FIFTH WALL(FWAC) - 2025 Q2 - Quarterly Results

Financial Performance - Total revenue for Q2 2025 was $9.0 million, a decrease of 3.0% from $9.3 million in Q2 2024[5] - Net loss for Q2 2025 was $4.7 million, compared to a net loss of $2.5 million in the same period last year[11] - Net Operating Income (NOI) for Q2 2025 was $5.4 million, reflecting a 3.5% decrease from $5.6 million in Q2 2024[8] - Adjusted EBITDA for Q2 2025 was $3.8 million, down 5.6% from $4.1 million in Q2 2024[9] - Total revenues for the first half of 2025 decreased by 4.8% to $17,227 million compared to $18,093 million in the same period of 2024[30] - The net loss attributable to the Corporation's common stockholders for Q2 2025 was $4,498 million, compared to a loss of $1,843 million in Q2 2024[25] - The company reported a basic and diluted loss per share of $0.11 for Q2 2025, compared to a loss of $0.06 in Q2 2024[25] Revenue and Growth Metrics - Contract parking volumes increased by 2.5% in Q2 2025 and 6.6% year-to-date, driven by positive return-to-office trends[2] - Managed property revenue for Q2 2025 was $7,441 million, up from $7,226 million in Q2 2024, representing a growth of 2.97%[25] - Same location Revenue Per Available Stall (RevPAS) was $212 for Q2 2025, down from $217 in Q2 2024[9] Guidance and Future Plans - Full year 2025 revenue guidance is set between $37 million and $40 million, with NOI guidance of $23.5 million to $25.0 million[12] - The company is on track to divest approximately $100 million in non-core assets over the next three years, with $20 million in active negotiations[3] Debt and Cash Position - As of June 30, 2025, total debt outstanding was $214.3 million, including $29.5 million from a revolving credit facility[10] - The company had $15.9 million in cash, cash equivalents, and restricted cash as of June 30, 2025[10] Operating Expenses - Property operating expenses for Q2 2025 were $1,778 million, slightly down from $1,824 million in Q2 2024[30] - Interest expense for the first half of 2025 increased to $9,340 million from $6,066 million in the same period of 2024, marking a rise of 54.5%[30] Asset Valuation - The estimated total net asset value (NAV) as of June 30, 2024, was $332,086 million, with a NAV per fully diluted share of $7.25[31] - The company plans to update its NAV as of December 31, 2025, and annually thereafter[31]