Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (Mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _________ to _________ Commission File Number: 001-40415 Mobile Infrastructure Corporation (Exact name of registrant as specified in its charter) ...

INVESTOR PRESENTATION 4th Quarter 2024 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 ...

Mobile Infrastructure Corporation (NYSE:BEEP) Q4 2024 Earnings Conference Call March 11, 2025 8:00 AM ET Company Participants Casey Kotary ??? Investor Relations Representative Manuel Chavez ??? Chief Executive Officer Stephanie Hogue ??? President Conference Call Participants John Massocca ??? B. Riley Securities Marc Riddick ??? Sidoti Kevin Steinke ??? Barrington Research Operator Good afternoon, and welcome to the Mobile Infrastructure Corporation Fourth Quarter and Full Year 2024 Earnings Conference Ca ...

Financial Performance - Total revenue for Q4 2024 was $9.2 million, a 16.0% increase from $7.9 million in Q4 2023[7] - Full year 2024 total revenue reached $37.0 million, up 22.3% from $30.3 million in 2023[13] - Total revenues for Q4 2024 reached $9,157,000, an increase from $7,892,000 in Q4 2023, representing a growth of 16.1%[35] - Managed property revenue for the year ended December 31, 2024, was $27,848,000, compared to $0 in 2023, indicating a significant new revenue stream[35] Net Loss and Income - Net loss for Q4 2024 narrowed to $1.0 million from $6.5 million in the prior-year quarter[11] - The company reported a net loss of $1,033,000 for Q4 2024, an improvement from a net loss of $6,547,000 in Q4 2023; the full year net loss decreased to $8,381,000 from $38,238,000[41] - The company reported a basic and diluted loss per share of $0.03 for Q4 2024, compared to a loss of $0.34 in Q4 2023, indicating a significant reduction in loss per share[35] Operating Income and EBITDA - Net Operating Income (NOI) for Q4 2024 was $5.5 million, a 0.6% increase year-over-year[11] - Adjusted EBITDA for Q4 2024 was $3.9 million, representing a 16.0% increase from $3.3 million in Q4 2023[12] - Net Operating Income (NOI) for Q4 2024 was $5,504,000, a slight increase of 0.6% from $5,470,000 in Q4 2023; for the full year, NOI increased by 7.2% to $22,633,000 from $21,109,000[40] - Adjusted EBITDA for Q4 2024 was $3,874,000, up from $3,341,000 in Q4 2023; for the full year, Adjusted EBITDA increased to $15,799,000 from $14,777,000[41] Debt and Financial Flexibility - Total debt outstanding as of December 31, 2024, was $213.2 million, compared to $192.9 million at the end of 2023[18] - The company completed $87.5 million in refinancings in late 2024, enhancing financial flexibility[5] - The company reported interest expenses of $4,416,000 for Q4 2024, compared to $3,017,000 in Q4 2023; total interest expenses for the year were $13,830,000[41] Assets and Liabilities - Total assets decreased to $415,062,000 in 2024 from $423,237,000 in 2023, reflecting a decline of 1.9%[33] - Total liabilities increased to $225,791,000 in 2024 from $220,282,000 in 2023, marking a rise of 2.3%[33] - Cash and cash equivalents decreased to $10,655,000 in 2024 from $11,134,000 in 2023, a decline of 4.3%[33] - The company’s accumulated deficit increased to $140,056,000 in 2024 from $134,291,000 in 2023, reflecting a rise of 4.3%[33] Share Repurchase and Non-controlling Interest - The company repurchased approximately 420,000 shares at an average price of $3.14 per share, totaling $1.3 million[19] - Non-controlling interest decreased significantly from $71,741,000 in 2023 to $19,288,000 in 2024, a decline of 73.1%[33] Key Performance Metrics - Same location Revenue Per Available Stall (RevPAS) for Q4 2024 was $200.44, a 1% increase from the prior-year quarter[12] - Same location Revenue Per Available Stall (RevPAS) is a key performance measure for evaluating parking operations, reflecting the company's ability to manage revenue effectively[42] - The estimated total Net Asset Value (NAV) attributable to common stock was $332,086,000, with a NAV per fully diluted share of $7.25[45] Real Estate and Gains - Investments in real estate were valued at $546,130,000, contributing significantly to the total assets of $567,091,000[45] - The company experienced a significant gain on the sale of real estate amounting to $2,706,000 in Q4 2024, compared to no gain in Q4 2023[41] - The company’s general and administrative expenses decreased to $2,184,000 in Q4 2024 from $3,942,000 in Q4 2023, indicating improved cost management[41]

