Exhibit
99.1
Mobile
Infrastructure Reports First Quarter 2026 Financial Results
Utilization
Gains Underpin Improving Same-Location Revenue
Fifth
Asset Sale Under Asset Rotation Strategy
Reduced
Leverage with $12.6 Million of Paydowns
Conference
Call Will be Held on May 12, 2026, at 4:30 PM Eastern Time
CINCINNATI
— (BUSINESSWIRE) — 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
6% year-over-year and now represents approximately 38% of our management agreement revenue. Same-Location Revenue was stable year-over-year,
while active expense discipline and operational execution resulted in 4.4% Same-Location NOI growth.
“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, $100 million asset rotation program have now exceeded $30 million, at a weighted-average implied capitalization rate of approximately
2%. The valuation our assets continue to command in private market transactions illustrates the strategic value of well-located urban
land, further magnifying the disconnect between the value of our portfolio and Mobile Infrastructure’s current share price.”
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 $7.9 million during the first quarter of 2026 decreased by 3.7% from $8.2 million in the prior-year quarter, primarily due
to the sale of assets in 2025. Same-Location Revenue was $7.9 million, flat compared to the first quarter of 2025.
Total
property taxes and operating expenses for the first quarter of 2026 were $3.3 million, as compared to $3.8 million during the same period
in 2025.
General
and administrative expenses for the first quarter of 2026 were $2.4 million, which included $0.8 million of non-cash compensation, compared
to $2.4 million during the same period in 2025, which included $0.7 million of non-cash compensation.
Interest
expense for the first quarter of 2026 was $5.1 million compared to $4.6 million in the first quarter of 2025.
Net
loss was $7.8 million, up from $4.3 million in the comparable prior-year period, primarily driven by a $2.0 million loss on extinguishment
of debt and a $1.1 million loss on sale of real estate during the quarter.
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 $4.6 million for the first quarter of 2026, up 4.4% from $4.4 million in the prior year
period. Adjusted EBITDA was $3.0 million for the first quarter of 2026, compared to $2.7 million in the prior year period.
Revenue
Per Available Stall (“RevPAS”) for the trailing twelve-month period was $199.50 for the first quarter of 2026, compared to
$207.53 in the first quarter of 2025 and $199.88 in the fourth quarter of 2025.
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 $16.5 million. Cumulative proceeds from assets sold under the Company’s 36-month, $100 million asset rotation program
have now exceeded $30 million.
Balance
Sheet, Cash Flow, and Liquidity
At
March 31, 2026, the Company had $14.2 million in cash, cash equivalents and restricted cash. As of March 31, 2026, total debt outstanding,
including outstanding borrowings under the Line of Credit and notes payable, was $200.0 million.
In
connection with the sale of Marks Garage, $8.1 million of mortgage principal was repaid, along with an additional $4.5 million repayment
on its Line of Credit. 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 $35 million to $38 million, representing 4% growth at the midpoint over
2025 results and 8% growth on a same-location basis.
The
Company expects NOI to range from $21.5 million to $23.0 million, representing year-over-year growth of 7% at the midpoint, and 10% growth
on a same-location basis. The Company expects Adjusted EBITDA to range from $15.0 million to $16.5 million, representing year-over-year
growth of 10% at the midpoint, and 13% growth on a same-location basis.
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, $0.0001 par value, 50,000 shares authorized, 1,266 and 1,296 shares issued and outstanding, with a stated liquidation value of $1,266,000 and $1,296,000 as of March 31, 2026 and December 31, 2025, respectively | |
| — | | |
| — | |
| Preferred stock Series 1, $0.0001 par value, 97,000 shares authorized, 13,213 and 13,315 shares issued and outstanding, with a stated liquidation value of $13,213,000 and $13,315,000 as of March 31, 2026 and December 31, 2025, respectively | |
| — | | |
| — | |
| Preferred stock Series 2, $0.0001 par value, 60,000 shares authorized, 46,000 issued and converted (stated liquidation value of zero as of March 31, 2026 and December 31, 2025) | |
| — | | |
| — | |
| Warrants issued and outstanding – 2,553,192 warrants as of March 31, 2026 and December 31, 2025 | |
| 3,319 | | |
| 3,319 | |
| Common stock, $0.0001 par value, 500,000,000 shares authorized, 39,292,464 and 39,662,049 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively | |
| 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.
