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Mobile Infrastructure (NYSE American: BEEP) has reported its Q1 2024 financial results, highlighting a 24.3% revenue increase to $8.8 million from the prior year's $7.1 million. The shift to management contracts contributed to a net operating income (NOI) boost of 11.9%, reaching $5.4 million. Adjusted EBITDA also saw a slight rise to $3.5 million. However, the net loss widened to $2.6 million from $2.3 million year-over-year. Despite increased operating expenses and G&A costs, the company reduced its interest expense and total debt. Management reaffirmed its full-year 2024 revenue guidance of $38-$40 million and NOI of $22.5-$23.25 million.
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Mobile Infrastructure Corporation announced the appointment of David Garfinkle to its Board of Directors, effective January 31, 2023, following the retirement of Shawn Nelson. Garfinkle, previously the Executive VP and CFO of CoreCivic, brings significant finance and real estate experience. His expertise is expected to aid the company's pursuit of a liquidity event and expansion strategies. As of December 31, 2022, MIC owned 44 parking facilities across 22 markets in the U.S., comprising 15,750 parking spaces. The company recently engaged in a merger agreement with Fifth Wall Acquisition Corp. III (FWAC) to further its business objectives.
Fifth Wall Acquisition Corp. III (FWAC) announced a definitive merger agreement with Mobile Infrastructure Corp. (MIC), valuing the combined entity at approximately