Core Insights - Mobile Infrastructure Corporation (BEEP) experienced a 6.7% decline in shares following its third-quarter earnings report, underperforming the S&P 500, which decreased by 0.3% during the same period [1] - The company reported total revenues of $9.8 million for Q3 2024, a 21% increase from $8.1 million in the same quarter last year, driven by the conversion of 29 out of 41 assets to management contracts [2] - Managed property revenues reached $7.9 million, while base rent income fell by 23.4% to $1.5 million due to the shift towards management contracts [3] Financial Performance - The net loss for Q3 2024 improved significantly to $1.9 million from a loss of $24.6 million in the prior-year period, aided by reduced non-cash compensation and lower professional fees [3] - Loss per share narrowed to 6 cents from $1.77 in the same quarter last year [4] - Net Operating Income (NOI) rose to $6.1 million, a 3.8% increase year-over-year, supported by stable asset performance and improving occupancy trends [5] Debt and Cash Position - As of September 30, 2024, total debt increased to $203.3 million from $192.9 million at the end of 2023, with cash and cash equivalents at $14.3 million [6] Management Insights and Strategic Initiatives - CEO Manuel Chavez noted positive trends such as reduced COVID-related contract cancellations and early signs of a return-to-office trend, which are expected to support fourth-quarter results and growth in 2025 [7] - The company secured a $40.4 million line of credit to redeem preferred stock and initiated a common stock repurchase program to enhance shareholder value [8] Revenue Drivers and Cost Management - Revenue growth was primarily due to the transition from lease arrangements to management contracts, which allows for better control over revenue and expenses, although it also led to increased property taxes and operating expenses [9] - Interest expenses slightly decreased to $3.3 million from $3.6 million due to refinancing efforts [9] Financial Guidance and Market Outlook - Mobile Infrastructure reaffirmed its full-year guidance for 2024, projecting revenues between $38 million and $40 million and NOI between $22.5 million and $23.25 million [10] - The company anticipates continued strengthening of RevPAS as new residential projects near its properties come online [10] Asset Management Strategy - The company is streamlining its portfolio by selling non-core assets to provide liquidity for reinvestment in higher-growth markets [11] - A focus on data-driven asset management and cost control is expected to support future NOI growth [12]

