $52.0M
AI Summary
Array Digital Infrastructure, Inc. announced that its majority owner, TDS, delivered a non-binding proposal to acquire all outstanding Array Common Shares not currently owned by TDS. This strategic development coincides with Array reporting strong first-quarter 2026 results, including a 93% increase in total operating revenues to $52.0 million and net income attributable to shareholders of $179.8 million, significantly boosted by a $156.6 million gain from spectrum sales. The company also reaffirmed its full-year 2026 guidance and provided updates on ongoing spectrum transactions, while noting a dispute with DISH Wireless over unpaid contractual commitments.
Key Highlights
- TDS delivered a non-binding proposal to acquire all outstanding Array Common Shares not owned by TDS.
- Q1 2026 total operating revenues from continuing operations increased 93% to $52.0 million.
- Q1 2026 net income attributable to Array shareholders was $179.8 million, up from $4.7 million year-over-year.
- Diluted earnings per share from continuing operations for Q1 2026 were $2.08, compared to $0.05 in Q1 2025.
- Site rental revenues grew 92% year over year to $51.0 million.
- Closed sale of certain 700 MHz wireless spectrum licenses for $74.8 million on May 5, 2026.
- Recorded a book gain of $156.6 million from spectrum sales in Q1 2026.
- Array reaffirmed its full-year 2026 guidance for total operating revenues ($200-$215 million) and Adjusted EBITDA ($200-$215 million).
- DISH Wireless has failed to make certain payments, with Array believing their claims are without merit.