Mobile Infrastructure (BEEP) Q2 2025 earnings summary

Executive summary

• Owns a diversified portfolio of 40 parking assets in 20 U.S. markets, totaling about 15,100 spaces and 5.2 million sq. ft., with a focus on top MSAs and multi-key demand drivers.

• Second quarter 2025 performance was stable year-over-year, despite headwinds from construction, adverse weather, and fewer marquee events impacting transient volumes.

• Contract parking, especially residential, showed strong growth, with monthly contracts up 2.5% in Q2 and 6.6% year-to-date; residential monthly contracts surged 44% since year-end.

• Strategic shift from leased to managed contracts underway, with 29 of 40 assets converted by June 30, 2025, aiming for improved revenue consistency and NOI margin.

• Portfolio optimization strategy is underway, with $20 million in asset sales under negotiation and a goal to unlock $100 million from non-core assets over three years.

Financial highlights

• Q2 2025 revenue was $9.0 million, down 3% from $9.3 million in Q2 2024, mainly due to lower transient volumes.

• Net operating income (NOI) was $5.4 million, down 3.5% year-over-year; adjusted EBITDA was $3.8 million, down 6% from the prior year.

• Net loss for Q2 2025 was $(4.7) million, compared to $(2.5) million in Q2 2024.

• Same location RevPaS was $212 in Q2 2025, compared to $217 in Q2 2024.

• Cash and restricted cash totaled $15.9 million at quarter end; total debt was $214.3 million.

Outlook and guidance

• Full-year 2025 revenue is expected at the low end of the $37–$40 million range; NOI at the low end of $23.5–$25 million.

• Second half 2025 trends anticipated to mirror the first half, with potential upside from seasonal events and hotel occupancy.

• Construction delays and lighter transient volumes are expected to keep results at the lower end of guidance.

• Remaining asset conversions to management contracts expected by 2027 to enhance revenue stability.

• Significant improvement expected in 2026 as event centers reopen and construction completes in key markets.