RevPAS I c eases 16% D ive by Utilizatio Imp oveme t
Co t act Volumes Up 13% a d T a sie t Volumes Up 11%
Co fe e ce Call to be held at 4:30 PM Easte Time Today
CINCINNATI, Nov. 10, 2026 (GLOBE NEWSWIRE) — Mobile I f ast uctu e Co po atio (Nasdaq: BEEP), (“Mobile”, “Mobile I f ast uctu e” o the “Compa y”), the atio ’s o ly publicly t aded ow e of pa ki g i f ast uctu e, today epo ted esults fo the th ee a d i e mo ths e ded Septembe 30, 2026.
“We a e pleased with ou thi d qua te esults, ma ki g Mobile’s st o gest ope ati g qua te of 2026, buildi g st o g mome tum headi g i to 2027, a d achievi g ou highest utilizatio a d RevPAS to date,” said Stepha ie Hogue, Chief Executive Office . “At the sta t of the yea , we discussed ou st ategy of buildi g utilizatio fi st, establishi g a la ge a d mo e du able base of ecu i g a d t a sie t dema d, a d followi g this with imp oved, sustai able p ici g as utilizatio imp oves. Ou esults i the thi d qua te evide ce st o g executio as ou st ategy t a slates i to ea i gs imp oveme t. Same-Locatio Reve ue g ew 12.8% a d Same-Locatio NOI i c eased 18.4%, ma ki g ou thi d co secutive qua te of Same-Locatio NOI g owth a d a clea accele atio f om the fi st half of the yea .
“I the thi d qua te , ou g owth was p i cipally volume-d ive . Utilizatio ose app oximately 13 pe ce tage poi ts yea -ove -yea a d RevPAS i c eased app oximately 16%, eachi g its highest level si ce we bega t acki g the measu e i 2023. Mo thly pa ki g is the fou datio of that p og ess. Baseli e co t act volumes g ew app oximately 13%, suppo ted by eside tial dema d, comme cial elatio ships, a d ta geted busi ess developme t, with Ci ci ati, Fo t Wo th, a d Det oit amo g the leadi g co t ibuto s. Recu i g co t acts give us g eate eve ue visibility a d a mo e stable base f om which to optimize t a sie t i ve to y, which suppo ts imp oved p ici g ove time. T a sie t dema d be efited f om a active summe eve t cale da a d a g owi g sha e of thi d-pa ty ese vatio s, with otable st e gth i Chicago, Ci ci ati, a d Nashville. We have delibe ately p io itized utilizatio a d custome elatio ships, a d we expect to achieve p ici g powe as mo e of the po tfolio eaches stabilized utilizatio .
“We co ti ue to execute ou discipli ed capital allocatio st ategy. To date, we have ge e ated app oximately $33 millio of p oceeds u de ou th ee-yea $100 millio asset otatio p og am, at a weighted-ave age capitalizatio ate of app oximately 2%. These p ivate-ma ket valuatio s ei fo ce the u de lyi g value of ou po tfolio a d the disco ect f om ou cu e t sha e p ice. Ou p io ities emai clea : maximize the pe fo ma ce of ou existi g assets, imp ove po tfolio quality a d st e gthe the bala ce sheet, all to build lo g-te m sha eholde value,” Ms. Hogue co cluded.
- Total eve ue was $9.6 millio , up 5.5%, as compa ed to $9.1 millio i the p io -yea pe iod a d $8.9 millio i Q2.
- Same-Locatio Reve ue was $9.6 millio , up 12.8%, as compa ed to $8.5 millio i the p io -yea pe iod.
- Net loss was $2.6 millio as compa ed to $6.4 millio i the p io -yea pe iod a d $3.2 millio i Q2.
- NOI* was $6.3 millio as compa ed to $5.5 millio i the p io -yea pe iod, a i c ease of 13.6% yea -ove -yea .
