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    BEEP
    Earnings call· Jun 2026(Q2 FY26)

    Mobile Infrastructure Q2 FY26 earnings call BEEP

    Aug 11, 2026 Source

    Executive summary

    Mobile Infrastructure Corporation Q2 FY26 — Strong Operating Growth and Reaffirmed Guidance

    Mobile Infrastructure Corporation delivered a strong second quarter, marked by broad-based operating growth and continued execution of its strategic playbook. The company saw significant improvements in same-location NOI and utilization, driven by a rebound in return-to-office trends and downtown residential absorption. Management reaffirmed full-year guidance, emphasizing a disciplined approach to capital allocation and asset rotation to unlock long-term value.

    Highlights

    5

    • Same location NOI grew 12% year over year to $5.9 million.

    • Portfolio utilization on a trailing 12-month basis increased 5 percentage points year over year to 70%.

    • Contract parking volumes grew approximately 12% year over year and 7% sequentially.

    • Adjusted EBITDA increased 5.5% to $4.1 million.

    • Repaid $3.7 million of principal and $0.8 million of accrued interest on the line of credit, contributing to $22.6 million total debt repaid from asset sales.

    Concerns

    2

    • Total revenue decreased year-over-year to $8.9 million, primarily due to assets sold in 2025 and 2026.

    • Property operating expenses on a same location basis increased $0.1 million year over year due to timing of repairs and maintenance.

    Guidance & targets

    3
    CategoryTargetConfidence
    Total revenue
    $35 million to $38 million
    high materiality
    High
    NOI
    $21.5 million to $23 million
    high materiality
    High
    Adjusted EBITDA
    $15 million to $16.5 million
    high materiality
    High

    Segment performance

    1
    SegmentRevenueYoYQoQMargin
    Same Location
    Same location revenue increased 5.6% versus the prior year period. Same location NOI for the second quarter of 2026 was $5.9 million, compared with $5.2 million for the same period in 2025, an increase of 12%. The increase reflects several factors working together: same location revenue growth, lease to management agreement conversions, active property tax appeal management, and expense discipline.
    NOI growth: 12% YoYProperty taxes: down $0.3 million YoYProperty operating expenses: increased $0.1 million YoY
    		$8.9 million5.6%—$5.9 million

    Operational metrics

    30
    Property taxes
    $1.4 millioncompared with $1.8 million in the prior year period
    Q2 FY26

    Property taxes were $1.4 million in the second quarter of 2026, compared with $1.8 million in the prior year period.

    Property taxes
    $1.8 millionvs $1.4 million in Q2 FY26
    Q2 FY25

    Property taxes were $1.4 million in the second quarter of 2026, compared with $1.8 million in the prior year period.

    Same location property taxes
    $0.3 milliondown YoY
    Q2 FY26

    On a same location basis, property taxes are down $.3 million from the prior year period. The year-over-year reduction in property taxes reflects continued benefits from our active property tax appeal management process.

    Property operating expenses
    $1.6 millioncompared with $1.8 million in the second quarter of 2025
    Q2 FY26

    Property operating expenses were $1.6 million compared with $1.8 million in the second quarter of 2025.

    Property operating expenses
    $1.8 millionvs $1.6 million in Q2 FY26
    Q2 FY25

    Property operating expenses were $1.6 million compared with $1.8 million in the second quarter of 2025.

    Same location property operating expenses
    $0.1 millionincreased YoY
    Q2 FY26

    On a same location basis, property operating expenses increased $0.1 million from the prior year period, primarily on timing of some repairs and maintenance at our facilities.

    General and administrative expenses
    $2.6 millioncompared to $2.4 million in the same period of 2025
    Q2 FY26

    General and administrative expenses were $2.6 million compared to $2.4 million in the same period of 2025. Our period G&A includes $0.8 million of non-cash stock-based compensation consistent with the $0.8 million in the prior year quarter.

    General and administrative expenses
    $2.4 millionvs $2.6 million in Q2 FY26
    Q2 FY25

    General and administrative expenses were $2.6 million compared to $2.4 million in the same period of 2025. Our period G&A includes $0.8 million of non-cash stock-based compensation consistent with the $0.8 million in the prior year quarter.

