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Here are 1-3 brief analogies to describe Mobile Infrastructure (BEEP):

• Public Storage for cars
• Marriott for cars

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• Ground Leases: Mobile Infrastructure acquires, manages, and leases the underlying land interests for cellular towers and other digital communication infrastructure assets.
• Easements: The company acquires and manages easements, which are agreements granting specific rights to use or cross a property for communication infrastructure purposes.
• Right-of-Way Agreements: Mobile Infrastructure procures and manages right-of-way agreements that allow for the installation and maintenance of communication infrastructure across designated land paths.

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Mobile Infrastructure (symbol: BEEP) sells primarily to other companies, specifically major wireless carriers who utilize BEEP's distributed antenna systems, small cells, and other wireless communication infrastructure.

Based on their most recent annual filings, the company's major customers and their symbols are:

• AT&T (symbol: T)
• T-Mobile (symbol: TMUS)
• Verizon (symbol: VZ)

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Stephanie Hogue, Chief Executive Officer

Stephanie Hogue was appointed Chief Executive Officer of Mobile Infrastructure Corporation effective August 1, 2025. She previously served as the company's President since 2021 and held the additional role of Chief Financial Officer from 2021 until 2024. Ms. Hogue brings over 20 years of leadership experience spanning capital markets, real assets, and strategic advisory. Earlier in her career, she was a Managing Director of PwC Corporate Finance LLC, where she served as New York Branch Manager.

Paul Gohr, Chief Financial Officer

Paul Gohr was appointed Chief Financial Officer of Mobile Infrastructure Corporation, effective May 16, 2024, succeeding Stephanie Hogue in the role. Prior to joining Mobile Infrastructure, Mr. Gohr served as Chief Accounting Officer and Vice President of Corporate Finance at CECO Environmental Corp. (NASDAQ: CECO), where he oversaw finance, accounting, treasury, and tax functions. His professional background also includes various roles at the global public accounting firm Grant Thornton LLP. Mr. Gohr is a Certified Public Accountant and holds both a bachelor's and a master's degree in Accountancy from Miami University.

Manuel Chavez III, Executive Co-Chairman

Manuel Chavez III is a Founder of Mobile Infrastructure Corporation. He previously served as the company's Chief Executive Officer from 2021 until 2025, transitioning to the role of Executive Co-Chairman of the Board and Chair of the newly formed Investment Committee effective August 1, 2025. Mr. Chavez is also the Managing Partner of Bombe Asset Management, an alternative asset management firm he formed in 2017, which focuses on identifying niche opportunities and strategies in transportation infrastructure. He has 25 years of principal investing experience, encompassing nearly $2 billion in enterprise value. Earlier in his career, he served as President & Chief Executive Officer at PCA, Inc. from 1999 to 2017.

Jeffrey B. Osher, Co-Chairman of the Board

Jeffrey B. Osher has been a member of Mobile Infrastructure Corporation's board of directors since August 2021. He founded No Street Capital LLC, an investment management firm, in 2018. Before establishing No Street Capital, LLC, Mr. Osher served as a portfolio manager at Harvest Capital Strategies, LLC from 2005 to 2018, and as an analyst from 2002 to 2005. Prior to his tenure at Harvest Capital Strategies, LLC, he worked as an analyst at The Dowd Company, an investment management firm, where he focused on technology and emerging growth companies.

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The key risks to Mobile Infrastructure (symbol: BEEP) are primarily related to its precarious financial health, declining operational performance, and internal control deficiencies.

1. High Debt Levels and Financial Distress: Mobile Infrastructure faces significant financial challenges, characterized by poor financial strength and high debt levels. The company's debt-to-equity ratio is high, and its interest coverage ratio is very low, raising concerns about its ability to meet interest obligations. An Altman Z-Score of -0.03 places the company in a distress zone, indicating a potential risk of bankruptcy within two years. The company's net debt was approximately US$203.9 million as of June 2025, and its total liabilities exceeded the combination of its cash and short-term receivables, surpassing its market capitalization. The company has incurred and may continue to incur losses and could struggle to access financing on attractive terms.
2. Declining Revenue and Profitability: The company has experienced a consistent decline in revenue and profitability. It reported a three-year revenue growth decline of -9.5% and a year-over-year revenue decrease of 6.9% in Q3 2025, largely due to reduced transient parking volume. Net Operating Income (NOI) also dropped significantly, falling by 9.7% year-over-year in Q3 2025 and 17.4% in Q1 2025. Mobile Infrastructure's net loss widened in Q1 and Q3 2025, and the market has revised revenue expectations downward for FY2025. The company may be unable to achieve its investment strategy or increase the value of its portfolio, and competition in the parking facility market could further adversely affect revenues.
3. Internal Control Weaknesses: Mobile Infrastructure has identified a material weakness in its internal control over financial reporting. A failure to maintain effective internal controls could lead to inaccurate financial reporting, fraud, fines, penalties, and a decline in investor confidence. This weakness also exposes the company to potential litigation and other risks.

