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].

Financial Data and Key Metrics Changes - Revenue for the first quarter of 2025 was $8,200,000, stable compared to 2024 when adjusted for accounting changes, but down 6.7% on a GAAP basis from $8,800,000 in Q1 2024 [21] - Net Operating Income (NOI) was $4,500,000, down 17% from the previous year's first quarter, primarily due to a $600,000 revenue benefit in the prior year [23] - Adjusted EBITDA was $2,700,000, down about 21% from $3,500,000 in the prior year, with an adjusted EBITDA margin of 33.4% [24] - The company maintains its 2025 revenue guidance of $37,000,000 to $40,000,000 and expects NOI to range from $23,500,000 to $25,000,000, representing year-on-year growth of 7% at the midpoint [25] Business Line Data and Key Metrics Changes - Monthly or contract parking now represents more than 35% of management contract parking revenue, providing more stable cash flow [18] - Revenue per available stall (RevPAS) was $184 per stall, slightly up from $183 in the prior year when excluding the Detroit location [22] Market Data and Key Metrics Changes - The first quarter is typically the lightest season, with adverse weather and construction impacting demand, particularly in Cincinnati [7] - Transient transactions declined compared to the prior year, but average transient rates increased, indicating pricing power despite lower volume [8] Company Strategy and Development Direction - The company is focused on converting its core portfolio into management agreements to drive increased utilization and optimize its asset portfolio by rotating out non-core assets [5][10] - A 36-month disposition program targeting approximately $100,000,000 of non-core properties is underway, with proceeds to be reinvested into higher potential income-generating assets [11] - The company is exploring additional revenue streams, including electric vehicle charging and partnerships with autonomous vehicle operators [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged seasonal headwinds and external factors that muted top-line growth but emphasized that underlying operating metrics are moving in the right direction [12] - The completion of the Cincinnati convention center renovation is expected to improve demand in the future [31] - Management remains confident in the annual plan and the trajectory of the business, despite current challenges [25] Other Important Information - The company has a cash and restricted cash balance of $16,000,000 and total debt outstanding of $214,000,000 [25] - The company is actively working on refinancing its debt to enhance flexibility and support its capital rotation strategy [16] Q&A Session Summary Question: Will the convention center remodel in Cincinnati affect the rest of the year? - Management indicated that the completion timeframe has been moved up, with an expected opening in December of this year or January of next year [31] Question: What about operating expenses in the quarter? - Management noted that security expenses have increased and some planned maintenance expenses were moved forward, but they expect these to align with guidance for the year [32] Question: Is the Renaissance Center in Detroit a drag on overall portfolio performance? - Management confirmed that the asset has moved to a revenue trough more quickly than anticipated, but redevelopment should alleviate downward pressure in the future [33][34] Question: What is the timeline for refinancing debt? - Management stated that most maturities are in 2026 and 2027, and they are working on refinancing to provide flexibility for their capital rotation strategy [36][38] Question: How sustainable are the improved contract parking demand trends? - Management indicated that transient rates are holding steady, and as downtown parking demand increases, pricing power is expected to shift towards the company [44][45] Question: Can you elaborate on the EV revenue sharing initiatives? - Management mentioned that EV charging is being implemented in several garages, but utilization will take time to build as customers need to be aware of the availability [46][47]

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $8,200,000, stable compared to Q1 2024 when adjusted for accounting changes, but down 6.7% on a GAAP basis from $8,800,000 in Q1 2024 [20][25] - Net Operating Income (NOI) was $4,500,000, down 17% from the previous year's first quarter [23] - Adjusted EBITDA was $2,700,000, a decrease of about 21% from $3,500,000 in the prior year [24] - The internal Net Asset Value (NAV) remains at $7.25 per share, indicating a material discount relative to the stock price [14][15] Business Line Data and Key Metrics Changes - Monthly or contract parking now represents over 35% of management contract parking revenue, providing more stable cash flow [17] - Revenue per available stall (RevPAS) was $184 per stall, slightly up from $183 in the prior year when excluding the Detroit location [21] Market Data and Key Metrics Changes - The first quarter is typically the lightest season, and this year was impacted by severe weather and construction disruptions [7][12] - Transient transactions declined compared to the prior year, but average transient rates increased, indicating pricing power despite lower volume [8] Company Strategy and Development Direction - The company is focused on converting its core portfolio into management agreements to drive utilization and optimize its asset portfolio [5][10] - A 36-month disposition program targeting approximately $100,000,000 of non-core properties is underway to reinvest in higher potential assets [10][11] - The company is exploring complementary revenue streams, including electric vehicle charging and partnerships with autonomous vehicle operators [11][12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged seasonal headwinds that muted top-line growth but noted that underlying operating metrics are moving in the right direction [12] - The company maintains its 2025 guidance for revenue between $37,000,000 and $40,000,000 and NOI between $23,500,000 and $25,000,000, representing year-on-year growth [25] Other Important Information - The company has a $40,000,000 credit facility in place to manage preferred stock redemptions and has reinstated dividends to preferred shareholders [13] - The company is actively evaluating debt facilities to ensure swift capital reallocation following asset sales [11][15] Q&A Session Summary Question: Will the convention center remodel in Cincinnati affect the rest of the year? - Management indicated that the convention center's completion is expected by December of this year or January of next year, with street closures also nearing completion [30] Question: Are there any one-time operating expenses in the quarter? - Management confirmed that security expenses have increased and some planned maintenance expenses were moved forward, but they expect these to align with guidance for the year [32] Question: What is the outlook for the Renaissance Center in Detroit? - Management noted that the asset has moved to a revenue trough more quickly than anticipated, but redevelopment should alleviate downward pressure on overall performance [33][34] Question: What is the timeline for refinancing debt? - Management stated that most maturities are in 2026 and 2027, and they are working on refinancing options to provide flexibility for their capital rotation strategy [36][38] Question: How sustainable are the improved contract parking demand trends? - Management indicated that transient rates are holding steady, and as downtown parking demand increases, pricing power is expected to shift towards the company [42][44] Question: Can you elaborate on the EV revenue sharing initiatives? - Management confirmed that EV charging is being implemented in several garages, with utilization expected to build over several quarters as awareness increases [45][46]

Core Viewpoint - Mobile Infrastructure Corporation reported a quarterly loss of $0.10 per share, which was worse than the Zacks Consensus Estimate of a loss of $0.09, indicating an earnings surprise of -11.11% [1] Financial Performance - The company posted revenues of $8.24 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 7.37% and down from $8.83 million a year ago [2] - Over the last four quarters, the company has only surpassed consensus EPS estimates once [2] - The current consensus EPS estimate for the upcoming quarter is -$0.08 on revenues of $9.98 million, and for the current fiscal year, it is -$0.30 on revenues of $38.78 million [7] Stock Performance - Mobile Infrastructure Corporation shares have declined approximately 9.1% since the beginning of the year, compared to a decline of -3.8% for the S&P 500 [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating expectations of outperforming the market in the near future [6] Industry Outlook - The Real Estate - Operations industry, to which Mobile Infrastructure Corporation belongs, is currently ranked in the bottom 41% of over 250 Zacks industries, suggesting potential challenges ahead [8]

First Quarter 2025 Revenue was Stable Year-over-Year, Adjusting for a $0.6 Million First Quarter 2024 Benefit from 2023 Revenue Recognition Higher Contract Parking Volumes Reflect Management Focus on Increased Utilization Exhibit 99.1 Mobile Infrastructure Reports First Quarter 2025 Financial Results Portfolio Optimization Program Underway Commenting on the results, Manuel Chavez III, Chief Executive Officer, said, "While year-over-year financial comparisons were exacerbated by several asset-specific headwi ...