    Portfolio utilization
    70%up five percentage points year over year from 65%
    Trailing 12-month

    Portfolio utilization on a trailing 12-month basis was approximately 70%, up five percentage points year over year from 65%, and it climbed in every month of the quarter.

    Portfolio utilization
    65%vs 70% current
    Prior Trailing 12-month

    Portfolio utilization on a trailing 12-month basis was approximately 70%, up five percentage points year over year from 65%.

    Average utilization
    highest since 2021
    Q2 FY26

    Average utilization for the quarter was the highest it has been since we took control of this portfolio in 2021 and started tracking the data.

    RevPass
    $225highest second quarter RevPass in the last three years
    Q2 FY26

    RevPass reached approximately $225 in the quarter, the highest second quarter RevPass in the last three years.

    RevPass
    $200
    Trailing 12-month

    on a trailing 12-month basis, RevPass was over $200.

    Contract volumes
    12%year over year
    Q2 FY26

    CONTRACT VOLUMES GREW APPROXIMATELY 12% YEAR OVER YEAR AND 7% SEQUENTIALLY.

    Contract volumes
    7%sequentially
    Q2 FY26

    CONTRACT VOLUMES GREW APPROXIMATELY 12% YEAR OVER YEAR AND 7% SEQUENTIALLY.

    Average transient transactions
    3%year over year
    Q2 FY26

    Average transient transactions also showed growth for the quarter, up 3% year over year, which is the appropriate comparison for transient due to the seasonality of that part of the business.

    Adjusted EBITDA
    $4.1 millioncompared to $3.8 million in the second quarter of 2025, an increase of 5.5%
    Q2 FY26

    Adjusted EBITDA was $4.1 million for the second quarter of 2026, compared to $3.8 million in the second quarter of 2025, an increase of 5.5%.

    Adjusted EBITDA
    $3.8 millionvs $4.1 million in Q2 FY26
    Q2 FY25

    Adjusted EBITDA was $4.1 million for the second quarter of 2026, compared to $3.8 million in the second quarter of 2025, an increase of 5.5%.

    Cash, cash equivalents and restricted cash
    $10.9 million
    As of June 30, 2026

    at June 30, 2026, we had $10.9 million of cash, cash equivalents and restricted cash.

    Total net debt outstanding
    $197.1 milliondown from $200 million at the end of the first quarter
    As of June 30, 2026

    Total net debt outstanding was $197.1 million, down from $200 million at the end of the first quarter.

    Debt repayment
    $3.7 millionprincipal
    Q2 FY26

    During the second quarter, we paid down $3.7 million of principal and $0.8 million of accrued interest on our line of credit.

    Accrued interest repayment
    $0.8 million
    Q2 FY26

    During the second quarter, we paid down $3.7 million of principal and $0.8 million of accrued interest on our line of credit.

    Debt repayment (CMBS facility)
    $8.1 million
    Q1 FY26

    this is in addition to the debt paydowns of $8.1 million on our CMBS facility in the first quarter of 2026.

    Total debt repaid
    $22.6 million
    Cumulative

    In total, we have repaid $22.6 million of debt using proceeds from the asset rotation strategy.

    Asset rotation program proceeds
    $30 millionabove
    Cumulative

    total proceeds to date from our 36-month, $100 million asset rotation program were above $30 million, at a weighted average implied capitalization rate of approximately 2%.

    Asset rotation program value under negotiation
    $25 million
    Current

    We are currently negotiating approximately $25 million of transaction value that we expect to act upon under the right conditions.

    Revenue split
    two-thirds
    Current

    The transient category? Yes, I think about two-thirds of our revenue. So, it's a two-third, one-third split between transient and contract.

    Revenue split
    one-third
    Current

    The transient category? Yes, I think about two-thirds of our revenue. So, it's a two-third, one-third split between transient and contract.

    Stabilized utilization
    80% to 100%
    Current

    In a garage, you have a much larger asset and it takes much more to fill it. So you might hit that stabilized point somewhere between 80% and 100% where you're starting to push on rate.

    Stabilized utilization
    300% or 400%
    Current

    lot where you're turning it more frequently and you have people in and out several times a day, utilization there could be 300% or 400%. And yet that may not still be stabilized.

