Same-Location Revenue Growth in the Second Quarter on Continued Utilization Gains
Contract Parking Volumes Grew Approximately 12% Year-over-Year
Transient Inflected to Revenue Growth with Reopening of Key Markets
Cash Flow Funded Line of Credit Paydown in Second Quarter
Conference Call Will be Held on August 11, 2026, at 4:30 PM Eastern Time
CINCINNATI, Aug. 11, 2026 (GLOBE NEWSWIRE) -- Mobile Infrastructure Corporation (Nasdaq: BEEP), ("Mobile", "Mobile Infrastructure" or the "Company"), the nation's only publicly traded owner of parking infrastructure, today reported results for the three and six months ended June 30, 2026.
"Our second quarter results reflect additional progress against our 2026 plan and initiatives," noted Stephanie Hogue, Chief Executive Officer. "We are seeing the benefits of our plan to grow revenue by increasing utilization via growth in contract and transient parking, followed by rate. Same-Location Revenue grew 5.6% and Same-Location NOI grew 12.0% year-over-year, showing strong continued momentum throughout the second quarter. Contract parking volumes grew approximately 12.0% year-over-year, benefitting from return-to-office momentum and residential demand. Importantly, transient revenue inflected to growth, increasing 4% year to year.
"Transient revenue grew portfolio-wide as several key markets moved toward stabilization following disruptions related to construction and redevelopment projects. This included strength in Cincinnati following the reopening of the Cincinnati Convention Center. Portfolio utilization ended up approximately five percentage points year-over-year on a trailing twelve-month basis. Consistent with our "volume first, rate second" strategy, we prioritized occupancy, and with those gains now established, we are beginning to increase rates across much of the portfolio. We believe this is a clear indication that our strategy is working.
"We remained focused on our capital allocation strategy during the second quarter, using $4.5 million to paydown our credit line. We continue to work to sell assets under our 36-month plan for $100 million of asset rotation. To date, we have completed roughly one-third of the program, yielding $33 million of proceeds at a weighted average capitalization rate of about 2%. We believe that these private market values highlight the true value of our assets and the implicit worth of our portfolio, which we believe significantly exceeds the current share price for Mobile Infrastructure shares. We will continue to seek opportunities to strategically rotate assets in an accretive manner."
Second Quarter 2026 Highlights
-- Total revenue was $8.9 million as compared to $9.0 million in the
prior-year period and $7.9 million in Q1.
-- Same-Location Revenue was $8.9 million as compared to $8.4 million in the
prior-year period and $7.7 million in Q1.
-- Net loss was $3.2 million as compared to $4.7 million in the prior-year
period and $7.8 million in Q1.
-- NOI* was $5.8 million as compared to $5.4 million in the prior-year
period, an increase of 7.5% year-over-year.
-- Same-Location NOI* was $5.9 million as compared to $5.2 million in the
prior-year period, an increase of 12.0% year-over-year, reflecting strong
continued momentum.
-- Adjusted EBITDA* was $4.1 million as compared to $3.8 million in the
prior-year period, an increase of 5.5% year-over-year.
-- Contract parking volumes grew approximately 12% year-over-year, supported
by continued strength in residential and return-to-office momentum.
-- Asset rotation progress remained on track, with cumulative proceeds from
non-core asset sales of $33 million toward the Company's $100 million,
three-year strategic asset rotation program.
* Explanations of these non-GAAP financial measures and reconciliation to the most comparable GAAP financial measures are presented later in this press release.
Q2 2026 Financial Results
Total revenue of $8.9 million decreased by 1.1% from $9.0 million in the prior-year quarter, primarily due to the sale of assets in 2025 and 2026. Same-Location Revenue was $8.9 million, an increase of 5.6% compared to $8.4 million in second quarter of 2025.
Total property taxes and operating expenses were $3.0 million, as compared to $3.6 million during the second quarter of 2025.
General and administrative expenses were $2.6 million, which included $0.8 million of non-cash compensation, compared to $2.4 million during the second quarter of 2025, which included $0.8 million of non-cash compensation.
Interest expense was $4.8 million compared to $4.7 million in the second quarter of 2025.
Net loss was $3.2 million, an improvement from $4.7 million in the prior-year period.
Same-Location Net Operating Income ("Same-Location NOI"), defined by the Company as total revenues less property taxes and operating expenses for the 35 properties owned both reported periods, was $5.9 million, up 12.0% from $5.2 million in the prior-year period, reflecting strong continued momentum across the portfolio. Growth was driven by continued contract and utilization gains -- led by the Cincinnati and Cleveland markets -- together with active property tax appeal management and disciplined operating expense control. Adjusted EBITDA was $4.1 million compared to $3.8 million in the prior-year period.
