Array Digital Infrastructure Inc
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Array Digital Infrastructure Inc AI Insights
Informational only. Not investment advice.Snapshot
- Operating CFO is NEGATIVE (-462M TTM) despite 176M operating income - severe cash conversion problem signals working capital drain or non-cash revenue issues.[Cash Flow from Continuing Operating Activities]
- Goodwill/intangibles of 1.6B represents 33% of total assets (4.9B) - acquisition-heavy strategy with impairment risk if synergies disappoint.[Goodwill and Other Intangible Assets]
- Interest expense (190M TTM) exceeds operating income (176M) - debt burden consuming all operating profits, net income only 16M.[Interest Expense]
Watch Triggers
- Cash Flow from Continuing Operating Activities: Turns positive or cash balance falls below 150M — Current -462M burn with 326M cash creates 8-month runway before liquidity crisis
- Interest Expense: Rises above 200M or debt refinancing announced — Already exceeds operating income; any increase accelerates equity dilution risk
- Goodwill and Other Intangible Assets: Impairment charge announced — 1.6B goodwill vs 16M net income - even small impairment wipes out earnings
Bull Case
Gross margin of 57% (2.2B/3.8B TTM) vs industry median suggests pricing power; if operating leverage improves, path to profitability exists.
Revenue of 3.8B TTM exceeds industry median (1.0B) by 3.7x - scale advantage in digital infrastructure could drive consolidation premium.
Bear Case
Negative operating cash flow (-462M) while reporting positive operating income (176M) - 638M gap suggests aggressive revenue recognition or massive working capital consumption.
Interest expense (190M) exceeds operating income (176M) - company cannot service debt from operations; equity losses of -69M compound the problem.
Bull vs Bear Balance
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Forward Thesis
Cash flow must turn positive within 12 months or refinancing risk materializes
- Operating CFO -462M unsustainable
- Debt of 1.2B with 190M interest
- Cash of 326M provides limited runway
Valuation Context
Caveats
Public Strategies Rankings
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AD Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
Beta 5Y (Monthly) | unknown | — |
AD Dividend History
AD Stock Splits
AD SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/20/26 | 12/31/25 | Unknown | |
11/07/25 | 09/30/25 | 10-Q | |
08/11/25 | 06/30/25 | 10-Q | |
05/02/25 | 03/31/25 | 10-Q | |
02/21/25 | 12/31/24 | 10-K | |
11/01/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/03/24 | 03/31/24 | 10-Q | |
02/16/24 | 12/31/23 | 10-K | |
11/03/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
05/04/23 | 03/31/23 | 10-Q | |
02/16/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
05/05/22 | 03/31/22 | 10-Q | |
02/17/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/06/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/18/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
04/30/20 | 03/31/20 | 10-Q | |
02/25/20 | 12/31/19 | 10-K | |
10/31/19 | 09/30/19 | 10-Q | |
08/01/19 | 06/30/19 | 10-Q | |
05/02/19 | 03/31/19 | 10-Q | |
02/22/19 | 12/31/18 | 10-K | |
11/02/18 | 09/30/18 | 10-Q | |
08/03/18 | 06/30/18 | 10-Q | |
05/04/18 | 03/31/18 | 10-Q | |
02/26/18 | 12/31/17 | 10-K | |
11/08/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/05/17 | 03/31/17 | 10-Q | |
02/24/17 | 12/31/16 | 10-K | |
11/04/16 | 09/30/16 | 10-Q | |
08/05/16 | 06/30/16 | 10-Q | |
05/06/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/30/15 | 09/30/15 | 10-Q | |
07/31/15 | 06/30/15 | 10-Q | |
05/01/15 | 03/31/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
10/31/14 | 09/30/14 | 10-Q | |
08/01/14 | 06/30/14 | 10-Q | |
05/02/14 | 03/31/14 | 10-Q | |
02/28/14 | 12/31/13 | 10-K | |
11/01/13 | 09/30/13 | 10-Q | |
08/02/13 | 06/30/13 | 10-Q | |
05/03/13 | 03/31/13 | 10-Q | |
02/26/13 | 12/31/12 | 10-K | |
11/07/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/04/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/09/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/05/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
02/25/10 | 12/31/09 | 10-K | |
11/05/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/06/09 | 03/31/09 | 10-Q | |
02/26/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 8-K | |
05/07/08 | 03/30/08 | Unknown | -- |
02/29/08 | 12/31/07 | 10-K | |
11/06/07 | 09/30/07 | 10-Q | |
08/07/07 | 06/30/07 | 10-Q | |
05/15/07 | 03/30/07 | Unknown | -- |
04/23/07 | 12/31/06 | 5 | |
02/23/07 | 09/30/06 | NT 10-Q | |
10/10/06 | 06/30/06 | NT 10-Q | |
08/25/06 | 03/30/06 | Unknown | -- |
07/28/06 | 12/31/05 | 5 | |
04/26/06 | 09/30/05 | 8-K | |
08/01/05 | 06/30/05 | 10-Q | |
05/04/05 | 03/30/05 | Unknown | -- |
03/11/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/05/04 | 06/30/04 | 8-K | |
05/14/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 8-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/08/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/20/03 | 12/31/02 | 10-K | |
11/13/02 | 09/30/02 | 10-Q | |
08/13/02 | 06/30/02 | 10-Q | |
05/14/02 | 03/30/02 | Unknown | -- |
03/27/02 | 12/31/01 | 10-K405 | |
11/13/01 | 09/30/01 | 10-Q | |
08/10/01 | 06/30/01 | 10-Q | |
05/11/01 | 03/30/01 | Unknown | -- |
03/28/01 | 12/31/00 | 10-K405 | |
11/13/00 | 09/30/00 | 10-Q | |
08/11/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |