CINCINNATI, Sept. 15, 2025 (GLOBE NEWSWIRE) -- Mobile Infrastructure Corporation (NASDAQ: BEEP) (“Mobile” or the “Company”), a leading owner and operator of parking and mobility real estate across the United States, today announced that Stephanie Hogue, President and Chief Executive Officer, will host one-on-one investor meetings at the 18th Annual Barrington Research Virtual Fall Investment Conference taking place on September 16, 2025. About Mobile Infrastructure Corporation Mobile Infrastructure Corporat ...

Mobile Infrastructure Corporation (BEEP) came out with a quarterly loss of $0.11 per share versus the Zacks Consensus Estimate of a loss of $0.1. This compares to a loss of $0.06 per share a year ago. These figures are adjusted for non-recurring items. While Mobile Infrastructure Corporation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors ...

Financial Data and Key Metrics Changes - Revenue for Q2 2025 was $9 million, down from $9.3 million in Q2 2024, primarily due to lower transient volumes influenced by adverse weather and fewer special events [17][19] - Net Operating Income (NOI) decreased by 3.5% year over year to $5.4 million, attributed to lower transient volumes [19] - Adjusted EBITDA was $3.8 million, down about 6% from $4.1 million in the prior year, with an adjusted EBITDA margin of 42.8% [20] Business Line Data and Key Metrics Changes - Contract parking grew, with monthly contracts increasing by 2.5% during the quarter and over 6.5% year to date, particularly strong in residential monthly contracts, which rose by 44% since year-end [7][8] - Transient pricing saw a year-over-year increase, reflecting the positioning of garages and the ability to drive rates even in a lower volume environment [6] Market Data and Key Metrics Changes - Portfolio level utilization was slightly below last year's levels, with declines concentrated in three markets due to construction and development activities [11] - In Cleveland, contract revenue increased nearly 30% year over year, driven by residential and traditional office contracts [9] Company Strategy and Development Direction - The company is focused on an asset optimization strategy aimed at unlocking $100 million from non-core assets over three years, with $20 million in active negotiations for asset sales [16] - The strategy includes redeploying proceeds into select parking assets to enhance net operating income potential [16] Management's Comments on Operating Environment and Future Outlook - Management noted that while the second quarter faced challenges, the long-term value of assets is expected to improve as construction projects conclude and demand drivers return [5][14] - The company anticipates that the second half of 2025 will see business trends similar to the first half, with potential seasonal tailwinds from increased event attendance and hotel occupancy [25] Other Important Information - The company has maintained a stable balance sheet with total debt outstanding at $214 million, flat compared to the previous year [21] - The published NAV is $7.25 per share, indicating a material discount relative to the stock price [22][23] Q&A Session Summary Question: What are the parameters of the $20 million potential dispositions? - The company is not disclosing the number of properties but expects pricing to be similar to previous asset sales at significant multiples of parking income [31] Question: How are you planning to address the line of credit maturity? - The company is evaluating refinancing options and is confident in working with supportive lenders to manage the maturity [32] Question: How does the guidance flow through to EBITDA? - The company has significant operating leverage and is focused on monthly contracts, with strong cost controls in place to drive NOI [34] Question: What is the transient performance outlook for Q3? - Transient performance in Q2 improved over Q1, but was impacted by weather and construction, with expectations for improvement as construction concludes [36][37] Question: Can you clarify the contract parking trend? - Contract parking demand is slightly slower than expected, particularly in residential areas, but long-term trends remain positive [42][43] Question: Is there significant competition for the assets in the market? - There is significant demand for parking assets, with various buyers interested, providing the company with optionality [50]

Legal Disclaimer FORWARD-LOOKING STATEMENTS THIS PRESENTATION INCLUDES FORWARD-LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS, OTHER THAN STATEMENTS OF PRESENT OR HISTORICAL FACT, THAT ADDRESS THE FUTURE FINANCIAL PERFORMANCE OF MOBILE INFRASTRUCTURE CORPORATION (THE "COMPANY"), AS WELL AS THE COMPANY'S STRATEGY, FUTURE OPERATIONS, FUTURE OPERATING RESULTS, FINANCIAL POSITION, ESTIMATED REVENUES, AND LOSSES, PROJECTED COSTS, PROSPECTS, PLANS AND ...

[Executive Summary & Business Update](index=1&type=section&id=Executive%20Summary%20%26%20Business%20Update) [Second Quarter 2025 Performance Overview](index=1&type=section&id=Second%20Quarter%202025%20Performance%20Overview) Mobile Infrastructure Corporation's Q2 2025 performance met expectations, remaining stable year-over-year despite construction and weather impacts, with growth in contract parking and higher transient parking rates offsetting volume decline - Q2 2025 performance met expectations, largely stable year-over-year despite adverse construction and weather-related factors[2](index=2&type=chunk) - Contract parking volume grew **2.5%** in Q2 and **6.6%** year-to-date, reflecting the company's strategic focus on improving asset utilization[2](index=2&type=chunk) - Transient parking volume continued to decline due to unfavorable weather, fewer special events and lower attendance, and construction impacts at some locations[2](index=2&type=chunk) - Despite the decline in transient parking volume, rates increased both year-over-year and quarter-over-quarter, indicating strong positioning of core assets driven by multiple demand factors[2](index=2&type=chunk) [Strategic Initiatives](index=1&type=section&id=Strategic%20Initiatives) The company is disciplined in managing operating and G&A expenses, implementing a three-year asset rotation strategy to divest non-core assets, optimize the balance sheet, and reinvest in assets with higher NOI potential - The company maintains disciplined management of operating and general and administrative expenses to achieve significant operating leverage as revenue grows[3](index=3&type=chunk) - Refinancing discussions are underway for debt maturing in 2026 and 2027, aiming to increase financial flexibility and resources for long-term growth[3](index=3&type=chunk) - Progress is being made on a three-year asset rotation strategy, with active negotiations for approximately **$20 million** in asset sales[3](index=3&type=chunk) - Plans to utilize net proceeds from asset sales to optimize the balance sheet and reinvest in fewer, larger assets with multiple demand drivers and higher net operating income potential[3](index=3&type=chunk) - Target to divest approximately **$100 million** in non-core assets over the next three years[3](index=3&type=chunk) [Outlook and Guidance](index=3&type=section&id=Outlook%20and%20Guidance) The company anticipates similar business trends in H2 2025 as H1, with potential