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest[6] - The company aims to improve revenue consistency and NOI margin by converting leased contracts to managed contracts[6] - Mobile Infrastructure leverages data analytics to drive revenue and NOI[6] - The company intends to become the acquirer of choice in the parking industry through a tax-efficient acquisition program[6] Financial Performance and Pipeline - Mobile Infrastructure's NAV is $725 per share[6] - The company has a $300 million pipeline of potential acquisitions[6] - For the quarter ended March 31, 2025, managed property revenue was $6545 thousand, while base rental income was $1459 thousand[51] - Net Operating Income (NOI) for the quarter ended March 31, 2025, was $4464 thousand, a 174% decrease compared to $5402 thousand for the quarter ended March 31, 2024[51] Market and Industry - The U S parking industry generates approximately $131 billion in annual revenue[31] - The U S has approximately 1 billion parking spaces[32]

Financial Data and Key Metrics Changes - Revenue for Q4 2024 was $9.2 million, a 16% increase from $7.9 million in Q4 2023 [29] - Full year revenue reached $37 million, up 22.3% year-over-year [34] - Net operating income (NOI) for Q4 2024 was $5.5 million, a 1% increase from the previous year [33] - Adjusted EBITDA for Q4 2024 was $3.9 million, up 16% from $3.3 million in Q4 2023 [34] - Total debt outstanding at the end of 2024 was $213.2 million, compared to $192.9 million at the end of 2023 [35] Business Line Data and Key Metrics Changes - The conversion of 29 parking assets to management contracts has led to higher revenue recognition based on usage rather than cash collections [30] - Revenue per available stall (RevPAS) increased 1% year-over-year to $200.44 per stall in Q4 2024 [31] - Property operating expenses rose to $1.9 million from $0.5 million in the previous year's fourth quarter due to the shift to management contracts [32] Market Data and Key Metrics Changes - The company noted a significant increase in demand for 24x7 parking access due to the conversion of Class B downtown office spaces to residential apartments [13] - Utilization rates have picked up in early 2025, indicating a positive trend in demand [15] Company Strategy and Development Direction - The company is implementing a 36-month asset rotation strategy to divest non-core assets and reinvest in larger, more profitable parking assets [21][22] - The management team is focused on optimizing the portfolio to enhance shareholder value and is exploring strategic actions to address the gap between net asset value and share price [41][42] - The company is preparing for future trends such as autonomous vehicles by investing in features like EV charging and gateless entry systems [36][37] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued growth in contract parking revenue and a recovery in transient volumes in 2025 [40] - The impact of corporate parking contract cancellations is believed to be behind the company, with expectations for improved utilization moving forward [12] - The redevelopment of the Detroit property is expected to have a significant positive impact on NOI once completed, projected for 2028-2030 [18][56] Other Important Information - The company repurchased 420,000 shares in 2024, reflecting confidence in its long-term prospects [23][27] - The company has a substantial pipeline of potential acquisitions, leveraging deep industry experience and relationships [22] Q&A Session Summary Question: Can you talk about the property capital recycling plan and expected dispositions? - The company is analyzing its portfolio to identify assets with the highest and best use, aiming to reposition it for consistent revenue growth [48][49] Question: What is the likelihood of significant transaction volume in 2025? - The objective is to be under contract for about a third of non-core assets by the end of 2025 [51] Question: How meaningful could proceeds from divestitures be for acquisitions? - Proceeds from asset sales could exceed $100 million, with a focus on fewer, larger parking assets [78] Question: What is the RevPAS growth assumption baked into guidance? - Most RevPAS growth is expected from utilization rather than rate growth [88]

