Mobile Infrastructure (BEEP) Q4 2024 earnings summary

Executive summary

• Converted 29 of 40 parking assets to management contracts by end of 2024, with full conversion targeted by 2027, driving operational improvements and expense control.

• Completed three asset sales at significant NOI multiples and launched a 36-month asset rotation strategy to focus on larger, higher NOI assets.

• Built out sales and leasing teams, strengthening the financial position and driving contract parking volume growth.

• NAV per share estimated at $7.25 as of June 30, 2024, highlighting attractive valuation.

• $300M acquisition pipeline and $100M in near- to medium-term opportunities support long-term growth.

Financial highlights

• 2024 revenue was $37.0M, up 22.3% year-over-year from $30.3M in 2023; Q4 revenue was $9.2M, up 16%.

• Full-year NOI was $22.6M, up 7.2%; Q4 NOI was $5.5M, up 1%.

• Adjusted EBITDA for 2024 was $15.8M (up 6.9%); Q4 Adjusted EBITDA was $3.9M (up 16%).

• Net loss for 2024 was $(8.4)M, improved from $(38.2)M in 2023; Q4 net loss narrowed to $1.0M from $6.5M.

• Same location RevPAS for Q4 was $200.44 (+1%); TTM RevPAS was $209.24.

Outlook and guidance

• 2025 revenue guidance: $37.0M–$40.0M; NOI expected at $23.5M–$25.0M (7% growth at midpoint); Adjusted EBITDA projected at $16.5M–$18.0M.

• Guidance excludes impact from future asset sales/acquisitions and incorporates expected disruption at Detroit property.

• Full conversion to management contracts by 2027 expected to drive revenue consistency and NOI margin improvement.

• $300M acquisition pipeline positioned for execution as financial markets improve.