upside from seasonality and increased event participation, but full-year revenue and NOI guidance are expected at the low end due to key asset construction delays - Business trends in H2 2025 are expected to be similar to H1, with potential upside from seasonal factors and increased event participation and hotel occupancy in key markets[12](index=12&type=chunk) - Based on delays in key asset construction and year-to-date performance, the 2025 full-year revenue guidance (**$37 million to $40 million**) and Net Operating Income guidance (**$23.5 million to $25 million**) are expected to be at the low end of their respective ranges[12](index=12&type=chunk) - The company will continue to conservatively manage its balance sheet and focus on growing recurring cash flow and enhancing the long-term value of its portfolio[12](index=12&type=chunk) - Positioned to capture sustainable long-term demand and create shareholder value, benefiting from long-term trends such as urban residential revitalization and the return of office/hybrid work models[13](index=13&type=chunk) [Financial Results](index=2&type=section&id=Financial%20Results) [Second Quarter 2025 Financial Highlights](index=2&type=section&id=Second%20Quarter%202025%20Financial%20Highlights) In Q2 2025, total revenue decreased by 3.0% year-over-year, net loss expanded to **$4.7 million**, NOI and Adjusted EBITDA declined, while interest expense significantly increased Key Financial Metrics for Q2 2025 | Metric | Q2 2025 (million USD) | Q2 2024 (million USD) | YoY Change (%) | | :------------------- | :----------------------- | :----------------------- | :----------- | | Total Revenue | 9.0 | 9.3 | -3.0% | | Net Loss | 4.7 | 2.5 | +88.0% | | Net Operating Income (NOI) | 5.4 | 5.6 | -3.5% | | Adjusted EBITDA | 3.8 | 4.1 | -7.3% | | Revenue Per Available Space (RevPAS) | 212 | 217 | -2.3% | - Interest expense for Q2 2025 was **$4.7 million**, a significant increase from **$3.1 million** in Q2 2024, primarily due to the revolving credit facility obtained in September 2024, with an outstanding balance of **$29.5 million** as of June 30, 2025[7](index=7&type=chunk) - As of June 30, 2025, the company held **$15.9 million** in cash, cash equivalents, and restricted cash, with total debt (including credit facility and notes payable) of **$214.3 million**[10](index=10&type=chunk) [Consolidated Statements of Operations](index=6&type=section&id=Consolidated%20Statements%20of%20Operations) Total revenue decreased by 3.0% year-over-year in Q2 2025, mainly due to a significant reduction in percentage rent revenue, while net loss expanded significantly due to increased interest and D&A expenses, partially offset by lower G&A Consolidated Statements of Operations Summary for Q2 2025 (Thousands of USD) | Metric | Q2 2025 | Q2 2024 | YoY Change (%) | | :----------------------- | :------------- | :------------- | :----------- | | Managed Property Revenue | $7,441 | $7,226 | +3.0% | | Base Rent Revenue | $1,447 | $1,523 | -5.0% | | Percentage Rent Revenue | $104 | $517 | -79.9% | | **Total Revenue** | **$8,992** | **$9,266** | **-3.0%** | | Property Taxes | $1,779 | $1,809 | -1.7% | | Property Operating Expenses | $1,778 | $1,824 | -2.5% | | Depreciation and Amortization | $2,867 | $2,096 | +36.7% | | General and Administrative Expenses | $2,071 | $2,909 | -28.8% | | **Total Expenses** | **$8,847** | **$8,898** | **-0.6%** | | Interest Expense, Net | $(4,704) | $(3,087) | +52.4% | | **Net Loss** | **$(4,661)** | **$(2,469)** | **+88.8%** | | Net Loss Attributable to Common Stockholders | $(4,498) | $(1,843) | +144.1% | | Basic and Diluted Loss Per Share | $(0.11) | $(0.06) | +83.3% | [Consolidated Balance Sheets](index=5&type=section&id=Consolidated%20Balance%20Sheets) As of June 30, 2025, total assets slightly decreased from year-end 2024, mainly due to lower net real estate investments, while total liabilities slightly increased and total equity decreased, reflecting the net loss impact Consolidated Balance Sheets Summary (Thousands of USD) | Metric | June 30, 2025 | December 31, 2024 | Change (%) | | :----------------------- | :------------- | :--------------- | :------- | | Net Real Estate Investments | $385,299 | $389,730 | -1.1% | | Cash and Cash Equivalents | $10,621 | $10,655 | -0.3% | | Restricted Cash | $5,234 | $5,164 | +1.4% | | **Total Assets** | **$405,573** | **$415,062** | **-2.3%** | | Notes Payable, Net | $184,745 | $185,921 | -0.6% | | Credit Facility | $29,535 | $27,238 | +8.4% | | **Total Liabilities** | **$226,665** | **$225,791** | **+0.4%** | | Equity Attributable to Mobile Infrastructure Corporation Stockholders | $160,635 | $169,983 | -5.6% | | Non-Controlling Interests | $18,273 | $19,288 | -5.2% | | **Total Equity** | **$178,908** | **$189,271** | **-5.5%** | [Non-GAAP Financial Measures](index=7&type=section&id=Non-GAAP%20Financial%20Measures) [Net Operating Income (NOI)](index=7&type=section&id=Net%20Operating%20Income%20%28NOI%29) Net Operating Income (NOI), a supplemental measure of property-level operating trends, decreased by 3.5% year-over-year in Q2 2025 and 10.3% cumulatively for six months - NOI is defined as total revenue less property operating expenses and property taxes, used to evaluate property performance and operating trends[26](index=26&type=chunk) Net Operating Income (NOI) (Thousands of USD) | Metric | Q2 2025 | Q2 2024 | YoY Change (%) | | :----- | :------------- | :------------- | :----------- | | Net Operating Income | $5,435 | $5,633 | -3.5% | | H1 2025 Net Operating Income | $9,899 | $11,035 | -10.3% | [Adjusted EBITDA](index=7&type=section&id=Adjusted%20EBITDA) Adjusted EBITDA, excluding interest, taxes, depreciation, amortization, and other non-recurring items, decreased by 5.6% year-over-year in Q2 2025 and 12.9% cumulatively for six months - Adjusted EBITDA reflects net income (loss) excluding specific items such as interest expense, depreciation and amortization, provision for income taxes, and share-based compensation expense[27](index=27&type=chunk)[28](index=28&type=chunk) Adjusted EBITDA (Thousands of USD) | Metric | Q2 2025 | Q2 2024 | YoY Change (%) | | :----- | :------------- | :------------- | :----------- | | Adjusted EBITDA | $3,846 | $4,074 | -5.6% | | H1 2025 Adjusted EBITDA | $6,595 | $7,569 | -12.9% | [Net Asset Value (NAV)](index=9&type=section&id=Net%20Asset%20Value%20%28NAV%29) As of June 30, 2024, the company's fully diluted NAV per share was **$7.25**, based on a 4.0% implied capitalization rate, with annual NAV updates planned Net Asset Value Estimation as of June 30, 2024 (Thousands of USD) | Metric | Estimated Value | | :--------------------------- | :--------- | | Real Estate Investments | $546,130 | | Cash and Restricted Cash | $13,314 | | Other Assets | $7,647 | | **Total Assets** | **$567,091** | | Notes Payable and Revolving Credit Facility, Net (at Fair Value) | $179,601 | | Accrued Preferred Dividends | $9,864 | | Other Liabilities | $11,758 | | **Total Liabilities** | **$201,223** | | Preferred Stock | $33,782 | | **Total Estimated Net Asset Value** | **$332,086** | | Fully Diluted Shares Outstanding | 45,820,367 | | **Fully Diluted Net Asset Value Per Share** | **$7.25** | - The estimated value is based on applying a **4.0%** implied capitalization rate to the trailing twelve months Net Operating Income (TTM NOI) of properties