Mobile Infrastructure (BEEP) Q3 2025 earnings summary

Executive summary

• Portfolio utilization remained stable year-over-year in Q3 2025, but revenue and NOI declined due to construction and longer redevelopment timelines impacting key assets.

• Contract parking volumes increased 1.4% sequentially and 8% year-to-date, while residential monthly contracts surged 75% year-over-year, now comprising 35% of management agreement revenue.

• The company owns 40 parking assets in 20 major U.S. markets, with a strategic shift from leased to management contracts—30 of 40 assets converted as of September 30, 2025.

• Asset rotation strategy is progressing, with $30 million of non-core assets expected to be sold or under contract by year-end, supported by a $100 million ABS transaction that enhances balance sheet flexibility.

• Management team with 40+ years of experience has driven operational improvements and is executing a 36-month asset rotation strategy.

Financial highlights

• Q3 2025 revenue was $9.1 million, down 6.9% year-over-year, mainly due to lower transient volumes and construction impacts.

• NOI for Q3 2025 was $5.5 million, down from $6.1 million in Q3 2024 but up from $5.4 million in Q2.

• Adjusted EBITDA was $3.9 million, down from $4.4 million in Q3 2024, with a margin of 42.6%.

• Net loss for Q3 2025 was $6.4 million, compared to $1.9 million in Q3 2024.

• Net Asset Value per share as of June 30, 2024, was $7.25.

Outlook and guidance

• Construction and event-related headwinds are expected to ease in Denver and Nashville by late Q4 2025, with more significant improvements anticipated in 2026.

• The Cincinnati Convention Center reopening in early 2026 is expected to drive a step change in performance, with seven events already booked for Q1.

• Remaining asset conversions to management contracts are planned for 2026–2027, expected to drive further revenue growth and cost savings.

• Full-year 2025 guidance: revenue expected at $34.5–$35.5 million, NOI at $20–$21 million, and Adjusted EBITDA at $13.5–$14.5 million.

• Guidance for RevPAS and other metrics will be provided with year-end results in March.