Revenue Performance - Total revenues for the three months ended September 30, 2024, increased to $9.758 million, up from $8.063 million in the same period of 2023, representing a growth of 21%[9] - Total revenues for the nine months ended September 30, 2024, increased by 24.4% to $27.851 million compared to $22.380 million in the same period in 2023, primarily due to 29 of 41 assets converting to management contracts[154] - Managed property revenue for the quarter was $7,981,000, while base rent income decreased to $1,538,000 from $2,009,000 year-over-year[9] - Managed property revenue reached $20.708 million for the nine months ended September 30, 2024, representing a 100% increase compared to the previous year[154] - Revenue from Metropolis Technologies represented 56.2% of total revenue for the nine months ended September 30, 2024, compared to 61.6% for the same period in 2023[36] Net Loss and Financial Improvement - Net loss for the three months ended September 30, 2024, was $1.890 million, a significant improvement from a net loss of $24.642 million in the same period of 2023[9] - The company reported a net loss of $(1.890) million for September 2024, an improvement from a net loss of $(24.642) million in September 2023[171] - The net loss for the nine months ended September 30, 2024, was $6.22 million, compared to $27.89 million for the same period in 2023[99] - The company reported a basic and diluted loss per share of $0.06 for the three months ended September 30, 2024, compared to a loss of $1.77 in the same period of 2023[9] Expenses and Cost Management - Total operating expenses decreased significantly to $8,848,000, down 74.6% from $34,836,000 in the prior year, primarily due to the absence of one-time expenses related to preferred stock issuance and impairments[143] - General and administrative expenses decreased to $2.684 million for the three months ended September 30, 2024, from $4.154 million in the same period of 2023, a reduction of 35%[9] - Property operating expenses rose to $1,835,000 from $390,000 in the same quarter of 2023[9] - Interest expense decreased to $3,348,000 from $3,618,000 year-over-year, indicating improved financial management[9] Equity and Share Activity - Weighted average common shares outstanding increased to 30,615,113 for the three months ended September 30, 2024, compared to 13,089,848 in the same period of 2023[9] - The company issued 1,056,914 shares through conversions of Series 1 preferred stock during the reporting period[12] - The balance of common stock increased to 31,724,535 shares as of September 30, 2024, reflecting ongoing equity activities[12] - Approximately 8,000 shares of Series 1 Preferred Stock converted to approximately 2.8 million shares of common stock during the nine months ended September 30, 2024[83] Assets and Liabilities - Total assets as of September 30, 2024, were $418.191 million, a slight decrease from $423.237 million as of December 31, 2023[6] - Total liabilities as of September 30, 2024, were $220.910 million, slightly up from $220.282 million as of December 31, 2023[6] - As of September 30, 2024, future principal payments on notes payable total $132.779 million, with $67.151 million due in 2027[70] - The company has $111.1 million of debt due within twelve months, including $53.3 million related to the Revolving Credit Facility and $23.6 million related to the Line of Credit[178] Cash Flow and Financing - Cash and cash equivalents decreased to $8.732 million as of September 30, 2024, down from $11.134 million as of December 31, 2023[6] - Cash flows from operating activities resulted in a net cash used of $1,009 thousand, an improvement from $1,418 thousand in the prior year[14] - The company entered into a $40.4 million Line of Credit in September 2024, maturing in September 2025, with an interest rate of 15.0% per annum[181] - The company authorized a share repurchase program of up to $10 million for its outstanding common stock, funded by proceeds from the Line of Credit[188] Strategic Initiatives and Market Position - The company owns 41 parking facilities across 20 markets in the U.S., totaling approximately 15,300 parking spaces[17] - The company anticipates a hybrid work structure will continue to impact asset performance, particularly in urban centers[139] - The company has identified a pipeline of acquisition opportunities for parking facilities but is unlikely to proceed until more favorable financial market conditions are realized[184] - The company aims to convert the remaining assets to asset management contracts by the end of 2027[140] Legal and Compliance Matters - A settlement in September 2024 resulted in a gain of approximately $0.3 million related to a legal dispute[113] - The company continues to record a full valuation allowance against deferred tax assets due to cumulative losses over the past three years[42]

Mobile Infrastructure Corporation (NYSE:BEEP) Q3 2024 Earnings Conference Call November 13, 2024 8:00 AM ET Company Participants Casey Kotary - IR Representative Manuel Chavez - CEO Stephanie Hogue - President Conference Call Participants Bryan Maher - B. Riley Marc Riddick - Sidoti & Company Michael Diana - Maxim Group Operator Good day, and welcome to the Mobile Infrastructure Corporation Third Quarter 2024 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions]. ...

M = B I L E INVESTOR PRESENTATION 3rd Quarter 2024 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 ...

