Mobile Infrastructure Reports Second Quarter 2026 Financial Results
Rhea-AI Summary
Mobile Infrastructure (Nasdaq: BEEP) reported second quarter 2026 revenue of $8.9 million, down 1.1% year-over-year due mainly to prior asset sales, while Same-Location Revenue rose 5.6% to $8.9 million. Net loss narrowed to $3.2 million from $4.7 million.
Same-Location NOI increased 12.0% to $5.9 million, and total NOI was $5.8 million, up 7.5%. Adjusted EBITDA grew 5.5% to $4.1 million. Contract parking volumes rose about 12% year-over-year and transient revenue grew 4%, supporting portfolio utilization gains of roughly five percentage points on a trailing twelve‑month basis. RevPAS improved to $224.96, from $212.14 a year ago and $184.23 in Q1.
Mobile generated $33 million of cumulative proceeds under its $100 million, 36‑month asset rotation plan and used $4.5 million in Q2 to reduce its line of credit. At June 30, 2026, cash and restricted cash totaled $10.9 million and debt was $197.1 million. The company reaffirmed 2026 guidance, targeting revenue of $35–$38 million, NOI of $21.5–$23.0 million and adjusted EBITDA of $15.0–$16.5 million.
Positive
- Same-Location Revenue up 5.6% YoY to $8.9 million in Q2 2026
- Same-Location NOI up 12.0% YoY to $5.9 million, showing operating leverage
- Adjusted EBITDA increased 5.5% YoY to $4.1 million in Q2
- Net loss improved to $3.2 million from $4.7 million year-over-year
- Contract parking volumes grew about 12% YoY; transient revenue up 4%
- RevPAS rose to $224.96 vs. $212.14 a year ago and $184.23 in Q1
- Debt reduction of $3.7 million principal and $0.8 million accrued interest on line of credit in Q2
- Asset rotation proceeds reached $33 million toward $100 million three-year target
- 2026 guidance reaffirmed with mid-single to low-teens percentage growth across revenue, NOI and adjusted EBITDA
Negative
- Total revenue declined 1.1% YoY to $8.9 million due to prior asset sales
- Net loss remains significant at $3.2 million in Q2 and $11.0 million for six months
- Interest expense was high at $4.8 million in Q2 and $9.9 million year-to-date
- Cash and restricted cash fell to $10.9 million from $15.3 million at year-end 2025
- Total debt remained elevated at $197.1 million as of June 30, 2026
- G&A expenses increased to $2.6 million from $2.4 million year-over-year in Q2
News Explained
The company reported that its
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 12 | Q1 earnings report | Neutral | -0.3% | Mixed operating improvement offset by wider net loss and asset-sale debt charges |
| Mar 02 | Q4 earnings report | Positive | +0.3% | Asset sales, refinancing, operating progress, and 2026 guidance issuance |
| Nov 10 | Q3 earnings report | Negative | -0.3% | Lower revenue and net loss alongside operating metric improvements |
| Aug 12 | Q2 earnings report | Negative | -1.1% | Revenue, NOI, and EBITDA declines with reduced full-year guidance |
| May 12 | Q1 earnings report | Negative | -5.0% | Revenue decline and larger net loss despite reaffirmed full-year guidance |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings history showed mostly negative or near-flat 24-hour reactions despite mixed operating updates.
Key Terms
same-location net operating income financial
adjusted ebitda financial
capitalization rate financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Same-Location Revenue Growth in the Second Quarter on Continued Utilization Gains
Contract Parking Volumes Grew Approximately
Transient Inflected to Revenue Growth with Reopening of Key Markets
Cash Flow Funded Line of Credit Paydown in Second Quarter
Conference Call Will be Held on August 11, 2026, at 4:30 PM Eastern Time
CINCINNATI, Aug. 11, 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 and six months ended June 30, 2026.
“Our second quarter results reflect additional progress against our 2026 plan and initiatives,” noted Stephanie Hogue, Chief Executive Officer. “We are seeing the benefits of our plan to grow revenue by increasing utilization via growth in contract and transient parking, followed by rate. Same-Location Revenue grew
“Transient revenue grew portfolio-wide as several key markets moved toward stabilization following disruptions related to construction and redevelopment projects. This included strength in Cincinnati following the reopening of the Cincinnati Convention Center. Portfolio utilization ended up approximately five percentage points year-over-year on a trailing twelve-month basis. Consistent with our “volume first, rate second” strategy, we prioritized occupancy, and with those gains now established, we are beginning to increase rates across much of the portfolio. We believe this is a clear indication that our strategy is working.
“We remained focused on our capital allocation strategy during the second quarter, using
Second Quarter 2026 Highlights
- Total revenue was
$8.9 million as compared to$9.0 million in the prior-year period and$7.9 million in Q1. - Same-Location Revenue was
$8.9 million as compared to$8.4 million in the prior-year period and$7.7 million in Q1. - Net loss was
$3.2 million as compared to$4.7 million in the prior-year period and$7.8 million in Q1. - NOI* was
$5.8 million as compared to$5.4 million in the prior-year period, an increase of7.5% year-over-year. - Same-Location NOI* was
$5.9 million as compared to$5.2 million in the prior-year period, an increase of12.0% year-over-year, reflecting strong continued momentum. - Adjusted EBITDA* was
$4.1 million as compared to$3.8 million in the prior-year period, an increase of5.5% year-over-year. - Contract parking volumes grew approximately
12% 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 of
$33 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.
