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FIFTH WALL(FWAC) - 2025 Q3 - Quarterly Report
2025-11-10 21:24
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 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 ...
FIFTH WALL(FWAC) - 2025 Q3 - Quarterly Results
2025-11-10 21:19
Exhibit 99.1 "Transient volumes, while up sequentially, continued to trend down on a year-on-year basis, reflecting construction-related impacts near several of our locations as well as a reduced number of special events, lower attendance at those events, and lower hotel occupancy in some of our markets. Transient rates, however, increased both year-on-year and sequentially, an indication of the premium value of our well-located assets. Mobile Infrastructure Reports Third Quarter 2025 Financial Results —Con ...
FIFTH WALL(FWAC) - 2025 Q2 - Quarterly Results
2025-08-12 20:15
Mobile Infrastructure Reports Second Quarter 2025 Financial Results —Higher Contract Parking Volumes Reflect Positive Secular Growth Trends— Exhibit 99.1 —Advancing Non-Core Asset Divestiture Strategy— —Conference Call Will be Held Today at 4:30 PM ET— CINCINNATI—(BUSINESSWIRE)—Mobile Infrastructure Corporation (Nasdaq: BEEP), ("Mobile", "Mobile Infrastructure" or the "Company"), owners of a diversified portfolio of parking assets throughout the United States, today reported results for the second quarter e ...
FIFTH WALL(FWAC) - 2025 Q2 - Quarterly Report
2025-08-12 20:06
Revenue Performance - Total revenues for the three months ended June 30, 2025, decreased by 3.0% to $8,992,000 compared to $9,266,000 in 2024, primarily due to a decline in events in the Minneapolis market and low hotel occupancy in the Denver market [108][109]. - Total revenues for the six months ended June 30, 2025, decreased by 4.8% to $17,227,000 compared to $18,093,000 in 2024 [117]. - Average monthly same location Revenue Per Available Stall (RevPAS) decreased to $211.89 in Q2 2025 from $216.63 in Q2 2024, indicating a decline in revenue performance for comparable locations [107]. - Total revenues for the six months ended June 30, 2025 decreased by 4.8% to $17.227 million compared to $18.093 million in 2024, primarily due to nonrecurring revenue and declines in attendance and occupancy [118]. Managed Property Revenue - Managed property revenue increased by 3.0% to $7,441,000 for the three months ended June 30, 2025, compared to $7,226,000 in 2024 [108]. - Managed property revenue for the six months ended June 30, 2025, increased by 9.9% to $13,986,000 compared to $12,727,000 in 2024 [117]. Expenses - General and administrative expenses decreased by 28.8% to $2,071,000 for the three months ended June 30, 2025, compared to $2,909,000 in 2024, primarily due to changes in equity compensation timing [110][112]. - Property operating expenses increased by 9.9% to $3.677 million for the six months ended June 30, 2025, compared to $3.345 million in 2024, attributed to additional expenses from properties converted to management contracts and increased security and utility costs [119][120]. - General and administrative expenses decreased by 32.9% to $3.979 million for the six months ended June 30, 2025, down from $5.926 million in 2024, mainly due to changes in equity compensation timing [121]. Interest Expense - Interest expense increased by 52.4% to $4,704,000 for the three months ended June 30, 2025, compared to $3,087,000 in 2024, mainly due to increased interest rates from refinancing [114][115]. - Interest expense rose by 54.0% to $9.340 million for the six months ended June 30, 2025, compared to $6.066 million in 2024, driven by higher interest rates and loan fee amortization [124][125]. Net Operating Income and EBITDA - Net Operating Income (NOI) for the six months ended June 30, 2025 was $9.899 million, a decrease of 10.3% from $11.035 million in 2024, reflecting the decline in total revenues [128]. - Adjusted EBITDA for the six months ended June 30, 2025 was $6.595 million, down from $7.569 million in 2024, indicating a decrease in operational performance [131]. Debt and Financing - The company has approximately $216.2 million in outstanding debt, with $39.5 million due within twelve months, raising concerns about its ability to continue as a going concern [134]. - Management plans to execute a new debt agreement to address upcoming debt maturities and may sell real estate assets