Mobile Infrastructure Reports First Quarter 2026 Financial Results
Rhea-AI Summary
Mobile Infrastructure (Nasdaq:BEEP) reported first quarter 2026 results with mixed trends. Total revenue was $7.9 million, down 3.7% year-over-year, while Same-Location Revenue was flat.
Same-Location NOI rose 4.4% to $4.6 million, Adjusted EBITDA increased 8.7% to $3.0 million, and net loss widened to $7.8 million. The company sold Marks Garage for $16.5 million, bringing cumulative asset rotation proceeds above $30 million, and repaid $12.6 million of debt. Full-year 2026 guidance for revenue of $35–38 million, NOI of $21.5–23.0 million, and Adjusted EBITDA of $15.0–16.5 million was reiterated.
AI-generated analysis. Not financial advice.
Positive
- Same-Location NOI increased 4.4% year-over-year to $4.6 million
- Adjusted EBITDA rose 8.7% year-over-year to $3.0 million
- Property taxes and operating expenses declined to $3.3 million from $3.8 million
- Marks Garage sold for $16.5 million; asset rotation proceeds now exceed $30 million
- Debt reduced by $12.6 million through mortgage and line-of-credit repayments
- Full-year 2026 guidance maintained, implying mid-single to low-teens percentage growth
Negative
- Total revenue declined 3.7% year-over-year to $7.9 million
- Net loss widened to $7.8 million from $4.3 million year-over-year
- Interest expense increased to $5.1 million from $4.6 million
- RevPAS for the trailing twelve months fell to $199.50 from $207.53
Key Figures
Market Reality Check
Peers on Argus
BEEP gained 22.65%, while peers showed mixed moves (e.g., RAIL +5.68%, SPAI +11.32%, EML -0.9%, RGP -2.02%). With no peers in momentum scanners and no same-day peer news, the reaction appears stock-specific.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 02 | FY 2025 earnings | Negative | +0.3% | 2025 revenue and NOI declined, losses widened, but 2026 growth guidance reaffirmed. |
| Nov 10 | Q3 2025 earnings | Negative | -0.3% | Q3 revenue down 6.9% YoY and wider net loss despite asset-backed deal and guidance. |
| Aug 12 | Q2 2025 earnings | Negative | -1.1% | Q2 revenue, NOI and Adjusted EBITDA declined while losses increased and guidance trimmed. |
| May 12 | Q1 2025 earnings | Neutral | -5.0% | Revenue fell and net loss persisted, but full-year 2025 guidance reaffirmed and Nasdaq move announced. |
| Mar 10 | FY 2024 earnings | Positive | +10.3% | Strong 2024 revenue growth, narrower loss and positive 2025 guidance drove a double-digit gain. |
Earnings releases have usually produced modest single-digit moves, with one notable double-digit gain on strong 2024 results. Reactions tend to align with the tone of the report, though there are occasional divergences when weaker prints see limited downside.
Recent earnings releases for Mobile Infrastructure show a mix of growth and pressure. In Q4/FY 2024, revenue and losses improved, driving a 10.29% gain. Through 2025, multiple quarters reported revenue declines and wider net losses, while management emphasized asset rotation and ABS refinancing, with share reactions mostly muted around +/-1%. The March 2, 2026 FY 2025 release reiterated 2026 guidance of revenue $35–$38M, NOI $21.5–$23.0M, and Adjusted EBITDA $15.0–$16.5M. Today’s Q1 2026 report fits that narrative, showing improving same-location performance and continued execution on the $100M asset rotation plan.
Historical Comparison
Across 5 prior earnings releases, BEEP’s average move was 0.85%. Today’s 22.65% jump on Q1 2026 results represents a major outlier versus typical earnings-day reactions.
Earnings updates have tracked a shift from strong 2024 growth into 2025 revenue declines and wider losses, offset by asset sales, ABS refinancing and reiterated 2026 guidance for revenue, NOI and Adjusted EBITDA growth.
Market Pulse Summary
This announcement highlights mixed but improving fundamentals: Q1 2026 revenue dipped to $7.9M, yet Same-Location NOI rose to $4.6M and Adjusted EBITDA to $3.0M. Management reiterated full-year 2026 guidance for revenue of $35M–$38M, NOI of $21.5M–$23.0M, and Adjusted EBITDA of $15.0M–$16.5M, underpinned by contract volume growth and asset rotation proceeds above $30M. Investors may monitor execution on further non-core sales, interest expense trends, and utilization metrics like RevPAS and contract mix against these targets.
Key Terms
net operating income financial
adjusted ebitda financial
non-gaap financial
line of credit financial
AI-generated analysis. Not financial advice.
Utilization Gains Underpin Improving Same-Location Revenue
Fifth Asset Sale Under Asset Rotation Strategy
Reduced Leverage with
Conference Call Will be Held on May 12, 2026, at 4:30 PM Eastern Time
CINCINNATI, May 12, 2026 (GLOBE NEWSWIRE) -- Mobile Infrastructure Corporation (Nasdaq: BEEP), (“Mobile”, “Mobile Infrastructure” or the “Company”), the nation’s only publicly traded owner of parking infrastructure, today reported results for the three months ended March 31, 2026.
Commenting on the results, Stephanie Hogue, Chief Executive Officer, said, “Our first quarter results reflect solid execution against the initiatives we laid out for 2026. We focused on driving utilization and contract growth while delivering on the first phase of our asset rotation program. Supported by higher residential demand and continued return-to-office momentum, contract parking volumes grew approximately
“Transient volumes increased approximately
“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 of4.4% year-over-year. - Adjusted EBITDA* was
$3.0 million as compared to$2.7 million in the prior-year period, an increase of8.7% 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 Marks Garage, a 308-stall parking facility located in Honolulu, Hawaii, for gross proceeds of
Balance Sheet, Cash Flow, and Liquidity
At March 31, 2026, the Company had
In connection with the sale of Marks Garage,
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 May 12, 2026, at 4:30 p.m. ET.
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 Infrastructure Corporation
Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets throughout the United States. As of March 31, 2026, the Company owned 35 parking facilities in 18 separate markets throughout the United States, with a total of 13,200 parking spaces and approximately 4.6 million square feet. The Company also owns approximately 0.1 million square feet of retail/commercial space adjacent to its parking facilities. Learn more at www.mobileit.com.
Mobile Contact
David Gold | Lynn Morgen
beepir@advisiry.com | (212) 750-5800
MOBILE INFRASTRUCTURE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
| As of March 31, 2026 | As of December 31, 2025 | |||||||
| (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 March 31, 2026 and December 31, 2025 | 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 | ||||
MOBILE INFRASTRUCTURE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts, unaudited)
| For the Three Months Ended March 31, | ||||||||
| 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 March 31, 2026 and 2025, Same-Location NOI represents the NOI for the 36 properties that were owned for the majority of both calendar year periods being compared. The Company believes that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. The Company uses NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the Company’s NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of the Company’s properties that could materially impact results from operations.
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 March 31, | |||||||||||
| 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 March 31, | ||||||||
| 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.
