Here are 1-3 brief analogies for Array Digital Infrastructure (AD):

• Digital Realty for the next generation of data centers.
• The Equinix of emerging digital infrastructure.
• The American Tower for cloud and data network real estate.

Major Products/Services of Array Digital Infrastructure (AD)

• Data Center Colocation: Provides secure physical space, power, cooling, and network connectivity for customers' servers and equipment.
• Cloud Infrastructure (IaaS): Offers scalable virtual computing resources, storage, and networking on-demand for businesses.
• Managed Network Services: Designs, implements, and manages high-speed, secure network connectivity solutions for enterprises.
• Edge Computing Solutions: Deploys distributed infrastructure at strategic locations closer to end-users to enhance application performance and reduce latency.

Information about a public company named "Array Digital Infrastructure" with the stock symbol "AD" could not be found in widely recognized financial databases or public company listings.

As a result, I am unable to identify its major customers or categorize its customer base as requested.

It is possible that the company name or stock symbol may be incorrect, or it might refer to a private entity, a very new or obscure listing not yet widely tracked, or a hypothetical company.

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Douglas W. Chambers - Interim President and CEO

Doug Chambers is the interim President and Chief Executive Officer of Array Digital Infrastructure, Inc. He oversees operations and strategic initiatives related to Array's portfolio, including 4,400 owned towers, noncontrolling investment interests, and retained wireless spectrum. Prior to this role, he served as the executive vice president, chief financial officer, and treasurer of UScellular for six years. He joined UScellular from Telephone and Data Systems, Inc. (TDS), Array's parent company, where he served as senior vice president of finance and chief accounting officer. Chambers has been with the TDS Family of Companies for 17 years. Before joining TDS in 2007, he held management positions at Midway Games, Inc. from 2004 to 2007 and PricewaterhouseCoopers from 1991 to 2004. Chambers was instrumental in executing the transformational sale of UScellular's wireless operations to T-Mobile US, Inc.

Vicki L. Villacrez - Executive Vice President, Chief Financial Officer and Treasurer

Vicki Villacrez leads all finance functions for Array Inc. and is also the executive vice president and chief financial officer for Array's parent company, TDS Inc. She joined TDS Inc. in 1989 as an internal auditor and has since held multiple leadership positions with increasing responsibility across finance. She also serves on the boards of directors for Telephone and Data Systems, Inc. and Array Digital Infrastructure, Inc. Prior to her current roles, Villacrez was vice president – finance and CFO at TDS Telecom in 2012, and was promoted to senior vice president in 2017.

Anthony Carlson - Incoming President and CEO (Effective November 16, 2025)

Anthony Carlson will become the President and CEO of Array Digital Infrastructure on November 16, 2025, and will also join Array's Board of Directors. In this role, he will oversee operations and strategic initiatives for Array's portfolio of 4,400 owned towers, noncontrolling investment interests in wireless partnerships, and retained wireless spectrum. Carlson joined UScellular in 2020, serving in various sales, marketing, and financial analysis roles. Most recently, he was Senior Director of Growth Marketing Strategy and Execution from December 2021 to September 2024. He then moved to TDS Telecom in September 2024 as Vice President of Organizational Transformation, where he was responsible for guiding senior leadership in designing and implementing a comprehensive roadmap for TDS Telecom's future. Before joining the TDS family of companies, Carlson worked at McKinsey & Company and Samsung Electronics.

Michael S. Irizarry - Chief Technology Officer

Mr. Michael S. Irizarry has been the Chief Technology Officer and Head of Engineering and Information Technology of Array Digital Infrastructure (formerly UScellular) since 2021 and a Director since 2020. He previously served as the Executive Vice President and Chief Technology Officer of Engineering and Information Services in 2011 and Executive Vice President of Engineering and Chief Technology Officer in 2003. Mr. Irizarry joined US Cellular as the Executive Vice President and Chief Technology Officer in 2002.

LeRoy T. Carlson, Jr. - Chairman of the Board

Mr. LeRoy T. Carlson, Jr. has been the Chairman of Array Digital Infrastructure since 1984. He also serves as President, Chief Executive Officer, and Vice Chairman of TDS (Array's parent company) since 1981. Previously, he served as Chairman of the Technology Advisory Group Committee of TDS Corporate Governance. He is a former Senior Counsel and partner of the law firm Sidley Austin LLP.

The key risks to Array Digital Infrastructure (AD) primarily stem from its recent strategic pivot to a pure-play digital infrastructure company, its reliance on major tenants, and its financial leverage.

1. Execution Risk of New Business Model and Fiber Expansion: Array Digital Infrastructure has undertaken a significant transformation from a wireless carrier (UScellular) to an infrastructure owner focused on towers and fiber. The success of this new business model is contingent on the company's ability to effectively execute its strategy, particularly in securing long-term leases, optimizing asset utilization, and successfully deploying fiber infrastructure. Concerns have been raised regarding its unproven track record in managing infrastructure assets, especially when compared to more established peers in the sector. The appointment of an interim CEO with limited prior infrastructure experience also adds a layer of uncertainty.
2. Concentration Risk from Reliance on Major Wireless Carriers: A substantial portion of Array Digital Infrastructure's revenue is derived from master lease agreements with a limited number of major wireless carriers, most notably a 15-year agreement with T-Mobile following the sale of its wireless operations. While these agreements provide stable, inflation-protected cash flows, a high dependency on a few key tenants introduces concentration risk. Any adverse developments concerning these major carriers, such as their financial health or network strategies, could significantly impact Array's revenue and business stability.
3. Debt and Free Cash Flow Concerns: While Array Digital Infrastructure has undergone financial restructuring and reduced its net debt through the T-Mobile transaction, its overall debt levels remain a point of concern for some analysts. The company reportedly recorded negative free cash flow over the last year, which, in conjunction with its existing debt, contributes to a perception of increased financial risk.

