Detailed financial statements for Mobile Infrastructure Corp (BEEP): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Mobile Infrastructure Corporation owns a diversified portfolio of parking assets throughout the United States. As of December 31, 2025, the Company owned 36 parking facilities in 19 separate markets throughout the United States, with a total of 13,500 parking spaces and approximately 4.7 million square feet. Mobile Infrastructure Corporation is incorporated in Maryland in 2015.
Analysis Summary
Mobile Infrastructure Corp reported revenue of $35.1M in the most recent fiscal year, growing at a 5-year CAGR of 16.1%.
Trailing-twelve-month margins: gross margin 40.6%, operating margin 6.7%, net margin -67.2%.
At the current price of $2.85, BEEP has negative trailing earnings (P/E not meaningful) and an ROE of -16.81%. Market capitalisation stands at $117M.
Balance sheet quality for BEEP: current ratio of 0.7, net debt of $192.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6M | $10.4M | $22.1M | $22.8M | $16.6M | $20.4M | $29.1M | $30.3M | $37.0M | $35.1M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | $7.0M | $9.8M | $9.2M | $14.4M | $35.5M |
| Gross Profit | $1.6M | $10.4M | $22.1M | $22.8M | $16.6M | $13.5M | $19.3M | $21.1M | $22.6M | -$434000 |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $1.1M | $1.9M | $7.9M | $46.1M | $7.0M | $9.2M | $11.2M | $14.9M | $12.6M | $9.5M |
| Operating Expenses | $5.6M | $16.0M | $17.6M | $55.8M | $7.0M | $15.0M | $25.1M | $42.4M | $21.0M | -$1.1M |
| Operating Income | -$312000 | $3.6M | $3.0M | -$34.1M | $9.6M | -$1.6M | -$5.8M | -$21.2M | $1.7M | $620000 |
| EBITDA | -$3.9M | $2.0M | $4.9M | -$11.5M | 0 | $3.1M | $2.8M | -$15.8M | $13.9M | $5.9M |
| Interest Expense | 0 | 0 | 0 | 0 | $9.3M | $9.5M | $12.9M | $13.9M | $13.8M | $19.0M |
| Pre-tax Income | -$4.1M | -$10.3M | -$4.9M | -$42.5M | -$24.0M | -$12.4M | -$18.3M | -$38.2M | -$8.4M | -$23.7M |
| Income Tax | -$3.8M | -$13.8M | -$7.9M | -$8.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$4.2M | -$11.4M | -$7.8M | -$45.6M | -$23.5M | -$11.1M | -$8.1M | -$25.1M | -$5.8M | -$21.4M |
| EPS | $-3.85 | $-4.21 | $-1.19 | $-6.66 | $-3.61 | $-1.07 | $-0.85 | $-2.45 | $-0.24 | $-0.55 |
| EPS (Diluted) | $-3.85 | $-4.21 | $-1.19 | $-6.66 | $-3.61 | $-1.07 | $-0.85 | $-2.45 | $-0.24 | $-0.55 |
| Shares Outstanding (Diluted) | $1.1M | $2.7M | $6.6M | $6.8M | $7.3M | $13.1M | $13.1M | $13.2M | $32.0M | $40.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.1M | $8.8M | $7.9M | $8.9M |
| Gross Profit | $5.5M | $5.3M | $927000 | $2.3M |
| Operating Income | $193000 | $268000 | $343000 | $1.5M |
| EBITDA | $1.0M | -$405000 | -$865000 | $3.3M |
| Net Income | -$5.8M | -$7.5M | -$7.1M | -$3.0M |
| EPS | $-0.15 | $-0.19 | $-0.18 | $-0.08 |
| EPS (Diluted) | $-0.15 | $-0.19 | $-0.18 | $-0.08 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.9M | $8.5M | $5.1M | $7.7M | $4.2M | $11.8M | $5.8M | $11.1M | $10.7M | $15.3M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | $4.0M | $2.0M | $2.3M | $6.6M | $4.0M |