Revenue Per Available Stall ("RevPAS") was $224.96, compared to $212.14 in the second quarter of 2025 and $184.23 in the first quarter of 2026. Portfolio utilization was up approximately five percentage points year-over-year on a trailing twelve-month basis, reflecting continued contract growth and the reopening of several demand-driving venues across the portfolio.
Balance Sheet, Cash Flow, and Liquidity
At June 30, 2026, the Company had $10.9 million in cash, cash equivalents and restricted cash, compared to $15.3 million at December 31, 2025. As of June 30, 2026, total debt outstanding, net, including outstanding borrowings under the Line of Credit and notes payable, was $197.1 million. During the quarter, we paid down $3.7 million of principal and $0.8 million of accrued interest on our Line of Credit.
Paydown of the Line of Credit is a primary near-term use of asset sale proceeds. The Company continues to evaluate additional capital allocation opportunities, including share repurchases and asset acquisitions, in coordination with its Board of Directors.
Full Year 2026 Guidance**
The Company is reiterating its full year 2026 guidance as initially provided with fourth quarter and full year 2025 results. For full year 2026, the Company continues to expect revenue in the range of $35 million to $38 million, representing 4% growth at the midpoint over 2025 results, and 8% growth on a same-location basis.
The Company expects NOI to range from $21.5 million to $23.0 million, representing year-over-year growth of 7% at the midpoint, and 10% growth on a same-location basis. The Company expects adjusted EBITDA to range from $15.0 million to $16.5 million, representing year-over-year growth of 10% at the midpoint, and 13% growth on a same-location basis.
This guidance is supported by expectations for continued contract volume growth, the reopening and enhancement of several venues, and the positive impact from technology optimization across the Company's core portfolio on pricing and utilization. The guidance does not reflect any potential future asset sales or acquisitions from the asset rotation plan.
**The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis, where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort.
Second Quarter 2026 Conference Call and Webcast Information
Mobile will hold a conference call to discuss its second quarter 2026 results on August 11, 2026, at 4:30 p.m. ET.
Participants who wish to access the live conference call may do so by registering here. Upon registration, a dial-in and unique PIN will be provided to join the call.
A live, listen-only webcast of the conference call may be accessed from the Investor Relations section of the Company's website, or by registering here.
For those who are unable to listen to the live broadcast, a replay of the webcast will be available in the "News & Events" section of the Investor Relations website under "IR Calendar" for one year.
Forward-Looking Statements
Certain statements contained in this press release are forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. All statements included in this press release that are not historical facts (including any statements concerning our net operating income and revenue projections, our assessment of various trends impacting our economic performance, the effects of implementation of strategic model changes, other plans and objectives of management for future operations or economic performance, or assumptions or forecasts related thereto) are forward-looking statements. Forward-looking statements are typically identified by the use of terms such as "may," "should," "expect," "could," "intend," "plan," "anticipate," "estimate," "believe," "continue," "predict," "potential" or the negative of such terms and other comparable terminology.
The forward-looking statements included herein are based upon the Company's current expectations, plans, estimates, assumptions and beliefs, which involve numerous risks and uncertainties. Although the Company believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, the actual results and performance could differ materially from those set forth in the forward-looking statements. Factors which could have a material adverse effect on operations and future prospects are discussed in the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, filed with the Securities and Exchange Commission from time to time.
All forward-looking statements are made as of the date of this press release. Except as otherwise required by the federal securities laws, the Company undertakes no obligation to publicly update or revise any forward-looking statements.
About Mobile Infrastructure Corporation
Mobile Infrastructure Corporation is a Maryland corporation. The Company owns a diversified portfolio of parking assets throughout the United States. As of June 30, 2026, the Company owned 35 parking facilities in 18 separate markets throughout the United States, with a total of 13,200 parking spaces and approximately 4.6 million square feet. The Company also owns approximately 0.1 million square feet of retail/commercial space adjacent to its parking facilities. Learn more at www.mobileit.com.
