Mobile Infrastructure (US:BEEP)2025-05-13 20:13Revenue 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].