Mobile Infrastructure Corporation (MIC) reported its financial results for the second quarter of 2026, revealing a total revenue of $8.9 million, a slight decrease of 1.1% compared to $9.0 million in the same period last year. For the first half of 2026, total revenues amounted to $16.8 million, down 2.3% from $17.2 million in the first half of 2025. The decline in revenue was primarily attributed to the sale of several assets in late 2025 and early 2026, which reduced base rental income by approximately $0.8 million. Managed property revenue, however, increased by 4.3% year-over-year to $7.8 million, reflecting growth in contract revenue, particularly in the Cincinnati and Cleveland markets.
Operating expenses for the second quarter of 2026 totaled $7.4 million, a decrease of 16.5% from $8.8 million in the prior year. This reduction was driven by lower property taxes and depreciation expenses, which fell by 20.6% and 38.6%, respectively. The company reported a net loss of $3.2 million for the quarter, an improvement from a net loss of $4.7 million in the same quarter of 2025. For the first half of 2026, the net loss was $11.0 million, compared to a loss of $9.0 million in the first half of 2025, influenced by a $2.0 million loss on extinguishment of debt related to the sale of a parking garage in Hawaii.
As of June 30, 2026, MIC owned 35 parking facilities across 18 markets in the United States, with a total of approximately 13,200 parking spaces. The company has been transitioning its assets to management contracts, which are expected to provide more stable revenue streams and better align incentives with third-party operators. The Revenue Per Available Stall (RevPAS) metric for the second quarter was reported at $224.96, up from $212.14 in the previous year, indicating improved operational performance.
In terms of financial health, MIC's total assets decreased to $358.3 million from $382.5 million at the end of 2025, while total liabilities also fell to $211.4 million from $223.4 million. The company has approximately $28.7 million of debt due within the next twelve months, raising concerns about its liquidity. Management has outlined a plan to extend its line of credit and sell additional real estate assets to meet these obligations. Looking ahead, MIC anticipates continued challenges in achieving profitability but remains focused on optimizing its portfolio and exploring acquisition opportunities in the parking sector.
About Mobile Infrastructure Corp
Mobile Infrastructure Corporation owns and manages parking facilities across major U.S. markets, including parking garages and surface lots near demand drivers like commerce, events, government, and hospitality. The company focuses on optimizing revenue through asset management, ancillary services, and strategic acquisitions, leveraging urban locations and industry expertise. It operates with a core emphasis on real estate investment, operational efficiency, and value creation in the parking sector.
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