Mobile Infrastructure Corporation reported a total revenue of $37.0 million for the fiscal year ending December 31, 2024, marking a 22.3% increase from $30.3 million in 2023. This growth was primarily driven by the conversion of 29 out of 40 assets to management contracts, allowing the company to recognize revenue from all parking transactions at those locations, compared to a revenue-sharing model under previous lease agreements. The company also reported a net loss of $8.4 million, a significant improvement from a net loss of $38.2 million in the prior year.
Operating expenses decreased by 41.3% to $35.5 million in 2024, down from $60.5 million in 2023. This reduction was largely attributed to the elimination of one-time expenses related to the issuance of Preferred Series 2 stock and a significant decrease in impairment charges, which fell from $9.0 million in 2023 to $0.2 million in 2024. General and administrative expenses also decreased by 18% to $10.8 million, reflecting a reduction in equity-based compensation and other costs.
In terms of operational metrics, the company managed 40 parking facilities across 20 markets, with approximately 15,100 parking spaces. The transition to management contracts has resulted in a more streamlined revenue model, with managed property revenue accounting for $27.8 million of total revenues. The company also reported a net operating income (NOI) of $22.6 million, a 7.2% increase from $21.1 million in 2023, indicating improved operational efficiency.
Mobile Infrastructure Corporation has been actively managing its debt, with $29.9 million due within the next twelve months. The company has entered into a $40.4 million line of credit and refinanced existing loans to improve its liquidity position. However, management has expressed concerns regarding its ability to meet these obligations without further asset sales or refinancing efforts. Looking ahead, the company is evaluating potential acquisitions of parking facilities but has indicated that such opportunities may be limited until market conditions improve. The board has also authorized a share repurchase program of up to $10 million, reflecting a commitment to returning value to shareholders.
About Mobile Infrastructure Corp
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