Mobile Infrastructure (BEEP) Q1 2026 earnings summary

Executive summary

• Owns 35 parking facilities across 18 U.S. markets, totaling ~13,200 spaces and 4.6 million sq. ft., with a focus on top 50 MSAs and multi-key demand drivers.

• Achieved solid execution on 2026 initiatives, including utilization, contract growth, and asset rotation, with contract parking volumes up 6% and transient volumes up 3% year-over-year.

• Strategic shift from leased to management contracts underway, with 28 of 35 assets converted as of March 31, 2026, aiming for all by 2027 to improve revenue consistency and NOI margin.

• Asset rotation strategy advanced, with cumulative proceeds from non-core asset sales exceeding $30 million toward a $100 million, three-year goal.

• Management team with over 40 years of experience; new leadership since 2021 has driven operational improvements and strategic repositioning.

Financial highlights

• Total revenue for Q1 2026 was $7.9 million, down 3.7% year-over-year, mainly due to asset sales.

• Same-location NOI increased 4.4% year-over-year to $4.6 million.

• Adjusted EBITDA for Q1 2026 was $3.0 million, up 8.7% from $2.7 million in Q1 2025.

• Net loss for Q1 2026 was $7.8 million, compared to $4.3 million in Q1 2025.

• Average monthly RevPAS was $183.99, slightly down from $185.48 in Q1 2025.

Outlook and guidance

• Full-year 2026 revenue expected at $35–$38 million, ~4% growth at midpoint, 8% on same-location basis.

• NOI guidance: $21.5–$23.0 million, 7% growth at midpoint, 10% same-location.

• Adjusted EBITDA forecasted at $15.0–$16.5 million, 10% growth at midpoint, 13% same-location.

• Plan to convert all assets to management contracts by end of 2027, expected to accelerate revenue growth and cost savings.

• Guidance excludes future asset sales or acquisitions.