Executive Summary

Q3 2025 revenue was $9.09M, down 6.9% year-over-year and up 1.0% sequentially; Net loss widened to $6.43M with a $(0.15) loss per share, impacted by a $2.55M impairment and elevated interest expense .
Adjusted EBITDA was $3.87M, up slightly sequentially (Q2: $3.85M) but down year-over-year (Q3 2024: $4.36M); Adjusted EBITDA margin was 42.6% (Q2: 42.8%) .
Management lowered full-year 2025 guidance to revenue $34.5–$35.5M, NOI $20–$21M, and Adjusted EBITDA $13.5–$14.5M from prior $37–$40M, $23.5–$25.0M, and $16.5–$18.0M, respectively; the change reflects transient softness and construction impacts across key markets .
Balance sheet flexibility improved via a completed $100M ABS (BBB private letter rating) refinancing 19 facilities, extending maturities to 2030 and enabling non-core asset sales (~$30M under contract or sold by year-end) and debt paydowns; line of credit outstanding was $29.9M; total debt ~$211–213M; cash and restricted cash $12.1M .

What Went Well and What Went Wrong

What Went Well
- Contract parking volumes increased 1.4% sequentially and 8.0% YTD; residential monthly contracts up ~75% YoY and ~60% since year-end, now ~35% of management agreement revenue, supporting recurring income. “We expect to see the benefits of these volume gains as business conditions strengthen.” .
- Sequential rate and volume improvements in select markets: Cleveland transient up 8% YoY with >50% growth in residential/commercial monthly contracts; Oklahoma City benefiting from >$1B metropolitan projects through 2028, improving hotel/event/transient traffic .
- Completed $100M ABS refinancing, bringing three new institutional investors, extending maturities, unlocking flexibility to execute the asset rotation strategy; Adjusted EBITDA margin held above 42% despite macro headwinds .
What Went Wrong
- Transient volumes down ~5% YoY, pressured by construction, fewer special events and softer hotel occupancy in markets including Houston, Denver, Cincinnati, Nashville, Fort Worth, and Detroit; RevPAS fell to $212 vs $228 prior year .
- Net loss widened to $6.43M due to higher interest expense ($4.57M vs $3.35M prior year) tied to the 2024 line of credit and a $2.55M impairment aligned with asset rotation plans .
- FY25 guidance lowered across revenue, NOI, and Adjusted EBITDA, reflecting slower-than-expected lease-ups and extended construction timelines; management indicated trends to the low end already in Q2 .

Financial Results

Consolidated Performance vs Prior Periods

Metric	Q1 2025	Q2 2025	Q3 2025
Revenue ($USD Millions)	$8.24	$8.99	$9.09
Net Loss per Share ($)	$(0.10)	$(0.11)	$(0.15)
Net Operating Income (NOI) ($USD Millions)	$4.46	$5.44	$5.51
Adjusted EBITDA ($USD Millions)	$2.75	$3.85	$3.87
RevPAS ($/stall; same location; note)	$184 (ex-Detroit)	$212	$212
Adjusted EBITDA Margin (%)	33.4% (calc)	42.8%	42.6%

Notes: Q1 margin calculated from Adjusted EBITDA/Revenue; Q2 and Q3 margins per management commentary .

Revenue Mix

Revenue Component ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Managed Property Revenue	$6.55	$7.44	$7.67
Base Rental Income	$1.46	$1.45	$1.28
Percentage Rental Income	$0.23	$0.10	$0.13
Total Revenues	$8.24	$8.99	$9.09

Operating Expenses and Other Items

Metric ($USD Millions)	Q1 2025	Q2 2025	Q3 2025
Property Taxes	$1.87	$1.78	$1.76
Property Operating Expense	$1.90	$1.78	$1.82
G&A (reported)	$1.91	$2.07	$2.05
Interest Expense, net	$4.64	$4.70	$4.57
Impairment	$—	$—	$2.55

Management noted G&A excluding non-cash compensation was ~$1.3M in Q3 vs ~$1.3M prior year; Q3 included $0.8M non-cash comp (prior-year $1.3M) .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY 2025	$37.0–$40.0M	$34.5–$35.5M	Lowered
Net Operating Income (NOI)	FY 2025	$23.5–$25.0M	$20.0–$21.0M	Lowered
Adjusted EBITDA	FY 2025	$16.5–$18.0M	$13.5–$14.5M	Lowered
Asset Rotation (non-core sales)	FY 2025	~$100M over 3 years (strategy)	~$30M sold/under contract by YE25	Execution milestone
Balance Sheet	FY 2025	Refinancing efforts underway	$100M ABS completed; maturities extended to 2030	Improved flexibility

