Financial Data and Key Metrics Changes - Second quarter revenue was $9.3 million, a 28% increase year-over-year from $7.2 million in Q2 2023 [12] - Net operating income (NOI) was $5.6 million, up 14.1% from $4.9 million in the same quarter last year [14] - Adjusted EBITDA was $4.2 million, reflecting a 16.3% increase from $3.6 million in the prior year [15] - Cash and restricted cash at the end of Q2 was $13.3 million, with total debt outstanding at $192 million, a slight decrease from year-end 2023 [15] Business Line Data and Key Metrics Changes - The asset portfolio includes 42 parking properties, 18 garages, and 24 surface parking lots, with a focus on management contracts [4][5] - The conversion to management contracts has allowed for better control of expenses and improved visibility into parking usage and demand metrics [5][6] - NOI growth primarily came from managed locations, indicating a successful shift in the business model [14] Market Data and Key Metrics Changes - The Midwest remains the strongest market for the company, with continued strength in monthly parking for medical and social service facilities [7] - There are early signs of demand pickup expected to materialize in 2025, driven by the conversion of Class B office space into residential units [8] - Contract parkers increased from 6,500 to 6,900, indicating a potential return to office trend [9] Company Strategy and Development Direction - The company aims to become the acquirer of choice in a fragmented parking industry, with a sizable pipeline of potential acquisitions [18] - Management is focused on operational improvements and debt refinancing to position the company for growth [10][11] - The strategy includes leveraging micro market relationships to enhance pricing and utilization [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term strategy and opportunities for shareholder value creation despite recent stock performance [17] - The company is experiencing a challenging economic environment but is optimistic about future demand due to ongoing market shifts [9][11] - Management is actively addressing the pressure from preferred equity conversions to common stock, which has affected stock performance [11][18] Other Important Information - The internal NAV calculation was disclosed as $7.25 per share, indicating that the stock price is undervalued [10] - The company plans to update the NAV metric periodically to provide investors with a method to track financial progress [10] Q&A Session Summary Question: Can you provide data on actual property utilization and revenue per lot? - Management acknowledged the challenge of consolidating real-time utilization data but mentioned a concept of revenue per available space (RevPars) as a placeholder [19] Question: Are you seeing assets trade in the marketplace? - Management noted that not many assets are trading yet, but there are opportunities related to office towers being returned to lenders [20] Question: Can you elaborate on the office to residential conversions? - Management is engaged with developers to tailor parking options for new residential units, which could increase utilization and revenue [21] Question: What is the status of preferred equity conversion to common stock? - Approximately 25% of preferred equity has been converted to common stock, with ongoing discussions on how to manage this pressure [22] Question: What is the current state of return to office trends? - Management observed that certain weekdays are busier than others, with a gradual return of employees to offices, particularly in hospitality and municipal sectors [24][25] Question: How are you adjusting pricing for the return to office? - Management is currently discounting rates to drive volume, with plans to adjust pricing as utilization increases [26][27] Question: When will the benefits from residential conversions be realized? - Management expects to see benefits from residential conversions in the latter part of this year, with significant growth anticipated in 2025 [28]

Revenue Performance - Total revenues for the three months ended June 30, 2024, increased by 28.4% to $9.3 million compared to $7.2 million in the same period in 2023, primarily due to the conversion of 27 assets to management contracts[110] - Managed property revenue reached $7.2 million, representing 100% of the revenue recognized from parking transactions at those locations[110] - Managed property revenue for the six months ended June 30, 2024, was $12,727,000, a 100.0% increase compared to the same period in 2023[116] - Total revenues increased by $3,776,000, or 26.4%, to $18,093,000 for the six months ended June 30, 2024, primarily due to 27 of 42 assets converting to management contracts[117] Operating Expenses - Total operating expenses increased by 22.6% to $8.9 million from $7.3 million in the prior year, driven by the conversion to management contracts[111] - Total operating expenses for the six months ended June 30, 2024, were $18,279,000, an increase of $3,499,000, or 23.7%, compared to the same period in 2023[118] - Property operating expenses rose significantly to $3,345,000 for the six months ended June 30, 2024, compared to $1,051,000 in the same period in 2023[120] - General and administrative expenses rose by $0.5 million, or 19.0%, primarily due to non-cash compensation costs and increased payroll and technology expenses[113] - General and administrative expenses increased by $863,000, or 17.0%, to $5,926,000 for the six months ended June 30, 2024, primarily due to non-cash compensation costs and increased payroll[121] Interest and Debt - Interest expense decreased by 16.0% to $3.1 million from $3.7 million, attributed to the repayment of $9.9 million in mortgage loans and $15.0 million on the Revolving Credit Facility[115] - Interest expense decreased by approximately $1,210,000, or 16.6%, to $(6,066,000) for the six months ended June 30, 2024, due to the repayment of mortgage loans[124] - The company has $93.1 million of debt maturing within twelve months, including $58.7 million related to the Revolving Credit Facility and $34.4 million of notes payable, raising substantial doubt about its ability to continue as a going concern[136] Net Income and Loss - The company reported a net loss of $(5,458,000) for the six months ended June 30, 2024, compared to a net loss of $(7,049,000) in the same period in 2023[131] - For the six months ended June 30, 2024, the company reported a net loss of $5.458 million, compared to a net loss of $7.049 million for the same period in 2023, representing a 22.5% improvement[134] Cash Flow - Cash used in operating activities for the six months ended June 30, 2024, was $(1.011) million, an improvement from $(2.221) million in the same period of 2023[146] - The cash used in financing activities for the six months ended June 30, 2024, was $(1.880) million, compared to $(2.934) million in the same period of 2023[146] Future Plans and Risks - The company plans to convert the remaining assets to asset management contracts by the end of 2027, with additional conversions expected in 2024[109] - The company anticipates a hybrid work structure will become the norm, impacting the performance of assets located in urban centers[108] - The company faces risks including increased fuel prices, competition in the parking industry, and potential difficulties in accessing financing[99] - The company identified a pipeline of acquisition opportunities valued at approximately $300 million, although it is unlikely to pursue additional acquisitions until more favorable financial market conditions arise[140] Other Financial Metrics - Net Operating Income (NOI) for the six months ended June 30, 2024, was $11,035,000, a 13.0% increase compared to $9,768,000 in the same period in 2023[131] - Adjusted EBITDA attributable to the company for the six months ended June 30, 2024, was $7.735 million, up from $7.024 million in 2023, reflecting a 10.1% increase[134] - The company recognized a change in the fair value of the Earn-Out liability of $964,000 during the six months ended June 30, 2024[124] - The company impaired approximately $157,000 of real estate assets during the six months ended June 30, 2024, due to a planned property disposition[123] Dividends - The company has accrued unpaid dividends of approximately $0.7 million for Series A Preferred Stock and $9.2 million for Series 1 Preferred Stock as of June 30, 2024[142] - The company suspended the payment of distributions on common stock in March 2018, with no assurance of resuming in the future[141] Refinancing Activities - The company executed a refinancing of $5.5 million of notes payable in February 2024, converting it into a 5-year note for $5.9 million[137] - The company expects to execute refinancing options for its Revolving Credit Facility in 2024, although the finalization of these options is not fully within its control[137]

