Mobile Infrastructure (BEEP) Q3 2026 earnings summary

Executive summary

• Strongest operating quarter of 2026: same-location revenue rose 12.8% and same-location NOI grew 18.4% YoY; utilization and RevPAS reached record levels.

• Growth was volume-led, with contract and transient demand contributing to higher revenue and utilization; strategy emphasizes utilization and recurring contracts before broader rate increases as assets stabilize.

Financial highlights

• Q3 total revenue was $9.6M, up 5.5% YoY; same-location revenue was $9.583M, up 12.8%.

• Q3 same-location NOI was $6.254M versus $5.284M, up 18.4%; 9M same-location NOI was $16.533M, up 11.9%.

• Q3 Adjusted EBITDA was $4.766M versus $3.868M; 9M Adjusted EBITDA was $11.814M versus $10.463M.

• Q3 net loss was $2.550M versus $6.428M; prior-year Q3 included a $2.5M non-cash real estate impairment.

• 9M revenue was $26.4M versus $26.3M; 9M net loss was $13.577M versus $15.423M.

Outlook and guidance

• FY2026 revenue guidance of $35M-$38M was reaffirmed, with revenue expected at the low end; NOI guidance is $21.5M-$23M and Adjusted EBITDA guidance is $15M-$16.5M.

• Guidance midpoints imply 7% YoY NOI growth and 10% same-location growth; Adjusted EBITDA growth of 10% and 13%, respectively.

• Guidance assumes contract growth, venue reopenings, portfolio recovery and technology and pricing-optimization benefits; excludes future asset sales and acquisitions.

• Broad rate expansion is expected from 2H 2027 into 2028 as utilization stabilizes; portfolio rate-band increases are considered around 80%-90% utilization.

• Substantially all remaining leased properties are planned for conversion to management contracts by end-2027; contracted leased stalls decline from 1,389 in Q3 2026 to 354 in Q3 2027.