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Array Digital Financials

AD
Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows Array Digital (AD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI AD FY2025

FY2025 reads like an asset-sale and deleveraging year, with the company operating on a much smaller revenue base.

Revenue fell to $163M while total assets nearly halved to $4.7B in FY2025. Because investing cash flow became a source of cash at $2.4B and financing absorbed $2.7B, the year looks like an asset-base shrink-and-paydown mechanic rather than a normal operating slowdown, which helps explain why net income stayed positive despite an operating loss.

The cash picture is stronger than the income statement alone suggests: operating cash flow was $201M and free cash flow was $174M despite negative operating income. With capex only $27M, the current business is not very capital-hungry, so most operating cash is staying available instead of being consumed by reinvestment.

The balance sheet became less levered but more short-term tight. Current ratio slipped below 1.0x to 0.7x, yet total liabilities fell to $2.1B from $5.9B, showing better solvency even as near-term liquidity coverage weakened; that is a working-capital squeeze, not the same thing as a heavier debt load.

[ NOT FINANCIAL ADVICE ]

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 37 / 100
Financial Profile 37/100

Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of Array Digital's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability
0

Array Digital has an operating margin of -56.8%, meaning the company retains $-57 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -7.1% the prior year.

Growth
0

Array Digital's revenue declined 95.6% year-over-year, from $3.7B to $163.0M. This contraction results in a growth score of 0/100.

Leverage
97

Array Digital carries a low D/E ratio of 0.26, meaning only $0.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 97/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
9

Array Digital's current ratio of 0.72 is below the typical benchmark, resulting in a score of 9/100. However, the company holds substantial cash reserves (57% of current liabilities), which buffers actual liquidity risk. Large mature operators often run tight current ratios by design.

Cash Flow
100

Array Digital converts 106.5% of revenue into free cash flow ($173.6M). This strong cash generation earns a score of 100/100.

Returns
14

Array Digital generates a 2.7% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 14/100. This is up from -0.7% the prior year.

Piotroski F-Score Neutral
4/9

Array Digital passes 4 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.

Earnings Quality Cash-Backed
2.90x

For every $1 of reported earnings, Array Digital generates $2.90 in operating cash flow ($200.8M OCF vs $69.2M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage At Risk
-3.3x

Array Digital earns $-3.3 in operating income for every $1 of interest expense (-$92.5M vs $28.2M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Earnings & Revenue

Revenue
$163.0M
YoY-95.6%
5Y CAGR-47.4%
10Y CAGR-27.4%

Array Digital generated $163.0M in revenue in fiscal year 2025. This represents a decrease of 95.6% from the prior year.

EBITDA
-$53.4M
YoY+75.9%

Array Digital's EBITDA was -$53.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 75.9% from the prior year.

Net Income
$69.2M
YoY+319.1%
5Y CAGR-21.3%
10Y CAGR-11.7%

Array Digital reported $69.2M in net income in fiscal year 2025. This represents an increase of 319.1% from the prior year.

EPS (Diluted)
$0.56
YoY+221.7%
5Y CAGR-26.6%
10Y CAGR-15.0%

Array Digital earned $0.56 per diluted share (EPS) in fiscal year 2025. This represents an increase of 221.7% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$173.6M
YoY-79.9%
5Y CAGR-6.9%

Array Digital generated $173.6M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 79.9% from the prior year.

Cash & Debt
$113.4M
YoY-21.1%
5Y CAGR-38.3%
10Y CAGR-16.8%

Array Digital held $113.4M in cash against $670.3M in long-term debt as of fiscal year 2025.

Dividends Per Share
$23.00

Array Digital paid $23.00 per share in dividends in fiscal year 2025.

Shares Outstanding
86M
YoY+1.5%
5Y CAGR+0.1%
10Y CAGR+0.3%

Array Digital had 86M shares outstanding in fiscal year 2025. This represents an increase of 1.5% from the prior year.

Margins & Returns

Gross Margin
51.2%
YoY-46.8pp
10Y CAGR-22.7pp

Array Digital's gross margin was 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 46.8 percentage points from the prior year.

Operating Margin
-56.8%
YoY-49.7pp
5Y CAGR-61.1pp
10Y CAGR-65.4pp

Array Digital's operating margin was -56.8% in fiscal year 2025, reflecting core business profitability. This is down 49.7 percentage points from the prior year.