owned as of June 30, 2024[31](index=31&type=chunk) - The company expects to update its NAV as of December 31, 2025, and annually thereafter[31](index=31&type=chunk) - NAV is not a GAAP measure, and its valuation is based on numerous assumptions, estimates, forecasts, and judgments that may prove inaccurate or incomplete over time[33](index=33&type=chunk) [Corporate Information](index=3&type=section&id=Corporate%20Information) [About Mobile Infrastructure Corporation](index=4&type=section&id=About%20Mobile%20Infrastructure%20Corporation) Mobile Infrastructure Corporation, a Maryland company, owns a diversified portfolio of 40 parking facilities across the US, comprising 15,100 parking spaces, approximately 5.2 million square feet of parking, and 200,000 square feet of retail/commercial space - The company owns 40 parking facilities in 20 different markets across the United States, totaling **15,100** parking spaces and approximately **5.2 million** square feet of parking space[20](index=20&type=chunk) - The company also owns approximately **200,000** square feet of retail/commercial space adjacent to its parking facilities[20](index=20&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This press release contains forward-looking statements based on current expectations and assumptions, involving numerous risks and uncertainties, where actual results may differ materially due to factors like competition, financing ability, and economic conditions - Statements in this press release that are not historical facts are forward-looking statements, including those regarding Net Operating Income and revenue projections, economic performance trends, and the impact of strategic model changes[17](index=17&type=chunk) - Forward-looking statements are based on the company's current expectations, plans, estimates, assumptions, and beliefs, involving numerous risks and uncertainties, and actual results may differ materially[18](index=18&type=chunk) - Factors that could materially and adversely affect operations and future prospects include, but are not limited to: the company potentially continuing to incur losses, inability to implement investment strategies, intense competition, and inability to obtain attractive financing[18](index=18&type=chunk) - The company undertakes no obligation to publicly update or revise any forward-looking statements after the date of this press release, and investors should not place undue reliance on these statements[19](index=19&type=chunk) [Investor Relations & Contact](index=3&type=section&id=Investor%20Relations%20%26%20Contact) The company will host a conference call on August 12, 2025, to discuss Q2 results, offering registration and webcast options, and providing investor contact details - The company will host a conference call on August 12, 2025, at 4:30 PM ET to discuss Q2 2025 results[15](index=15&type=chunk) - Participants can register to receive dial-in numbers and a PIN, or access a live webcast via the investor relations section of the company's website[15](index=15&type=chunk) - A replay of the webcast will be available for one year in the 'News & Events' section of the investor relations website[16](index=16&type=chunk) - Investor contacts: David Gold, Lynn Morgen, email: beepir@advisiry.com, phone: (212) 750-5800[21](index=21&type=chunk)

Part I Financial Information [Item 1. Consolidated Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) This section presents the unaudited consolidated financial statements, including balance sheets, statements of operations, equity, cash flows, and detailed notes for Mobile Infrastructure Corporation [Consolidated Balance Sheets](index=4&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS%20AS%20OF%20JUNE%2030%2C%202025%20(UNAUDITED)%20AND%20DECEMBER%2031%2C%202024) **Consolidated Balance Sheet Highlights (in thousands):** | Metric | June 30, 2025 | December 31, 2024 | | :--------------------------------- | :------------ | :---------------- | | Total investments in real estate, net | $385,299 | $389,730 | | Cash and cash equivalents | $10,621 | $10,655 | | Total assets | $405,573 | $415,062 | | Notes payable, net | $184,745 | $185,921 | | Line of credit | $29,535 | $27,238 | | Total liabilities | $226,665 | $225,791 | | Total equity | $178,908 | $189,271 | - Total assets decreased by **$9.49 million** from December 31, 2024, to June 30, 2025, primarily driven by a decrease in net investments in real estate[8](index=8&type=chunk) - Total equity decreased by **$10.36 million**, while total liabilities saw a slight increase of **$0.87 million** over the six-month period[8](index=8&type=chunk) [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS%20FOR%20THE%20THREE%20AND%20SIX%20MONTHS%20ENDED%20JUNE%2030%2C%202025%20AND%202024%20(UNAUDITED)) **Consolidated Statements of Operations Highlights (in thousands):** | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | | Total revenues | $8,992 | $9,266 | $17,227 | $18,093 | | Total expenses | $8,847 | $8,898 | $17,068 | $18,279 | | Net Loss | $(4,661) | $(2,469) | $(8,995) | $(5,458) | | Net loss attributable to MIC common stockholders | $(4,498) | $(1,843) | $(8,657) | $(4,469) | | Basic and diluted loss per weighted average common share | $(0.11) | $(0.06) | $(0.21) | $(0.16) | - Total revenues decreased by **3.0%** for the three months ended June 30, 2025, and by **4.8%** for the six months ended June 30, 2025, compared to the prior year periods[10](index=10&type=chunk) - Net loss attributable to common stockholders significantly widened to **$(4,498) thousand** in Q2 2025 from $(1,843) thousand in Q2 2024, and to **$(8,657) thousand** for 6M 2025 from $(4,469) thousand for 6M 2024[10](index=10&type=chunk) [Consolidated Statements of Changes in Equity](index=6&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CHANGES%20IN%20EQUITY%20FOR%20THE%20THREE%20AND%20SIX%20MONTHS%20ENDED%20JUNE%2030%2C%202025%20AND%202024%20(UNAUDITED)) **Consolidated Statements of Changes in Equity Highlights (in thousands):** | Metric | Balance, Dec 31, 2024 | Balance, June 30, 2025 | | :--------------------------------- | :-------------------- | :--------------------- | | Total equity | $189,271 | $178,908 | | Accumulated Deficit | $(140,056) | $(148,196) | | Non-controlling interest | $19,288 | $18,273 | - Total equity decreased by **$10.36 million** from December 31, 2024, to June 30, 2025, primarily due to net losses and preferred stock redemptions[13](index=13&type=chunk) - Accumulated deficit increased by **$8.14 million** during the six months ended June 30, 2025, reflecting the net losses incurred[13](index=13&type=chunk) [Consolidated Statements of Cash Flows](index=8&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS%20FOR%20THE%20SIX%20MONTHS%20ENDED%20JUNE%2030%2C%202025%20AND%202024%20(UNAUDITED)) **Consolidated Statements of Cash Flows Highlights (in thousands):** | Metric | 6M 2025 | 6M 2024 | | :------------------------------------------ | :------ | :------ | | Net cash provided by (used in) operating activities | $241 | $(1,011) | | Net cash provided by (used in) investing activities | $2,689 | $(506) | | Net cash used in financing activities | $(2,894) | $(1,880) | | Net change in cash and cash equivalents and restricted cash | $36 | $(3,397) | - Operating activities generated **$0.241 million** in cash for the