Mobile Contact
David Gold | Lynn Morgen
beepir@advisiry.com | (212) 750-5800
MOBILE INFRASTRUCTURE CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share amounts)
As of June 30, As of December
2026 31, 2025
---------------- ----------------
(unaudited)
ASSETS
Investments in real estate
Land and improvements $ 142,584 $ 150,566
Buildings and improvements 236,164 244,627
Construction in progress 972 87
Intangible assets 5,717 5,717
------------ ------------
385,437 400,997
Accumulated depreciation and
amortization (42,378) (38,860)
------------ ------------
Total investments in real
estate, net 343,059 362,137
------------ ------------
Cash and cash equivalents 5,067 8,349
Cash -- restricted 5,840 6,935
Accounts receivable, net 3,506 3,985
Other assets 871 1,058
------------ ------------
Total assets $ 358,343 $ 382,464
============ ============
LIABILITIES AND EQUITY
Liabilities
Notes payable, net $ 174,892 $ 181,771
Line of credit 22,185 25,895
Accounts payable and accrued
expenses 13,608 15,196
Accrued preferred
distributions and
redemptions 237 67
Due to related parties 490 490
------------ ------------
Total liabilities 211,412 223,419
------------ ------------
Equity
Mobile Infrastructure
Corporation Stockholders'
Equity
Preferred stock Series A,
$0.0001 par value, 50,000
shares authorized, 1,190 and
1,296 shares issued and
outstanding, with a stated
liquidation value of
$1,190,000 and $1,296,000 as
of June 30, 2026 and December
31, 2025, respectively -- --
Preferred stock Series 1,
$0.0001 par value, 97,000
shares authorized, 12,914 and
13,315 shares issued and
outstanding, with a stated
liquidation value of
$12,914,000 and $13,315,000
as of June 30, 2026 and
December 31, 2025,
respectively -- --
Preferred stock Series 2,
$0.0001 par value, 60,000
shares authorized, 46,000
issued and converted (stated
liquidation value of zero as
of June 30, 2026 and December
31, 2025) -- --
Warrants issued and
outstanding -- 2,553,192
warrants as of June 30, 2026
and December 31, 2025 3,319 3,319
Common stock, $0.0001 par
value, 500,000,000 shares
authorized, 39,353,808 and
39,662,049 shares issued and
outstanding as of June 30,
2026 and December 31, 2025,
respectively 2 2
Additional paid-in capital 297,509 299,446
Accumulated deficit (171,504) (161,496)
------------ ------------
Total Mobile Infrastructure
Corporation Stockholders'
Equity 129,326 141,271
Non-controlling interest 17,605 17,774
------------ ------------
Total equity 146,931 159,045
------------ ------------
Total liabilities and
equity $ 358,343 $ 382,464
============ ============
MOBILE INFRASTRUCTURE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share amounts,
unaudited)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2026 2025 2026 2025
----------- ----------- ----------- -----------
Revenues
Managed property
revenue $ 7,762 $ 7,441 $ 14,383 $ 13,986
Base rental income 1,008 1,447 2,100 2,906
Percentage rental
income 123 104 342 335
---------- ---------- ---------- ----------
Total revenues 8,893 8,992 16,825 17,227
Operating
expenses
Property taxes 1,412 1,779 2,958 3,651
Property operating
expense 1,636 1,778 3,409 3,677
Depreciation and
amortization 1,760 2,867 3,603 4,948
General and
administrative 2,579 2,423 5,006 4,792
---------- ---------- ---------- ----------
Total expenses 7,387 8,847 14,976 17,068
---------- ---------- ---------- ----------
Other
Interest expense,
net (4,773) (4,704) (9,853) (9,340)
Loss on
extinguishment of
debt -- -- (2,044) --
Loss on sale of
real estate -- -- (1,115) --
Other income
(expense), net 28 33 136 (49)
Change in fair
value of Earn-Out
liability -- (135) -- 235
---------- ---------- ---------- ----------
Total other
expense (4,745) (4,806) (12,876) (9,154)
---------- ---------- ---------- ----------
Net loss (3,239) (4,661) (11,027) (8,995)
Net loss
attributable to
non-controlling
interest (286) (411) (1,019) (855)
---------- ---------- ---------- ----------
Net loss
attributable to
Mobile
Infrastructure
Corporation's
stockholders $ (2,953) $ (4,250) $ (10,008) $ (8,140)
---------- ---------- ---------- ----------
Preferred stock
distributions
declared - Series
A (17) (27) (36) (55)
Preferred stock
distributions
declared - Series
1 (179) (221) (362) (462)
---------- ---------- ---------- ----------
Net loss
attributable to
Mobile
Infrastructure
Corporation's
common
stockholders $ (3,149) $ (4,498) $ (10,406) $ (8,657)
========== ========== ========== ==========
Basic and diluted
loss per weighted
average common
share:
Net loss per
share
attributable to
Mobile
Infrastructure
Corporation's
common
stockholders -
basic and
diluted $ (0.08) $ (0.11) $ (0.26) $ (0.21)
========== ========== ========== ==========
Weighted average
common shares
outstanding,
basic and
diluted 39,305,471 40,660,453 39,348,453 40,592,459
========== ========== ========== ==========
Discussion and Reconciliation of Non-GAAP Measures
Same-Location Net Operating Income
Net Operating Income ("NOI") is presented as a supplemental measure of our performance. For the three and six months ended June 30, 2026 and 2025, Same-Location NOI represents the NOI for the 35 properties that were owned for both calendar year periods being compared. The Company believes that NOI provides useful information to investors regarding our results of operations, as it highlights operating trends such as pricing and demand for our portfolio at the property level as opposed to the corporate level. NOI is calculated as total revenues less property operating expenses and property taxes. The Company uses NOI internally in evaluating property performance, measuring property operating trends, and valuing properties in our portfolio. Other real estate companies may use different methodologies for calculating NOI, and accordingly, the Company's NOI may not be comparable to other real estate companies. NOI should not be viewed as an alternative measure of financial performance as it does not reflect the impact of general and administrative expenses, depreciation and amortization, interest expense, other income and expenses, or the level of capital expenditures necessary to maintain the operating performance of the Company's properties that could materially impact results from operations.
