Mobile Infrastructure (BEEP) - 2024 Q4 - Annual Results

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]