Array Digital Infrastructure, Inc.

Telephone and Data Systems raised its full-year fiber address guidance to a range of 250,000 to 300,000 after adding roughly 66,000 marketable fiber service addresses in the second quarter, pushing first half 2026 delivery to about 106,000, the strongest opening half in company history. Total telecom operating revenue fell 6% in the quarter, or 4% excluding divestitures, and management trimmed its full-year telecom revenue guidance to a range of $1 billion to $1.025 billion. Residential fiber net adds reached 15,100 for the quarter, up 47% year-over-year, and fiber revenue climbed 13%, or $11 million. Array Digital Infrastructure, the tower subsidiary in which TDS has an unresolved buyout offer for minority shares, saw cash site rental revenue up 65% year-over-year on a normalized basis and closed a $168 million spectrum sale to T-Mobile in May and a $1 billion transaction with Verizon in June.

Cogent Communications reported second-quarter revenue of $235.6 million, down 4.3% year over year and 1.7% below analyst expectations, though it beat earnings per share estimates. The stock has fallen 15.2% since the report and now trades at $10.91. Among the five telecommunication services stocks tracked, Array posted the strongest results with revenue up 89.5% to $54.07 million, while Iridium was the weakest with a significant EPS miss despite revenue of $225.2 million. Lumen Technologies reported revenue of $2.81 billion, down 9.3% year over year but beating estimates by 2.4%, and Viasat reported revenue of $1.16 billion, down 1.2% and missing estimates by 4.4%. As a group, revenues were in line with consensus, but average share prices are down 3.8% since the latest earnings results.

Array Digital Infrastructure Inc reported a 65% year-over-year increase in cash site rental revenue, excluding Dish impact, and raised its full-year adjusted EBITDA guidance to $60 to $75 million. The company closed spectrum monetization transactions with T-Mobile and Verizon, including a $1 billion deal with Verizon, strengthening its balance sheet. The tenancy ratio improved sequentially to 0.96, excluding Dish, reflecting steady growth in co-locations and tower utilization. Array continues to face costs from winding down legacy wireless operations and uncertainty from T-Mobile interim site revenue declines, with 1,000 to 1,700 tenantless towers projected post-integration. Management noted strong demand and a robust pipeline of applications, with no near-term buildout requirements for its C-band spectrum.

Array Digital Infrastructure has completed the sale of a portion of its spectrum license to Verizon for $1.0 billion. This transaction follows a separate spectrum sale to T-Mobile for $168 million, covering 700MHz and 600MHz bands in May. The deals are part of a broader strategy announced in May 2024 to monetize remaining spectrum assets after the sale of its T-Mobile wireless operations, which closed in August 2025. The Board of Directors declared a special cash dividend of $11 per share, payable June 25, 2026, to shareholders of record as of June 11, 2026. CEO Anthony Carlson called the transactions a significant milestone and reaffirmed the commitment to returning value to shareholders. Separately, a special committee is evaluating a non-binding acquisition proposal from Telephone and Data Systems, with no decision yet made.