- Same-Locatio NOI* was $6.3 millio as compa ed to $5.3 millio i the p io -yea pe iod, a i c ease of 18.4% yea -ove -yea .
- Adjusted EBITDA* was $4.8 millio as compa ed to $3.9 millio i the p io -yea pe iod, a i c ease of 23.2% yea -ove -yea .
- Co t act pa ki g volumes g ew app oximately 13% yea -ove -yea , suppo ted by co ti ued st e gth i eside tial a d etu -to-office mome tum.
* Expla atio s of these o -GAAP fi a cial measu es a d eco ciliatio to the most compa able GAAP fi a cial measu es a e p ese ted late i this p ess elease.
Total eve ue of $9.6 millio i c eased by 5.5% f om $9.1 millio i the p io -yea qua te . Same-Locatio Reve ue was $9.6 millio , a i c ease of 12.8% compa ed to $8.5 millio i the thi d qua te of 2025. Reve ue i c eases a e p ima ily due to g owth i ma aged p ope ty eve ue d ive by co t act a d t a sie t volume i c eases.
Total p ope ty taxes a d ope ati g expe ses we e $3.3 millio , as compa ed to $3.6 millio du i g the thi d qua te of 2025.
Ge e al a d admi ist ative expe ses we e $2.3 millio , which i cluded $0.8 millio of o -cash compe satio , compa ed to $2.4 millio du i g the thi d qua te of 2025, which i cluded $0.8 millio of o -cash compe satio .
I te est expe se was $4.8 millio compa ed to $4.6 millio i the thi d qua te of 2025.
Net loss was $2.6 millio , a imp oveme t f om $6.4 millio i the p io -yea pe iod, which i cluded a o -cash $2.5 millio impai me t of eal estate.
Same-Locatio Net Ope ati g I come (“Same-Locatio NOI”), defi ed by the Compa y as total eve ues less p ope ty taxes a d ope ati g expe ses fo the 35 p ope ties ow ed du i g both epo ted pe iods, was $6.3 millio , up 18.4% f om $5.3 millio i the p io -yea pe iod. G owth was d ive p ima ily by co t act a d t a sie t volume i c eases togethe with discipli ed ope ati g expe se co t ol. Adjusted EBITDA was $4.8 millio compa ed to $3.9 millio i the p io -yea pe iod.
Reve ue Pe Available Stall (“RevPAS”) was $245.83, compa ed to $211.53 i the thi d qua te of 2025 a d $224.96 i the seco d qua te of 2026. T aili g twelve-mo th RevPAS was $211.22, compa ed to $202.53 a yea ea lie . Po tfolio utilizatio was up app oximately 13 pe ce tage poi ts yea -ove -yea i the thi d qua te a d app oximately 8 pe ce tage poi ts o a t aili g twelve-mo th basis, eflecti g co ti ued co t act g owth a d the eope i g of seve al dema d-d ivi g ve ues ac oss the po tfolio d ivi g t a sie t volumes.
At Septembe 30, 2026, the Compa y had $10.6 millio i cash, cash equivale ts a d est icted cash, compa ed to $15.3 millio at Decembe 31, 2025. As of Septembe 30, 2026, total debt outsta di g, et, i cludi g outsta di g bo owi gs u de the Li e of C edit a d otes payable, was $198.3 millio , dow f om $207.7 millio at yea e d 2025.
The Compa y is eite ati g its full yea 2026 guida ce a ge as i itially p ovided with fou th qua te a d full yea 2025 esults. Based o ou esults to date, fo full yea 2026, the Compa y expects eve ue to be at the low e d of the a ge of $35 millio to $38 millio .
The Compa y expects NOI to a ge f om $21.5 millio to $23.0 millio , ep ese ti g yea -ove -yea g owth of 7% at the midpoi t, a d 10% g owth o a same-locatio basis. The Compa y expects adjusted EBITDA to a ge f om $15.0 millio to $16.5 millio , ep ese ti g yea -ove -yea g owth of 10% at the midpoi t, a d 13% g owth o a same-locatio basis.