as needed to raise capital [135]. - The company entered into a $40.4 million Line of Credit in September 2024, accruing interest at 15.0% per annum, to fund share repurchase and preferred stock redemption [140]. - The company entered into a $75.5 million, 10-year CMBS financing agreement in December 2024, with a fixed annual interest rate of 7.76% [140]. Cash Flow - For the six months ended June 30, 2025, net cash provided by operating activities was $0.2 million, an increase of $1.2 million compared to a cash outflow of $1.0 million in the same period in 2024 [143]. - Cash provided by investing activities for the six months ended June 30, 2025 was $2.7 million, an increase of $3.2 million compared to $0.5 million used in the same period in 2024 [144]. - Cash used in financing activities for the six months ended June 30, 2025 was $2.9 million, compared to $1.9 million used in the same period in 2024 [145]. Strategic Plans - The company aims to convert all remaining assets to management contracts by the end of 2027, enhancing revenue visibility and performance management [105]. - The company has identified a pipeline of acquisition opportunities for parking facilities but is unlikely to proceed until more favorable financial market conditions arise [137]. - The company authorized a share repurchase program of up to $10 million in September 2024, funded by proceeds from the Line of Credit [141]. Market Conditions - The company anticipates a hybrid work structure will become the norm, impacting asset performance and emphasizing the need for a multi-key demand driver strategy [104]. - Seasonal fluctuations in demand are expected to impact transient parking revenues, while contract parking revenues are anticipated to remain stable [146]. - The company does not currently anticipate resuming cash distributions to common stockholders in the near future [139]. Accounting Policies - There have been no significant changes to the company's critical accounting policies during 2025 [147].
FIFTH WALL(FWAC) - 2025 Q1 - Quarterly Report
2025-05-13 20:13
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 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 | Title of each class | Trading symbols(s) | Name ...
FIFTH WALL(FWAC) - 2025 Q1 - Quarterly Results
2025-05-12 20:42
Exhibit 99.1 Mobile Infrastructure Reports First Quarter 2025 Financial Results 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 Portfolio Optimization Program Underway Reaffirms Full Year Guidance First Quarter 2025 Highlights BEEP Shares to Begin Trading on Nasdaq on May 23 Conference Call Will be Held on May 13, 2025, at 8:00 AM Easte ...
FIFTH WALL(FWAC) - 2024 Q4 - Annual Report
2025-03-11 20:08
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 For the transition period from _________ to _________ Commission File Number: 001-40415 Mobile Infrastructure Corporation (Exact name of registrant as specified in its charter) 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 ...
FIFTH WALL(FWAC) - 2024 Q4 - Annual Results
2025-03-10 20:18
Exhibit 99.1 Mobile Infrastructure Reports Fourth Quarter and Full Year 2024 Financial Results —Fourth Quarter Operating Progress Capped a Year of Solid Growth— —Delivered on Key Strategic Priorities in 2024— —Exited 2024 with Strengthened Balance Sheet and Greater Financial Flexibility— —2025 Guidance Anticipates Continued Growth; Accelerated Portfolio Optimization Planned for 2025-2027 —Conference Call Will be Held on March 11, 2025, at 8:00AM Eastern Time— CINCINNATI—(BUSINESSWIRE)—Mobile Infrastructure ...
FIFTH WALL(FWAC) - 2024 Q3 - Quarterly Report
2024-11-13 21:22
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark one) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 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 ...
FIFTH WALL(FWAC) - 2024 Q3 - Quarterly Results
2024-11-12 22:47
Exhibit 99.1 Mobile Infrastructure Reports Third Quarter 2024 Financial Results —Continued Progress Across Key Operating and Financial Metrics— —Secular Trends Should Begin to Benefit Q4 and Strengthen Comparisons in 2025— —Re-affirms Full Year 2024 Guidance — —Conference Call Will be Held November 13th at 8 AM ET— CINCINNATI—(BUSINESSWIRE)—Mobile Infrastructure Corporation (NYSE American: BEEP), ("Mobile", "Mobile Infrastructure" or the "Company"), owners of a diversified portfolio of parking assets throug ...