AD // Array Digital Infrastructure Inc.

Communication Services • Telecommunications Equipment

$32.35 ▲ +0.55 (+1.73%)

MKT CAP: $2.80B • VOL: 341.1K

52W L $31 52W H $61

PIOTROSKI

6 / 9

AD // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

AD // Array Digital Infrastructure Inc.

GROSS MARGIN

51.2%

OP MARGIN

-56.8%

ROIC %

-3.0%

MKT CAP

$2.80B

UPSTREAM INPUTS ──► AD OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
AD ★	Array Digital Infrastructure Inc.	$32.35	$2.80B	51.2%	-56.8%	-3.0%	—	-65.0%	SUBJECT ISSUER
GOOGL	Alphabet Inc. (Class A)	$283.82	$3.49T	60.9%	33.3%	16.6%	19.9x	+22.2%	AD VS GOOGL <GO>
GOOG	Alphabet Inc. (Class C)	$282.32	$3.47T	60.9%	33.3%	16.6%	19.9x	+22.2%	AD VS GOOG <GO>
META	Meta Platforms, Inc.	$624.52	$1.60T	81.0%	32.9%	18.2%	16.3x	+27.5%	AD VS META <GO>
NFLX	Netflix, Inc.	$62.05	$254.80B	50.7%	31.3%	33.9%	16.2x	+14.7%	AD VS NFLX <GO>
CCZ	Comcast Holdings ZONES	$64.50	$229.04B	—	16.7%	18.7%	7.2x	0.0%	AD VS CCZ <GO>