This guida ce is suppo ted by expectatio s fo co ti ued co t act volume g owth, the eope i g a d e ha ceme t of seve al ve ues, a d the positive impact f om tech ology optimizatio ac oss the Compa y’s co e po tfolio o p ici g a d utilizatio . The guida ce does ot eflect a y pote tial futu e asset sales o acquisitio s f om the asset otatio pla .
**The Compa y does ot p ovide a eco ciliatio fo o -GAAP estimates o a fo wa d-looki g basis, whe e it is u able to p ovide a mea i gful o accu ate calculatio o estimatio of eco cili g items a d the i fo matio is ot available without u easo able effo t.
Mobile will hold a co fe e ce call to discuss its thi d qua te 2026 esults o Novembe 10, 2026, at 4:30 p.m. ET.
Pa ticipa ts who wish to access the live co fe e ce call may do so by egiste i g he e. Upo egist atio , a dial-i a d u ique PIN will be p ovided to joi the call.
A live, liste -o ly webcast of the co fe e ce call may be accessed f om the I vesto Relatio s sectio of the Compa y’s website, o by egiste i g he e.
Fo those who a e u able to liste to the live b oadcast, a eplay of the webcast will be available i the “News & Eve ts” sectio of the I vesto Relatio s website u de “IR Cale da ” fo o e yea .
Ce tai stateme ts co tai ed i this p ess elease a e fo wa d-looki g stateme ts, withi the mea i g of the P ivate Secu ities Litigatio Refo m Act of 1995. All stateme ts i cluded i this p ess elease that a e ot histo ical facts (i cludi g a y stateme ts co ce i g ou et ope ati g i come a d eve ue p ojectio s, ou assessme t of va ious t e ds impacti g ou eco omic pe fo ma ce, the effects of impleme tatio of st ategic model cha ges, othe pla s a d objectives of ma ageme t fo futu e ope atio s o eco omic pe fo ma ce, o assumptio s o fo ecasts elated the eto) a e fo wa d-looki g stateme ts. Fo wa d-looki g stateme ts a e typically ide tified by the use of te ms such as “may,” “should,” “expect,” “could,” “i te d,” “pla ,” “a ticipate,” “estimate,” “believe,” “co ti ue,” “p edict,” “pote tial” o the egative of such te ms a d othe compa able te mi ology.
The fo wa d-looki g stateme ts i cluded he ei a e based upo the Compa y’s cu e t expectatio s, pla s, estimates, assumptio s a d beliefs, which i volve ume ous isks a d u ce tai ties. Although the Compa y believes that the expectatio s eflected i such fo wa d-looki g stateme ts a e based o easo able assumptio s, the actual esults a d pe fo ma ce could diffe mate ially f om those set fo th i the fo wa d-looki g stateme ts. Facto s which could have a mate ial adve se effect o ope atio s a d futu e p ospects a e discussed i the sectio s titled “Risk Facto s” a d “Ma ageme t’s Discussio a d A alysis of Fi a cial Co ditio a d Results of Ope atio s” i cluded i the Compa y’s A ual Repo t o Fo m 10-K a d Qua te ly Repo ts o Fo m 10-Q, filed with the Secu ities a d Excha ge Commissio f om time to time.
All fo wa d-looki g stateme ts a e made as of the date of this p ess elease. Except as othe wise equi ed by the fede al secu ities laws, the Compa y u de takes o obligatio to publicly update o evise a y fo wa d-looki g stateme ts.
