The following is a summary of the Mobile Infrastructure Corporation (BEEP) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was $9.3 million, a 28% increase year-over-year from $7.2 million.

• Net operating income (NOI) grew by 14% to $5.6 million, driven by managed locations.

• Adjusted EBITDA was $4.2 million, up from $3.6 million in the previous year, with a margin of 45.4%.

Business Progress:

• Converted 27 assets to management contracts from leases, enhancing revenue recognition and operational control.

• Active engagement in converting Class B office spaces to residential apartments, anticipating increased parking demand.

• Continuing efforts in refinancing debt and managing operational costs effectively.

Opportunities:

• Early signs of increased demand for parking as office spaces convert to residential, promising higher utilization and revenue in 2025.

• The shift towards more regular office attendance suggests potential growth in parking demand.

Risks:

• Economic uncertainty and transitions in commercial real estate could disrupt parking demand.

• Preferred equity conversion to common stock placing pressure on stock price and dilution concerns.

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