six months ended June 30, 2025, a significant improvement from $1.011 million cash used in the prior year period[17](index=17&type=chunk) - Investing activities provided **$2.689 million** in cash, primarily due to proceeds from a note receivable repayment, contrasting with $0.506 million cash used in the same period last year[17](index=17&type=chunk) - Financing activities used **$2.894 million**, an increase from $1.880 million used in the prior year, mainly due to principal debt payments and preferred stock distributions/redemptions[17](index=17&type=chunk) [Notes to the Consolidated Financial Statements](index=9&type=section&id=NOTES%20TO%20THE%20CONSOLIDATED%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) [Note 1 — Organization and Business Operations](index=9&type=section&id=Note%201%20%E2%80%94%20Organization%20and%20Business%20Operations) - Mobile Infrastructure Corporation (BEEP) is a Maryland corporation focused on acquiring, owning, and optimizing parking facilities and related infrastructure across the top 50 U.S. Metropolitan Statistical Areas[19](index=19&type=chunk) - As of June 30, 2025, the Company owns **40 parking facilities** in **20 markets**, totaling approximately **15,100 parking spaces** and **5.2 million square feet**, plus **0.2 million square feet** of adjacent retail/commercial space[19](index=19&type=chunk) - The Company owns approximately **90.5%** of the Common Units of Mobile Infra Operating Company, LLC, through which it conducts substantially all operations[20](index=20&type=chunk) [Note 2 — Summary of Significant Accounting Policies](index=9&type=section&id=Note%202%20%E2%80%94%20Summary%20of%20Significant%20Accounting%20Policies) - The financial statements are prepared in accordance with GAAP for interim financial information, with certain disclosures condensed or excluded per SEC rules[21](index=21&type=chunk) - The Company has incurred net losses since inception and anticipates future net losses, with **$39.5 million of debt** due within 12 months, raising substantial doubt about its ability to continue as a going concern[24](index=24&type=chunk) - Management plans to address debt maturities by executing a new debt agreement, refinancing notes payable, and potentially selling real estate assets, with the ability to extend the Line of Credit maturity to December 31, 2025, if needed[25](index=25&type=chunk) - Revenue concentration exists with Metropolis Technologies, Inc. (**56.2% of revenue for 6M 2025**) and LAZ Parking (**15.8% of revenue for 6M 2025**) as operators/lease tenants[27](index=27&type=chunk) - Geographic concentrations based on gross book value of real estate are in Cincinnati (**19%**), Detroit (**10%**), and Chicago (**9%**) as of June 30, 2025[28](index=28&type=chunk) [Note 3 — Managed Property Revenues](index=12&type=section&id=Note%203%20%E2%80%94%20Managed%20Property%20Revenues) **Disaggregated Managed Property Revenue (in thousands):** | Revenue Type | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :------------- | :------ | :------ | :------ | :------ | | Transient Parkers | $4,931 | $4,697 | $9,017 | $7,971 | | Contract Parkers | $2,468 | $2,464 | $4,884 | $4,628 | | Ancillary Revenue | $42 | $65 | $85 | $128 | | Total Managed Property Revenue | $7,441 | $7,226 | $13,986 | $12,727 | - Managed property revenue increased by **3.0% for Q2 2025** and **9.9% for 6M 2025** compared to the prior year periods, driven by growth in both Transient and Contract Parkers[35](index=35&type=chunk) - Accounts receivable related to managed property revenue decreased from **$3.4 million** as of June 30, 2024, to **$3.1 million** as of June 30, 2025[36](index=36&type=chunk) [Note 4 — Acquisitions and Dispositions of Investments in Real Estate](index=12&type=section&id=Note%204%20%E2%80%94%20Acquisitions%20and%20Dispositions%20of%20Investments%20in%20Real%20Estate) - In February 2024, the Cincinnati Race Street location was disposed of for **$3.2 million**, resulting in a **$0.1 million loss on sale**, with the note receivable paid in full in February 2025[38](index=38&type=chunk) - In July 2024, a parking lot in Clarksburg, West Virginia, was sold for approximately **$0.5 million**, with proceeds used to pay down the Revolving Credit Facility[39](index=39&type=chunk) - In November 2024, a parking lot in Indianapolis, Indiana, was sold for approximately **$4.6 million**, generating a **$2.7 million gain on sale** and proceeds used to reduce the Revolving Credit Facility[40](index=40&type=chunk) [Note 5 — Intangible Assets](index=13&type=section&id=Note%205%20%E2%80%94%20Intangible%20Assets) **Intangible Assets (in thousands):** | Asset Type | Gross Carrying Amount (June 30, 2025) | Accumulated Amortization (June 30, 2025) | | :---------------------- | :------------------------------------ | :--------------------------------------- | | In-place lease value | $2,418 | $2,221 | | Indefinite lived contract | $3,160 | — | | Acquired technology | $4,485 | $2,544 | | Total intangible assets | $10,063 | $4,765 | - Amortization expense for intangible assets increased to **$1.0 million for Q2 2025** (from $0.2 million in Q2 2024) and **$1.1 million for 6M 2025** (from $0.4 million in 6M 2024)[41](index=41&type=chunk) - A plan to phase out Inigma software by year-end 2025 resulted in a change in useful life, increasing amortization expense by **$0.8 million quarterly** and causing a **$0.02 loss per share** for the remainder of 2025[41](index=41&type=chunk) [Note 6 — Debt](index=13&type=section&id=Note%206%20%E2%80%94%20Debt) **Notes Payable Principal Balances (in thousands):** | Loan Type | June 30, 2025 | December 31, 2024 | | :--------------------------------------- | :------------ | :---------------- | | MVP Houston Saks Garage, LLC | $2,674 | $2,735 | | MVP Detroit Center Garage, LLC | $25,540 | $25,913 | | 2034 CMBS Loan | $75,320 | $75,500 | | Total Notes Payable (net of unamortized loan costs) | $184,745 | $185,921 | - As of June 30, 2025, the Company had **$184.7 million in notes payable**, with **$39.5 million** (including $29.5 million Line of Credit and $10.0 million notes payable) due within the next twelve months[43](index=43&type=chunk)[134](index=134&type=chunk) - Borrowers for two loans totaling **$41.8 million** failed to meet certain loan covenants, leading to additional cash management procedures and **$1.4 million in restricted cash**[46](index=46&type=chunk) - A **$40.4 million Line of Credit**, maturing in September 2025, accrues interest at **15.0% per annum**, with **$29.5 million outstanding** as of June 30, 2025[48](index=48&type=chunk)[49](index=49&type=chunk) [Note 7 — Equity](index=15&type=section&id=Note%207%20%E2%80%94%20Equity) - The Company has authorized **500 million common shares** and **100 million preferred shares** (Series 1, Series A, Series 2)[52](index=52&type=chunk) - Series A Preferred Stock holders are entitled to cumulative cash dividends at an annual rate of **5.75% of stated value**, pari passu with Series 1[53](index=53&type=chunk) - Series 1 Preferred Stock holders are entitled to cumulative cash dividends at an annual rate of **5.50% of stated value**, pari passu with Series A[54](index=54&type=chunk) - During the six months ended June 30, 2025, approximately **2,600 Series 1** and **80 Series A Preferred Stock shares** were redeemed for cash, with