Sky Harbour Group Corporation

Sky Harbour Group Corporation (SKYH), an aviation infrastructure developer of Home Base Operator (HBO) campuses for business aircraft, reported FY 2025 total revenue of $27.5 million, entirely from operating lease income. High operating expenses of $55.6 million, including employee compensation and benefits ($17.3M), ground lease expenses ($13.5M), and depreciation ($6.3M), resulted in an operating loss of $28.0 million. A $35.9 million unrealized gain on warrants offset other expenses, yielding consolidated net income of $7.3 million, with $18.8 million attributable to shareholders. Basic EPS was $1 on 33.8 million shares. Balance sheet highlights total assets of $593.2 million (PP&E $349.9M, right-of-use assets $178.0M), total liabilities $421.2 million (bonds payable $187.4M, operating lease liabilities $190.2M), and total equity $172.0 million. Cash flows showed operating use of $2.3 million, investing use of $62.3 million (construction $74.7M, investments net), financing inflow $7.3 million, net cash decrease $57.3 million; ending cash and restricted $72.3M. Operational portfolio: 1,023,634 rentable sq ft at 78.1% occupancy across 9 facilities. Development pipeline totals $690-$761 million for 74 hangars (2.7M sq ft). Growing U.S. business jet fleet (73% sq ft increase 2010-2025, $57B order backlog) supports demand.

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