Mobile I f ast uctu e Co po atio is a Ma yla d co po atio . The Compa y ow s a dive sified po tfolio of pa ki g assets th oughout the U ited States. As of Septembe 30, 2026, the Compa y ow ed 35 pa ki g facilities i 18 sepa ate ma kets th oughout the U ited States, with a total of 13,200 pa ki g spaces a d app oximately 4.6 millio squa e feet. The Compa y also ow s app oximately 0.1 millio squa e feet of etail/comme cial space adjace t to its pa ki g facilities. Lea mo e at www.mobileit.com.
| I vestme ts i eal estate | La d a d imp oveme ts | $ | 142,584 | $ | 150,566 | Buildi gs a d imp oveme ts | 236,590 | 244,627 | Co st uctio i p og ess | 1,060 | 87 | I ta gible assets | 5,717 | 5,717 | 385,951 | 400,997 | Accumulated dep eciatio a d amo tizatio | (44,136 | ) | (38,860 | ) | Total i vestme ts i eal estate, et | 341,815 | 362,137 | Cash a d cash equivale ts | 4,879 | 8,349 | Cash – est icted | 5,717 | 6,935 | Accou ts eceivable, et | 3,181 | 3,985 | Othe assets | 1,462 | 1,058 | Total assets | $ | 357,054 | $ | 382,464 | Notes payable, et | $ | 175,395 | $ | 181,771 | Li e of c edit | 22,927 | 25,895 | Accou ts payable a d acc ued expe ses | 14,037 | 15,196 | Acc ued p efe ed dist ibutio s a d edemptio s | 81 | 67 | Due to elated pa ties | 490 | 490 | Total liabilities | 212,930 | 223,419 | Mobile I f ast uctu e Co po atio Stockholde s’ Equity | P efe ed stock Se ies A, $0.0001 pa value, 50,000 sha es autho ized, 576 a d 1,296 sha es issued a d outsta di g, with a stated liquidatio value of $576,000 a d $1,296,000 as of Septembe 30, 2026 a d Decembe 31, 2025, espectively | — | — | P efe ed stock Se ies 1, $0.0001 pa value, 97,000 sha es autho ized, 12,590 a d 13,315 sha es issued a d outsta di g, with a stated liquidatio value of $12,590,000 a d $13,315,000 as of Septembe 30, 2026 a d Decembe 31, 2025, espectively | — | — | P efe ed stock Se ies 2, $0.0001 pa value, 60,000 sha es autho ized, 46,000 issued a d co ve ted (stated liquidatio value of ze o as of Septembe 30, 2026 a d Decembe 31, 2025) | — | — | Wa a ts issued a d outsta di g – ze o a d 2,553,192 wa a ts as of Septembe 30, 2026 a d Decembe 31, 2025, espectively | — | 3,319 | Commo stock, $0.0001 pa value, 500,000,000 sha es autho ized, 39,378,079 a d 39,662,049 sha es issued a d outsta di g as of Septembe 30, 2026 a d Decembe 31, 2025, espectively | 2 | 2 | Additio al paid-i capital | 302,872 | 299,446 | Accumulated deficit | (173,833 | ) | (161,496 | ) | Total Mobile I f ast uctu e Co po atio Stockholde s’ Equity | 129,041 | 141,271 | No -co t olli g i te est | 15,083 | 17,774 | Total equity | 144,124 | 159,045 | Total liabilities a d equity | $ | 357,054 | $ | 382,464 |
