Mobile Infrastructure Corporation (formerly Fifth Wall Acquisition Corp. III) reported its financial results for the three and nine months ended September 30, 2024, highlighting significant changes in revenue, expenses, and net loss compared to the same periods in 2023.
For the third quarter of 2024, total revenues increased to $9.8 million, up from $8.1 million in Q3 2023, marking a 21.0% rise. This growth was primarily driven by the conversion of 29 out of 41 parking facilities to management contracts, allowing the company to recognize all parking transaction revenues. For the nine months ended September 30, 2024, total revenues reached $27.9 million, a 24.4% increase from $22.4 million in the same period last year.
Total expenses for the third quarter of 2024 were $8.8 million, significantly reduced from $34.8 million in Q3 2023, a decrease of 74.6%. This reduction was attributed to lower general and administrative expenses, which fell by $1.5 million, and a decrease in organizational costs related to the merger. For the nine-month period, total expenses decreased to $27.1 million from $49.6 million, a 45.3% decline.
Despite the revenue growth and expense reductions, the company reported a net loss of $1.9 million for the third quarter of 2024, an improvement from a net loss of $24.6 million in Q3 2023. For the nine months ended September 30, 2024, the net loss was $7.3 million, down from $31.7 million in the prior year. The loss attributable to stockholders also improved, with a net loss of $1.3 million for Q3 2024 compared to $17.8 million in Q3 2023.
As of September 30, 2024, total assets were $418.2 million, slightly down from $423.2 million at the end of 2023. Total stockholders’ equity increased to $134.8 million from $131.2 million, while total equity decreased to $197.3 million from $203.0 million. The company reported cash of $8.7 million, down from $11.1 million at the end of 2023.
In terms of strategic developments, the company has initiated a share repurchase program of up to $10 million, funded by proceeds from a new $40.4 million line of credit. Additionally, the company has identified a pipeline of acquisition opportunities for parking facilities but plans to hold off on pursuing these until market conditions improve. The company also began redeeming shares of Series A and Series 1 Preferred Stock for cash in September 2024.
Overall, Mobile Infrastructure Corporation's financial performance for the third quarter and nine months ended September 30, 2024, reflects a positive trend in revenue growth and expense management, despite ongoing net losses and challenges related to debt obligations.