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Mobile Infrastructure (BEEP) investor relations material
Mobile Infrastructure Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Portfolio utilization remained stable year-over-year in Q3 2025, but revenue and NOI declined due to construction and longer redevelopment timelines impacting key assets.
Contract parking volumes increased 1.4% sequentially and 8% year-to-date, while residential monthly contracts surged 75% year-over-year, now comprising 35% of management agreement revenue.
The company owns 40 parking assets in 20 major U.S. markets, with a strategic shift from leased to management contracts—30 of 40 assets converted as of September 30, 2025.
Asset rotation strategy is progressing, with $30 million of non-core assets expected to be sold or under contract by year-end, supported by a $100 million ABS transaction that enhances balance sheet flexibility.
Management team with 40+ years of experience has driven operational improvements and is executing a 36-month asset rotation strategy.
Financial highlights
Q3 2025 revenue was $9.1 million, down 6.9% year-over-year, mainly due to lower transient volumes and construction impacts.
NOI for Q3 2025 was $5.5 million, down from $6.1 million in Q3 2024 but up from $5.4 million in Q2.
Adjusted EBITDA was $3.9 million, down from $4.4 million in Q3 2024, with a margin of 42.6%.
Net loss for Q3 2025 was $6.4 million, compared to $1.9 million in Q3 2024.
Net Asset Value per share as of June 30, 2024, was $7.25.
Outlook and guidance
Construction and event-related headwinds are expected to ease in Denver and Nashville by late Q4 2025, with more significant improvements anticipated in 2026.
The Cincinnati Convention Center reopening in early 2026 is expected to drive a step change in performance, with seven events already booked for Q1.
Remaining asset conversions to management contracts are planned for 2026–2027, expected to drive further revenue growth and cost savings.
Full-year 2025 guidance: revenue expected at $34.5–$35.5 million, NOI at $20–$21 million, and Adjusted EBITDA at $13.5–$14.5 million.
Guidance for RevPAS and other metrics will be provided with year-end results in March.
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