0001437749-26-009045
SEC filingSky 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.
Sky Harbour Group Corporation reported FY 2025 revenue of $27.5 million from operating lease income. Total expenses reached $55.6 million, leading to an operating loss of $28.0 million. Other income included a $35.9 million unrealized gain on warrants, interest expense of $1.4 million, and other expense of $846K, resulting in total other expense of $35.3 million (net). Consolidated net income was $7.3 million, with net loss attributable to non-controlling interests of $11.5 million, yielding $18.8 million net income to shareholders. Basic EPS was $1 (33.8M shares), diluted $0 (77.8M shares). No prior year figures provided for comparison.
Revenue totaled $27.5 million, solely from operating lease income. The company operates 9 HBO campuses totaling 1,023,634 rentable square feet at 78.1% weighted average occupancy as of December 31, 2025. Key facilities include OPF (15.6% of sq ft, 97.6% occupancy), BNA (14.6%, 88.9%), and DVT Phase I (13.1%, 73.1%). Tenant leases average 5.6 years by payments, 2.8 years by sq ft, with no single tenant >10% revenue. 85 leases, diversified across individuals, charters, corporates. Development pipeline includes 74 hangars (2.7M sq ft) at 20+ airports.
No gross profit disclosed. Operating margin reflects -$28.0 million loss on $27.5 million revenue. Major costs: employee compensation $17.3M, ground leases $13.5M, campus ops $8.7M, depreciation $6.3M, G&A $4.3M, fuel $3.3M, pursuit/marketing $2.3M. Equity-based compensation $5.8M in cash flow adjustments. Warrant gains drove profitability.
Operating cash flow used $2.3 million (net loss $7.3M, adjusted for depreciation $6.4M, equity comp $5.8M, warrant gain -$35.9M, lease expense $7.3M). Investing used $62.3 million (construction $74.7M, PPE purchases $9.5M, investments net +$21M). Financing provided $7.3 million (loans $21.1M, shares $281K, debt costs -$4.9M). Net cash decrease $57.3M; ending cash/restricted $72.3M. Assets $593.2M (cash $20.7M, restricted cash $16.3M, PP&E $349.9M, ROU $178.0M). Liabilities $421.2M (lease liab $190.2M, bonds $187.4M). Equity $172.0M.
Business jet fleet sq ft up 73% (2010-2025), larger jets +120%; 8,500 deliveries ($283B) forecast 2025-2034, $57B backlog (+10% YoY). Demand exceeds supply; HBO campuses target high-demand airports. Development: $690-761M pipeline, in-construction projects like ADS Phase II ($24.6-27.6M), OPF Phase II ($39.3-39.6M). Ground leases extend to 2097. Risks: competition from FBOs, construction delays, environmental regs, debt refinance.