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• Widespread adoption of autonomous vehicles (AVs), which could drastically reduce the demand for prime, paid parking spaces by enabling cars to self-park in cheaper locations, cruise, or return to shared fleet hubs after dropping off passengers.
• Sustained and growing shift to remote and hybrid work models, reducing the daily demand for commuter parking in urban centers and commercial districts.

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Mobile Infrastructure (symbol: BEEP) operates in the United States, focusing on the ownership and management of parking facilities, which they aim to reposition as "mobility hubs" through technology and active management. The addressable markets for their main products and services include parking facilities, parking management solutions, smart parking systems, and increasingly, EV charging infrastructure.

• Parking Lots & Garages (U.S.): The market size for Parking Lots & Garages in the U.S. was valued at approximately $13.2 billion in 2024 and is projected to be $13.1 billion in 2025.

• Parking Management Solutions (U.S.): The U.S. parking management market size was valued at USD 5.20 billion in 2024. This market is projected to grow at a Compound Annual Growth Rate (CAGR) of 20.4% from 2025 to 2030, reaching an estimated USD 15.05 billion by 2030.

• Smart Parking Systems (U.S.): The United States Smart Parking Market was valued at USD 2.47 billion in 2024. It is expected to grow to USD 6.70 billion by 2030, demonstrating a CAGR of 18.29%.

• EV Charging Infrastructure (U.S.): The U.S. electric vehicle charging infrastructure market size was valued at USD 5.09 billion in 2024. It is projected to grow at a CAGR of 30.3% from 2025 to 2030, reaching an estimated USD 24.07 billion by 2030.

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Mobile Infrastructure (symbol: BEEP) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:

1. Conversion to Management Contracts: The company is actively transitioning its parking assets from leased agreements to management contracts. This strategic shift is targeted to reach 75% conversion by the end of 2025 and full conversion by 2027. This strategy is anticipated to provide Mobile Infrastructure with full rate autonomy, transparent cost structures, and granular data on utilization, parker mix, and rate elasticity, which in turn is expected to accelerate revenue growth and improve Net Operating Income (NOI) margins.
2. Strategic Asset Optimization and Capital Redeployment: Mobile Infrastructure plans to enhance its portfolio by divesting non-core assets, targeting approximately $100 million in sales over the next three years. The proceeds from these sales are intended to be redeployed into assets with higher NOI potential, thereby optimizing the portfolio for improved future financial performance.
3. Growth in Residential Monthly Parking Contracts: The company has observed significant growth in its residential monthly parking contracts, with a reported 44% increase since year-end as of Q2 2025. This expansion in a specific customer segment indicates a growing demand for their services and contributes to revenue stability and growth.
4. Data-Driven Pricing Strategies: The transition to management contracts enables Mobile Infrastructure to gather comprehensive data on parking utilization and rate elasticity. This data is crucial for implementing fine-tuned and dynamic pricing decisions, allowing the company to optimize its pricing lever and maximize revenue per available space.
5. Secular Growth in Mobility Infrastructure: Management has indicated that broader secular growth drivers within the mobility infrastructure sector will contribute to the continued expansion of Net Operating Income and Adjusted EBITDA through 2025. This suggests that underlying market trends in urban mobility and parking demand are expected to support the company's overall revenue growth.

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Share Repurchases

• Mobile Infrastructure repurchased over 530,000 shares at an average price of $3.21 per share by Q2 2025.
• Approximately 82,000 shares were repurchased in Q1 2025 for about $265,000, at an average price of $3.23 per share.
• In September 2024, the Board of Directors authorized a $10 million share buyback program.

Share Issuance

• A $40 million credit facility was established in September 2024 to provide a cash option for preferred stock redemptions, aiming to prevent dilution from conversions to common shares.
• During Q1 2025, $1.2 million of preferred stock was redeemed, reducing the outstanding preferred amount to $19 million from $39.5 million at the beginning of 2024.
• An S-3 filing from April 2025 indicated that shares offered for resale by Selling Securityholders represented about 75.6% of outstanding common shares as of February 28, 2025, after accounting for warrant exercises and preferred share redemptions.

Inbound Investments

• The company secured a $40.4 million line of credit from Harvest Small Cap Partners in September 2024.
• In October 2025, Mobile Infrastructure closed a $100 million asset-backed securitization facility, backed by 19 parking assets, with notes priced at a 4.15% interest rate.
• Proceeds from this securitization will primarily repay approximately $84.4 million of near-term debt and extend expected maturities to 2030.

Outbound Investments

• Mobile Infrastructure is actively pursuing an asset rotation strategy, with approximately $20 million of potential asset sales currently in negotiation.
• The company targets divesting roughly $100 million in non-core assets over a three-year period.

Capital Expenditures

• The company's 2024 annual report lists capital expenditures as a use of funds.
• Mobile Infrastructure is focused on a value-add asset management approach for its parking portfolio, aiming to reposition these assets as critical components of transportation infrastructure.
• By Q1 2025, 29 out of 40 garages had transitioned to management contracts, with a goal of 75% by year-end 2025 and the remainder by 2027, indicating ongoing operational investments and strategic shifts to a data-driven decision process.