Array Digital Infrastructure has outlined plans to monetize the company's remaining spectrum assets.

It comes amid a transformation of the business from a regional mobile carrier, formerly UScellular, to a tower infrastructure-focused business.

UScellular was previously a regional wireless player, but sold its wireless operations, which included the company's 4.5 million customers, to T-Mobile for $4.4 billion in August. The company also sold $1bn in spectrum to AT&T, which closed last month, and also separately struck a separate spectrum sale deal with Verizon for $1bn.

Instead, Array has turned its focus to utilizing its infrastructure, which includes around 4,400 towers across the US.

In the company's earnings report last week, Array reported that site rental revenue grew by 51 percent last year to $154.7 million.

For the quarter, Array posted total operating revenues from continuing operations of $60.3m compared to $26.1m for the same period one year ago.

"We intend to support Array's success as a tower company and continue our efforts to successfully monetize Array's remaining spectrum holdings," said Walter C. D. Carlson, Array Digital Infrastructure chairman.

Indeed, the company instead sees an opportunity for 5G spectrum deployment via the carriers through its C-band spectrum holdings.

"We continue to hold wireless spectrum, principally C-band. This is a valuable asset with an existing ecosystem for deploying 5G that we are opportunistically seeking to monetize," said Anthony Carlson.

"Our retained spectrum principally consists of C-band, and as I previously noted, we continue to believe this is highly attractive spectrum for 5G, with an existing ecosystem that carriers can immediately put to use. While there are build-out requirements for this spectrum, the first one does not apply until 2029, leaving us plenty of time to monetize this spectrum."

Rental revenue increases

Array noted that its wireless sale to T-Mobile, which included 4.5 million customers, has contributed significantly to its site rental revenue increases.

"The T-Mobile MLA (master lease agreement) significantly increases our revenue," said CEO Carlson, adding that cash site rental revenue jumped in Q4 by 64 percent year-over-year from all customers and increased eight percent when excluding the T-Mobile MLA-committed sites.

"When layering in the T-Mobile interim site revenue, the increase was 96 percent year over year. We also continue to see a strong pipeline with full-year 2025 new colocation applications, excluding the T-Mobile MLA, exceeding prior year by 47 percent," he said.

The company also outlined its estimates for 2026, forecasting operating revenue of between $200-$215m. Array expects the T-Mobile MLA to generate more revenue opportunities, along with colocation opportunities.

That guidance doesn't include Dish revenues, with Array, the latest infrastructure company to feel the impact of EchoStar's decision to stop making payments.

Following high-profile spectrum sales to AT&T and SpaceX last year, Dish said it's no longer obligated to honor its existing tower rental agreements, citing that the Federal Communications Commission (FCC) effectively forced the company to sell the spectrum.

The situation has led Dish to tangle with US tower giants, American Tower and Crown Castle, both of whom have filed lawsuits against Dish, which has since defaulted on payments.

Anthony Carlson warned that Array could also take action against the company.

"Array continues to believe that Dish's assertions are without merit and Dish's obligations under the MLA remain intact," said Anthony Carlson. "Since early December, Dish has generally failed to make contractually required payments. Array will take such actions it deems necessary to protect its rights under the MLA."

According to Array, it collected $7m in total from Dish last year.