Exhibit 99.1 Mobile Infrastructure Reports Second Quarter 2024 Financial Results —Net Asset Value Calculation of $7.25 Per Share as of Second Quarter-End— —Re-affirms Full Year 2024 Guidance for Strong Year-on-Year Growth— —Continued to Achieve Year-on-Year Progress Across Key Operating and Financial Metrics— —Conversion to Management Contracts Yielding Utilization and Cost Benefits— —Conference Call Will be Held Today at 4:30 PM ET— CINCINNATI—(BUSINESSWIRE)—Mobile Infrastructure Corporation (NYSE American ...

Zacks Investment Research has recently initiated coverage of Mobile Infrastructure Corporation (BEEP) , assigning a "Neutral" recommendation to the company's shares. This assessment comes amid a mixed outlook for the company, which has been focusing on acquiring, owning and leasing parking facilities across the United States despite industry challenges. Mobile Infrastructure, headquartered in Cincinnati, OH, has carved a niche in the parking infrastructure space across the United States. As of the end of 20 ...

Mobile Infrastructure Corporation (NYSE:BEEP) Q1 2024 Results Conference Call May 15, 2024 4:30 PM ET Company Participants Casey Kotary - IR Manuel Chavez - CEO Stephanie Hogue - President and CFO Conference Call Participants Bryan Maher - B. Riley Securities Marc Riddick - Sidoti & Company Operator Good day. And welcome to the Mobile Infrastructure Corporation First Quarter 2024 Financial Results Conference Call [Operator Instructions]. Please note, this event is being recorded. I would now like to turn th ...

- 8 - Table of Contents Disaggregation of revenue We disaggregate revenue from contracts with customers by Transient Parkers and Contract Parkers. We have concluded that such disaggregation of revenue best depicts the overall economic nature and timing of our revenue and cash flows affected by the economic factors of the respective contractual arrangement. Disaggregated revenue for the three months ended March 31, 2024 are as follows (dollars in thousands): | --- | --- | --- | |----------------------------- ...

—Parking Asset Portfolio Performance Substantially Ahead of Year-Ago Levels— —Ongoing Conversion to Management Contracts Yielding Cost Savings— —Re-affirm Full Year 2024 Guidance for Accelerated Growth in Parking Asset Portfolio Performance— "We continue to enhance the value of our parking asset portfolio as we achieve further growth in net operating income. Since late 2022, when our portfolio was valued at over $520 million by an independent national real estate services firm, our net operating income has ...

We are subject to the reporting and information requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") for Smaller Reporting Companies, and, as a result, file annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8- K, proxy statements and other information with the SEC from time to time. The SEC maintains a website (http://www.sec.gov) that contains our annual, quarterly and current reports, proxy and information statements and other information ...

Mobile Infrastructure Corporation (NYSE:BEEP) Q4 2023 Earnings Conference Call March 14, 2024 4:30 PM ET Company Participants Casey Kotary - IR Representative Manuel Chavez - CEO Stephanie Hogue - CFO, President Conference Call Participants Brian Maher - B. Riley FBR Bryan Frackman - Lion Street Capital Operator Good afternoon, and welcome to the Mobile Infrastructure Corporation Fourth Quarter and Full Year 2023 Earnings Conference Call. All participants will be in listen-only mode. [Operator Instructions] ...

Exhibit 99.1 —Fourth Quarter and Full Year Parking Asset Portfolio Performance Substantially Ahead of Year-Ago Levels— —Converted Two-Thirds of Portfolio to Management Contracts— —2024 Guidance Anticipates Accelerating Growth in Parking Asset Portfolio Performance— Management Commentary "Mobile's strategy of actively managing our asset portfolio led to accelerating organic revenue growth in the second half of 2023. Our asset management team is leveraging our proprietary technology platform and working direc ...