revenue
35–38 $million
FY 2026
official guidance
MOBILE INFRASTRUCTURE CORPORATION
Last · NasdaqGM$2.74+0.01 (+0.37%)stale · yahoo · 59h ago
Market cap$113.16M41.3M sh
P/E · TTM-4.5fwd -16.1 · eps -0.60 · loss
Beta0.71vs S&P 500
Div yield0.00%annual · TTM
52w range
$1.29$3.78
Volume25.7Ksession
| Revenue | $34.7M |
|---|---|
| Net income | $-10.4M |
| Net margin | -30.0% |
| Return on equity | -8.0% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Hold/watch, not a clear buy yet.
Q2 organic momentum was solid—same-location revenue rose 5.6% to $8.9 million, same-location NOI increased 12% to $5.9 million, and adjusted EBITDA rose 5.5% to $4.1 million—but reported revenue declined 1.1% because of asset sales. The bull case is utilization and contract-volume recovery supporting 2026 guidance of $35–$38 million revenue and $15–$16.5 million adjusted EBITDA; the tension is high leverage, limited disclosure on pricing power, and uncertain asset-sale and take-private outcomes.
Themes
- Same Location Growth
- Contract Parking
- Asset Rotation
- Deleveraging
- Return To Office
- Take Private Proposal
Near term
Third-quarter seasonality, reopening of disrupted markets, and the event calendar are the main near-term catalysts; management called Q3 the busiest and highest-NOI quarter.
Contract parking volumes rose 12% year over year and 7% sequentially, but management did not provide a dollar or same-location contribution to revenue growth.
Approximately $25 million of asset transactions are under active negotiation, with possible year-end closings but timing explicitly subject to slippage.
Property operating expenses were higher than anticipated in Q2; management expects moderation in Q3 and Q4, but gave no quantified savings target.
Debt reduction remains a material share-price driver: net debt was $197.1 million at quarter-end after $4.5 million of line-of-credit payments.
Longer term
The operating thesis depends on sustained return-to-office activity and downtown residential absorption translating into higher contract utilization and eventually pricing power.
Asset rotation has generated more than $30 million of proceeds at an implied cap rate near 2%, supporting management's claim that private-market asset values exceed the equity valuation; however, future execution and proceeds are not included in guidance.
The lease-to-management conversion strategy can improve operating control and NOI margins, but the call did not quantify the remaining conversion opportunity or normalized margin potential.
Management's supply-constrained urban parking thesis and adaptive-reuse optionality could support asset values, but these are strategic assertions rather than current cash-flow evidence.
High net debt remains a structural constraint: even with $22.6 million of debt repaid using rotation proceeds, deleveraging depends on successfully selling additional assets.
Red flags
Analyst questions exposed limited visibility on the $25 million transaction pipeline: management said deals could close by year-end but acknowledged timing can slide and provided no probability-weighted outlook.
Management would not quantify how much of the 5.6% same-location revenue growth came from pricing versus utilization; it said growth was predominantly utilization-driven, leaving the rate-acceleration thesis unproven.
The occupancy-first strategy lacks a portfolio-wide trigger for when pricing begins; management said stabilization varies by asset, citing garage utilization of roughly 80%–100% and much higher turnover-based utilization for lots.
Property operating expenses were $100,000 higher on a same-location basis and described as above expectations, weakening confidence in the claimed expense trajectory.
The take-private proposal from BOM Asset Management remains unresolved, and the company provided no terms or valuation context; investors should not underwrite the stock to a transaction outcome.
Reported revenue is shrinking despite organic growth because of dispositions, while the balance sheet remains highly levered relative to the scale of the business.
Forward outlook
revenue growth
4 pct
FY 2026
official guidance
revenue growth
8 pct
FY 2026
official guidance
ebitda
15–16.5 $million
FY 2026
official guidance
operating margin
21.5–23 $million
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-03-05
- Net Margin Sharply Negative
- Accumulated Deficit High
Red flags
- Net Margin Sharply Negative — Net margin -63.9%
- Accumulated Deficit High — Accumulated deficit / equity 114%
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.06
Est. revenue
9.5M
Earnings transcripts
Press & signals
- GlobeNewswire
Mobile Infrastructure Reports Second Quarter 2026 Financial Results
- GlobeNewswire
Mobile Infrastructure Announces Receipt of a Preliminary, Non-Binding Indication of Interest from Bombe Asset Management