Mobile Infrastructure Corp

Second-quarter total revenue was $8.9 million versus $9 million in the second quarter of 2025. Same-location revenue was $8.9 million, up 5.6% year over year. Same-location NOI was $5.9 million versus $5.2 million, up 12% year over year. Adjusted EBITDA was $4.1 million versus $3.8 million a year ago, up 5.5%. For the balance of 2026, management reaffirmed full-year guidance for total revenue of $35 million to $38 million, NOI of $21.5 million to $23 million, and adjusted EBITDA of $15 million to $16.5 million. The guidance implies about 4% growth at the midpoint for total revenue, about 7% NOI growth at the midpoint, and about 10% adjusted EBITDA growth at the midpoint; on a same-location basis, management described the outlook as roughly 8% revenue growth, 10% NOI growth, and 13% adjusted EBITDA growth. Management said the guidance excludes future asset sales or acquisitions under the rotation program.

Stephanie Hogue framed the quarter as evidence that the 2026 operating playbook is working, pointing to a second consecutive quarter of broad-based growth. She emphasized a volume-first, rate-second strategy, with utilization as the key leading indicator and pricing expected to follow as assets stabilize. Her tone was upbeat but disciplined: she repeatedly stressed KPI accountability, active partner changes when targets are missed, and a deliberate approach to asset sales rather than selling for speed.

Paul Gohr focused on the financial bridge from revenue to NOI and EBITDA. He noted property taxes fell to $1.4 million from $1.8 million a year ago, same-location property taxes were down $300 thousand, property operating expense was $1.6 million versus $1.8 million last year, and G&A was $2.6 million, including $800 thousand of non-cash stock compensation, unchanged from the prior-year quarter. On the balance sheet, cash equivalents and restricted cash were $10.9 million, total net debt was $197.1 million versus $200 million at the end of Q1, and the company repaid $3.7 million of principal plus $800 thousand of accrued interest on the line of credit during the quarter. He also said the company has repaid $22.6 million of debt using asset-rotation proceeds and that capital-return proceeds are being used primarily to reduce cost of capital, alongside opportunistic buybacks and selective acquisitions.

Analysts pressed on the $25 million of transactions under negotiation in the asset-rotation program, asking about timing and whether the take-private proposal would affect the process. Hogue said those transactions are all under active negotiation, could close by year-end, but timing can slip, and that the take-private proposal does not change current business-as-usual execution. Questions also focused on when utilization is high enough to push rate; management said it is asset- and market-specific, with examples like Cincinnati moving toward stabilized utilization, and that rate increases are being applied selectively rather than across the board. On expenses, Gohr said Q2 operating costs were a bit higher than expected but should moderate in Q3 and Q4.