F

Mobile Infrastructure Corporati — Earnings Quality Grade F

BEEP · Industrials

Major red flags

Revenue
$35M
2025
Net Income
-$21M
2025
Gross Margin
59.1%
Free Cash Flow
-$0M
01

Screening Summary

8
Passed
2
Watch
5
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

DSO 41 days, change +7 days YoY

A2AR vs Revenue Growth

AR outpaced revenue for 2 consecutive years

A3Revenue vs CFFO

Revenue -5.2%, CFFO 208.2%. Cash follows revenue

02

Expense Quality

B1Inventory vs COGS

No material inventory

!
B2CapEx vs Revenue

CapEx growth 115.1% is >2x revenue growth -5.2%

B3SG&A Ratio

SG&A/Gross Profit = 46.0%. Normal

B4Gross Margin

Gross margin 59.1%, change -2.1pp. Stable

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

!
C2Free Cash Flow

FCF is negative ($-0.0B)

C3Accruals Ratio

Accruals ratio = -5.8%. Low accruals

C4Cash vs Debt

Cash $0.0B covers only 4% of debt $0.2B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.0B = 2% of equity. Manageable

D2Leverage

Debt/EBITDA = 35.2x (>4x). Interest coverage = 0.0x (<2x). Financial stress

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

Goodwill+Intangibles change -48% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

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05

Altman Z-Score

-1.16
Distress Zone
0 Distress1.102.605.0+ Safe
-0.0557
Liquidity
-0.4223
Cumulative profit
-0.0122
Operating efficiency
0.6323
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25