Array Digital Infrastructure

Array’s moat is grounded in switching costs and efficient scale. For carriers, relocating radios from an existing macro tower is operationally risky, time‑consuming, and often requires zoning and new ground leases, which creates real customer stickiness.

Array’s footprint is concentrated in suburban and rural markets where there may be only one viable structure within a search ring, supporting efficient‑scale economics that discourage overbuilding. Intangibles (brand) are limited, and cost advantages are modest versus larger peers given smaller scale. Network effects do not meaningfully apply.

Component scores and weights: switching costs 85 (weight 45%), efficient scale 75 (25%), cost advantage 35 (10%), intangible assets 25 (10%), network effects 15 (10%).

Weighted result ≈ 72. The 15‑year Master Lease Agreement with T‑Mobile (2,015 new sites plus extended terms on ~600 existing sites) adds durability, though interim site leases can roll off as integration completes.