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Arphra AIPlain-English read on Array Digital Infrastructure, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $4.12B | $4.17B | $3.91B | $3.77B | $162.96M | $203.07M | $192.99M | $200.92M | $225M |
| Cost of revenue | $1.91B | $1.97B | $1.73B | $1.63B | $127.75M | $114.74M | $104.53M | $110.9M | $123.8M |
| Gross profit | $2.21B | $2.2B | $2.18B | $2.14B | $35.21M | $92.09M | $87.05M | $91.36M | $102.12M |
| Gross margin | +53.71% | +52.72% | +55.76% | +56.76% | +21.61% | +45.35% | +45.10% | +45.47% | +45.39% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $1.35B | $1.41B | $1.37B | $1.33B | $84.44M | $82.68M | $78.36M | $82.06M | $93.06M |
| Total operating expenses | $2.04B | $2.13B | $2.04B | $2.15B | $84.44M | $109.75M | $100.99M | $107.6M | $122.16M |
| Operating income | $170M | $69M | $139M | -$12M | -$49.23M | -$18.63M | -$17.5M | -$18.11M | -$19.74M |
| Operating margin | +4.12% | +1.66% | +3.56% | -0.32% | -30.21% | -9.18% | -9.07% | -9.01% | -8.77% |
| EBITDA | $1.03B | $935M | $963M | $826M | -$968K | $30.89M | $29.45M | $30.29M | $34.47M |
| EBIT | $355M | $235M | $307M | $161M | -$49.23M | -$11.93M | -$11.78M | -$11.89M | -$13.52M |
| Below the line | |||||||||
| Interest expense | $175M | $163M | $196M | $183M | $28.22M | $18.05M | $18M | $18.55M | $20.67M |
| Interest income | $6M | $8M | $10M | $12M | $18.92M | $8.31M | $7.96M | $7.93M | $9.27M |
| Other income / expense | $10M | $3M | -$28M | -$10M | $190.35M | — | — | — | — |
| Pre-tax income | $180M | $72M | $111M | -$22M | $141.12M | $61.79M | $57.52M | $60.81M | $66.27M |
| Income tax expense | $20M | $37M | $53M | $10M | -$31.15M | $27.92M | $27.49M | $29.25M | $31.31M |
| Earnings | |||||||||
| Net income | $155M | $30M | $54M | -$39M | $290.92M | $121.03M | $115.65M | $121.66M | $132.82M |
| Net income · continuing ops | $160M | $35M | $58M | -$32M | $172.27M | $73.9M | $67.12M | $73.06M | $79.87M |
| Net margin | +3.76% | +0.72% | +1.38% | -1.03% | +178.52% | +59.60% | +59.93% | +60.55% | +59.03% |
| EPS · basic | $1.80 | $0.35 | $0.64 | $-0.45 | $3.39 | $2.89 | $1.10 | $1.26 | $0.00 |
| EPS · diluted | $1.77 | $0.35 | $0.63 | $-0.46 | $3.33 | $2.86 | $1.09 | $1.26 | $0.00 |
| EPS · low estimate | — | — | — | — | — | $2.70 | $-0.10 | $0.40 | $0.00 |
| EPS · high estimate | — | — | — | — | — | $2.98 | $2.25 | $2.11 | $0.00 |
| Shares · basic | 86M | 85M | 85M | 86M | 85.91M | 86.61M | 86.21M | 85.95M | 85.83M |
| Shares · diluted | 87M | 86M | 87M | 86M | 87.29M | 87.03M | 87.02M | 87.92M | 86.44M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 4 | 4 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 1 | 2 | 2 | 0 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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