no conversions to common stock[57](index=57&type=chunk) - In contrast, during the six months ended June 30, 2024, approximately **5,200 Series 1** and **500 Series A Preferred Stock shares** were converted to common stock, with no cash redemptions[58](index=58&type=chunk) - The Board authorized a share repurchase program of up to **$10 million** in September 2024; **88,139 shares** were repurchased for **$287,000** during the six months ended June 30, 2025[63](index=63&type=chunk) [Note 8 — Stock-Based Compensation](index=16&type=section&id=Note%208%20%E2%80%94%20Stock-Based%20Compensation) **Incentive Equity Awards Roll Forward (6M 2025):** | Metric | Number of Awards | | :------------------------ | :--------------- | | Unvested - January 1, 2025 | 3,630,629 | | Granted | 661,083 | | Vested | (526,451) | | Unvested - June 30, 2025 | 3,765,261 | - Equity-based compensation expense was **$0.8 million for Q2 2025** (vs. $1.6 million in Q2 2024) and **$1.5 million for 6M 2025** (vs. $3.4 million in 6M 2024)[65](index=65&type=chunk) - The remaining unrecognized compensation cost is approximately **$4.3 million**, to be recognized over a weighted average term of **2.2 years**[65](index=65&type=chunk) [Note 9 — Earnings Per Share](index=17&type=section&id=Note%209%20%E2%80%94%20Earnings%20Per%20Share) **Basic and Diluted Loss Per Share (in thousands, except per share amounts):** | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :------------------------------------------------ | :------ | :------ | :------ | :------ | | Net loss attributable to MIC common stock | $(4,498) | $(1,843) | $(8,657) | $(4,469) | | Weighted average common shares outstanding | 40,660,453 | 29,225,378 | 40,592,459 | 28,731,365 | | Basic and diluted loss per weighted average common share | $(0.11) | $(0.06) | $(0.21) | $(0.16) | - Basic and diluted loss per share increased to **$(0.11) for Q2 2025** from $(0.06) for Q2 2024, and to **$(0.21) for 6M 2025** from $(0.16) for 6M 2024[67](index=67&type=chunk) - Outstanding warrants and stock-based compensation were antidilutive due to net losses and thus excluded from diluted EPS calculations[66](index=66&type=chunk) [Note 10 — Variable Interest Entities](index=17&type=section&id=Note%2010%20%E2%80%94%20Variable%20Interest%20Entities) - The Company holds a **51.0% beneficial interest** in MVP St. Louis Cardinal Lot, DST, which owns the Cardinal Lot parking facility[68](index=68&type=chunk) - MVP St. Louis is considered a Variable Interest Entity (VIE), and the Company is deemed the primary beneficiary, leading to consolidation of its financial results[69](index=69&type=chunk) - As of June 30, 2025, and December 31, 2024, MVP St. Louis had total assets of approximately **$11.9 million** (primarily real estate) and liabilities of approximately **$6.0 million** (primarily mortgage debt) before consolidation[70](index=70&type=chunk) [Note 11 — Fair Value](index=18&type=section&id=Note%2011%20%E2%80%94%20Fair%20Value) - Financial instruments like cash, accounts receivable, and accounts payable approximate fair value due to short maturities[74](index=74&type=chunk) - The estimated fair value of notes payable was **$186.3 million** as of June 30, 2025 (Level 2 inputs)[74](index=74&type=chunk) **Recurring Fair Value Measurements (in thousands):** | Item | June 30, 2025 (Level 3) | December 31, 2024 (Level 3) | | :------------------ | :---------------------- | :-------------------------- | | Earn-Out Shares | $700 | $935 | | Interest rate swap | $179 (Level 2) | — | - The fair value of Earn-Out Shares decreased from **$935 thousand to $700 thousand** during the six months ended June 30, 2025, resulting in a **$235 thousand change in fair value** recognized in earnings[75](index=75&type=chunk)[78](index=78&type=chunk) - No impairments were recorded during the six months ended June 30, 2025, compared to **$0.2 million in real estate asset impairments** in the prior year period[80](index=80&type=chunk) [Note 12 — Commitments and Contingencies](index=19&type=section&id=Note%2012%20%E2%80%94%20Commitments%20and%20Contingencies) - The Company is exposed to claims and litigation in the normal course of business, but no material litigation is currently threatened[81](index=81&type=chunk) - A settlement was reached in September 2024 for a lawsuit against MVP Fort Worth Taylor, LLC, resulting in a **$0.3 million gain**[82](index=82&type=chunk) [Note 13 — Related Party Transactions and Arrangements](index=19&type=section&id=Note%2013%20%E2%80%94%20Related%20Party%20Transactions%20and%20Arrangements) - Three properties are operated by Park Place Parking, wholly owned by relatives of the Executive Chairman, with approximately **$0.1 million in receivables** as of June 30, 2025[83](index=83&type=chunk) - The Company has a lease agreement with ProKids, an Ohio not-for-profit, where an immediate family member of the Executive Chairman is a trustee and president[84](index=84&type=chunk) - Approximately **$0.5 million** is owed to Color Up member entities related to prorated revenues from the August 2021 recapitalization transaction[85](index=85&type=chunk) - The **$40.4 million Line of Credit** (Note 6) involves Lenders managed by an entity controlled by the Chair of the Board, Mr. Osher[89](index=89&type=chunk) [Note 14 — Revision of Previously Issued Financial Statements](index=21&type=section&id=Note%2014%20%E2%80%94%20Revision%20of%20Previously%20Issued%20Financial%20Statements) - Errors impacting Q1 and Q2 2024 filings were identified, related to adjusting noncontrolling interest for preferred share conversions[91](index=91&type=chunk) - Management assessed these misstatements as not material to the unaudited financial statements for the periods ended March 31, 2024, and June 30, 2024[92](index=92&type=chunk) **Revisions to Previously Issued Financial Statements (in thousands, unaudited):** | Item | March 31, 2024 (As reported) | March 31, 2024 (Adjustments) | March 31, 2024 (As corrected) | | :-------------------------------- | :--------------------------- | :--------------------------- | :---------------------------- | | Allocation of equity to non-controlling interest | $0 | $3,087 | $3,087 | | Additional paid-in capital | $240,994 | $24,914 | $265,908 | | Non-controlling interest | $95,177 | $(24,914) | $70,263 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=21&type=section&id=Item%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) This section analyzes the Company's financial condition and results for the three and six months ended June 30, 2025 and 2024, covering operations, non-GAAP measures, liquidity, and critical accounting policies [Overview](index=23&type=section&id=Overview) - Mobile Infrastructure Corporation (BEEP) focuses on acquiring, owning, and optimizing parking facilities in top 50 U.S. MSAs, with **40 facilities**, **15,100 parking spaces**, and **5.2 million square feet** as of June 30, 2025[101](index=101&type=chunk) - The Company operates primarily through Mobile Infra Operating Company, LLC, owning approximately **90.5% of its Common Units**[102](index=102&type=chunk) [Trends and Other Factors Affecting our Business](index=23&type=section&id=Trends%20and%20Other%20Factors%20Affecting%20our%20Business) - Operating results are influenced by general market conditions, U.S. economy strength, consumer parking