Persistent negative AFFO of -5.2M in 2026Q1 highlights a critical failure to convert core real estate operations into sustainable cash flow, necessitating reliance on external liquidity.
| Cash from Operations | 818K | 848K | -784K | -2.13M | 1.51M | -20.06M | -6.31M | -1.77M | -1.67M | -8.49M | -3.64M | -310.5K |
| Operating CF Growth % | 61581.67% | 208.16% | 63.11% | -240.82% | 107.52% | -217.96% | -257.05% | -5.75% | 80.33% | -133.07% | -1073.59% | - |
| Operating CF / Revenue % | 2.35% | 2.42% | -2.12% | -7.02% | 5.19% | -98.22% | -38.02% | -7.75% | -7.56% | -81.63% | -227.04% | - |
| Net Income | -24.61M | -23.71M | -8.38M | -38.24M | -18.33M | -12.36M | -23.47M | -42.56M | -4.96M | -10.75M | -4.27M | -189K |
| Depreciation & Amortization | 10.34M | 10.58M | 8.4M | 8.51M | 8.25M | 5.88M | 5.32M | 5.17M | 4.92M | 2.04M | 195K | 0 |
| Stock-Based Compensation | 801K | 3.14M | 5.72M | 7.48M | 2.51M | 144K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 10.24M | 5.8M | -2.69M | 20.7M | 1.41M | -10.4M | 12.5M | 37.16M | 1.38M | 5.02M | 643K | 100.5K |
| Working Capital Changes | 4.67M | 5.05M | -3.83M | -578K | 7.62M | -3.32M | -650K | -1.54M | -3M | -4.8M | -214K | -222K |
| Cash from Investing | 28.74M | 16.33M | 4.24M | -346K | -19.44M | -20.25M | 1.49M | 2.81M | -24.46M | -88.39M | -59.42M | 0 |
| Acquisitions (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -738K | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | -275M | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 29.37M | 0 | 4.75M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | 309K | 17.43M | 0 | 1.48M | -16.86M | 255.46M | 1.49M | 2.85M | -24.4M | -87.65M | -59.42M | 0 |
| Cash from Financing | -31.52M | -17.72M | -4.34M | 8.21M | 12.21M | 48.97M | 1.07M | 1.17M | 18.84M | 108.63M | 65.69M | 3.71M |
| Dividends Paid | -918K | -989K | -9.69M | 0 | 0 | 0 | -750K | -3.02M | -3.31M | -1.18M | -274K | 0 |
| Common Dividends | 0 | 0 | 0 | 0 | 0 | 0 | -750K | -3.02M | -3.31M | -1.18M | -274K | 0 |
| Debt Issuance (Net) | -2.93M | -1000K | 1000K | -1000K | 1000K | -1000K | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -9.32M | -9.47M | -12.29M | 0 | 0 | 0 | -128K | -245K | -812K | 0 | 0 | 0 |
| Other Financing | -184K | -4.23M | -4.38M | 37.29M | -2.66M | 51.18M | 1.82M | 4.18M | 22.15M | 109.8M | 65.96M | 3.71M |
| Net Change in Cash | -1.96M | -535K | -892K | 5.74M | -5.72M | 8.8M | -3.75M | 2.21M | -7.29M | 11.85M | 2.62M | 3.4M |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 146K | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 15.28M | 15.82M | 16.71M | 10.97M | 16.7M | 7.89M | 11.64M | 9.44M | 16.73M | 4.88M | 2.27M | 0 |
| Cash at End | 14.19M | 15.28M | 15.82M | 16.71M | 10.97M | 16.7M | 7.89M | 11.64M | 9.44M | 16.73M | 4.88M | 3.4M |
| Free Cash Flow | -125K | -251K | -1.29M | -3.95M | -1.07M | -20.77M | -6.31M | -1.81M | -1.73M | -8.49M | -3.64M | -310.5K |
| FCF Growth % | 91.09% | 80.62% | 67.18% | -268.79% | 94.85% | -229.23% | -248.95% | -4.27% | 79.58% | -133.07% | -1073.59% | - |
| FCF / Revenue % | -0.36% | -0.72% | -3.5% | -13.04% | -3.68% | -101.7% | -38.02% | -7.93% | -7.85% | -81.63% | -227.04% | - |
Persistent negative operating cash
According to the company's reported financial statements, BEEP has consistently failed to generate positive AFFO, with figures reaching -5.2M in 2026Q1, which suggests that the current dividend policy is not supported by recurring cash flow and warrants significant caution regarding future payout sustainability for investors.
The absence of positive AFFO indicates that the company is currently unable to cover its operational requirements, let alone fund distributions from core business activities. This persistent shortfall suggests that any dividend payments are likely being funded through external capital or cash reserves rather than organic property-level earnings.
As reported in recent SEC filings, the relationship between GAAP operating cash flow and FFO remains deeply distorted, with FFO reaching -5.2M in 2026Q1, suggesting that the company's core real estate operations are currently failing to produce the cash necessary to offset non-cash depreciation and amortization charges.
The wide gap between GAAP operating cash flow and FFO highlights the difficulty in reconciling the company's asset-heavy model with its current operational performance. Investors should monitor whether this conversion quality improves as the company attempts to stabilize its parking portfolio or if the negative trend is structural.
Based on the provided quarterly data, the company's net income of -7.1M in 2026Q1 significantly diverges from its cash-based metrics, indicating that heavy non-cash depreciation charges are masking the underlying cash burn inherent in the current portfolio's high fixed-cost structure and declining revenue environment.
While depreciation is a non-cash expense, the consistent net losses suggest that the company's assets are not generating sufficient revenue to justify their carrying values. This distortion makes it difficult to assess the true economic profitability of the parking facilities without adjusting for these significant accounting charges.
Financial data indicates that BEEP's reliance on external funding is increasing, as evidenced by the persistent negative FCF of -1.6M in 2026Q1, which suggests that the company may need to tap into its cash reserves or seek additional financing to maintain its current operational footprint.
The company's inability to achieve self-sustaining cash flow implies a high dependency on external capital to bridge the gap between operating expenses and revenue. This reliance may limit management's flexibility and increase the risk of dilution or debt accumulation if operational performance does not improve in the near term.
Quick answers to the most common questions about buying BEEP stock.
Mobile Infrastructure Corporation (BEEP) generated $0.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Mobile Infrastructure Corporation (BEEP) reported negative free cash flow of $0.3M in 2025, indicating capital requirements exceeded cash from operations.
Mobile Infrastructure Corporation (BEEP) spent $1.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Mobile Infrastructure Corporation (BEEP) returned $1.0M to shareholders via cash dividends and spent $9.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.