Earnings Call Themes & Trends

Topic	Previous Mentions (Q1–Q2 2025)	Current Period (Q3 2025)	Trend
Transient demand & events	Weather and fewer marquee events pressured transient in Q1–Q2; construction disruptions (Cincinnati, Denver, Detroit)	Transient volumes down ~5% YoY; rates up; disruptions in Houston, Fort Worth, Nashville persist	Stabilizing rates; volumes still soft near-term
Residential monthly contracts	+44% since year-end by Q2; focus on recurring contracts; Cleveland/St. Louis progress	~75% YoY increase; ~60% since year-end; ~35% of TTM management revenue	Strengthening recurring base
RevPAS	Q2: $212 vs $217 prior year; flat ex-Detroit; Q1 ex-Detroit $184	Q3: $212 vs $228 prior year; modest sequential increase excluding Detroit	Sequentially flat; YoY down due to transient
Asset rotation	Negotiations for ~$20M sales in Q2	~$30M of non-core assets sold/under contract by YE25; NOI impact < $1M, sub-3% cap	Accelerating execution
Balance sheet/ABS	Refinancing discussions (2026/27 maturities)	$100M ABS completed; BBB private letter; refinanced $84.4M; maturities to 2030	Material improvement
EV charging	Not emphasized in Q1–Q2	EV seen shifting from amenity to NOI contributor; measured investments	Emerging initiative
NAV & buybacks	NAV $7.25; buybacks initiated (530k shares at $3.21 by Q2)	NAV reiterated; >1M shares repurchased at $3.36 avg; focus on avoiding dilution	Continued capital return

Management Commentary

“Our third quarter performance was stable on a sequential basis… residential monthly contracts have increased approximately 75% year-over-year… now represent approximately 35% of management agreement revenue, providing a more stable base of recurring income.” .
“We have revised our full year 2025 guidance to… revenues of $34.5 million to $35.5 million, NOI of $20 million to $21 million and Adjusted EBITDA of $13.5 million to $14.5 million.” .
“Our recently completed $100 million asset-backed securitization (‘ABS’) has significantly increased our financial flexibility… position Mobile Infrastructure for further progress in 2026.” .
CFO: “Adjusted EBITDA was $3.9 million… Adjusted EBITDA margin was 42.6%… we successfully completed a $100 million refinancing via an asset-backed securitization… refinanced $84.4 million of near-term debt… extending our maturities to 2030.” .
“We expect to have sold or be in contract to sell approximately $30 million in non-core assets by the end of the year.” .

Q&A Highlights

Near-term outlook: Disruption from construction in Denver and Nashville should ease toward late Q4, with more material recovery in 2026; transient impacts likely similar to Q3 in some markets .
Capital allocation: Proceeds from ~$30M asset sales to focus near-term on repaying the line of credit; acquisitions evaluated for accretion over time .
Impairment: $2.5M impairment tied to regular testing and asset rotation strategy, primarily among assets targeted for sale .
ABS benefits: Structured to allow disposition flexibility from prior CMBS constraints, enabling execution of non-core divestitures .
Dispositions economics: NOI drag estimated under $1M; average cap rate sub-3% on those transactions, implying minimal operating impact .
Cincinnati convention center: Reopening on track; 7 events booked for Q1 (seasonally weak), expected to boost performance mid-January .

Estimates Context

Consensus EPS, revenue, and EBITDA estimates for Q3 2025 via S&P Global were unavailable at time of analysis; therefore, we cannot assess beats/misses to Wall Street expectations. Values retrieved from S&P Global.* [GetEstimates returned empty for BEEP Q3 2025]

Metric	Q3 2025 Consensus	Q3 2025 Actual
Revenue ($USD Millions)	N/A*	$9.09
EPS ($)	N/A*	$(0.15)
Adjusted EBITDA ($USD Millions)	N/A*	$3.87

Key Takeaways for Investors

Guidance reset reflects transient softness and construction timelines; positioning for 2026 improvement as event centers reopen and projects complete (Cincinnati, Denver, Nashville, Detroit) .
ABS refinancing is a structural catalyst, extending maturities to 2030, adding new institutional capital, and unlocking portfolio optimization; expect accelerated asset rotation and debt paydown .
Recurring revenue mix is strengthening via residential and commercial monthly contracts (~35% of management revenue), supporting pricing optionality once utilization stabilizes .
Dispositions are economically modest (NOI impact < $1M) and at attractive sub-3% cap rates, enabling balance sheet optimization without materially impairing earnings power .
Share repurchases (>1M shares at ~$3.36) and cash-settled preferred redemptions mitigate dilution; management highlights NAV of $7.25, implying valuation support as operations normalize .
Short-term trading: Watch for construction milestones and any incremental guidance updates; the lowered FY25 guide and ABS execution can be stock-moving catalysts. Medium-term thesis: Urban revival, residential conversion, and portfolio rotation to larger, multi-driver assets support NOI growth and potential valuation re-rate as RevPAS recovers .

Mobile Infrastructure Corp (BEEP)·Q3 2025 Earnings Summary