Mobile Infrastructure Corporation Reports Revenue Decline and Increased Net Losses in Q2 2025

Mobile Infrastructure Corporation (MIC) reported its financial results for the second quarter and first half of 2025, revealing a decline in total revenues and an increase in net losses compared to the same periods in 2024. For the three months ended June 30, 2025, total revenues amounted to $8.99 million, a decrease of 3% from $9.27 million in the prior year. The company experienced a net loss of $4.66 million, compared to a loss of $2.47 million in the same quarter of 2024. For the six months ended June 30, 2025, total revenues were $17.23 million, down 4.8% from $18.09 million, with a net loss of $8.99 million compared to $5.46 million in the previous year.

The decline in revenue was attributed to several factors, including decreased attendance at events in key markets such as Minneapolis and St. Louis, as well as low hotel occupancy rates in Denver. Managed property revenue, which includes income from parking facilities, increased by 3% to $7.44 million for the second quarter, while base rental income fell by 5% to $1.45 million. The company also noted a significant drop in percentage rental income, which fell to $0.10 million from $2.20 million in the prior year, reflecting the impact of the transition to management contracts for many of its properties.

Operationally, MIC continues to focus on expanding its portfolio of parking facilities, owning 40 properties across 20 markets in the U.S. as of June 30, 2025. The company has shifted 29 of its 40 assets to management contracts, which are expected to provide more stable revenue streams and better align incentives with third-party operators. The average monthly Revenue Per Available Stall (RevPAS) for the second quarter was $211.89, slightly down from $216.63 in the previous year. The company also reported a total employee headcount of 40 as of June 30, 2025.

In terms of financial health, MIC's total assets decreased to $405.57 million from $415.06 million at the end of 2024, while total liabilities rose to $226.67 million from $225.79 million. The company has approximately $39.5 million of debt due within the next twelve months, raising concerns about its ability to continue as a going concern. Management has outlined plans to refinance certain debts and potentially sell real estate assets to meet these obligations. The company has also initiated a share repurchase program, authorizing up to $10 million in buybacks, which reflects its commitment to enhancing shareholder value despite current financial challenges.

Looking ahead, MIC anticipates continued challenges in the parking industry, particularly due to changing consumer behaviors and economic conditions. The company is focused on executing its strategic plans, including the potential acquisition of additional properties when market conditions improve. However, it remains cautious about its financial outlook, given the ongoing net losses and the need to manage its debt effectively.