Mobile Infrastructure Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue was $9.6 million, a 5.5% increase year-over-year from $9.1 million in Q3 2025.
• Same-Location Revenue was $9.6 million, up 12.8% year-over-year from $8.5 million.
• Net loss was $2.6 million, an improvement from $6.4 million in the prior-year period (which included a $2.5 million non-cash impairment).
• Net Operating Income (NOI) was $6.3 million, a 13.6% increase year-over-year from $5.5 million.
• Same-Location NOI was $6.3 million, up 18.4% year-over-year from $5.3 million.
• Adjusted EBITDA was $4.8 million, a 23.2% increase year-over-year from $3.9 million.
• Revenue Per Available Stall (RevPAS) was $245.83, compared to $211.53 in Q3 2025.
• Trailing twelve-month RevPAS was $211.22, up from $202.53 a year earlier.
• Total property taxes and operating expenses were $3.3 million, down from $3.6 million in Q3 2025.
• General and administrative expenses were $2.3 million, compared to $2.4 million in Q3 2025.
• Interest expense was $4.8 million, up from $4.6 million in Q3 2025.
• Cash, cash equivalents, and restricted cash totaled $10.6 million as of September 30, 2026, down from $15.3 million at December 31, 2025.
• Total debt outstanding, net, was $198.3 million as of September 30, 2026, down from $207.7 million at yearend 2025.

Guidance and Future Outlook:

• Full year 2026 revenue guidance remains at the low end of the $35 million to $38 million range.
• Full year 2026 NOI guidance is $21.5 million to $23.0 million, representing 7% year-over-year growth at the midpoint and 10% growth on a same-location basis.
• Full year 2026 Adjusted EBITDA guidance is $15.0 million to $16.5 million, representing 10% year-over-year growth at the midpoint and 13% growth on a same-location basis.
• Guidance is supported by expectations for continued contract volume growth, venue reopenings/enhancements, and technology optimization impacts on pricing and utilization.
• Guidance excludes potential future asset sales or acquisitions from the asset rotation plan.

Business Segments and Product Lines:

• Contract parking volumes grew approximately 13% year-over-year, driven by residential demand, commercial relationships, and business development in Cincinnati, Fort Worth, and Detroit.
• Transient volumes increased 11% year-over-year, supported by an active summer event calendar and third-party reservations in Chicago, Cincinnati, and Nashville.
• Portfolio utilization rose approximately 13 percentage points year-over-year in the third quarter and 8 percentage points on a trailing twelve-month basis.
• The company owns 35 parking facilities in 18 markets with 13,200 parking spaces and approximately 4.6 million square feet as of September 30, 2026.
• The company owns approximately 0.1 million square feet of retail/commercial space adjacent to parking facilities.

Market and Competitive Landscape:

• The company has generated approximately $33 million in proceeds under its three-year $100 million asset rotation program at a weighted-average capitalization rate of approximately 2%.
• Private-market valuations from the asset rotation program reinforce underlying portfolio value and highlight a disconnect from the current share price.
• The company prioritizes maximizing performance of existing assets, improving portfolio quality, and strengthening the balance sheet.

Risks and Challenges:

• Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from expectations, as detailed in the company's Form 10-K and 10-Q filings.
• The company does not provide a reconciliation for non-GAAP forward-looking estimates where meaningful calculation is unavailable without unreasonable effort.

Management Commentary and Tone:

• CEO Stephanie Hogue stated the third quarter was the strongest operating quarter of 2026, marking the highest utilization and RevPAS to date.
• Management highlighted the successful execution of a strategy prioritizing utilization first, followed by sustainable pricing improvements.
• Recurring contracts are viewed as providing revenue visibility and a stable base to optimize transient inventory for improved pricing.
• The company expects to achieve pricing power as more of the portfolio reaches stabilized utilization.

Other Key Points:

• The company held a conference call on November 10, 2026, to discuss results.
• Preferred stock Series 2 shares (46,000) were issued and converted with a stated liquidation value of zero as of September 30, 2026.
• Warrants outstanding decreased from 2,553,192 at December 31, 2025, to zero at September 30, 2026.
• Preferred stock Series A shares decreased from 1,296 to 576 shares issued and outstanding between December 31, 2025, and September 30, 2026.
• Non-controlling interest in equity decreased from $17.774 million at December 31, 2025, to $15.083 million at September 30, 2026.