ARRAY Digital Infrastructure dramatically shifted its business model in August 2025 by selling wireless operations and spectrum assets to T-Mobile, pivoting to a leaner tower leasing enterprise. This transition triggered a staggering revenue contraction alongside a net income rebound, underpinned by long-term leases with T-Mobile and other major tenants. The company’s refinancing moves reduced debt burden but introduced covenant constraints amid uncertain spectrum sales and decommissioning obligations. Monitoring spectrum transaction completions, tenant stability, and liquidity will be pivotal to assessing ARRAY’s recovery path.