| Ma aged p ope ty eve ue | $ | 8,544 | $ | 7,673 | $ | 22,927 | $ | 21,659 | Base e tal i come | 1,013 | 1,279 | 3,113 | 4,185 | Pe ce tage e tal i come | 27 | 134 | 369 | 469 | Total eve ues | 9,584 | 9,086 | 26,409 | 26,313 | P ope ty taxes | 1,688 | 1,761 | 4,646 | 5,412 | P ope ty ope ati g expe se | 1,642 | 1,820 | 5,051 | 5,497 | Dep eciatio a d amo tizatio | 1,762 | 2,874 | 5,365 | 7,822 | Ge e al a d admi ist ative | 2,250 | 2,438 | 7,256 | 7,230 | Impai me t | — | 2,545 | — | 2,545 | Total expe ses | 7,342 | 11,438 | 22,318 | 28,506 | I te est expe se, et | (4,781 | ) | (4,568 | ) | (14,634 | ) | (13,908 | ) | Loss o exti guishme t of debt | — | — | (2,044 | ) | — | Loss o sale of eal estate | — | — | (1,115 | ) | — | Othe i come (expe se), et | (11 | ) | 34 | 125 | (15 | ) | Cha ge i fai value of Ea -Out liability | — | 458 | — | 693 | Total othe expe se | (4,792 | ) | (4,076 | ) | (17,668 | ) | (13,230 | ) | Net loss | (2,550 | ) | (6,428 | ) | (13,577 | ) | (15,423 | ) | Net loss att ibutable to o -co t olli g i te est | (221 | ) | (625 | ) | (1,240 | ) | (1,480 | ) | Net loss att ibutable to Mobile I f ast uctu e Co po atio ’s stockholde s | $ | (2,329 | ) | $ | (5,803 | ) | $ | (12,337 | ) | $ | (13,943 | ) | P efe ed stock dist ibutio s decla ed – Se ies A | (13 | ) | (26 | ) | (49 | ) | (81 | ) | P efe ed stock dist ibutio s decla ed – Se ies 1 | (175 | ) | (209 | ) | (537 | ) | (671 | ) | Net loss att ibutable to Mobile I f ast uctu e Co po atio ’s commo stockholde s | $ | (2,517 | ) | $ | (6,038 | ) | $ | (12,923 | ) | $ | (14,695 | ) | Basic a d diluted loss pe weighted ave age commo sha e: | Net loss pe sha e att ibutable to Mobile I f ast uctu e Co po atio ’s commo stockholde s – basic a d diluted | $ | (0.06 | ) | $ | (0.15 | ) | $ | (0.33 | ) | $ | (0.36 | ) | Weighted ave age commo sha es outsta di g, basic a d diluted | 39,355,655 | 40,737,762 | 39,350,880 | 40,641,426 |
Net Ope ati g I come (“NOI”) is p ese ted as a suppleme tal measu e of ou pe fo ma ce. Fo the th ee a d i e mo ths e ded Septembe 30, 2026 a d 2025, Same-Locatio NOI ep ese ts the NOI fo the 35 p ope ties that we e ow ed fo both cale da yea pe iods bei g compa ed. The Compa y believes that NOI p ovides useful i fo matio to i vesto s ega di g ou esults of ope atio s, as it highlights ope ati g t e ds such as p ici g a d dema d fo ou po tfolio at the p ope ty level as opposed to the co po ate level. NOI is calculated as total eve ues less p ope ty ope ati g expe ses a d p ope ty taxes. The Compa y uses NOI i te ally i evaluati g p ope ty pe fo ma ce, measu i g p ope ty ope ati g t e ds, a d valui g p ope ties i ou po tfolio. Othe eal estate compa ies may use diffe e t methodologies fo calculati g NOI, a d acco di gly, the Compa y’s NOI may ot be compa able to othe eal estate compa ies. NOI should ot be viewed as a alte ative measu e of fi a cial pe fo ma ce as it does ot eflect the impact of ge e al a d admi ist ative expe ses, dep eciatio a d amo tizatio , i te est expe se, othe i come a d expe ses, o the level of capital expe ditu es ecessa y to mai tai the ope ati g pe fo ma ce of the Compa y’s p ope ties that could mate ially impact esults f om ope atio s.
