Sky Harbour Group Corp

Listed Company

SKYH-WTCIK 0001823587NYSENon-AcceleratedSmaller ReportingReal EstateDelawareFY ends Dec 31

Period

FY 2025

Revenue

$27.54M

Net Income

$18.82M

Total Assets

$593.18M

Equity

$171.97M

Shares Out

—

Op. Cash Flow

$-2.34M

Business

Sky Harbour Group Corp develops, leases and manages home basing hangar campuses for business aircraft across the United States. It offers private and semi-private hangar space along with adjoining configurable lounges and office suites, dedicated line crews and services, climate control, in-hangar maintenance features, no-foam fire suppression, and proprietary access and monitoring software. The company operates a real estate-centric model focused on prototype hangar design and long-term rental agreements, using long-term ground leases and mixed gross and triple-net leases. Sky Harbour targets U.S. airports serving major metropolitan centers and markets to individuals, charter operators, corporate fleets, government entities, flight schools and aviation service providers.

Summary from filing dated 2025-03-27

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenue	28	15	8	2	2
Campus operating expenses	9	4	3	—	—
Fuel expenses	3	555,000	214,000	—	—
Ground lease expenses	13	9	4	—	—
Depreciation and amortization	6	3	2	695,000	570,000
Pursuit and marketing expenses	2	2	2	—	—
Employee compensation and benefits	17	14	10	—	—
General and administrative expenses	4	3	3	15	9
Total expenses	56	35	25	—	—
Operating loss	−28	−20	−17	−19	3
Interest expense, net of capitalized interest	1	715,000	541,000	—	—
Other (income) expense	−846,000	−2	−737,000	−98,000	0
Unrealized (gain) loss on warrants	−36	35	9	−5	0
Total other (income) expense	−35	33	8	−5	1
Net income (loss)	7	−54	−25	−14	−14
Net loss attributable to non-controlling interests	−11	−8	−9	−10	0
Net income (loss) attributable to Sky Harbour Group Corporation shareholders	19	−45	−16	−3	−14
Basic (in dollars per share)	0.56	−1.76	−0.98	−0.23	0
Diluted (in dollars per share)	0.09	−1.76	−0.98	−0.23	0
Basic (in shares)	34	26	16	14	0
Diluted (in shares)	78	26	16	14	0

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash	21	42	60	2	7
Restricted cash	16	52	12	39	197
Investments	0	19	12	25	0
Restricted investments	11	14	88	115	0
Accounts receivable, prepaid expenses, and other assets	14	9	6	4	3
Right-of-use assets	178	148	71	57	57
Total assets	593	557	402	331	304
Accounts payable, accrued expenses, and other liabilities	37	28	17	14	11
Operating lease liabilities	190	153	69	54	61
Bonds payable, net of unamortized debt issuance costs and premiums	187	163	162	162	161
Warrants liability	10	46	12	3	0
Total liabilities	421	397	270	233	233
Commitments and contingencies (Note 20)	—	—	—	—	—
Preferred stock; $0.0001 par value; 10,000,000 shares authorized as of December 31, 2025; none issued and outstanding	0	0	0	0	0
Additional paid-in capital	174	169	88	30	0
Accumulated deficit	−46	−65	−19	−3	0
Accumulated other comprehensive income	0	53,000	312,000	−102,000	0
Total Sky Harbour Group Corporation stockholders equity	128	104	69	26	0
Non-controlling interests	44	56	63	72	0
Total equity	172	160	132	98	17
Total liabilities and equity	593	557	402	331	304

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	6	3	2	695,000	1
Amortization of debt issuance costs	348,000	0	—	—	—
Equity-based compensation	6	4	2	1	217,000
Straight-line rent adjustments, net	−980,000	−109,000	−239,000	10,000	−100,000
Non-cash operating lease expense	7	5	2	2	3
Loss on disposition assets, net	121,000	30,000	0	—	—
Loss on extinguishment of loans payable	13,000	0	—	—	—
Realized gain on available for sale investments	−112,000	−307,000	0	—	—
Accounts receivable, prepaid expenses, and other assets	−166,000	−1	−440,000	—	—
Right-of-use asset initial direct costs	0	−17,000	−26,000	−10	0
Accounts payable, accrued expenses, and other liabilities	8	309,000	3	−1	3
Net cash used in operating activities	−2	−9	−8	−27	−7
Purchases of long-lived assets	−10	−2	−767,000	−1	−162,000
Payments for cost of construction	−75	−76	−55	−45	−16
Proceeds from disposition of long-lived assets	563,000	11,000	0	—	—
Investment in notes receivable, net	−121,000	−1	−2	−2	0
Net cash (used in) provided by acquisition of business	0	−32	2	—	—
Purchases of available for sale investments	−201	−245	−54	−30	0
Proceeds from available for sale investments	220	238	68	79	0
Proceeds from held-to-maturity investments	2	74	198	5	0
Net cash used in investing activities	−62	−44	−16	−188	−16
Proceeds from exercise of warrants	0	3	3,000	3,000	0
Payments for debt issuance costs	−5	0	—	—	—
Payments for equity issuance costs	−90,000	−955,000	−800,000	−9	−2
Payments of employee taxes related to vested equity awards	−2	−1	−377,000	0	—
Net cash provided by financing activities	7	75	55	53	226
Net (decrease) increase in cash and restricted cash	−57	22	31	−163	204

Filings

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