Financial Performance - Total revenue for Q3 2024 was $9.8 million, a 21.0% increase from $8.1 million in Q3 2023[5] - Net Operating Income (NOI) for Q3 2024 was $6.1 million, reflecting a 3.8% increase from $5.9 million in the prior-year period[8] - Adjusted EBITDA for Q3 2024 was $4.5 million, a 2.2% increase compared to $4.4 million in Q3 2023[8] - The company reported a net loss of $1.9 million for Q3 2024, significantly improved from a loss of $24.6 million in the prior-year period[7] - Total revenues for Q3 2024 were $9,758 million, a 21.0% increase from $8,063 million in Q3 2023[30] - Net Operating Income (NOI) for Q3 2024 was $6,094 million, up 3.8% from $5,871 million in Q3 2023[30] - Managed property revenue reached $7,981 million in Q3 2024, compared to $0 in Q3 2023[30] - Net loss for Q3 2024 was $(1,890) million, significantly improved from $(24,642) million in Q3 2023[30] - Basic and diluted loss per share for Q3 2024 was $(0.06), compared to $(1.77) in Q3 2023[30] - Total expenses for Q3 2024 were $8,848 million, down from $34,836 million in Q3 2023[30] Debt and Financial Position - The company secured a $40.4 million line of credit to enhance financial flexibility for future preferred stock redemptions[4] - As of September 30, 2024, total debt outstanding was $203.3 million, up from $192.9 million as of December 31, 2023[10] - The company reported a total liability of $201,223,000, which includes notes payable and revolving credit facilities[35] Operational Metrics - Same location Revenue Per Available Stall (RevPAS) was $227.60, representing a 1.6% increase from $224.00 in the prior-year period[9] - Same location RevPAS, a key performance measure for parking operations, is used to evaluate revenue fluctuations without the impact of portfolio transactions[32] Guidance and Future Outlook - The company reaffirmed its full year 2024 guidance of revenue between $38 million and $40 million and NOI between $22.5 million and $23.25 million[11] - The company is experiencing early signs of return to office trends, particularly in healthcare and professional services sectors[3] - The company anticipates considerable growth opportunities from upcoming conversions of downtown office spaces to residential rentals scheduled for completion in 2025 and 2026[3] Expenses and Impairments - Property operating expenses increased to $1,835 million in Q3 2024 from $390 million in Q3 2023[30] - Interest expense for Q3 2024 was $(3,348) million, a decrease from $(3,618) million in Q3 2023[30] - General and administrative expenses decreased to $2,684 million in Q3 2024 from $4,154 million in Q3 2023[30] - Depreciation and amortization expenses were $2,104,000 for Q3 2024, compared to $2,132,000 in Q3 2023, reflecting a minor decrease[31] - The impairment of real estate was recorded at $8,700,000 in Q3 2023, with no impairment reported in Q3 2024[31] Asset Valuation - The total estimated net asset value (NAV) attributable to the company's common stock was $332,086,000 as of June 30, 2024, with a NAV per fully diluted share of $7.25[35] - The company reported total assets of $567,091,000, which includes investments in real estate valued at $546,130,000[35] - The company emphasized that NAV is not a GAAP measure and may differ from other public companies' methodologies[36]

Core Viewpoint - Mobile Infrastructure Corporation (BEEP) reported improved financial performance in Q2 2024, with a narrower loss per share and significant revenue growth driven by the conversion of assets to management contracts [1][9]. Revenue Details - Total revenues for Q2 2024 were $9.3 million, reflecting a year-over-year increase of 28.4% [2]. - The revenue growth was primarily due to 27 out of 42 assets converting to management contracts, allowing the company to recognize revenues from all parking transactions at those locations [2]. Segment Details - Revenue breakdown for Q2 2024 included Managed property revenues of $7.2 million, with contributions from Transient Parkers ($4.7 million), Contract Parkers ($2.5 million), and Ancillary Revenue ($0.1 million) [3]. - Base rent income was $17.6 million, down 21.9% year over year, while Percentage rental income was $0.5 million, down 90.2% year over year [4]. Operating Expenses - Property operating expenses surged 242.2% year over year to $1.8 million, while general and administrative expenses rose 19% year over year to $2.9 million [5]. - Total operating expenses increased 22.6% year over year to $8.9 million [5]. Profitability - Operating profit for Q2 2024 was $0.4 million, compared to an operating loss of $0.1 million in the prior-year quarter [6]. - The net loss narrowed to $2.5 million from $3.7 million in the year-ago quarter [6]. - Net Operating Income (NOI) was $5.6 million, representing a year-over-year increase of 14.1% [6]. - Adjusted EBITDA for the quarter was $4.2 million, up 16.3% from the previous year [6]. Liquidity & Debt Management - Cash at the end of Q2 2024 was $8.7 million, down from $9.1 million at the end of Q1 2024 [7]. - Total debt outstanding was $191.5 million, slightly down from $192.1 million at the end of Q1 2024 [7]. - Cumulative net cash used in operating activities was $1 million, compared to $2.2 million a year ago [7]. Guidance - The company reiterated its full-year guidance for 2024, expecting total revenues between $38 million and $40 million, and NOI projected between $22.5 million and $23.25 million [8]. Market Insights - The conversion of downtown office space to residential rentals is accelerating, which is expected to increase parking needs [10]. - Early signs of increased return-to-office mandates in several markets may strengthen the utilization of downtown assets over time [10]. - Despite the positive developments, lower revenues from Base rent income and Percentage rental income were noted as discouraging [11].