Mobile Infrastructure Corp (BEEP) FY2025 10-K Annual Report
Mobile Infrastructure Corp (BEEP) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 5, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Mobile Infrastructure Corp FY2025 10-K Analysis
Business Overview
- • Core business: Acquisition, ownership, and optimization of parking facilities and related infrastructure in top 50 U.S. MSAs
- • New emphasis on converting assets to management contracts from leases; 28 of 36 assets converted as of 2026, aiming full conversion by end of 2027
- • Strategic shift to increase transient and contract parking mix and pursue ancillary revenue sources like EV charging and 5G technology integration
- • Employee count 18 as of December 31, 2025, aligned with business pace and operational needs
- • Completed Merger with Fifth Wall Acquisition Corp. III in August 2023, providing Nasdaq listing and improved equity capital access
Management Discussion & Analysis
- • Revenue $35.1M, down 5.2% YoY from $37.0M; managed property revenue up 2.8% to $28.6M, base and percentage rental income down 12.9% and 64.2%
- • Net Operating Income $20.7M, down 8.5% YoY from $22.6M; Operating expenses up 7.7% to $38.2M driven by 25.9% higher depreciation and increased impairment ($3.8M vs $0.2M)
- • Best segment: managed properties revenue up 2.8% ($28.6M vs $27.8M); Worst: percentage rental income down 64.2% ($1.1M vs $3.0M)
- • Cash: Operating cash flow +$0.8M vs -$0.8M prior year; investing activities +$16.3M driven by asset sales; financing uses $17.7M including debt payments, redemptions, and $10M share repurchase plan funded partly by $40.4M Line of Credit
- • Forward outlook: focus on debt refinancing and real estate sales to alleviate going concern doubts; pipeline of acquisitions identified; dividends on preferred stock ongoing, common stock distributions remain suspended
Risk Factors
- • Regulatory risk from emerging technologies like AI, potential legal/regulatory actions and reputational harm (no specific law cited)
- • Geopolitical/macroeconomic risk from heavy reliance on demand for parking facilities, lacking portfolio diversification
- • Operational risk from potential failure or security breach in technology networks and related systems impacting business continuity
- • Competitive risk from key-person dependency on Ms. Hogue (CEO), Mr. Chavez (Exec Chairman), and Mr. Osher (Board member with >50% voting control)
- • Financial risk from significant debt with Line of Credit maturing March 31, 2026, plus restrictive covenants risking default and acceleration
Mobile Infrastructure Corp FY2025 Key Financial MetricsXBRL
Revenue
$35M
▼ -5.2% YoY
Net Income
-$21M
▼ -271.9% YoY
Net Margin
-61.1%
▼ -4555bp YoY
ROE
-15.2%
▼ -1178bp YoY
Total Assets
$382M
▼ -7.9% YoY
EPS (Diluted)
$-0.55
▼ -129.2% YoY
Operating Cash Flow
$848,000
▲ +208.2% YoY
Source: XBRL data from Mobile Infrastructure Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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