Mobile Infrastructure (BEEP) Q2 2026 earnings summary

Executive summary

• Owns 35 parking facilities across 18 U.S. markets, totaling up to 13,200 spaces and 4.6 million sq. ft., with a focus on top 50 MSAs and value-add asset management.

• Management team with 40+ years of experience; new leadership since 2021 has driven operational improvements and strategic repositioning.

• Strategic shift from leased to managed contracts underway, with 28 of 35 assets converted as of June 30, 2026, aiming for improved revenue consistency and NOI margin.

• Second quarter 2026 marked the second consecutive period of broad-based operating growth, with momentum building across key performance indicators.

• A special committee is actively reviewing a take-private proposal from Bombe Asset Management, but no further comments were provided.

Financial highlights

• Total revenue for Q2 2026 was $8.9 million, down 1.1% year-over-year, with same-location revenue up 5.6%.

• Same-location NOI increased 12% to $5.9 million for Q2 2026; six-month NOI was $10.28 million, up 8.3%.

• Adjusted EBITDA for Q2 2026 was $4.1 million, up 5.5% year-over-year; YTD Adjusted EBITDA reached $7.05 million.

• Net loss for Q2 2026 was $3.1 million, improved from $4.7 million in Q2 2025.

• Portfolio consists of $343 million in net real estate investments and $5.07 million in cash as of June 30, 2026.

Outlook and guidance

• Full-year 2026 guidance reaffirmed: total revenue expected at $35–$38 million (4% growth at midpoint), same-location revenue up 8%.

• NOI forecasted at $21.5–$23 million (7% growth at midpoint), adjusted EBITDA at $15–$16.5 million (10% growth at midpoint).

• Conversion of remaining assets to management contracts expected by 2027, projected to accelerate revenue growth and cost savings.

• Management plans to extend the line of credit and sell assets to address $28.7 million in debt due within 12 months.

• Guidance assumes continued contract volume growth, venue reopenings, and technology-driven optimization; excludes future asset sales/acquisitions.