Special Note Regarding Forward-Looking Statements [Forward-Looking Statements Disclaimer](index=5&type=section&id=Forward-Looking%20Statements%20Disclaimer) This disclaimer details forward-looking statements, their inherent risks, and the company's limited obligation to update them - Forward-looking statements are identified by terms such as 'may,' 'should,' 'expect,' 'could,' 'intend,' 'plan,' 'anticipate,' 'estimate,' 'believe,' 'continue,' 'predict,' 'potential' or their negatives[15](index=15&type=chunk) - Actual results and performance could differ materially from forward-looking statements due to factors like future economic, competitive, and market conditions, and business decisions[16](index=16&type=chunk) - The company does not undertake any obligation to publicly update or revise any forward-looking statements, except as required by law[18](index=18&type=chunk) PART I [ITEM 1. BUSINESS](index=6&type=section&id=ITEM%201.%20BUSINESS) MIC acquires and optimizes parking facilities across the U.S., owning 40 facilities with 15,100 spaces, pursuing strategic growth - Mobile Infrastructure Corporation (MIC) acquires, owns, and optimizes parking facilities and related infrastructure in top 50 U.S. Metropolitan Statistical Areas (MSAs)[20](index=20&type=chunk) Portfolio Snapshot (as of December 31, 2024) | Metric | Value | | :----- | :---- | | Parking Facilities Owned | 40 | | Markets | 20 | | Parking Spaces | ~15,100 | | Parking Facility Square Footage | ~5.2 million | | Commercial Space Square Footage (adjacent) | ~0.2 million | - Key strategic objectives for the next twelve months include optimizing the mix of transient and contract parkers, collaborating with third-party operators for expense management and data sharing, exploring ancillary revenue from tech-enabled businesses (e.g., EV charging, solar, rideshare staging), and pursuing accretive external growth through acquisitions[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) [General Business Overview](index=6&type=section&id=General) [Merger with Fifth Wall Acquisition Corp. III](index=6&type=section&id=Merger%20with%20Fifth%20Wall%20Acquisition%20Corp.%20III) [Strategic Objectives](index=7&type=section&id=Objectives) [Portfolio and Investment Strategy](index=7&type=section&id=Our%20Portfolio) [Industry Overview](index=8&type=section&id=Industry%20Overview) [Operational and Geographic Concentration](index=8&type=section&id=Concentration) [Competition](index=9&type=section&id=Competition) [Government Regulations](index=9&type=section&id=Government%20Regulations) [Human Capital](index=9&type=section&id=Human%20Capital) [Environmental, Social and Governance (ESG)](index=9&type=section&id=Environmental%2C%20Social%20and%20Governance) [Corporate Information](index=10&type=section&id=Corporate%20Information) [Available Information](index=10&type=section&id=Available%20Information) [ITEM 1A. RISK FACTORS](index=10&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section details substantial risks including limited operating history, financial challenges, debt, legal, ownership, and organizational structure - The company has a limited operating history and a history of net losses, with **$7.5 million** and **$32.5 million** losses attributable to common stockholders for fiscal years 2024 and 2023, respectively[60](index=60&type=chunk)[61](index=61&type=chunk) - Key operational risks include dependence on the management team, potential material failures in technology networks, and challenges posed by emerging technologies like AI[62](index=62&type=chunk)[63](index=63&type=chunk)[67](index=67&type=chunk) - Financial risks include potential inability to access financing on acceptable terms, failure to maintain effective internal control over financial reporting (though material weaknesses were remediated as of December 31, 2024), and adverse tax outcomes[107](index=107&type=chunk)[112](index=112&type=chunk)[114](index=114&type=chunk)[119](index=119&type=chunk) - The company has significant debt, including **$29.9 million** due within 12 months, and faces risks of non-compliance with debt covenants and potential property foreclosures[107](index=107&type=chunk)[126](index=126&type=chunk)[131](index=131&type=chunk) - Ownership risks include significant market price volatility of common stock, dilution from preferred stock and other equity issuances, and the implications of being a 'controlled company' by Mr. Osher (who owns over **50%** of voting equity)[69](index=69&type=chunk)[140](index=140&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk)[154](index=154&type=chunk) [Summary Risk Factors](index=10&type=section&id=Summary%20Risk%20Factors) [Risks Related to Our Business and Industry](index=12&type=section&id=Risks%20Related%20to%20Our%20Business%20and%20Industry) [Risks Related to Financial, Tax and Accounting Issues](index=19&type=section&id=Risks%20Related%20to%20Financial%2C%20Tax%20and%20Accounting%20Issues) [Risks Related to Our Indebtedness and Certain Other Obligations](index=23&type=section&id=Risks%20Related%20to%20Our%20Indebtedness%20and%20Certain%20Other%20Obligations) [Risks Related to Legal and Regulatory Matters](index=24&type=section&id=Risks%20Related%20to%20Legal%20and%20Regulatory%20Matters) [Risks Related to Ownership of Our Securities](index=25&type=section&id=Risks%20Related%20to%20Ownership%20of%20Our%20Securities) [Risks Related to Our Organizational Structure and Our Constituent Documents and Policies](index=29&type=section&id=Risks%20Related%20to%20Our%20Organizational%20Structure%20and%20Our%20Constituent%20Documents%20and%20Policies) [Other Risks](index=32&type=section&id=Other%20Risks) [ITEM 1B. UNRESOLVED STAFF COMMENTS](index=32&type=section&id=ITEM%201B.