Utilization Gains Underpin Improving Same-Location Revenue
Fifth Asset Sale Under Asset Rotation Strategy
Reduced Leverage with
Conference Call Will be Held on
Commenting on the results,
“Transient volumes increased approximately 3% in the quarter, as several key markets reopened after experiencing construction and redevelopment dislocations in 2025. As expected, we are now witnessing growing demand as these micro-markets re-open, and when combined with continued momentum in contract parking and a robust spring event calendar across our broader portfolio, underpin the confidence our team has in Mobile’s 2026 plan.
“In the first quarter, we also made meaningful progress on our capital allocation strategy. Cumulative proceeds from assets sold under our 36-month,
First Quarter 2026 Highlights
- Total revenue was
$7.9 million as compared to$8.2 million in the prior-year period - Net loss was
$7.8 million as compared to$4.3 million in the prior-year period. - NOI* was
$4.6 million as compared to$4.5 million in the prior-year period. - Same-Location NOI* was
$4.6 million as compared to$4.4 million in the prior-year period, an increase of 4.4% year-over-year. - Adjusted EBITDA* was
$3.0 million as compared to$2.7 million in the prior-year period, an increase of 8.7% year-over-year. - Contract parking volumes grew approximately 6% year-over-year, supported by continued strength in residential and return-to-office momentum.
- Asset rotation progress remained on track, with cumulative proceeds from non-core asset sales exceeding
$30 million toward the Company’s$100 million , three-year strategic asset rotation program.
* Explanations of these non-GAAP financial measures and reconciliation to the most comparable GAAP financial measures are presented later in this press release.
Financial Results
Total revenue of
Total property taxes and operating expenses for the first quarter of 2026 were
General and administrative expenses for the first quarter of 2026 were
Interest expense for the first quarter of 2026 was
Net loss was
Same-Location Net Operating Income (“NOI”), defined by the Company as total revenues less property taxes and operating expenses for properties owned the majority of both reported periods, was
Revenue Per Available Stall (“RevPAS”) for the trailing twelve-month period was
Asset Transaction
During the first quarter, the Company closed on the sale of
Balance Sheet, Cash Flow, and Liquidity
At
In connection with the sale of
Full Year 2026 Guidance**
The Company is reiterating its full year 2026 guidance as initially provided with fourth quarter and full year 2025 results. For full year 2026, the Company continues to expect revenue in the range of
The Company expects NOI to range from
This guidance is supported by expectations for continued contract volume growth, the reopening and enhancement of several venues, and the positive impact from technology optimization across the Company’s core portfolio on pricing and utilization. The guidance does not include future asset sales or acquisitions from the asset rotation plan.
**The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.
First Quarter 2026 Conference Call and Webcast Information
Mobile will hold a conference call to discuss its first quarter 2026 results on
Participants who wish to access the live conference call may do so by registering here. Upon registration, a dial-in and unique PIN will be provided to join the call.
A live, listen-only webcast of the conference call may be accessed from the Investor Relations section of the Company’s website, or by registering here.
For those who are unable to listen to the live broadcast, a replay of the webcast will be available in the “News & Events” section of the Investor Relations website under “IR Calendar” for one year.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this press release that are not historical facts (including any statements concerning our net operating income and revenue projections, our assessment of various trends impacting our economic performance, the effects of implementation of strategic model changes, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. Forward-looking statements are typically identified by the use of terms such as “may,” “should,” “expect,” “could,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “continue,” “predict,” “potential” or the negative of such terms and other comparable terminology.
The forward-looking statements included herein are based upon the Company’s current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on operations and future prospects are discussed in the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission from time to time.
All forward-looking statements are made as of the date of this press release. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
About
Mobile Contact
beepir@advisiry.com | (212) 750-5800
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
| As of | As of | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments in real estate | ||||||||
| Land and improvements | $ | 142,584 | $ | 150,566 | ||||
| Buildings and improvements | 236,118 | 244,627 | ||||||
| Construction in progress | 182 | 87 | ||||||
| Intangible assets | 5,717 | 5,717 | ||||||
| 384,601 | 400,997 | |||||||
| Accumulated depreciation and amortization | (40,621 | ) | (38,860 | ) | ||||
| Total investments in real estate, net | 343,980 | 362,137 | ||||||
| Cash and cash equivalents | 8,503 | 8,349 | ||||||
| Cash – restricted | 5,686 | 6,935 | ||||||
| Accounts receivable, net | 3,213 | 3,985 | ||||||
| Other assets | 1,401 | 1,058 | ||||||
