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Mobile Infrastructure Corp (BEEP)
:BEEP
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Mobile Infrastructure Corp
(NYSE MKT:BEEP)
48Neutral
Positive Factors
Growth Strategy
Asset rotation, involving selling underperforming facilities and acquiring new ones with higher yields, is expected to drive earnings growth.
Market Position
BEEP is an institutional-size owner of parking facilities in a very large and highly fragmented market.
Undervaluation
Shares are significantly undervalued, trading at a lower EV/EBITDA multiple compared to peers.
Negative Factors
Earnings Expectations
BEEP reported 4Q24 results with revenue and adjusted EBITDA below expectations.
Financial Performance
1Q25 results showed revenue and adjusted EBITDA below expectations due to seasonal weakness and location-specific obstacles.
Interest Rates
Higher interest rates pose a valuation challenge for lower-cap-rate assets like parking properties and increase near-term refinancing risk.
Mobile Infrastructure Corp (BEEP) vs. S&P 500 (SPY)
Market Cap
$159.42M
Dividend YieldN/A
Average Volume (3M)26.41K
Price to Earnings (P/E)―
Beta (1Y)0.97
Revenue Growth13.81%
EPS Growth89.84%
CountryUS
Employees18
SectorIndustrials
Sector Strength89
IndustryIndustrial - Infrastructure Operations
Share Statistics
EPS (TTM)-0.10
Shares Outstanding42,400,000
10 Day Avg. Volume23,367
30 Day Avg. Volume26,413
Financial Highlights & Ratios
PEG Ratio-0.42
Price to Book (P/B)0.73
Price to Sales (P/S)0.00
P/FCF Ratio-126.98
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$7.00Price Target Upside86.17% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
Mobile Infrastructure Corp Business Overview & Revenue Model
Company DescriptionMobile Infrastructure Corporation (the Company, we, us or our), is a Maryland corporation formed on May 4, 2015. The Company focuses on acquiring, owning and leasing parking facilities and related infrastructure, including parking lots, parking garages and other parking structures throughout the United States. The Company targets both parking garage and surface lot properties primarily in top 50 U.S. Metropolitan Statistical Areas (MSAs), with proximity to key demand drivers, such as commerce, events and venues, government and institutions, hospitality and multifamily central business districts. As of June 30, 2023, the Company owned 43 parking facilities in 21 separate markets throughout the United States, with a total of 15,676 parking spaces and approximately 5.4 million square feet. The Company also owns approximately 0.2 million square feet of retail/commercial space adjacent to its parking facilities.
How the Company Makes MoneyMobile Infrastructure Corp makes money primarily through the leasing of its mobile network infrastructure, such as cell tower sites, to major mobile network operators. These operators pay rental fees to access BEEP's infrastructure, enabling them to expand and enhance their network coverage. Additionally, the company may engage in partnerships with technology firms and service providers to develop and deploy advanced network solutions, which can further contribute to its revenue streams. Other potential sources of income include the sale or lease of developed land and infrastructure to other companies in related sectors.