Net Margin
42.5%
YoY+43.3pp
5Y CAGR+36.8pp
10Y CAGR+36.5pp

Array Digital's net profit margin was 42.5% in fiscal year 2025, showing the share of revenue converted to profit. This is up 43.3 percentage points from the prior year.

Return on Equity
2.7%
YoY+3.4pp
5Y CAGR-2.5pp
10Y CAGR-4.1pp

Array Digital's ROE was 2.7% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 3.4 percentage points from the prior year.

Capital Allocation

R&D Spending
N/A
Share Buybacks
$21.4M
YoY-60.5%
5Y CAGR-1.5%
10Y CAGR+13.5%

Array Digital spent $21.4M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 60.5% from the prior year.

Capital Expenditures
$27.2M
YoY+47.3%
5Y CAGR-51.3%
10Y CAGR-26.4%

Array Digital invested $27.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 47.3% from the prior year.

AD Income Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Revenue $52.0M N/A $47.1M-94.9% $916.0M+6.0% $864.0M-3.4% $894.0M-0.2% $896.0M-3.3% $927.0M
Cost of Revenue $21.6M N/A $21.0M N/A $16.3M N/A $18.3M N/A
Gross Profit $30.4M N/A $26.1M N/A $847.7M N/A $877.7M N/A
R&D Expenses N/A N/A N/A N/A N/A N/A N/A N/A
SG&A Expenses $12.7M N/A $20.5M-93.7% $328.0M+1023.2% $29.2M+105.1% -$571.6M-2799.4% $21.2M-93.4% $322.0M
Operating Income $160.8M N/A -$53.3M-252.3% $35.0M+218.1% -$29.6M+84.2% -$187.2M-16.9% -$160.2M-544.9% $36.0M
Interest Expense $7.2M N/A $8.9M-80.3% $45.0M+1127.2% $3.7M+104.6% -$79.8M-1982.5% $4.2M-90.6% $45.0M
Income Tax $52.4M N/A -$62.7M-1667.5% $4.0M+2183.3% -$192K+99.5% -$39.2M-77.9% -$22.0M-257.5% $14.0M
Net Income $177.8M N/A -$38.5M-224.1% $31.0M+69.9% $18.2M+45.1% $12.6M+115.9% -$79.2M-565.6% $17.0M
EPS (Diluted) $2.06 N/A $-0.44-222.2% $0.36+71.4% $0.21 N/A $-0.92-560.0% $0.20

AD Balance Sheet

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Total Assets $4.0B-15.2% $4.7B-4.9% $4.9B-52.6% $10.4B+0.1% $10.4B-0.8% $10.4B-0.6% $10.5B-1.2% $10.6B
Current Assets $274.1M+89.3% $144.8M-58.9% $352.2M-76.7% $1.5B+9.9% $1.4B+2.1% $1.3B-5.8% $1.4B+3.9% $1.4B
Cash & Equivalents $253.6M+123.7% $113.4M-65.2% $325.6M-15.6% $386.0M+112.1% $182.0M+26.6% $143.7M-47.2% $272.0M+39.5% $195.0M
Inventory N/A N/A N/A $126.0M-29.2% $178.0M-0.6% $179.0M+11.2% $161.0M+12.6% $143.0M
Accounts Receivable $1.8M N/A N/A $861.0M-0.2% $863.0M-4.6% $905.0M+3.9% $871.0M-2.2% $891.0M
Goodwill N/A N/A N/A N/A N/A N/A N/A N/A
Total Liabilities $2.1B-0.2% $2.1B-11.6% $2.4B-58.7% $5.8B-0.1% $5.8B-1.6% $5.9B-1.0% $5.9B-0.5% $6.0B
Current Liabilities $265.6M+32.8% $200.0M-62.9% $539.0M-33.3% $808.0M+0.1% $807.0M-8.7% $883.8M-2.8% $909.0M+2.6% $886.0M
Long-Term Debt $668.5M-0.3% $670.3M-0.2% $671.9M-76.2% $2.8B-0.4% $2.8B+135.4% $1.2B-58.3% $2.9B-0.2% $2.9B
Total Equity $1.9B-27.6% $2.6B+1.5% $2.5B-45.0% $4.6B+0.3% $4.6B+0.2% $4.6B-0.1% $4.6B-2.0% $4.7B
Retained Earnings $59.3M-92.3% $769.8M+5.1% $732.3M-73.9% $2.8B-0.7% $2.8B+0.1% $2.8B+0.2% $2.8B-2.8% $2.9B

