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]

[Q2 2024 Financial Results Overview](index=1&type=section&id=Mobile%20Infrastructure%20Reports%20Second%20Quarter%202024%20Financial%20Results) Mobile Infrastructure reported strong Q2 2024 financial results, driven by strategic asset portfolio conversion and positive year-over-year growth in key financial metrics [CEO Commentary and Strategic Progress](index=1&type=section&id=CEO%20Commentary%20and%20Strategic%20Progress) The CEO highlighted positive operating and financial performance, driven by the strategic conversion of asset portfolios to managed service contracts, leading to a **14%** rise in Net Operating Income - The strategic conversion of the asset portfolio to managed service contracts enhances data access for utilization and expense control[2](index=2&type=chunk) - This strategic conversion was a primary driver for the **14% year-on-year increase in Net Operating Income (NOI)** in Q2[2](index=2&type=chunk) - The company is positioning to capitalize on secular growth trends, including downtown office-to-residential conversions and increased 'return to office' mandates, with benefits expected from 2025[3](index=3&type=chunk) [Second Quarter Highlights](index=1&type=section&id=Second%20Quarter%20Highlights) Mobile Infrastructure reported strong Q2 2024 year-over-year growth, with significant revenue increase, narrowed net loss, and double-digit growth in NOI and Adjusted EBITDA Q2 2024 vs. Q2 2023 Financial Highlights | Metric | Q2 2024 ($ million) | Q2 2023 ($ million) | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $9.3 | $7.2 | +28.4% | | Net Loss | $2.5 | $3.7 | Improved | | NOI* | $5.6 | $4.9 | +14.1% | | Adjusted EBITDA* | $4.2 | $3.6 | +16.3% | [Financial Results](index=1&type=section&id=Financial%20Results) This section details the company's Q2 2024 financial performance, including revenue growth, expense changes, and balance sheet position [Detailed Financial Performance](index=1&type=section&id=Detailed%20Financial%20Performance) Total revenue for Q2 2024 increased by **28.4% to $9.3 million**, with net loss improving, NOI up **14.1%**, and Adjusted EBITDA up **16.3%**, despite rising operating expenses - Total revenue for Q2 2024 reached **$9.3 million**, marking a **28.4% increase** from **$7.2 million** in Q2 2023[4](index=4&type=chunk) - Total property taxes and operating expenses increased to **$3.6 million** from **$2.3 million** year-over-year, reflecting the operational structure change[4](index=4&type=chunk) - General and administrative expenses totaled **$2.9 million**, including **$1.6 million** in non-cash compensation[5](index=5&type=chunk) - Interest expense decreased to **$3.1 million** in Q2 2024 from **$3.7 million** in Q2 2023[5](index=5&type=chunk) [Balance Sheet and Liquidity](index=2&type=section&id=Balance%20Sheet%20and%20Liquidity) As of June 30, 2024, the company maintained **$13.3 million** in cash and equivalents, with total debt outstanding slightly reduced to **$191.5 million** Key Balance Sheet Data (as of June 30, 2024) | Metric | Amount (in millions) | | :--- | :--- | | Cash, cash equivalents and restricted cash | $13.3 | | Total debt outstanding | $191.5 | - Total debt outstanding decreased from **$192.9 million** as of December 31, 2023, to **$191.5 million** as of June 30, 2024[6](index=6&type=chunk) [Summary and Outlook](index=2&type=section&id=Summary%20and%20Outlook) The company reaffirmed its full-year 2024 guidance, introduced a **$7.25** Net Asset Value per share, and will pause M&A activity until market conditions improve Full Year 2024 Guidance | Metric | Guidance Range (in millions) | | :--- | :--- | | Revenue | $38.0 - $40.0 | | Net Operating Income | $22.5 - $23.25 | - The company introduced Net Asset Value (NAV), estimated at **$7.25 per share** as of Q2 2024[7](index=7&type=chunk) - NAV is calculated using trailing 12-month Net Operating Income at a market capitalization rate, adjusted for balance sheet items[7](index=7&type=chunk) - The company will abstain from acquisitions until more favorable financial market conditions are realized, despite a growing pipeline[8](index=8&type=chunk) [Financial Statements](index=3&type=section&id=Financial%20Statements) This section presents the consolidated balance sheets and statements of operations, detailing the company's financial position and performance [Consolidated Balance Sheets](index=3&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2024, total assets were **$417.1 million**, total liabilities **$214.4 million**, and total equity **$202.7 million**, showing slight decreases from year-end 2023 Assets (in thousands) | Asset Category | As of June 30, 2024 (in thousands) | As of Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Total investments in real estate, net | $396,151 | $402,879 | | Cash and restricted cash | $13,314 | $16,711 | | **Total