Mobile Infrastructure Corp Financial Statement Overview
Summary
Mobile Infrastructure Corp shows revenue growth and improved cash flows. However, persistent profitability challenges, such as negative net income and high leverage, pose significant risks. The balance sheet is improving with stronger equity, but cash flow issues highlight the need for strategic improvements.Income Statement
Mobile Infrastructure Corp has shown revenue growth in recent years, with a notable increase from $30.27M in 2023 to $37.01M in 2024. However, the company has consistently reported negative net income, leading to a negative net profit margin. The gross profit margin improved slightly from 69.7% in 2023 to 61.2% in 2024, indicating better cost management. The EBIT and EBITDA margins remain concerning, with EBIT at 0% in 2024 and EBITDA at 37.4%, indicating challenges in operational efficiency and profitability.45
Neutral
Balance Sheet
The company's equity has strengthened, increasing from $109.39M in 2023 to $169.98M in 2024, enhancing the equity ratio to 41%. The debt-to-equity ratio has decreased, indicating improved financial stability, but the overall leverage remains high. The return on equity is negative due to persistent losses, posing a risk to investor returns.55
Neutral
Cash Flow
Operating cash flow has improved from -$2.12M in 2023 to -$0.78M in 2024, suggesting better cash management, though it remains negative. Free cash flow is still negative but has shown signs of improvement. The operating cash flow to net income ratio indicates that the company is still struggling to translate its revenue into positive cash flow.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 37.01M | 30.27M | 29.10M | 20.42M | 16.59M | Gross Profit |
| 22.63M | 21.11M | 19.27M | 13.46M | 16.59M | EBIT |
| 0.00 | -5.15M | -5.69M | -3.53M | -1.91M | EBITDA |
| 13.85M | -15.82M | 2.83M | 2.35M | -24.57M | Net Income Common Stockholders |
| -5.76M | -25.12M | -8.12M | -11.06M | -26.47M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 10.65M | 11.13M | 5.76M | 11.80M | 4.24M | Total Assets |
| 415.06M | 423.24M | 436.11M | 429.15M | 293.73M | Total Debt |
| 213.16M | 192.90M | 219.68M | 207.15M | 159.34M | Net Debt |
| 202.50M | 181.77M | 213.92M | 195.35M | 155.11M | Total Liabilities |
| 225.79M | 220.28M | 249.10M | 223.32M | 159.34M | Stockholders Equity |
| 169.98M | 109.39M | 87.33M | 98.45M | 108.78M |
| Cash Flow | Free Cash Flow | |||
| -1.29M | -3.95M | -1.07M | -20.77M | -6.31M | Operating Cash Flow |
| -784.00K | -2.13M | 1.51M | -20.06M | -6.31M | Investing Cash Flow |
| 4.24M | -346.00K | -19.44M | -20.25M | 1.49M | Financing Cash Flow |
| -4.34M | 8.21M | 12.21M | 48.97M | 1.07M |
Mobile Infrastructure Corp Technical Analysis
Negative
3.76
Price Trends
4.02
Negative
3.97
Negative
3.58
Positive
Market Momentum
-0.07
Positive
41.08
Neutral
29.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BEEP, the sentiment is Negative. The current price of 3.76 is below the 20-day moving average (MA) of 4.01, below the 50-day MA of 4.02, and above the 200-day MA of 3.58, indicating a neutral trend. The MACD of -0.07 indicates Positive momentum. The RSI at 41.08 is Neutral, neither overbought nor oversold. The STOCH value of 29.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BEEP.
Mobile Infrastructure Corp Risk Analysis
Mobile Infrastructure Corp disclosed 83 risk factors in its most recent earnings report. Mobile Infrastructure Corp reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Mobile Infrastructure Corp Peers Comparison
Overall Rating
UnderperformOutperform
Sector (64)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $4.43B | 12.01 | 5.15% | 249.50% | 3.98% | -11.60% | |
54 Neutral | $202.26M | ― | -45.64% | ― | -9.61% | -18170.36% | |
49 Neutral | $205.19M | ― | -53.62% | ― | -20.63% | -611.23% | |
48 Neutral | $159.42M | ― | -5.55% | ― | 13.81% | 89.84% | |
41 Neutral | $160.76M | 124.65 | -49.98% | ― | -2.76% | -586.31% | |
40 Underperform | $215.89M | ― | -213.73% | ― | -16.86% | 50.05% |
* Industrials Sector Average
Performance Comparison
BEEP
Mobile Infrastructure Corp
3.76
0.26
7.43%
FORR
Forrester Research
10.61
-8.21
-43.62%
GENC
Gencor
13.98
-6.29
-31.03%
EAF
GrafTech International
0.91
-0.83
-47.70%
SLND
Southland Holdings
3.80
-1.00
-20.83%
FLX
BingEx Ltd. ADR
2.26
-14.23
-86.29%
Mobile Infrastructure Corp Earnings Call Summary
Earnings Call Date:May 12, 2025
(Q1-2025)
| % Change Since: -6.47%|
Next Earnings Date:Aug 19, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed outlook with strategic progress offset by significant short-term challenges. While strategic initiatives around contract conversions and portfolio optimization are advancing and showing promise, immediate financial metrics such as revenue and NOI have been negatively impacted by external and operational factors.Q1-2025 Updates
Positive Updates
Strategic Pillars on Track
The conversion of the core portfolio into management agreements is progressing, with 29 out of 40 garages now under management contracts. By the end of 2025, 75% of the portfolio will be managed under these contracts, improving rate autonomy and data transparency.