facility usage, fuel prices, inflation, and interest rates[103](index=103&type=chunk) - The uneven return to work post-COVID-19, with a normalized hybrid work structure, has impacted asset performance, especially those with office exposure, highlighting the need for a multi-key demand driver strategy[104](index=104&type=chunk) - In 2024, **29 of 40 assets** converted to management contracts, aiming for net operating income growth, reduced revenue variability, and enhanced visibility, with plans to convert remaining assets by end of 2027[105](index=105&type=chunk) - Average monthly same location RevPAS (Revenue Per Available Stall) decreased to **$211.89 for Q2 2025** from $216.63 for Q2 2024[107](index=107&type=chunk) [Results of Operations (Three Months Ended June 30, 2025 and 2024)](index=24&type=section&id=Results%20of%20Operations%20for%20the%20Three%20Months%20Ended%20June%2030%2C%202025%20and%202024) **Revenue Performance (Three Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | $ Change | % Change | | :---------------------- | :--- | :--- | :------- | :------- | | Managed property revenue | $7,441 | $7,226 | $215 | 3.0% | | Base rental income | $1,447 | $1,523 | $(76) | (5.0)% | | Percentage rental income | $104 | $517 | $(413) | (79.9)% | | Total revenues | $8,992 | $9,266 | $(274) | (3.0)% | - Total revenues decreased by **3.0%** due to significant declines in events in Minneapolis, decreased baseball attendance in St. Louis, and low hotel occupancy in Denver, partially offset by increases in Oklahoma City and Cleveland[109](index=109&type=chunk) **Operating Expenses (Three Months Ended June 30, in thousands):** | Expense Type | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :--- | :--- | :------- | :------- | | Property taxes | $1,779 | $1,809 | $(30) | (1.7)% | | Property operating expense | $1,778 | $1,824 | $(46) | (2.5)% | | Depreciation and amortization | $2,867 | $2,096 | $771 | 36.8% | | General and administrative | $2,071 | $2,909 | $(838) | (28.8)% | | Professional fees | $352 | $260 | $92 | 35.4% | | Total expenses | $8,847 | $8,898 | $(51) | (0.6)% | - Depreciation and amortization increased by **$0.8 million (36.8%)** due to accelerated depreciation from phasing out Inigma software[111](index=111&type=chunk) - General and administrative expenses decreased by **$0.8 million (28.8%)** due to vesting of equity compensation awards in 2024 and a change in timing of annual equity awards in 2025[112](index=112&type=chunk) **Other Expenses (Three Months Ended June 30, in thousands):** | Other Item | 2025 | 2024 | $ Change | % Change | | :------------------------------------ | :------- | :------- | :------- | :------- | | Interest expense, net | $(4,704) | $(3,087) | $(1,617) | 52.4% | | Change in fair value of Earn-Out Liability | $(135) | $310 | $(445) | NM | | Total other expense | $(4,806) | $(2,837) | $(1,969) | 69.4% | - Interest expense increased by **$1.6 million (52.4%)** due to interest and loan fee amortization on the Line of Credit and higher rates from the 2034 CMBS Loan refinancing[115](index=115&type=chunk) [Results of Operations (Six Months Ended June 30, 2025 and 2024)](index=25&type=section&id=Results%20of%20Operations%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%202024) **Revenue Performance (Six Months Ended June 30, in thousands):** | Revenue Type | 2025 | 2024 | $ Change | % Change | | :---------------------- | :----- | :----- | :------- | :------- | | Managed property revenue | $13,986 | $12,727 | $1,259 | 9.9% | | Base rental income | $2,906 | $3,166 | $(260) | (8.2)% | | Percentage rental income | $335 | $2,200 | $(1,865) | (84.8)% | | Total revenues | $17,227 | $18,093 | $(866) | (4.8)% | - Total revenues decreased by **4.8%** due to $0.6 million in nonrecurring 2023 percent rent collections in 2024, $0.1 million from properties sold in 2024, and declines in St. Louis and Denver, partially offset by Oklahoma City, Cleveland, and increased transient rates[118](index=118&type=chunk) **Operating Expenses (Six Months Ended June 30, in thousands):** | Expense Type | 2025 | 2024 | $ Change | % Change | | :-------------------------- | :----- | :----- | :------- | :------- | | Property taxes | $3,651 | $3,713 | $(62) | (1.7)% | | Property operating expense | $3,677 | $3,345 | $332 | 9.9% | | Depreciation and amortization | $4,948 | $4,189 | $759 | 18.1% | | General and administrative | $3,979 | $5,926 | $(1,947) | (32.9)% | | Professional fees | $813 | $949 | $(136) | (14.3)% | | Impairment | — | $157 | $(157) | (100.0)% | | Total expenses | $17,068 | $18,279 | $(1,211) | (6.6)% | - Property operating expense increased by **9.9%** due to additional expenses from properties converted to management contracts after January 2024 and increased spending on security and utilities[120](index=120&type=chunk) - General and administrative expenses decreased by **$1.9 million (32.9%)** due to the vesting of equity compensation awards in 2024 and January 2025, and a change in timing of annual equity awards in 2025[121](index=121&type=chunk) **Other Expenses (Six Months Ended June 30, in thousands):** | Other Item | 2025 | 2024 | $ Change | % Change | | :------------------------------------ | :------- | :------- | :------- | :------- | | Interest expense, net | $(9,340) | $(6,066) | $(3,274) | 54.0% | | Loss on sale of real estate | — | $(42) | $42 | (100.0)% | | Change in fair value of Earn-Out Liability | $235 | $964 | $(729) | (75.6)% | | Total other expense | $(9,154) | $(5,272) | $(3,882) | 73.6% | - Interest expense increased by **$3.3 million (54.0%)** due to interest and loan fee amortization on the Line of Credit and higher rates from the 2034 CMBS Loan refinancing[125](index=125&type=chunk) [Non-GAAP Measures](index=27&type=section&id=Non-GAAP%20Measures) - Net Operating Income (NOI) is presented as a supplemental measure, calculated as total revenues less property operating expenses and property taxes, used to evaluate property-level performance[127](index=127&type=chunk) **Net Operating Income (NOI) (in thousands):** | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :------------------- | :------ | :------ | :------ | :------ | | Total revenues | $8,992 | $9,266 | $17,227 | $18,093 | | Property taxes | $1,779 | $1,809 | $3,651 | $3,713 | | Property operating expense | $1,778 | $1,824 | $3,677 | $3,345 | | Net Operating Income | $5,435 | $5,633 | $9,899 | $11,035 | - Adjusted EBITDA is calculated by excluding interest expense, taxes, depreciation, amortization, stock-based compensation, non-cash changes in Earn-Out Liability fair value, gains/losses from dispositions, impairment write-downs, and other income/expense from net income (loss)[129](index=129&type=chunk) **Adjusted EBITDA Attributable to the Company (in thousands):** | Metric | Q2 2025 | Q2 2024 | 6M 2025 | 6M 2024 | | :------------------------------------------ | :------ | :------ | :------ | :------ | | Net loss | $(4,661) | $(2,469) | $(8,995) | $(5,458) | | Interest expense, net | $4,704 | $3,087 | $9,340 | $6,066 | | Depreciation and amortization | $2,867 | $2,096 | $4,948 | $4,189 | | Equity based compensation | $834 | $1,610 | $1,488 | $3,409 | | Adjusted EBITDA Attributable to the Company | $3,846 | $4,074 | $6,595 | $7,569 | [Liquidity and Capital Resources](index=28&type=section&id=Liquidity%20and%20Capital%20Resources) - Principal