Revenue contraction and operational inefficiencies have driven NOI margins from a 2024Q4 peak of 83.0% to a negative 2.2% by 2025Q4.
| Revenue | 34.77M | 35.08M | 37.01M | 30.27M | 29.1M | 20.42M | 16.59M | 22.79M | 22.1M | 10.4M | 1.6M | 0 |
| Revenue Growth % | -4.51% | -5.22% | 22.25% | 4.02% | 42.48% | 23.08% | -27.2% | 3.14% | 112.42% | 548.22% | - | - |
| Property Operating Expenses | 23.1M | 35.51M | 14.38M | 9.16M | 9.83M | 6.96M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 11.67M | -434K | 22.63M | 21.11M | 19.27M | 13.46M | 16.59M | 22.79M | 22.1M | 10.4M | 1.6M | 0 |
| NOI Margin % | 33.57% | -1.24% | 61.16% | 69.73% | 66.21% | 65.9% | 100% | 100% | 100% | 100% | 100% | - |
| Operating Expenses | 10.72M | -1.05M | 20.96M | 42.36M | 25.07M | 15.03M | 31.37M | 55.78M | 17.57M | 16.04M | 5.58M | 187.5K |
| G&A Expenses | 4.86M | 0 | 12.55M | 14.88M | 11.22M | 9.18M | 7M | 46.13M | 7.86M | 1.9M | 1.06M | 187.5K |
| EBITDA | 11.29M | 11.2M | 10.08M | 6.22M | 2.45M | 4.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| EBITDA Margin % | 32.46% | 31.92% | 27.24% | 20.56% | 8.43% | 21.11% | 0% | 0% | 0% | 0% | 0% | - |
| Depreciation & Amortization | 10.34M | 10.58M | 8.4M | 8.51M | 8.25M | 5.88M | 1.91M | 34.09M | -2.98M | -3.55M | 312K | 187.5K |
| D&A / Revenue % | 29.73% | 30.16% | 22.71% | 28.12% | 28.34% | 28.78% | 11.49% | 149.55% | -13.47% | -34.16% | 19.44% | - |
| Operating Income | 949K | 620K | 1.68M | -2.29M | -5.8M | -1.57M | -1.91M | -34.09M | 2.98M | 3.55M | -312K | -187.5K |
| Operating Margin % | 2.73% | 1.77% | 4.53% | -7.55% | -19.92% | -7.67% | -11.49% | -149.55% | 13.47% | 34.16% | -19.44% | - |
| Interest Expense | 4M | 19.04M | 13.83M | 13.91M | 0 | 9.54M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | -0.25x | 0.39x | -1.75x | - | -0.30x | - | - | - | - | - | - |
| Non-Operating Income | 8.63M | 5.29M | -3.77M | 0 | -382K | 1.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | -27.17M | -23.71M | -8.38M | -38.24M | -18.33M | -12.36M | -24.05M | -42.5M | -4.92M | -10.29M | -4.13M | -189K |
| Pretax Margin % | -78.13% | -67.61% | -22.65% | -126.31% | -62.97% | -60.52% | -144.93% | -186.44% | -22.27% | -98.91% | -257.51% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.41M | -7.9M | -13.85M | -3.82M | -1.5K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 19.78% | 160.48% | 134.54% | 92.45% | 0.79% |
| Net Income | -24.61M | -21.44M | -5.76M | -25.12M | -11.12M | -14.06M | -26.47M | -45.56M | -7.77M | -11.41M | -4.25M | -189K |
| Net Margin % | -70.76% | -61.13% | -15.58% | -82.99% | -38.21% | -68.86% | -159.54% | -199.87% | -35.17% | -109.68% | -264.74% | - |
| Net Income Growth % | -225.59% | -271.9% | 77.05% | -125.95% | 20.94% | 46.88% | 41.89% | -486.11% | 31.88% | -168.56% | -2148.15% | - |
| Funds From Operations (FFO) | -14.27M | -10.86M | 2.64M | -16.61M | -2.87M | -8.19M | -24.57M | -11.47M | -10.75M | -14.96M | -3.94M | -1.5K |
| FFO Margin % | -41.03% | -30.97% | 7.13% | -54.87% | -9.87% | -40.08% | -148.05% | -50.32% | -48.64% | -143.84% | -245.3% | - |
| FFO Growth % | -1471.44% | -511.79% | 115.88% | -478.58% | 64.93% | 66.68% | -114.21% | -6.69% | 28.17% | -280.11% | -262366.67% | - |
| FFO per Share | -0.36 | -0.27 | 0.08 | -1.25 | -0.22 | -1.06 | -3.35 | -1.68 | -1.64 | -5.52 | -3.57 | -0.01 |
| FFO Payout Ratio % | 0% | 0% | 367.4% | 0% | 0% | 0% | -3.05% | -26.3% | -30.79% | -7.87% | -6.96% | 0% |
| EPS (Diluted) | -0.62 | -0.55 | -0.24 | -2.45 | -0.85 | -1.82 | -3.61 | -6.66 | -1.19 | -4.21 | -3.85 | -0.83 |
| EPS Growth % | -151.7% | -129.17% | 90.2% | -188.24% | 53.3% | 49.58% | 45.8% | -459.66% | 71.73% | -9.35% | -363.86% | - |