| Inventory | 0 | 0 | 0 | 0 | 0 | $5.6M | 0 | 0 | 0 | 0 |
| Total Current Assets | $4.9M | $8.5M | $5.1M | $7.7M | 0 | $21.5M | $15.8M | $19.0M | $25.3M | $19.3M |
| Property, Plant & Equipment | $53.5M | $285.6M | $309.9M | $297.9M | $278.9M | $397.8M | $411.3M | $395.7M | $383.3M | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $958000 | $9.8M | $7.8M | $7.2M | $6.4M | $3.4M |
| Total Assets | $70.3M | $312.9M | $323.6M | $318.3M | $293.7M | $429.1M | $436.1M | $423.2M | $415.1M | $382.5M |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | $8.3M | $19.5M | $14.7M | $10.6M | $15.2M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $72.7M | $71.5M | $27.2M | $26.4M |
| Total Current Liabilities | 0 | 0 | 0 | 0 | 0 | $14.0M | $102.2M | $84.1M | $38.9M | $26.4M |
| Long-term Debt | $5.3M | $123.8M | $156.0M | $159.1M | $159.3M | $207.2M | $146.9M | $121.5M | $185.9M | $181.8M |
| Total Liabilities | $5.3M | $123.8M | $156.0M | $159.1M | $182.9M | $223.3M | $249.1M | $220.3M | $225.8M | $223.4M |
| Retained Earnings | -$5.1M | -$18.2M | -$24.0M | -$66.5M | -$90.0M | -$101.0M | -$109.2M | -$134.3M | -$140.1M | -$161.5M |
| Total Equity | $51.7M | $159.4M | $159.4M | $127.6M | $108.8M | $98.4M | $87.3M | $109.4M | $170.0M | $141.3M |
| Total Debt | $5.3M | $123.8M | $156.0M | $159.1M | $159.3M | $207.2M | $219.7M | $192.9M | $213.2M | $208.2M |
| Net Debt | $433000 | $115.3M | $150.9M | $151.4M | $155.1M | $195.3M | $213.9M | $181.8M | $202.5M | $192.9M |
| Working Capital | $4.9M | $8.5M | $5.1M | $7.7M | 0 | $7.5M | -$86.4M | -$65.1M | -$13.6M | -$7.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $6.1M | $8.3M | $14.2M | $10.9M |
| Total Assets | $397.8M | $382.5M | $362.8M | $358.3M |
| Total Liabilities | $228.1M | $223.4M | $212.7M | $211.4M |
| Total Equity | $151.7M | $141.3M | $132.5M | $129.3M |
| Total Debt | $211.3M | $207.7M | $200.0M | $197.1M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$4.3M | -$10.8M | -$5.0M | -$42.6M | -$23.5M | -$12.4M | -$18.3M | -$38.2M | -$5.8M | -$23.7M |
| Depreciation & Amortization | $195000 | $2.0M | $4.9M | $5.2M | $6.1M | $5.9M | $8.2M | $8.5M | $8.4M | $10.6M |
| Stock-based Compensation | 0 | 0 | 0 | 0 | 0 | $144000 | $2.5M | $7.5M | 0 | $3.1M |
| Change in Working Capital | -$214000 | -$4.8M | -$3.0M | -$1.5M | -$650000 | -$3.3M | $7.6M | -$578000 | -$3.8M | $5.1M |
| Operating Cash Flow | -$3.6M | -$8.5M | -$1.7M | -$1.8M | -$6.3M | -$20.1M | $1.5M | -$2.1M | -$784000 | $848000 |
| Capital Expenditure | 0 | 0 | -$63000 | -$41000 | 0 | -$711000 | -$2.6M | -$1.8M | -$511000 | -$1.1M |
| Acquisitions | 0 | -$738000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | -$812000 | -$245000 | -$128000 | 0 | 0 | 0 | -$12.3M | -$9.5M |
| Dividends Paid | -$274000 | -$1.2M | -$3.3M | -$3.0M | -$750000 | 0 | 0 | 0 | -$9.7M | -$989000 |
