Mobile Infrastructure (US:BEEP)2025-11-10 21:19Financial Performance - Total revenue for Q3 2025 was $9.1 million, a decrease of 6.9% from $9.8 million in Q3 2024[9] - Net loss for Q3 2025 was $6.4 million, compared to a loss of $1.9 million in the same period last year[12] - Adjusted EBITDA for Q3 2025 was $3.9 million, down from $4.4 million in Q3 2024[13] - Total revenues for the three months ended September 30, 2025, were $9,086,000, a decrease of 6.9% compared to $9,758,000 for the same period in 2024[34] - Net Operating Income (NOI) for Q3 2025 was $5,505,000, down 9.7% from $6,094,000 in Q3 2024[40] - Adjusted EBITDA for Q3 2025 was $3,868,000, compared to $4,357,000 in Q3 2024, reflecting a decrease of 11.2%[41] - The company reported a net loss of $6,428,000 for Q3 2025, compared to a net loss of $1,890,000 in Q3 2024[41] Revenue and Growth - Contract parking volumes increased by 8.0% year-to-date and 1.4% sequentially in Q3 2025[3] - Residential monthly contracts grew approximately 75% year-over-year, now representing about 35% of management agreement revenue[4] - Managed property revenue for the nine months ended September 30, 2025, increased to $21,659,000, up 4.6% from $20,708,000 in 2024[34] Assets and Liabilities - Total assets decreased to $397,839,000 as of September 30, 2025, down from $415,062,000 as of December 31, 2024[32] - Total liabilities increased to $228,100,000 as of September 30, 2025, compared to $225,791,000 as of December 31, 2024[32] - Cash and cash equivalents decreased to $6,136,000 as of September 30, 2025, from $10,655,000 as of December 31, 2024[32] - Total assets amounted to $567,091,000, while total liabilities were $201,223,000[42] Financial Projections - The company expects 2025 revenues to be between $34.5 million and $35.5 million, with NOI projected at $20 million to $21 million[18] - By the end of 2025, the company anticipates having approximately $30 million of non-core assets sold or under contract[19] - The company expects to update NAV as of December 31, 2025, and annually thereafter[42] Interest and Expenses - Interest expense for Q3 2025 was $4.6 million, up from $3.3 million in Q3 2024[11] - The company reported an impairment of $2,545,000 for the three months ended September 30, 2025, compared to $157,000 in 2024[34] - Interest expense for Q3 2025 was $4,568,000, an increase from $3,348,000 in Q3 2024[41] Other Financial Metrics - Same location Revenue Per Available Stall (RevPAS) was $212 in Q3 2025, down from $228 in the same year-ago period[15] - Net Operating Income (NOI) is calculated as total revenues less property operating expenses and property taxes, providing insights into property-level performance[35] - Adjusted EBITDA reflects net income excluding interest expense, depreciation, and other non-recurring items, facilitating comparison with other companies[36] - The weighted average common shares outstanding for the three months ended September 30, 2025, were 40,737,762, compared to 30,615,113 in 2024[34] Asset Valuation - As of June 30, 2024, the total estimated net asset value (NAV) was $332,086,000, with a NAV per fully diluted share of $7.25[42] - Investments in real estate as of June 30, 2024, were valued at $546,130,000[42] - The estimated value of the company's assets is subject to fluctuations based on various market factors[43]