| EPS (Basic) | - | -0.55 | -0.24 | -2.45 | -0.85 | -1.82 | -3.61 | -6.66 | -1.19 | -4.21 | -3.85 | -0.83 |
| Diluted Shares Outstanding | 39.39M | 40.5M | 32.01M | 13.24M | 13.09M | 7.74M | 7.33M | 6.84M | 6.55M | 2.71M | 1.1M | 228.84K |
Persistent negative operating cash
As reported in recent financial filings, Mobile Infrastructure Corporation experienced a -5.22% year-over-year revenue decline, signaling significant challenges in maintaining top-line growth across its 21-market portfolio as the company struggles to capitalize on its urban parking assets in a post-pandemic environment.
The consistent revenue contraction suggests that the company's parking operations are failing to capture sufficient volume to offset potential pricing pressures or reduced demand for daily commuter parking. Investors should monitor whether this trend reflects a structural shift in urban mobility patterns that may permanently impair the revenue-generating capacity of these high-density assets.
Based on the provided quarterly data, the company's NOI margin has deteriorated significantly, plummeting from a peak of 83.0% in 2024Q4 to a negative 2.2% by 2025Q4, indicating that property-level operating expenses are currently outpacing the revenue generated by the parking facilities.
This collapse in NOI margin suggests that the fixed-cost structure inherent in parking real estate, such as property taxes and maintenance, is becoming unsustainable relative to current occupancy levels. The inability to maintain positive property-level profitability warrants further investigation into whether the current operating model can be scaled or if the portfolio requires significant rationalization.
According to the company's recent income statements, FFO has remained consistently negative throughout 2025 and early 2026, with FFO per share reaching -0.13 in 2026Q1, highlighting a persistent inability to generate positive cash flow from operations after accounting for necessary real estate adjustments.
The transition from positive FFO in late 2024 to sustained losses suggests that the company's capital structure and operational overhead are not currently supported by its underlying asset yields. This trajectory raises concerns regarding the long-term safety of distributions and the potential for further equity dilution if the company continues to burn cash to fund operations.
Financial data indicates that the company's net margin of -61.13% reflects deep-seated operational inefficiencies, as the firm struggles to reconcile its asset-heavy ownership model with the high costs of maintaining urban parking infrastructure in a period of declining demand.
While management may point to the intrinsic value of the land, the current income statement suggests that the core business is not yet a viable going concern without significant operational pivots. Investors should be wary of the assumption that land-use conversion will provide a near-term floor for valuation, as the current cash burn appears to be a more immediate and pressing risk.
Quick answers to the most common questions about buying BEEP stock.
For fiscal year 2025, Mobile Infrastructure Corporation (BEEP) reported total revenue of $35.1M.
Mobile Infrastructure Corporation (BEEP) reported a net loss of $21.4M for the fiscal year ending 2025.
Mobile Infrastructure Corporation (BEEP) reported an operating income of $0.6M, resulting in an operating profit margin of 1.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Mobile Infrastructure Corporation (BEEP) generated $-0.4M in gross profit for the year, representing a gross profit margin of -1.2%. This demonstrates the company's core pricing power and production efficiency.