| Total assets | $ | 362,783 | $ | 382,464 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Notes payable, net | $ | 174,081 | $ | 181,771 | ||||
| Line of credit | 25,895 | 25,895 | ||||||
| Accounts payable and accrued expenses | 12,077 | 15,196 | ||||||
| Accrued preferred distributions and redemptions | 167 | 67 | ||||||
| Due to related parties | 490 | 490 | ||||||
| Total liabilities | 212,710 | 223,419 | ||||||
| Equity | ||||||||
| Mobile Infrastructure Corporation Stockholders’ Equity | ||||||||
| Preferred stock Series A, | — | — | ||||||
| Preferred stock Series 1, | — | — | ||||||
| Preferred stock Series 2, | — | — | ||||||
| Warrants issued and outstanding – 2,553,192 warrants as of | 3,319 | 3,319 | ||||||
| Common stock, | 2 | 2 | ||||||
| Additional paid-in capital | 297,762 | 299,446 | ||||||
| Accumulated deficit | (168,551 | ) | (161,496 | ) | ||||
| Total Mobile Infrastructure Corporation Stockholders’ Equity | 132,532 | 141,271 | ||||||
| Non-controlling interest | 17,541 | 17,774 | ||||||
| Total equity | 150,073 | 159,045 | ||||||
| Total liabilities and equity | $ | 362,783 | $ | 382,464 | ||||
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts, unaudited)
| For the Three Months Ended | ||||||||
| 2026 | 2025 | |||||||
| Revenues | ||||||||
| Managed property revenue | $ | 6,621 | $ | 6,545 | ||||
| Base rental income | 1,092 | 1,459 | ||||||
| Percentage rental income | 219 | 231 | ||||||
| Total revenues | 7,932 | 8,235 | ||||||
| Operating expenses | ||||||||
| Property taxes | 1,546 | 1,872 | ||||||
| Property operating expense | 1,773 | 1,899 | ||||||
| Depreciation and amortization | 1,843 | 2,081 | ||||||
| General and administrative | 2,427 | 2,369 | ||||||
| Total expenses | 7,589 | 8,221 | ||||||
| Other | ||||||||
| Interest expense, net | (5,080 | ) | (4,636 | ) | ||||
| Loss on extinguishment of debt | (2,044 | ) | — | |||||
| Loss on sale of real estate | (1,115 | ) | — | |||||
| Other income (expense), net | 108 | (82 | ) | |||||
| Change in fair value of Earn-Out liability | — | 370 | ||||||
| Total other expense | (8,131 | ) | (4,348 | ) | ||||
| Net loss | (7,788 | ) | (4,334 | ) | ||||
| Net loss attributable to non-controlling interest | (733 | ) | (444 | ) | ||||
| Net loss attributable to Mobile Infrastructure Corporation’s stockholders | $ | (7,055 | ) | $ | (3,890 | ) | ||
| Preferred stock distributions declared - Series A | (19 | ) | (28 | ) | ||||
| Preferred stock distributions declared - Series 1 | (183 | ) | (241 | ) | ||||
| Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ | (7,257 | ) | $ | (4,159 | ) | ||
| Basic and diluted loss per weighted average common share: | ||||||||
| Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted | $ | (0.18 | ) | $ | (0.10 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 39,391,374 | 40,523,710 | ||||||
Discussion and Reconciliation of Non-GAAP Measures
Same-Location Net Operating Income
Net Operating Income (“NOI”) is presented as a supplemental measure of our performance. For the three months ended
Adjusted EBITDA
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization (“Adjusted EBITDA”) reflects net income (loss) excluding the impact of interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes certain recurring and non-recurring items including, but not limited to, stock-based compensation expense, non-cash changes in fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, and Other Income, Net. Adjusted EBITDA should be considered along with, but not as an alternative to, net income (loss), cash flow from operations or any other operating GAAP measure.
Same-Location Net Operating Income and Reconciliation to Net Loss
| For the Three Months Ended | |||||||||||
| 2026 | 2025 | % | |||||||||
| Revenues | |||||||||||
| Managed property revenue | $ | 6,621 | $ | 6,339 | |||||||
| Base rental income | 1,092 | 1,381 | |||||||||
| Percentage rental income | 219 | 231 | |||||||||
| Total revenues | 7,932 | 7,951 | (0.2 | )% | |||||||
| Operating expenses | |||||||||||
| Property taxes | 1,546 | 1,810 | |||||||||
| Property operating expense | 1,776 | 1,725 | |||||||||
| Same-Location Net Operating Income | $ | 4,610 | $ | 4,416 | 4.4 | % | |||||
| | |||||||||||
| Reconciliation | |||||||||||
| Net loss | $ | (7,788 | ) | $ | (4,334 | ) | |||||
| Loss on extinguishment of debt | 2,044 | — | |||||||||
| Loss on sale of real estate | 1,115 | — | |||||||||
| Other income (expense), net | (108 | ) | 82 | ||||||||
| Change in fair value of Earn-Out liability | — | (370 | ) | ||||||||
| Interest expense, net | 5,080 | 4,636 | |||||||||
| Depreciation and amortization | 1,843 | 2,081 | |||||||||
| General and administrative | 2,427 | 2,369 | |||||||||
| Net Operating Income | $ | 4,613 | $ | 4,464 | |||||||
| Less: 2025 Disposed Assets | (3 | ) | (48 | ) | |||||||
| Same-Location Net Operating Income | $ | 4,610 | $ | 4,416 | |||||||
Adjusted EBITDA Reconciliation
| For the Three Month Ended | ||||||||
| 2026 | 2025 | |||||||
| Reconciliation of Net Loss to Adjusted EBITDA Attributable to the Company | ||||||||
| Net loss | $ | (7,788 | ) | $ | (4,334 | ) | ||
| Interest expense, net | 5,080 | 4,636 | ||||||
| Depreciation and amortization | 1,843 | 2,081 | ||||||
| Change in fair value of Earn-Out liability | — | (370 | ) | |||||
| Other expense, net | (108 | ) | 82 | |||||
| Loss on extinguishment of debt | 2,044 | — | ||||||
| Loss on sale of real estate | 1,115 | — | ||||||
| Equity based compensation | 801 | 654 | ||||||
| Adjusted EBITDA Attributable to the Company | $ | 2,987 | $ | 2,749 | ||||
RevPAS
Revenue Per Available Stall (“RevPAS”) is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations.