Adjusted EBITDA
Adjusted Earnings Before Interest Expense, Taxes, Depreciation and Amortization ("Adjusted EBITDA") reflects net income (loss) excluding the impact of interest expense, depreciation and amortization, and the provision for income taxes, for all periods presented. Adjusted EBITDA also excludes certain recurring and non-recurring items including, but not limited to, stock-based compensation expense, non-cash changes in fair value of the Earn-Out Liability, gains or losses from disposition of real estate assets, impairment write-downs of depreciable property, and Other Income, Net. Adjusted EBITDA should be considered along with, but not as an alternative to, net income (loss), cash flow from operations or any other operating GAAP measure.
Same-Location Net Operating Income and Reconciliation to Net Loss
For the Three
Months Ended June For the Six Months
30, Ended June 30,
2026 2025 % 2026 2025 %
------- ------- -------- -------- ------- -------
Revenues
Managed property
revenue $ 7,762 $ 7,054 $ 14,221 $13,204
Base rental income 1,008 1,262 2,017 2,530
Percentage rental
income 123 104 342 334
------ ------ ------- ------
Total revenues 8,893 8,420 5.6% 16,580 16,068 3.2%
Operating expenses
Property taxes 1,411 1,662 3,008 3,423
Property operating
expense 1,629 1,534 3,293 3,157
------ ------ ------- ------
Same-Location Net
Operating Income $ 5,853 $ 5,224 12.0% $ 10,279 $ 9,488 8.3%
====== ====== ======= ======
Reconciliation
Net loss $(3,239) $(4,661) $(11,027) $(8,995)
Loss on
extinguishment
of debt -- -- 2,044 --
Loss on sale of
real estate -- -- 1,115 --
Other (income)
expense, net (28) (33) (136) 49
Change in fair
value of
Earn-Out
liability - 135 -- (235)
Interest
expense, net 4,773 4,704 9,853 9,340
Depreciation and
amortization 1,760 2,867 3,603 4,948
General and
administrative 2,579 2,423 5,006 4,792
------ ------ ------- ------
Net Operating Income $ 5,845 $ 5,435 $ 10,458 $ 9,899
====== ====== ======= ======
Less: 2025 and 2026
Disposed Assets 8 (211) (179) (411)
------ ------ ------- ------
Same-Location Net
Operating Income $ 5,853 $ 5,224 $ 10,279 $ 9,488
====== ====== ======= ======
Adjusted EBITDA Reconciliation
For the Three
Months Ended June For the Six Months
30, Ended June 30,
----------------- ------------------
2026 2025 2026 2025
------- ------- -------- -------
Reconciliation
of Net Loss to
Adjusted EBITDA
Attributable to
the Company
Net loss $(3,239) $(4,661) $(11,027) $(8,995)
Interest
expense, net 4,773 4,704 9,853 9,340
Depreciation and
amortization 1,760 2,867 3,603 4,948
Change in fair
value of
Earn-Out
liability -- 135 -- (235)
Other expense,
net (28) (33) (136) 49
Loss on
extinguishment
of debt -- -- 2,044 --
Loss on sale of
real estate -- -- 1,115 --
Equity based
compensation 793 834 1,594 1,488
------ ------ ------- ------
Adjusted
EBITDA
Attributable
to the
Company $ 4,059 $ 3,846 $ 7,046 $ 6,595
------ ------ ------- ------
RevPAS
Revenue Per Available Stall ("RevPAS") is used to evaluate parking operations and performance. RevPAS is defined as average monthly Parking Revenue (Parking Revenue less related Sales Tax and Credit Card Fees) divided by the parking stalls in the locations that were owned and under management agreement for the periods presented. Parking Revenue does not include Billboard or Commercial Rent, or revenue from locations that are under Lease Agreements. The Company believes RevPAS is a meaningful indicator of our performance because it measures the period-over-period change in revenues for comparable locations.