cash demands include debt payments, capital expenditures, preferred stock redemptions/dividends, share repurchases, and asset acquisitions[133](index=133&type=chunk) - Primary funding sources are rental income, managed property revenue, existing cash, the Line of Credit, and potential property sales or mortgages[132](index=132&type=chunk) - The Company has **$216.2 million of debt outstanding**, with **$39.5 million** due within 12 months, raising substantial doubt about its going concern ability[134](index=134&type=chunk) - Management plans to address debt maturities through a new debt agreement, refinancing, and potential asset sales, with the option to extend the Line of Credit to December 31, 2025[135](index=135&type=chunk) - The Company refinanced **$5.5 million** and **$7.2 million notes payable** in February and December 2024, respectively, and entered a **$40.4 million Line of Credit** and a **$75.5 million CMBS financing** in September and December 2024[140](index=140&type=chunk) - Cash flows from operating activities improved to **$0.2 million provided in 6M 2025** from $1.0 million used in 6M 2024[143](index=143&type=chunk) - Cash flows from investing activities provided **$2.7 million in 6M 2025**, primarily from note receivable repayment, contrasting with $0.5 million used in the same period last year[144](index=144&type=chunk) - Cash flows from financing activities used **$2.9 million in 6M 2025**, mainly for debt principal payments and preferred stock distributions/redemptions, an increase from $1.9 million used in 6M 2024[145](index=145&type=chunk) [Seasonality and Quarterly Results](index=31&type=section&id=Seasonality%20and%20Quarterly%20Results) - Business demand drivers are subject to seasonal fluctuations from sports, concerts, theaters, and inclement weather, primarily impacting transient parking revenues[146](index=146&type=chunk) - Contract parking revenues are expected to remain relatively stable despite seasonal factors[146](index=146&type=chunk) [Critical Accounting Policies](index=31&type=section&id=Critical%20Accounting%20Policies) - No significant changes to critical accounting policies, including merger accounting and impairment of long-lived assets, occurred during 2025[147](index=147&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=31&type=section&id=Item%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) As a smaller reporting company, Mobile Infrastructure Corporation is exempt from providing quantitative and qualitative disclosures about market risk - The Company is a smaller reporting company and is not required to provide quantitative and qualitative disclosures about market risk[148](index=148&type=chunk) [Item 4. Controls and Procedures](index=31&type=section&id=Item%204.%20CONTROLS%20AND%20PROCEDURES) Management evaluated disclosure controls and procedures, concluding effectiveness as of June 30, 2025, with no material changes in internal control over financial reporting - Disclosure controls and procedures were evaluated and deemed effective as of the end of the period covered by this Quarterly Report[149](index=149&type=chunk) - No material changes in internal control over financial reporting were identified during the period[150](index=150&type=chunk) Part II Other Information [Item 1. Legal Proceedings](index=31&type=section&id=Item%201.%20LEGAL%20PROCEEDINGS) The Company faces routine claims and litigation, with no material litigation currently threatened, as detailed in Note 12 - The Company is not presently subject to any material litigation, nor is any material litigation threatened, beyond routine business operations[151](index=151&type=chunk) - Further details on commitments and contingencies are incorporated by reference from Note 12 of the consolidated financial statements[152](index=152&type=chunk) [Item 1A. Risk Factors](index=31&type=section&id=Item%201A.%20RISK%20FACTORS) No material changes have occurred to the risk factors previously disclosed in the Company's annual report on Form 10-K for FY2024 - No material changes have occurred to the risk factors outlined in the annual report on Form 10-K for the year ended December 31, 2024[153](index=153&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=32&type=section&id=Item%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details recent unregistered equity sales, including common stock issuance for Common Unit redemptions, and summarizes share repurchase program activity [Recent Sales of Unregistered Securities](index=32&type=section&id=a)%20Recent%20Sales%20of%20Unregistered%20Securities) - On May 9, 2025, the Company issued **281,280 shares of common stock**, valued at approximately **$1.2 million**, for the redemption of 281,280 Common Units to The Jerald and Melody Howe Weintraub Revocable Living Trust[154](index=154&type=chunk) - These securities were issued under an exemption from registration pursuant to Section 4(a)(2) of the Securities Act of 1933[155](index=155&type=chunk) [Issuer Purchases of Equity Securities](index=32&type=section&id=c)%20Issuer%20Purchases%20of%20Equity%20Securities) - The Board authorized a share repurchase program of up to **$10 million** in September 2024; **88,139 shares** were repurchased for **$287,000** during the six months ended June 30, 2025[156](index=156&type=chunk) **Share Repurchase Activity (Three Months Ended June 30, 2025):** | Period | Total Number of Shares Purchased | Average Price Paid per Share | Dollar Value of Shares that May Yet Be Purchased Under the Programs | | :----------------- | :----------------------------- | :--------------------------- | :---------------------------------------------------------------- | | April 1 - 30, 2025 | — | — | $8,408,955 | | May 1 - 31, 2025 | 5,343 | $3.70 | $8,389,192 | | June 1 - 30, 2025 | 600 | $3.72 | $8,386,960 | [Item 5. Other Information](index=32&type=section&id=Item%205.%20OTHER%20INFORMATION) No directors or officers reported adopting or terminating Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during the quarter - No Rule 10b5-1 or non-Rule 10b5-1 trading arrangements were adopted or terminated by directors or officers during the quarter ended June 30, 2025[158](index=158&type=chunk) [Item 6. Exhibits](index=33&type=section&id=Item%206.%20EXHIBITS) This section lists all exhibits filed as part of the Quarterly Report, including articles of incorporation, bylaws, and certifications **Selected Exhibits:** | Exhibit No. | Description of Exhibit | Filing Date | | :---------- | :---------------------------------------------------------------------------------- | :------------ | | 3.1 | Articles of Incorporation of MIC | August 31, 2023 | | 3.3 | Bylaws of MIC | August 31, 2023 | | 31.1* | Certification of Principal Executive Officer Pursuant to Section 302 | Concurrently | | 32.1** | Certification of Principal Executive Officer and Co-Principal Financial Officers Pursuant to Section 906 | Concurrently | | 104* | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | Concurrently | [Signatures](index=34&type=section&id=SIGNATURES) The report was signed by Stephanie Hogue, President & CEO, and Paul Gohr, CFO, on August 12, 2025 - The report was signed by Stephanie Hogue, President & Chief Executive Officer, and Paul Gohr, Chief Financial Officer, on August 12, 2025[165](index=165&type=chunk)