• Integrated infrastructure offerings from hyperscale cloud providers (e.g., AWS Outposts, Azure Stack, Google Distributed Cloud) are increasingly providing seamless, end-to-end cloud services that extend to customer premises and edge locations, potentially reducing the need for traditional third-party colocation, network, and managed infrastructure services.
• The rapid decentralization of computing and data storage towards edge locations, driven by demands for lower latency, increased bandwidth efficiency, and privacy for applications like IoT, AI, and real-time analytics, could diminish the demand for traditional, large, centralized data center facilities and long-haul network transit, shifting investment and customer preference to highly distributed, smaller-scale edge infrastructure.

Addressable Markets for Array Digital Infrastructure (AD)

• Telecom Tower Infrastructure (United States): Array Digital Infrastructure (AD) owns and operates over 4,400 cell towers across the United States, generating revenue from tower leases and colocation opportunities. The North American data center infrastructure market, which includes components vital for tower operations and connectivity, surpassed USD 1.50 billion in 2024 and is projected to grow at a CAGR of 16.24% during the forecast period. While a direct market size for "telecom tower leasing" in the U.S. was not explicitly found in the provided snippets, the broader digital infrastructure market, which includes towers, is a significant and growing sector.
• Fiber Optic Networks (Global): Array is also focused on expanding its fiber network. The global fiber optics market was valued at USD 10.04 billion in 2024 and is projected to reach approximately USD 19.64 billion by 2034, growing at a CAGR of 6.94% from 2025 to 2034. Another estimate indicates a global market size of USD 10.74 billion in 2025, expected to reach USD 19.64 billion by 2034. The global fiber optics market was also valued at USD 3.2 billion in 2024 and is projected to grow to USD 6.8 billion by 2029, at a CAGR of 16.4% during the forecast period. North America is a significant region within this market, with the U.S. having approximately 91.9 million km of fiber optic cable laid in 2022.
• Spectrum Licensing (United States): Array Digital Infrastructure retained approximately 70% of its former spectrum portfolio, with revenue derived from spectrum licensing. While specific market sizing for spectrum licensing as a standalone product is not readily available in the provided information, the value of spectrum is intrinsically tied to the wireless telecommunications market in the United States.

Expected Drivers of Future Revenue Growth for Array Digital Infrastructure (AD)

Array Digital Infrastructure (NYSE: AD) is positioned for future revenue growth over the next 2-3 years, primarily driven by its strategic transformation into an independent tower company and its focus on digital infrastructure. The key drivers are anticipated to be:

1. Master License Agreement (MLA) with T-Mobile: A significant driver of future revenue is the 15-year Master License Agreement with T-Mobile, which commenced on August 1, 2025. This agreement commits T-Mobile to lease space on a minimum of 2,015 of Array Digital Infrastructure's towers. The MLA has already contributed to a 68% year-over-year increase in Site rental revenues, excluding non-cash amortization, in the third quarter of 2025. Additionally, the agreement includes approximately 1,800 interim sites that T-Mobile will lease for up to 30 months, providing a near-term boost to revenue.
2. Colocation Growth on Existing Towers: As an independent tower company with approximately 4,400 towers, Array Digital Infrastructure has the opportunity to increase revenue by attracting additional tenants (colocations) to its existing infrastructure. The company's focus on tower site rentals, anchored by the T-Mobile MLA, forms the core of its continuing operations.
3. Monetization of Remaining Spectrum Assets: Array Digital Infrastructure has made progress in monetizing its spectrum assets. Following the sale of wireless operations to T-Mobile, the company has entered into additional agreements to sell its remaining spectrum, with 70% of its spectrum portfolio now closed or under agreement for monetization. Pending spectrum sales to Verizon and AT&T are expected to result in aggregate proceeds of approximately $2.0 billion, although these are subject to regulatory approvals. While these are primarily asset sales, the strategic monetization of spectrum frees up capital and optimizes the company's asset base, potentially enabling investments that could indirectly support future revenue-generating activities within its digital infrastructure focus.
4. Potential for New Digital Infrastructure Services: While the immediate focus is on tower rentals, the name "Array Digital Infrastructure" suggests a broader long-term strategy. As the company establishes itself as an independent digital infrastructure provider, there is potential for the future introduction of new services beyond traditional tower leasing, such as edge computing facilities, small cells, or other distributed antenna systems, to cater to the evolving demands of 5G and other advanced wireless technologies.

Inbound Investments

• Array Digital Infrastructure completed the sale of its wireless operations and select spectrum assets to T-Mobile for $4.3 billion on August 1, 2025.
• This transaction included $2.6 billion in cash proceeds and approximately $1.7 billion in debt assumed by T-Mobile.
• The company also entered into a new $325.0 million term loan.

Capital Expenditures

• Capital expenditures were significantly reduced to $80 million in Q2 2025, down from $165 million in Q2 2024, reflecting a strategic shift in investment focus.
• As an independent tower company, Array's capital expenditures are primarily focused on its approximately 4,400 wireless towers.