    Industry KPIs

    2
    MetricValueDetails
    Volume12%%
    Core price$225USD

    Deals & partnerships

    1
    BOM Asset ManagementTake-private proposal for the company

    A take-private proposal was recently submitted by BOM Asset Management. The Special Committee of the Board of Directors is actively reviewing and evaluating the proposal. The company will not comment further on this topic.

    Risks & headwinds

    4
    Impact of take-private proposal on business operationsOngoing

    Not quantified.

    Mitigation: Management stated it's "business as usual" and they are focused on the sale of non-core assets while the Special Committee reviews the proposal.

    Timing of asset sales in asset rotation programExpected by year-end, but flexible

    $25 million of transactions under negotiation, but "timing can always slide a bit."

    Mitigation: Company emphasizes "right buyer, right price point" and "right transactions at the right terms, not speed for its own sake."

    Inflationary cost environmentCurrent

    Not explicitly quantified for impact, but mentioned as a general headwind.

    Mitigation: Company demonstrated "continued expense discipline."

    Seasonality of businessRecurring annually

    Q1 is seasonally slowest, Q3 is seasonally busiest and highest NOI period.

    Mitigation: Management plans for seasonal variations, focusing on building a higher baseline for contract and transient parking.

    What to watch in Q3 FY26

    5

    Asset rotation program transaction closings

    By year-end (Q3/Q4 FY26)
    Current$25 million of transactions under negotiation
    TargetClosures of negotiated transactions

    Why it matters

    Successful asset sales at targeted cap rates are key to deleveraging and capital allocation strategy.

    We are currently negotiating approximately $25 million of transaction value that we expect to act upon under the right conditions. As always, we will move deliberately. The right transactions at the right terms, not speed for its own sake.

    Q&A highlights

    6

    Inquired about the status and expected closing timeline for the $25 million in transactions under negotiation, and whether the take-private offer would impact the capital recycling program.

    Management stated the $25 million in transactions are under active negotiation, targeting a sub-3% cap rate, and they are working towards closing by year-end, though timing can slide. They reiterated that it's business as usual regarding asset sales, without commenting on the take-private offer.

    “All of those are under active negotiation. We've commented in the prepared remarks, we don't sell for the sake of selling. So right buyer, right price point, we're targeting that sub three cap. And we're staying really fixated on that. So could they close by the end of the year? Yes, that's what we're working towards and continuing to look at non-core assets within that framework. but timing can always slide a bit.”

    asked by John My, B Raleigh Securities · answered by Unknown Speaker

    2 min read5 chapters

    Detailed Narrative

    01

    Take Private Proposal Under Review

    The Special Committee of the Board of Directors is actively reviewing and evaluating a take-private proposal recently submitted by BOM Asset Management. The company stated that this process is underway and ongoing, and the committee will determine appropriate steps based on the best interests of the company and shareholders. Management explicitly stated they would not be commenting further on this topic during the call.

    02

    Operating Playbook Driving Momentum

    Mobile Infrastructure's 2026 playbook, focused on driving utilization, converting it into rate, rotating non-core assets, deleveraging, and professionalizing the operating model, is yielding positive results. The second quarter marked the second consecutive quarter of broad-based operating growth, with KPIs being met or exceeded. This indicates building momentum and effective execution of strategic initiatives.

    03

    Market Recovery and Structural Tailwinds

    The company is benefiting from the recovery of previously dislocated markets, such as Cincinnati and Nashville, which are now firmly back online following construction and redevelopment. This recovery is reflected in both contract parking and transient📎 volumes. Management identified return-to-office momentum and downtown residential absorption as multi-quarter structural tailwinds that are strengthening the business.

    04

    Asset Rotation Program Progress

    The 36-month, $100 million asset rotation program continues to advance, with cumulative proceeds from asset sales now exceeding $30 million. These sales were achieved at a weighted average implied capitalization rate of approximately 2%. The company is actively negotiating an additional $25 million of transaction value, demonstrating continued progress in rotating non-core assets at premium private market valuations.

    05

    Long-Term Value Proposition of Assets

    Mobile Infrastructure emphasized the long-term value of its hard assets, which are well-located land and access points in central business districts. This value is driven by their irreplaceability in supply-constrained urban cores, optionality for adaptive use (including residential, hospitality, EV charging, and last-mile logistics), and adaptability to future mobility trends, ensuring relevance as the mobility landscape evolves.

    AI-generated summary of the company’s earnings call. Not investment advice.