Successful Asset Sales
Last year's sale of three assets at sub-2% capitalization rate confirmed significant latent value in real estate holdings, supporting the ongoing strategy to rotate non-core assets.
Contract Volume Increase
Business development outreach secured over 250 net new monthly contracts, lifting contract volume sequentially, indicating effective go-to-market discipline.
Balance Sheet Improvements
The company maintained a $40 million credit facility to reduce preferred stock conversions, and the preferred outstanding decreased to $19 million from $39.5 million at the start of last year.
Negative Updates
Seasonal and External Headwinds
Top-line growth was muted by seasonal factors, harsh weather, and construction disruptions, including the convention center closure in Cincinnati.
Revenue Decline
GAAP revenue decreased by 6.7% year-over-year, with first-quarter revenue at $8.2 million compared to $8.8 million in the previous year.
Operating Expense Increase
Property operating expenses rose from $1.5 million to $1.9 million, primarily due to the shift to management contracts and related accounting treatments.
Detroit Asset Challenges
The Detroit location, a significant asset, faced continued headwinds, affecting revenue per available stall (RevPAS) and overall portfolio performance.
Net Operating Income Decline
Net operating income (NOI) decreased by 17% from last year's first quarter, mainly due to the absence of $600,000 in prior period revenue.
Company Guidance
During the Mobile Infrastructure Corporation's first quarter 2025 earnings call, the management provided several key metrics and guidance for the year. They maintained their 2025 guidance with expected revenues between $37 million and $40 million and projected net operating income (NOI) ranging from $23.5 million to $25 million, representing a 7% year-over-year growth at the midpoint. Adjusted EBITDA is anticipated to be between $16.5 million and $18 million. The company reported first-quarter revenue of $8.2 million, a decrease of 6.7% from the prior year, attributed to seasonal factors and specific challenges such as harsh weather and construction disruptions. The shift to management contracts is leading to stable accrual-based revenue, with a notable improvement in parking technology providing granular consumer insights. By the end of 2025, they aim to have 75% of their portfolio under management contracts, enhancing rate autonomy and data transparency. Additionally, they are exploring complementary revenue streams, including EV charging and autonomous vehicle fleet hubs, to enhance asset value and cash flow.Mobile Infrastructure Corp Corporate Events
Delistings and Listing ChangesBusiness Operations and Strategy
Mobile Infrastructure Corp Transfers Listing to Nasdaq
Positive
May 12, 2025
On May 12, 2025, Mobile Infrastructure Corp announced its decision to transfer the listing of its common stock from the NYSE American to Nasdaq, with trading on Nasdaq commencing on May 23, 2025. The company reported stable first quarter 2025 revenue, despite a decrease in total revenue compared to the previous year, and highlighted its ongoing portfolio optimization and asset rotation strategy to enhance long-term growth. The transfer to Nasdaq is expected to enhance liquidity and attract a broader shareholder base, aligning with the company’s strategic goals.
The most recent analyst rating on (BEEP) stock is a Buy with a $7.00 price target. To see the full list of analyst forecasts on Mobile Infrastructure Corp stock, see the BEEP Stock Forecast page.
Spark’s Take on BEEP Stock
According to Spark, TipRanks’ AI Analyst, BEEP is a Neutral.
Mobile Infrastructure Corp shows potential with revenue growth and strategic shifts in asset management. However, persistent negative net income and cash flow issues are significant risks. Technical indicators suggest a neutral stance, while valuation indicates potential undervaluation. Positive guidance from the earnings call is tempered by operational challenges.
To see Spark’s full report on BEEP stock, click here.
Private Placements and FinancingBusiness Operations and StrategyFinancial Disclosures
Mobile Infrastructure Corp Reports 2024 Financial Improvements
Positive
Mar 10, 2025
Mobile Infrastructure Corporation reported significant financial improvements for the fourth quarter and full year of 2024, including a narrowed net loss and increased revenues. The company successfully transitioned many assets to management contracts, enhancing operational control and analytics, and completed substantial refinancing to strengthen its balance sheet. Looking forward, Mobile Infrastructure plans to accelerate portfolio optimization from 2025 to 2027, with expectations of continued growth driven by trends such as increased demand for 24/7 parking access and potential developments near its locations.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.