Adjusted Ea i gs Befo e I te est Expe se, Taxes, Dep eciatio a d Amo tizatio (“Adjusted EBITDA”) eflects et i come (loss) excludi g the impact of i te est expe se, dep eciatio a d amo tizatio , a d the p ovisio fo i come taxes, fo all pe iods p ese ted. Adjusted EBITDA also excludes ce tai ecu i g a d o – ecu i g items i cludi g, but ot limited to, stock-based compe satio expe se, o -cash cha ges i fai value of the Ea -Out Liability, gai s o losses f om dispositio of eal estate assets, impai me t w ite-dow s of dep eciable p ope ty, a d Othe I come, Net. Adjusted EBITDA should be co side ed alo g with, but ot as a alte ative to, et i come (loss), cash flow f om ope atio s o a y othe ope ati g GAAP measu e.
| Ma aged p ope ty eve ue | $ | 8,544 | $ | 7,255 | $ | 22,765 | $ | 20,459 | Base e tal i come | 1,013 | 1,105 | 3,030 | 3,635 | Pe ce tage e tal i come | 27 | 135 | 369 | 469 | 9,584 | 8,495 | 12.8 | % | 26,164 | 24,563 | 6.5 | % | P ope ty taxes | 1,688 | 1,670 | 4,696 | 5,093 | P ope ty ope ati g expe se | 1,642 | 1,541 | 4,935 | 4,697 | $ | 6,254 | $ | 5,284 | 18.4 | % | $ | 16,533 | $ | 14,773 | 11.9 | % | Net loss | $ | (2,550 | ) | $ | (6,428 | ) | $ | (13,577 | ) | $ | (15,423 | ) | Loss o exti guishme t of debt | — | — | 2,044 | — | Loss o sale of eal estate | — | — | 1,115 | — | Othe (i come) expe se, et | 11 | (34 | ) | (125 | ) | 15 | Cha ge i fai value of Ea -Out liability | — | (458 | ) | — | (693 | ) | I te est expe se, et | 4,781 | 4,568 | 14,634 | 13,908 | Dep eciatio a d amo tizatio | 1,762 | 2,874 | 5,365 | 7,822 | Ge e al a d admi ist ative | 2,250 | 2,438 | 7,256 | 7,230 | Impai me t | — | 2,545 | — | 2,545 | $ | 6,254 | $ | 5,505 | $ | 16,712 | $ | 15,404 | Less: 2025 a d 2026 Disposed Assets | — | (221 | ) | (179 | ) | (631 | ) | $ | 6,254 | $ | 5,284 | $ | 16,533 | $ | 14,773 |
| Net loss | $ | (2,550 | ) | $ | (6,428 | ) | $ | (13,577 | ) | $ | (15,423 | ) | I te est expe se, et | 4,781 | 4,568 | 14,634 | 13,908 | Dep eciatio a d amo tizatio | 1,762 | 2,874 | 5,365 | 7,822 | Impai me t | — | 2,545 | — | 2,545 | Cha ge i fai value of Ea -Out liability | — | (458 | ) | — | (693 | ) | Othe expe se, et | 11 | (34 | ) | (125 | ) | 15 | Loss o exti guishme t of debt | — | — | 2,044 | Loss o sale of eal estate | — | — | 1,115 | — | Equity based compe satio | 762 | 801 | 2,358 | 2,289 | $ | 4,766 | $ | 3,868 | $ | 11,814 | $ | 10,463 |
Reve ue Pe Available Stall (“RevPAS”) is used to evaluate pa ki g ope atio s a d pe fo ma ce. RevPAS is defi ed as ave age mo thly Pa ki g Reve ue (Pa ki g Reve ue less elated Sales Tax a d C edit Ca d Fees) divided by the pa ki g stalls i the locatio s that we e ow ed a d u de ma ageme t ag eeme t fo the pe iods p ese ted. Pa ki g Reve ue does ot i clude Billboa d o Comme cial Re t, o eve ue f om locatio s that a e u de Lease Ag eeme ts. The Compa y believes RevPAS is a mea i gful i dicato of ou pe fo ma ce because it measu es the pe iod-ove -pe iod cha ge i eve ues fo compa able locatio s.
