Mobile Infrastructure Corp (BEEP) Q2 2026 Earnings Report

Overall the call was constructive and tilted positive: management reported broad-based operational improvement (utilization, RevPAS, contract volumes), strong same-location NOI and adjusted EBITDA growth, active deleveraging and asset rotation progress, and reaffirmed full-year guidance. Remaining negatives include a slight decline in reported revenue due to dispositions, pockets of higher operating/G&A expense, continued material net debt, timing and execution risk on asset sales, and uncertainty related to a take-private proposal.

Management reaffirmed full‑year 2026 guidance calling for total revenue of $35.0M–$38.0M (≈4% growth at the midpoint vs. 2025; ≈8% same‑location), NOI of $21.5M–$23.0M (≈7% YoY at midpoint; ≈10% same‑location) and adjusted EBITDA of $15.0M–$16.5M (≈10% YoY at midpoint; ≈13% same‑location); that outlook excludes any future asset sales and is driven by continued contract volume growth, venue reopenings and pricing/technology initiatives. Management pointed to Q2 momentum underpinning the guidance: same‑location NOI +12% to $5.9M, same‑location revenue +5.6%, contract volumes +12% YoY (+7% sequential), transient transactions +3% YoY, RevPAS ≈ $225 in the quarter (T12M RevPAS > $200), trailing‑12‑month utilization 70% (up 5 ppt YoY), Q2 adjusted EBITDA $4.1M (+5.5% YoY), cash $10.9M, total net debt $197.1M (Q2 paydowns of $3.7M principal and $0.8M accrued interest; $22.6M total debt repaid YTD), and asset‑rotation proceeds >$30M with ~ $25M of transactions under negotiation.