Mobile Infrastructure reports Q1 EPS (10c) vs (9c) last year

Reports Q1 revenue $8.2M vs $8.8M last year. Commenting on the results, Manuel Chavez III, Chief Executive Officer, said, “While year-over-year financial comparisons were exacerbated by several asset-specific headwinds, there were several bright spots in our seasonally slowest first quarter. Our focus on driving utilization yielded a sequential 4.1% increase in contract parking volumes at similar rates to those of the 2024 fourth quarter. When sustained, higher utilization should lead to longer-term pricing power. Additionally, return-to-office trends are gaining momentum in our markets, and year-to-date corporate parking inquiries have increased compared to the same period last year. Although adverse weather conditions and certain location-specific obstacles led to lower transient volumes in the quarter, transient rates were up sequentially and year-over-year, reflecting the strength of our strategy to position our core assets near multiple demand drivers. RevPAS*, excluding our Detroit location-which is one of our largest core assets and only converted to a management contract in mid-2024-was $184 in the first quarter, slightly ahead of last year’s $183. The conversion of our locations to management contracts from lease agreements will continue to bring incremental revenue consistency and greater predictability to our results.”