Mobile Infrastructure (BEEP) Q1 2026 earnings summary

Executive summary

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

• Owns 35 parking facilities across 18 markets, focusing on top 50 MSAs with a value-add asset management approach and a diversified portfolio primarily in the Midwest and Southwest.

• Strategic shift from leased to management contracts underway, with 28 of 35 assets converted as of March 31, 2026, aiming for improved 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.

• Reaffirmed 2026 guidance and continued confidence in the strategic plan.

Financial highlights

• Total revenue was $7.9 million, down from $8.2 million year-over-year due to asset sales; same-location revenue remained stable.

• Same-location NOI for Q1 2026 was $4.61 million, up 4.4% year-over-year from $4.42 million.

• Adjusted EBITDA for Q1 2026 was $3.0 million, up 8.7% from $2.75 million year-over-year.

• Net loss for Q1 2026 was $(7.8) million, compared to $(4.3) million in Q1 2025, driven by losses on extinguishment of debt and real estate sales.

• Property taxes and operating expenses both declined year-over-year, reflecting expense discipline.

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.

• Guidance excludes future asset sales or acquisitions and assumes continued contract volume growth and technology optimization.

• Full conversion to management contracts expected by 2027, anticipated to accelerate revenue growth and cost savings.