Sky Harbour Group Expands Aviation Infrastructure Portfolio, Reports Significant Revenue Growth

Sky Harbour Group Corporation (NYSE: SKYH) reported substantial progress in its first quarter of 2025, highlighting significant expansion of its aviation infrastructure portfolio and robust financial performance. The company's strategic growth initiatives are positioning it as a key player in developing private aviation facilities across the United States.

During the quarter, Sky Harbour initiated operations at its Phoenix Deer Valley campus and prepared for upcoming campus openings in Dallas Addison and Denver Centennial. The company also secured a significant 90,000 square foot facility at Seattle's Boeing Field, further strengthening its national presence. By the end of the quarter, Sky Harbour's portfolio included eight operational campuses, one under construction, and ten in pre-development stages.

Financial results demonstrated impressive growth, with total revenue increasing 133% to $5.6 million compared to the same period in the previous year. This growth was primarily driven by new lease commencements at the San José campus, partial lease-up at the Deer Valley campus, and contributions from the recently acquired Camarillo facility. Rental revenue reached $4.5 million, while fuel revenue increased to $1.1 million.

The company's infrastructure expansion continued with the execution of a long-term lease at Boeing Field and new ground leases in Hillsboro and Stewart International. As of the first quarter, Sky Harbour's portfolio encompassed approximately 580,000 square feet of leasable space, with over 2.1 million square feet in development, representing potential annualized revenue of $37.6 million upon stabilization.

Despite ongoing development costs impacting profitability, management remains confident in its strategic trajectory. The company ended the quarter with total assets of $553.7 million and maintained strong liquidity with $83.7 million in consolidated cash and restricted cash. Sky Harbour's management has reiterated its guidance to achieve consolidated run-rate breakeven cash flow and adjusted EBITDA by the end of 2025.

Stonegate Capital Partners, which provides research coverage on Sky Harbour, values the company between $14.40 and $22.46 per share, with a midpoint of $17.72. This valuation reflects the company's potential for growth and its strategic positioning in the evolving private aviation infrastructure market.