assets** | **$417,112** | **$423,237** | Liabilities and Equity (in thousands) | Liability/Equity Category | As of June 30, 2024 (in thousands) | As of Dec 31, 2023 (in thousands) | | :--- | :--- | :--- | | Notes payable & credit facility, net | $191,499 | $192,903 | | **Total liabilities** | **$214,398** | **$220,282** | | **Total equity** | **$202,714** | **$202,955** | | **Total liabilities and equity** | **$417,112** | **$423,237** | [Consolidated Statements of Operations](index=5&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) For Q2 2024, the company reported a net loss of **$2.5 million**, an improvement from **$3.7 million** in Q2 2023, reflecting a shift to managed property revenue and improved loss per share Statement of Operations Highlights - Three Months Ended June 30 (in thousands) | Metric | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | Managed property revenue | $7,226 | $0 | | Base rent income | $1,523 | $1,951 | | Percentage rental income | $517 | $5,263 | | **Total revenues** | **$9,266** | **$7,214** | | Total expenses | $8,898 | $7,260 | | **Net loss** | **($2,469)** | **($3,707)** | | Net loss per share (basic & diluted) | ($0.06) | ($0.19) | Statement of Operations Highlights - Six Months Ended June 30 (in thousands) | Metric | 2024 (in thousands) | 2023 (in thousands) | | :--- | :--- | :--- | | **Total revenues** | **$18,093** | **$14,317** | | **Net loss** | **($5,458)** | **($7,049)** | | Net loss per share (basic & diluted) | ($0.16) | ($0.36) | [Non-GAAP Financial Measures](index=6&type=section&id=Discussion%20and%20Reconciliation%20of%20Non-GAAP%20Measures) This section discusses and reconciles non-GAAP financial measures, including Net Operating Income (NOI) and Adjusted EBITDA, to GAAP net loss [Discussion of Non-GAAP Measures](index=6&type=section&id=Discussion%20of%20Non-GAAP%20Measures) The company utilizes non-GAAP measures like Net Operating Income (NOI), EBITDA, and Adjusted EBITDA to assess property-level operating trends and facilitate performance comparisons by excluding variable items - Net Operating Income (NOI) is defined as total revenues less property operating expenses and taxes, used to evaluate property performance and operating trends[17](index=17&type=chunk) - EBITDA and Adjusted EBITDA are used for operating performance comparison, excluding interest, taxes, depreciation, amortization, and non-recurring or non-cash items like stock-based compensation[18](index=18&type=chunk)[19](index=19&type=chunk) [Reconciliation of Non-GAAP Measures](index=7&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP net loss to non-GAAP metrics, showing Q2 2024 Net Operating Income of **$5.6 million** and Adjusted EBITDA of **$4.2 million** Reconciliation of Net Loss to NOI (in thousands) | Period | Net Loss (in thousands) | Net Operating Income (NOI) (in thousands) | | :--- | :--- | :--- | | Three Months Ended June 30, 2024 | ($2,469) | $5,633 | | Three Months Ended June 30, 2023 | ($3,707) | $4,939 | Reconciliation of Net Loss to Adjusted EBITDA (in thousands) | Period | Net Loss (in thousands) | Adjusted EBITDA (in thousands) | | :--- | :--- | :--- | | Three Months Ended June 30, 2024 | ($2,246) | $4,203 | | Three Months Ended June 30, 2023 | ($3,707) | $3,613 | [Net Asset Value (NAV)](index=8&type=section&id=Net%20Asset%20Value) The company introduced an estimated Net Asset Value (NAV) of **$7.25 per fully diluted share** as of June 30, 2024, calculated using a **4.0% cap rate** on trailing twelve-month NOI, with a cautionary note on its non-GAAP nature Net Asset Value Calculation as of June 30, 2024 (in thousands, except per share data) | Component | Value (in thousands) | | :--- | :--- | | Total assets (estimated) | $567,091 | | Total liabilities | $201,223 | | Preferred stock | $33,782 | | **Total estimated net asset value** | **$332,086** | | Fully diluted shares outstanding | 45,820,367 | | **Net asset value per fully diluted share** | **$7.25** | - The estimated value of real estate investments was calculated using an implied capitalization rate of **4.0%** applied to the Trailing Twelve-Month (TTM) Net Operating Income (NOI)[23](index=23&type=chunk) - The company cautions that NAV is a non-GAAP measure based on assumptions and estimates, not equivalent to stockholders' equity or a guarantee of realizable value[24](index=24&type=chunk)

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 ...

CINCINNATI--(BUSINESS WIRE)--Mobile Infrastructure Corporation [NYSE American: BEEP], owners of a diversified portfolio of parking assets throughout the United States, will issue its fourth quarter 2023 earnings release on Thursday, March 14, 2024, after the close of the U.S. market. You are invited to participate in the Company’s conference call hosted by senior management on March 14, 2024, at 4:30 PM ET. 4Q23 Conference Call Date & Time: Thursday, March 14, 2024, at 4:30 PM ET To participate on the da ...