Q2 2026 Financial Results
Total revenue of
Total property taxes and operating expenses were
General and administrative expenses were
Interest expense was
Net loss was
Same-Location Net Operating Income (“Same-Location NOI”), defined by the Company as total revenues less property taxes and operating expenses for the 35 properties owned both reported periods, was
Revenue Per Available Stall (“RevPAS”) was
Balance Sheet, Cash Flow, and Liquidity
At June 30, 2026, the Company had
Paydown of the Line of Credit is a primary near-term use of asset sale proceeds. The Company continues to evaluate additional capital allocation opportunities, including share repurchases and asset acquisitions, in coordination with its Board of Directors.
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 reflect any potential 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.
Second Quarter 2026 Conference Call and Webcast Information
Mobile will hold a conference call to discuss its second quarter 2026 results on August 11, 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 June 30, 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 June 30, 2026 | As of December 31, 2025 | |||||||
| (unaudited) | ||||||||
| ASSETS | ||||||||
| Investments in real estate | ||||||||
| Land and improvements | $ | 142,584 | $ | 150,566 | ||||
| Buildings and improvements | 236,164 | 244,627 | ||||||
| Construction in progress | 972 | 87 | ||||||
| Intangible assets | 5,717 | 5,717 | ||||||
| 385,437 | 400,997 | |||||||
| Accumulated depreciation and amortization | (42,378 | ) | (38,860 | ) | ||||
| Total investments in real estate, net | 343,059 | 362,137 | ||||||
| Cash and cash equivalents | 5,067 | 8,349 | ||||||
| Cash – restricted | 5,840 | 6,935 | ||||||
| Accounts receivable, net | 3,506 | 3,985 | ||||||
| Other assets | 871 | 1,058 | ||||||
| Total assets | $ | 358,343 | $ | 382,464 | ||||
| LIABILITIES AND EQUITY | ||||||||
| Liabilities | ||||||||
| Notes payable, net | $ | 174,892 | $ | 181,771 | ||||
| Line of credit | 22,185 | 25,895 | ||||||
| Accounts payable and accrued expenses | 13,608 | 15,196 | ||||||
| Accrued preferred distributions and redemptions | 237 | 67 | ||||||
| Due to related parties | 490 | 490 | ||||||
| Total liabilities | 211,412 | 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 June 30, 2026 and December 31, 2025 | 3,319 | 3,319 | ||||||
| Common stock, | 2 | 2 | ||||||
| Additional paid-in capital | 297,509 | 299,446 | ||||||
| Accumulated deficit | (171,504 | ) | (161,496 | ) | ||||
| Total Mobile Infrastructure Corporation Stockholders’ Equity | 129,326 | 141,271 | ||||||
| Non-controlling interest | 17,605 | 17,774 | ||||||
| Total equity | 146,931 | 159,045 | ||||||
| Total liabilities and equity | $ | 358,343 | $ | 382,464 | ||||
| MOBILE INFRASTRUCTURE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts, unaudited) | ||||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues | ||||||||||||||||
| Managed property revenue | $ | 7,762 | $ | 7,441 | $ | 14,383 | $ | 13,986 | ||||||||
| Base rental income | 1,008 | 1,447 | 2,100 | 2,906 | ||||||||||||
| Percentage rental income | 123 | 104 | 342 | 335 | ||||||||||||
| Total revenues | 8,893 | 8,992 | 16,825 | 17,227 | ||||||||||||
| Operating expenses | ||||||||||||||||
| Property taxes | 1,412 | 1,779 | 2,958 | 3,651 | ||||||||||||
| Property operating expense | 1,636 | 1,778 | 3,409 | 3,677 | ||||||||||||
| Depreciation and amortization | 1,760 | 2,867 | 3,603 | 4,948 | ||||||||||||
| General and administrative | 2,579 | 2,423 | 5,006 | 4,792 | ||||||||||||
| Total expenses | 7,387 | 8,847 | 14,976 | 17,068 | ||||||||||||
| Other | ||||||||||||||||
| Interest expense, net | (4,773 | ) | (4,704 | ) | (9,853 | ) | (9,340 | ) | ||||||||
| Loss on extinguishment of debt | — | — | (2,044 | ) | — | |||||||||||
| Loss on sale of real estate | — | — | (1,115 | ) | — | |||||||||||
| Other income (expense), net | 28 | 33 | 136 | (49 | ) | |||||||||||
| Change in fair value of Earn-Out liability | — | (135 | ) | — | 235 | |||||||||||
