移动基础设施公司2025年季度报告

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, D.C.20549 FORM10-Q (Mark one)☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember 30, 2025 or For the transition period from _________ to _________ Commission File Number:001-40415 Registrant’s telephone number, including area code: (513)834-5110 Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronicallyevery Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe registrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☐Non-accelerated filer☒Smaller reporting company☒Emerging growth company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of November 1, 2025, there were42.3millionshares of the registrant'scommon stock outstanding. TABLE OF CONTENTS Item 1.CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)1CONSOLIDATED BALANCE SHEETS AS OFSEPTEMBER 30, 2025(UNAUDITED) AND DECEMBER 31,20241CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDEDSEPTEMBER 30, 2025AND 2024(UNAUDITED)2CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE THREE AND NINE MONTHSENDED SEPTEMBER 30, 2025AND 2024(UNAUDITED)3CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30,2025AND 2024(UNAUDITED)5NOTES TO THECONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)6Item 2.MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OFOPERATIONS19Item 3.QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK29Item 4.CONTROLS AND PROCEDURES29Part IIOTHER INFORMATION30Item 1.LEGAL PROCEEDINGS30Item 1A.RISK FACTORS30Item 2.UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS30Item 5OTHER INFORMATION30Item 6.EXHIBITS31SIGNATURES31 Mobile Infrastructure Corporation Stockholders’ EquityPreferred stock Series A, $0.0001par value,50,000shares authorized,1,874and1,949sharesissued and outstanding, with a stated liquidation value of $1,874,000and $1,949,000as ofSeptember 30, 2025 and December 31, 2024, respectively——Preferred stock Series 1, $0.0001par value,97,000shares authorized,15,072and18,165sharesissued and outstanding, with a stated liquidation value of $15,072,000and $18,165,000as ofSeptember 30, 2025 and December 31, 2024, respectively——Preferred stock Series 2, $0.0001par value,60,000shares authorized,46,000issued and converted(stated liquidation value ofzeroas of September 30, 2025 and December 31, 2024)——Common stock, $0.0001par value,500,000,000shares authorized,40,584,766and40,376,974shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively22Warrants issued and outstanding –2,553,192warrants as of September 30, 2025 and December 31,20243,3193,319Additional paid-in capital302,329306,718Accumulated deficit(153,999)(140,056)Total Mobile Infrastructure Corporation Stockholders’ Equity151,651169,983Non-controlling interest18,08819,288Total equity169,739189,271Total liabilities and equity$397,839$415,062 MOBILE INFRASTRUCTURE CORPORATIONCONSOLIDATED STATEMENTS OF OPERATIONS(In thousands, except share andper share amounts, unaudited) MOBILE INFRASTRUCTURE CORPORATIONCONSOLIDATED STATEMENTS OF CASH FLOWS(In thousands, unaudited) MOBILE INFRASTRUCTURE CORPORATIONNOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSSEPTEMBER 30, 2025(UNAUDITED) Note1—Organization and Business Operations Mobile Infrastructure Corporation (“MIC,” “we,” “us,” “our,” and the “Company”) is a Maryland corporation, publicly traded onThe Nasdaq Stock Market LLCunder the ticker “BEEP.”Wefocuson acquiring, owning and optimizingparking facilities andrelated infrastructure, including parking lots, parking garages and other parking structures throughout the United States.Wetargetboth parking garage and surface