Public Storage, but for parking facilities.

The American Tower of urban parking infrastructure.

Major products and services for Futurewave Acquisition (FWAC) are:

• Leasing Parking Facilities: The company owns and leases parking lots, garages, and other structures to generate revenue.
• Leasing Retail/Commercial Space: The company leases out commercial and retail properties that are adjacent to its owned parking facilities.

Futurewave Acquisition (FWAC), through its subsidiary Mobile Infrastructure Corporation, primarily sells its services to other companies and institutions by leasing its owned parking facilities.

Its major customers generally fall into the following categories:

• Parking Management Companies: These are specialized operators that lease entire parking facilities from FWAC. They then manage the day-to-day operations, including selling individual parking spaces to the public, offering monthly permits, or contracting with other businesses. While specific names of FWAC's customers are not provided in the background, examples of such companies in the parking management industry include SP Plus Corporation (SP), Laz Parking, and Impark (a subsidiary of Reyes Holdings).
• Large Businesses and Institutions: This category includes entities such as corporations, hospitals, universities, hotel chains, entertainment venues, and government agencies. These organizations may lease entire parking facilities or significant blocks of spaces from FWAC to provide dedicated parking for their employees, customers, students, guests, or attendees.
• Real Estate Developers and Property Managers: Companies involved in developing or managing large commercial, retail, or mixed-use properties may lease parking facilities from FWAC to integrate them as an essential amenity within their broader property offerings.

Stephanie Hogue, Chief Executive Officer

Stephanie Hogue assumed the role of Chief Executive Officer effective August 1, 2025, in addition to her role as President and a member of the Board of Directors. She previously served as the company's Chief Financial Officer from 2021 until 2024. Ms. Hogue brings over 20 years of leadership experience spanning capital markets, real assets, and strategic advisory. She has been instrumental in executing corporate strategy, capital markets transactions, and scaling up operations at Mobile Infrastructure. Earlier in her career, she was a Managing Director of PwC Corporate Finance LLC, where she managed the New York Branch and led the Inbound Cross-Border M&A and Debt Private Placements practices. She is also the Chief Investment Officer at Bombe Asset Management.

Paul Gohr, Chief Financial Officer

Paul Gohr was appointed Chief Financial Officer and Principal Accounting Officer, effective May 16, 2024. 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 his responsibilities included finance, accounting, treasury, and tax functions. He also held various roles of increasing responsibility at Grant Thornton LLP, a global public accounting firm. Mr. Gohr is a Certified Public Accountant.

Manuel Chavez III, Executive Co-Chairman of the Board

Manuel Chavez III is a Founder and the Executive Co-Chairman of Mobile Infrastructure Corporation. He previously served as the company's Chief Executive Officer from 2021 to 2025, transitioning to his current role effective August 1, 2025. Mr. Chavez is also the Founder and Managing Partner of Bombe Asset Management, an alternative asset management firm established in 2017, which focuses on niche opportunities and strategies within transportation infrastructure. He possesses 25 years of principal investing experience, involving nearly $2 billion in enterprise value. Furthermore, Mr. Chavez is a Managing Partner of Chavez Properties, a multi-generational family company that focuses on parking and industrial-related real estate assets. Under his leadership, Chavez Properties directed the purchase of over 3 million square feet of real estate across various U.S. cities and was once the largest private holder of real estate in the Dallas Central Business District.

Jeffrey B. Osher, Co-Chairman of the Board

Jeffrey B. Osher has served as a member and Co-Chairman 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, Mr. Osher worked as a portfolio manager at Harvest Capital Strategies, LLC, an SEC-registered investment advisor, from 2005 to 2018, and as an analyst from 2002 to 2005. His earlier career included serving as an analyst at The Dowd Company, an investment management firm, where he concentrated on technology and emerging growth companies.

The key risks to Mobile Infrastructure Corporation (formerly Futurewave Acquisition, trading as FWAC) primarily stem from potential disruptions to the demand for its core asset – parking facilities.

1. Disruption from Evolving Transportation Technologies and Consumer Behaviors: The emergence and widespread adoption of autonomous vehicles, increased reliance on ride-sharing services, and long-term shifts in commuting patterns (such as sustained remote work trends) pose a significant risk. If these developments reduce the need for individual car ownership or decrease the demand for traditional parking spaces in urban centers, Mobile Infrastructure Corporation's occupancy rates and revenue could be negatively impacted.
2. Economic Downturns and Impact on Demand Drivers: The company's business model relies heavily on parking demand generated by activity in central business districts, commerce, events, venues, and hospitality. A general economic recession or localized downturns could lead to reduced activity in these areas, resulting in lower vehicle traffic, decreased parking utilization, and consequently, a reduction in the company's revenue and profitability.
3. Competition and Operational Cost Pressures: Operating in competitive markets within the top 50 U.S. Metropolitan Statistical Areas, Mobile Infrastructure Corporation faces risks from other parking operators, alternative transportation solutions, and potential oversupply of parking. Additionally, as an owner and lessor of real estate, the company is exposed to rising operational costs, including property maintenance, utilities, labor, and potential increases in property taxes, which could compress profit margins.

The following are clear emerging threats for Futurewave Acquisition (FWAC):

• Widespread and persistent adoption of remote and hybrid work models, which reduces daily commuting to central business districts, commercial hubs, and other key demand drivers for parking facilities.
• Accelerated urban planning and policy initiatives in major metropolitan statistical areas aimed at reducing private vehicle dependency, promoting public transportation, cycling, and pedestrian infrastructure, and decreasing parking mandates, which directly diminishes the long-term demand for and value of urban parking facilities.

The addressable market for Mobile Infrastructure Corporation (formerly known as Futurewave Acquisition, symbol: FWAC), which focuses on acquiring, owning, and leasing parking facilities and related infrastructure, is the U.S. parking management market.

The U.S. parking management market size was estimated at 50.42 billion USD in 2024. This market is projected to grow to 56.44 billion USD in 2025 and reach 174.32 billion USD by 2035, exhibiting a compound annual growth rate (CAGR) of 11.9% from 2025 to 2035.

Specifically, the off-street parking segment, which directly aligns with Mobile Infrastructure Corporation's business of owning and leasing parking facilities and related infrastructure like parking lots and garages, is projected to reach 87.25 billion USD by 2035.

Futurewave Acquisition (FWAC), operating as Mobile Infrastructure Corporation, anticipates several key drivers for revenue growth over the next 2-3 years:

1. Growth in Contract Parking and Transient Volumes: The company expects continued momentum in contract parking volumes, particularly residential contracts, and an increase in transient parking volumes. This growth is supported by accelerating return-to-office trends and the reopening of key markets that experienced disruptions in previous years.
2. Strategic Asset Rotation: Mobile Infrastructure Corporation is executing a three-year, $100 million asset rotation program. This involves divesting non-core properties and reinvesting the proceeds into high-performing, strategic real estate assets with multiple demand drivers and higher net operating income opportunities, aiming to enhance the overall portfolio quality and drive growth.
3. Technology Optimization for Pricing and Utilization: The company is leveraging predictive analytics technology combined with operational expertise. This strategy is focused on optimizing pricing and utilization across its core portfolio to attract and retain parkers and improve operational performance.
4. Reopening and Enhancement of Venues: Several key markets and venues that faced temporary disruptions due to construction and redevelopment are reopening and undergoing enhancements. These reopenings are expected to lead to growing demand and increased transient volumes, contributing to revenue recovery and growth.