Core Insights - The company reported a total revenue of $9.0 million for Q2 2025, a decrease of 3.0% from $9.3 million in Q2 2024, with a net loss of $4.7 million compared to a loss of $2.5 million in the prior year [5][8][9] - Contract parking volumes increased by 2.5% in Q2 and 6.6% year-to-date, driven by positive trends in return-to-office and hybrid work environments [2][12] - The company is actively pursuing a divestiture strategy, aiming to sell approximately $100 million in non-core assets over the next three years, with $20 million in asset sales currently in negotiation [3][12] Financial Performance - General and administrative expenses decreased to $2.1 million in Q2 2025 from $2.9 million in Q2 2024, reflecting a reduction in non-cash compensation [6] - Interest expense rose to $4.7 million in Q2 2025 from $3.1 million in the same period last year, primarily due to a revolving credit facility [7] - Net Operating Income (NOI) for Q2 2025 was $5.4 million, a 3.5% decrease from $5.6 million in Q2 2024 [9][28] Market Trends and Outlook - The company anticipates improved demand in 2026 as event centers reopen and construction projects are completed in key markets [2][12] - The full-year 2025 revenue guidance is set between $37 million and $40 million, with a net operating income forecast of $23.5 million to $25.0 million, although the company is tracking towards the lower end of these ranges due to construction delays [12][13] - The company believes it is well-positioned to capture long-term demand driven by urban residential conversions and the resurgence of office-based work [13] Asset Management Strategy - The company is focused on optimizing its balance sheet and reinvesting proceeds from asset sales into larger assets with higher net operating income potential [3][12] - As of June 30, 2025, the company had $15.9 million in cash and total debt outstanding of $214.3 million [11] - The company owns a diversified portfolio of 40 parking facilities across 20 markets in the U.S., totaling approximately 15,100 parking spaces [21]

Company Overview - Mobile Infrastructure Corporation is headquartered in Cincinnati, Ohio, and focuses on acquiring, owning, and optimizing parking facilities and related infrastructure across the United States [4] - The company has a diversified portfolio of parking assets, including parking lots, parking garages, and other parking structures [4] - Mobile Infrastructure Corporation was recently added to the Russell 2000 Index, indicating its growing presence in the public markets [4] Upcoming Earnings Release - The company will issue its second quarter 2025 earnings release after the U.S. market closes on Tuesday, August 12, 2025 [1] - A conference call hosted by senior management will take place on the same day at 4:30 PM Eastern Time [2] Conference Call Details - Participants can access the live conference call by registering, which will provide a dial-in and unique PIN [2] - A live, listen-only webcast of the conference call will be available from the Investor Relations section of the company's website [2] - For those unable to listen live, a replay of the webcast will be available in the "News & Events" section of the Investor Relations website for one year [3]

Financial Data and Key Metrics Changes - The company is executing a multi-year strategic plan focused on streamlining its portfolio and strengthening its balance sheet, which includes the targeted recycling of up to $100 million in non-core assets [14] Business Line Data and Key Metrics Changes - No specific data on individual business lines was provided in the meeting [14] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [14] Company Strategy and Development Direction - The company is realigning its leadership structure to ensure the right skill sets are focused on the right priorities, with Stephanie Hoag set to assume the role of CEO and President effective August 1, 2025 [14][15] - The transition aims to strengthen the foundation of the company and sharpen its focus on capital rotation strategy and operational execution [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the leadership transition as a positive step for the company and its shareholders, emphasizing the importance of sustainable value delivery [15][16] Other Important Information - The meeting included the election of directors, with no questions submitted regarding the proposals [10][11] Q&A Session Summary Question: Were there any questions submitted regarding the proposals? - No questions on the proposal have been submitted [11]

Revenue Performance - For the three months ended March 31, 2025, managed property revenue increased by 19.0% to $6,545,000 compared to $5,501,000 in the same period of 2024[103]. - Total revenues decreased by 6.7% to $8,235,000 for the three months ended March 31, 2025, down from $8,827,000 in 2024, primarily due to nonrecurring revenue from lease agreements converted to management contracts[104]. - Total revenues for the three months ended March 31, 2025, were $8,235,000, a decrease of 6.7% compared to $8,827,000 in 2024[114]. - Net Operating Income (NOI) for the same period was $4,464,000, down 17.4% from $5,402,000 in 2024[114]. - Adjusted EBITDA attributable to the company for the three months ended March 31, 2025, was $2,749,000, compared to $3,495,000 in 2024[117]. - The company reported a net loss of $4,334,000 for the three months ended March 31, 2025, compared to a net loss of $2,989,000 in 2024[117]. Operating Expenses - Total operating expenses decreased by 12.4% to $8,221,000 for the three months ended March 31, 2025, compared to $9,381,000 in 2024[105]. - General and administrative expenses decreased by 36.8% to $1,908,000 in Q1 2025 from $3,017,000 in Q1 2024, primarily due to changes in equity compensation timing[107]. - The increase in property operating expenses was attributed to additional expenses from properties that converted to management contracts and timing of maintenance work[106]. - Interest expense increased by 55.6% to $4,636,000 for the three months ended March 31, 2025, compared to $2,979,000 in the same period of 2024[111]. Cash Flow - Cash used in operating activities increased to $1,530,000 in the three months ended March 31, 2025, from $1,357,000 in 2024[129]. - Cash provided by investing activities was $2,931,000 in the three months ended March 31, 2025, compared to cash used of $409,000 in 2024[130]. - Cash used in financing activities was $1,069,000 for the three months ended March 31, 2025, compared to $1,001,000 in 2024[131]. Company Strategy and Outlook - The company plans to convert the remaining assets to asset management contracts by the end of 2027, enhancing revenue visibility and performance management[100]. - The company anticipates a hybrid work structure will normalize, impacting asset performance in urban centers[99]. - The company is evaluating several parking facilities as potential acquisition targets but is unlikely to proceed until more favorable financial market conditions are realized[124]. - The company has authorized a share repurchase program of up to $10 million, funded by proceeds from the Line of Credit[127]. Company Assets - The company owns 40 parking facilities across 20 markets in the U.S., totaling approximately 15,100 parking spaces and 5.2 million square feet as of March 31, 2025[96].