AD Cash Flow Statement

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Operating Cash Flow $23.8M+111.8% -$202.1M-146.1% -$82.1M-125.2% $325.7M+104.5% $159.3M+31.6% $121.0M-50.7% $245.5M-21.6% $313.0M
Capital Expenditures $13.8M+60.7% $8.6M+106.7% -$128.4M-192.1% $139.5M+1756.6% $7.5M+47.5% $5.1M+102.0% -$256.6M-287.3% $137.0M
Free Cash Flow $10.0M+104.7% -$210.7M-0.1% -$210.5M-213.0% $186.2M+22.7% $151.8M+31.0% $115.9M+1139.5% -$11.1M-106.3% $176.0M
Investing Cash Flow $1.0B+11772.9% -$8.6M-100.3% $2.6B+3512.8% -$76.1M-2.9% -$73.9M+47.7% -$141.2M-7.8% -$131.0M+6.4% -$140.0M
Financing Cash Flow -$887.8M-56774.4% -$1.6M+99.9% -$2.6B-5184.5% -$49.0M-11.4% -$44.0M+59.6% -$108.9M-158.6% -$42.1M+74.9% -$168.0M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $0 $0-100.0% $360K+200.0% -$360K-101.7% $21.4M-25.0% $28.5M+11.1% $25.6M $0

AD Financial Ratios

Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24
Gross Margin 58.5% N/A 55.5% N/A 98.1% N/A 98.0% N/A
Operating Margin 309.1% N/A -113.1%-117.0pp 3.8%+7.2pp -3.4%+17.5pp -20.9%-3.1pp -17.9%-21.8pp 3.9%
Net Margin 341.8% N/A -81.6%-85.0pp 3.4%+1.3pp 2.1%+0.7pp 1.4%+10.2pp -8.8%-10.7pp 1.8%
Return on Equity 9.6% N/A -1.5%-2.2pp 0.7%+0.3pp 0.4%+0.1pp 0.3%+2.0pp -1.7%-2.1pp 0.4%
Return on Assets 4.5% N/A -0.8%-1.1pp 0.3%+0.1pp 0.2%+0.1pp 0.1%+0.9pp -0.8%-0.9pp 0.2%
Current Ratio 1.03+0.3 0.72+0.1 0.65-1.2 1.87+0.2 1.70+0.2 1.52-0.0 1.57+0.0 1.55
Debt-to-Equity 0.36+0.1 0.260.0 0.27-0.3 0.610.0 0.62+0.4 0.26-0.4 0.63+0.0 0.62
FCF Margin 19.2% N/A -446.8%-467.1pp 20.3%+2.8pp 17.6%+4.6pp 13.0%+14.2pp -1.2%-20.2pp 19.0%

Note: The current ratio is below 1.0 (0.72), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.

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Frequently Asked Questions

Array Digital (AD) reported $163.0M in total revenue for fiscal year 2025. This represents a -95.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Array Digital (AD) revenue declined by 95.6% year-over-year, from $3.7B to $163.0M in fiscal year 2025.

Yes, Array Digital (AD) reported a net income of $69.2M in fiscal year 2025, with a net profit margin of 42.5%.

Array Digital (AD) reported diluted earnings per share of $0.56 for fiscal year 2025. This represents a 221.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Array Digital (AD) had EBITDA of -$53.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

As of fiscal year 2025, Array Digital (AD) had $113.4M in cash and equivalents against $670.3M in long-term debt.

Array Digital (AD) had a gross margin of 51.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Array Digital (AD) had an operating margin of -56.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Array Digital (AD) had a net profit margin of 42.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Yes, Array Digital (AD) paid $23.00 per share in dividends during fiscal year 2025.

Array Digital (AD) has a return on equity of 2.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Array Digital (AD) generated $173.6M in free cash flow during fiscal year 2025. This represents a -79.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Array Digital (AD) generated $200.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Array Digital (AD) had $4.7B in total assets as of fiscal year 2025, including both current and long-term assets.

Array Digital (AD) invested $27.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Yes, Array Digital (AD) spent $21.4M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Array Digital (AD) had 86M shares outstanding as of fiscal year 2025.

Array Digital (AD) had a current ratio of 0.72 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.

Array Digital (AD) had a debt-to-equity ratio of 0.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Array Digital (AD) had a return on assets of 1.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Array Digital (AD) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Array Digital (AD) has an earnings quality ratio of 2.90x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Array Digital (AD) has an interest coverage ratio of -3.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Array Digital (AD) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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