| Total other expense | (4,745 | ) | (4,806 | ) | (12,876 | ) | (9,154 | ) | ||||||||
| Net loss | (3,239 | ) | (4,661 | ) | (11,027 | ) | (8,995 | ) | ||||||||
| Net loss attributable to non-controlling interest | (286 | ) | (411 | ) | (1,019 | ) | (855 | ) | ||||||||
| Net loss attributable to Mobile Infrastructure Corporation’s stockholders | $ | (2,953 | ) | $ | (4,250 | ) | $ | (10,008 | ) | $ | (8,140 | ) | ||||
| Preferred stock distributions declared - Series A | (17 | ) | (27 | ) | (36 | ) | (55 | ) | ||||||||
| Preferred stock distributions declared - Series 1 | (179 | ) | (221 | ) | (362 | ) | (462 | ) | ||||||||
| Net loss attributable to Mobile Infrastructure Corporation’s common stockholders | $ | (3,149 | ) | $ | (4,498 | ) | $ | (10,406 | ) | $ | (8,657 | ) | ||||
| Basic and diluted loss per weighted average common share: | ||||||||||||||||
| Net loss per share attributable to Mobile Infrastructure Corporation’s common stockholders - basic and diluted | $ | (0.08 | ) | $ | (0.11 | ) | $ | (0.26 | ) | $ | (0.21 | ) | ||||
| Weighted average common shares outstanding, basic and diluted | 39,305,471 | 40,660,453 | 39,348,453 | 40,592,459 | ||||||||||||
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 and six months ended June 30, 2026 and 2025, Same-Location NOI represents the NOI for the 35 properties that were owned for 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 June 30, | For the Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | % | 2026 | 2025 | % | ||||||||||||||||||
| Revenues | |||||||||||||||||||||||
| Managed property revenue | $ | 7,762 | $ | 7,054 | $ | 14,221 | $ | 13,204 | |||||||||||||||
| Base rental income | 1,008 | 1,262 | 2,017 | 2,530 | |||||||||||||||||||
| Percentage rental income | 123 | 104 | 342 | 334 | |||||||||||||||||||
| Total revenues | 8,893 | 8,420 | 5.6 | % | 16,580 | 16,068 | 3.2 | % | |||||||||||||||
| Operating expenses | |||||||||||||||||||||||
| Property taxes | 1,411 | 1,662 | 3,008 | 3,423 | |||||||||||||||||||
| Property operating expense | 1,629 | 1,534 | 3,293 | 3,157 | |||||||||||||||||||
| Same-Location Net Operating Income | $ | 5,853 | $ | 5,224 | 12.0 | % | $ | 10,279 | $ | 9,488 | 8.3 | % | |||||||||||
| Reconciliation | |||||||||||||||||||||||
| Net loss | $ | (3,239 | ) | $ | (4,661 | ) | $ | (11,027 | ) | $ | (8,995 | ) | |||||||||||
| Loss on extinguishment of debt | — | — | 2,044 | — | |||||||||||||||||||
| Loss on sale of real estate | — | — | 1,115 | — | |||||||||||||||||||
| Other (income) expense, net | (28 | ) | (33 | ) | (136 | ) | 49 | ||||||||||||||||
| Change in fair value of Earn-Out liability | - | 135 | — | (235 | ) | ||||||||||||||||||
| Interest expense, net | 4,773 | 4,704 | 9,853 | 9,340 | |||||||||||||||||||
| Depreciation and amortization | 1,760 | 2,867 | 3,603 | 4,948 | |||||||||||||||||||
| General and administrative | 2,579 | 2,423 | 5,006 | 4,792 | |||||||||||||||||||
| Net Operating Income | $ | 5,845 | $ | 5,435 | $ | 10,458 | $ | 9,899 | |||||||||||||||
| Less: 2025 and 2026 Disposed Assets | 8 | (211 | ) | (179 | ) | (411 | ) | ||||||||||||||||
| Same-Location Net Operating Income | $ | 5,853 | $ | 5,224 | $ | 10,279 | $ | 9,488 | |||||||||||||||
Adjusted EBITDA Reconciliation
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Reconciliation of Net Loss to Adjusted EBITDA Attributable to the Company | ||||||||||||||||
| Net loss | $ | (3,239 | ) | $ | (4,661 | ) | $ | (11,027 | ) | $ | (8,995 | ) | ||||
| Interest expense, net | 4,773 | 4,704 | 9,853 | 9,340 | ||||||||||||
| Depreciation and amortization | 1,760 | 2,867 | 3,603 | 4,948 | ||||||||||||
| Change in fair value of Earn-Out liability | — | 135 | — | (235 | ) | |||||||||||
| Other expense, net | (28 | ) | (33 | ) | (136 | ) | 49 | |||||||||
| Loss on extinguishment of debt | — | — | 2,044 | — | ||||||||||||
| Loss on sale of real estate | — | — | 1,115 | — | ||||||||||||
| Equity based compensation | 793 | 834 | 1,594 | 1,488 | ||||||||||||
| Adjusted EBITDA Attributable to the Company | $ | 4,059 | $ | 3,846 | $ | 7,046 | $ | 6,595 | ||||||||
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.
