Mobile Infrastructure Q1 Revenue Dips to $7.9M, NOI Climbs 4.4%
Mobile Infrastructure reported Q1 2026 revenue of $7.9 million, down 3.7% year-over-year, while net loss widened to $7.8 million. Same-Location NOI grew 4.4% to $4.6 million, adjusted EBITDA rose 8.7% to $3.0 million, contract volumes climbed 6%, and asset rotation proceeds surpassed $30 million.
1. Q1 Financial Highlights
Total Q1 2026 revenue was $7.9 million, down 3.7% from $8.2 million a year earlier, driven by strategic asset sales. Net loss widened to $7.8 million from $4.3 million, while Same-Location NOI increased 4.4% to $4.6 million and adjusted EBITDA rose 8.7% to $3.0 million.
2. Parking Volume Trends
Contract parking volumes grew approximately 6% year-over-year, supported by higher residential demand and return-to-office momentum. Transient volumes increased roughly 3% as key markets reopened following prior redevelopment disruptions.
3. Asset Rotation Progress
The company completed its fifth sale under a 36-month, $100 million asset rotation program with a $16.5 million disposal of the 308-stall Marks Garage in Honolulu. Cumulative proceeds have now exceeded $30 million at a weighted-average implied cap rate of ~2%, funding debt paydowns and potential share repurchases.
4. Balance Sheet and Liquidity
As of March 31, cash and equivalents totaled $14.2 million against $200 million of total debt. Q1 debt reduction included an $8.1 million mortgage paydown and $4.5 million on the line of credit. Full-year 2026 guidance was reiterated.