Wed, May 15, 9:22 PM (72 days ago)
Mobile Infrastructure Corporation's Q1 2024 10-Q report highlights several key financial and operational updates. The company reported total revenues of $8.8 million, an increase of 24.3% compared to Q1 2023, primarily driven by the conversion of 26 assets to management contracts, which provided more transparency and control over expenses. Operating expenses rose to $9.4 million due to higher property operating costs under the new management contracts. Despite a net loss of $3 million, this was an improvement from the $3.3 million loss in Q1 2023. Key financial metrics include: - Managed Property Revenue: $5.5 million - Base Rent Income: $1.6 million - Percentage Rental Income: $1.7 million - Property Operating Expense: $1.5 million - General and Administrative Expenses: $3 million The company ended the quarter with $13.9 million in cash and restricted cash, down from $16.7 million at the start of the period. Significant debt maturities of $90.6 million loom within the next 12 months, prompting the company to explore refinancing options. Operationally, the company owns 42 parking facilities across 21 markets, totaling approximately 15,400 parking spaces. The report also notes ongoing efforts to address internal control weaknesses identified in previous filings.