Short answer
Mobile Infrastructure Corp (BEEP) filed its fiscal 2025 10-K annual report with the SEC on Mar 5, 2026. It reported revenue of $35M (−5.2% year over year) and net income of −$21M.
- Top risk flagged: Regulatory risk from emerging technologies like AI, potential legal/regulatory actions and reputational harm (no specific law cited)
FY2025 key financial metrics · XBRL
- Revenue
- $35M
- −5.2% YoY
- Net income
- −$21M
- −271.9% YoY
- EPS (diluted)
- −$0.55
- −129.2% YoY
- ROE
- -15.2%
- −11.8 pp YoY
- Operating cash flow
- $848,000
- +208.2% YoY
Source: XBRL data from the Mobile Infrastructure Corp (BEEP) FY2025 10-K on SEC EDGAR. USD.
Mobile Infrastructure Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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