Mobile Infrastructure Reports Q3 2023 Results; Q3 EPS $(1.77) Down From $(0.22) YoY, Sales $8.06M Down From $8.35M
Portfolio Pulse from Benzinga Newsdesk
Mobile Infrastructure reported a significant Q3 2023 net loss of $23.1 million, or $1.77 per diluted share, compared to a net loss of $2.9 million, or $0.22 per diluted share, in the same period last year. Sales decreased to $8.06 million from $8.35 million. The loss was largely due to non-recurring charges related to a merger and repositioning, including a $16.1 million non-cash charge for Series 2 Preferred Stock and $8.7 million impairment charges for three parking facilities. Adjusted EBITDA increased by 2.3% to $4.4 million. The company's total debt decreased to $193.5 million from $219.7 million at the end of 2022, with a weighted-average interest rate of 6.8%.
November 14, 2023 | 1:54 am
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NEGATIVE IMPACT
Mobile Infrastructure, likely represented by the symbol BEEP, reported a larger Q3 net loss year-over-year and a decrease in sales, but a slight increase in Adjusted EBITDA. The company faced significant non-recurring charges and impairment charges, which impacted the results.
The significant net loss and decrease in sales are likely to negatively impact investor sentiment in the short term. However, the increase in Adjusted EBITDA and reduction in total debt may provide some positive outlook, but the negative factors outweigh the positives in the immediate aftermath of the report.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100