| Free Cash Flow | -$3.6M | -$8.5M | -$1.7M | -$1.8M | -$6.3M | -$20.8M | -$1.1M | -$3.9M | -$1.3M | -$251000 |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $1.2M | -$626000 | -$1.6M | $1.7M |
| Capital Expenditure | -$480000 | -$68000 | -$33000 | -$316000 |
| Free Cash Flow | $753000 | -$694000 | -$1.6M | $1.4M |
| Dividends Paid | -$238000 | -$222000 | -$202000 | -$196000 |
| Stock-based Compensation | $801000 | 0 | $801000 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +548.2% | +112.4% | +3.1% | -27.2% | +23.1% | +42.5% | +4.0% | +22.3% | -5.2% | |
| Net Income Growth (YoY) | -168.6% | +31.9% | -486.1% | +48.5% | +52.9% | +26.6% | -209.4% | +77.1% | -271.9% | |
| EPS Growth (YoY) | -9.4% | +71.7% | -459.7% | +45.8% | +70.4% | +20.6% | -188.2% | +90.2% | -129.2% | |
| Shares Change (YoY) | +145.8% | +141.7% | +4.4% | +7.2% | +78.6% | +0.0% | +1.2% | +141.7% | +26.5% | |
| FCF Growth (YoY) | -133.1% | +79.6% | -4.3% | -248.9% | -229.2% | +94.8% | -268.8% | +67.2% | +80.6% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 65.9% | 66.2% | 69.7% | 61.2% | -1.2% |
| Operating Margin | -19.4% | 34.2% | 13.5% | -149.6% | 57.8% | -7.7% | -19.9% | -70.2% | 4.5% | 1.8% |
| EBITDA Margin | -245.3% | 19.6% | 22.2% | -50.3% | 0.0% | 14.9% | 9.7% | -52.2% | 37.4% | 16.8% |
| Net Margin | -264.7% | -109.7% | -35.2% | -199.9% | -141.5% | -54.2% | -27.9% | -83.0% | -15.6% | -61.1% |
| FCF Margin | -227.0% | -81.6% | -7.8% | -7.9% | -38.0% | -101.7% | -3.7% | -13.0% | -3.5% | -0.7% |
| Effective Tax Rate | 92.5% | 134.5% | 160.5% | 19.8% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-3.31 | $-3.13 | $-0.26 | $-0.26 | $-0.86 | $-1.59 | $-0.08 | $-0.30 | $-0.04 | $-0.01 |
| Dividends Per Share | $0.25 | $0.43 | $0.51 | $0.44 | $0.10 | $0.00 | $0.00 | $0.00 | $0.30 | $0.02 |
| Shares Outstanding (Basic) | $1.1M | $2.7M | $6.6M | $6.8M | $6.5M | $13.1M | $13.1M | $13.2M | $32.0M | $40.5M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | -16.81% |
| Return on Invested Capital | 0.64% |
| Return on Assets | -6.50% |
| Gross Margin | 40.59% |
| Operating Margin | 6.66% |
| Net Margin | -67.22% |
Financial Health
| Debt / Equity | 1.52 |
| Current Ratio | 0.65 |
| Piotroski F-Score | 3 |
| Altman Z-Score | -0.24 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -2.69 | -2.46 | -8.71 | -1.56 | -2.87 | -9.69 | -12.20 | -1.65 | -18.75 | -4.64 |
| P/B | 0.22 | 0.18 | 0.43 | 0.56 | 0.62 | 1.38 | 1.55 | 0.49 | 0.85 | 0.73 |
| P/S | 7.12 | 2.70 | 3.07 | 3.11 | 4.06 | 6.65 | 4.66 | 1.77 | 3.89 | 2.94 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 65.9% | 66.2% | 69.7% | 61.2% | -1.2% |
| Operating Margin | -19.4% | 34.2% | 13.5% | -149.6% | 57.8% | -7.7% | -19.9% | -70.2% | 4.5% | 1.8% |
| Net Margin | -264.7% | -109.7% | -35.2% | -199.9% | -141.5% | -54.2% | -27.9% | -83.0% | -15.6% | -61.1% |
Related companies: AEI · AXR · CHCI · FSP · GPMT · LODE · ONL
Explore sector: Industrials · Industrial - Infrastructure Operations
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