%20UNRESOLVED%20STAFF%20COMMENTS) The company reports no unresolved staff comments as of the filing date - Not applicable[180](index=180&type=chunk) [ITEM 1C. CYBERSECURITY](index=32&type=section&id=ITEM%201C.%20CYBERSECURITY) The company manages cybersecurity risks through established processes and board oversight, with no material threats identified - The company has processes for assessing, identifying, and managing material cybersecurity risks, including those from third-party service providers, integrated into its overall risk management systems[181](index=181&type=chunk) - The Audit Committee of the Board oversees cybersecurity risk management, receiving reports from the Chief Financial Officer and Head of Information Technology[182](index=182&type=chunk) - A third-party managed information technology service provider (MSP) is utilized for cybersecurity services, including threat detection, vulnerability assessment, and incident response[183](index=183&type=chunk) - As of the report date, the company is not aware of any cybersecurity threats that have materially affected or are reasonably likely to materially affect its business, operations, or financial condition[184](index=184&type=chunk) [Risk Management and Strategy](index=32&type=section&id=Risk%20Management%20and%20Strategy) [Governance](index=33&type=section&id=Governance) [ITEM 2. PROPERTIES](index=33&type=section&id=ITEM%202.%20PROPERTIES) The company's headquarters are in Cincinnati, Ohio, owning 40 parking facilities with 15,100 spaces across 20 U.S. markets - The company's headquarters are located at 30 W. 4th Street, Cincinnati, Ohio 45202[185](index=185&type=chunk) Property Portfolio Summary (as of December 31, 2024) | Metric | Value | | :----- | :---- | | Parking Facilities Owned | 40 | | Markets | 20 | | Parking Spaces | ~15,100 | | Parking Facility Square Footage | ~5.2 million | | Commercial Space Square Footage (adjacent) | ~0.2 million | - The company believes its current facilities are adequate and suitable additional spaces will be available on commercially reasonable terms[185](index=185&type=chunk) [ITEM 3. LEGAL PROCEEDINGS](index=34&type=section&id=ITEM%203.%20LEGAL%20PROCEEDINGS) The company faces routine claims and litigation, with no material litigation beyond specific 2024 settlements - The company is not presently subject to any material litigation, nor is any material litigation threatened, other than routine litigation and specific cases noted in the financial statements[189](index=189&type=chunk) - A settlement was reached in September 2024 for a dispute over amounts payable with a vendor, resulting in an immaterial net impact on the Consolidated Statements of Operations[437](index=437&type=chunk) - In July 2024, the Texas Court of Appeals reversed a summary judgment against a subsidiary regarding a commission claim, remanding the case for further consideration. A settlement was reached in September 2024, resulting in a gain of approximately **$0.3 million**[436](index=436&type=chunk) [ITEM 4. MINE SAFETY DISCLOSURES](index=35&type=section&id=ITEM%204.%20MINE%2

Company Overview and Strategy - Mobile Infrastructure owns a diversified portfolio of parking assets primarily in the Midwest and Southwest, with new management since 2021[6] - The company aims to improve revenue consistency and NOI margin by converting from leased to managed contracts, leveraging data analytics[6] - Mobile Infrastructure intends to become a preferred acquirer in the parking industry through tax-efficient acquisitions and a track record of increasing revenue and profitability of acquired assets[6] - The company has a potential acquisition pipeline of $300 million, which can be pursued as financial market conditions improve[6, 41] Financial Performance and Metrics - The company's NAV is $7.25 per share, with assets having a significantly higher replacement cost[6] - Total portfolio includes 40 parking facilities, with 22 lots and 18 garages, across 20 markets, encompassing approximately 15,100 parking spaces[10] - Top ten assets account for 55.9% of total spaces and 65.4% of revenue[14] - Same Location RevPAS increased from $170.09 in 1Q22 to $200.44 in 4Q24[20] - Total revenues increased by 16.0% from $7.892 million in 4Q23 to $9.157 million in 4Q24[45] - Net Operating Income increased by 7.2% from $21.109 million YTD 2023 to $22.633 million YTD 2024[45] Market and Industry Position - The U S parking industry generates approximately $131 billion in annual revenue, representing about 1% of the U S GDP[30]