Core Insights - Sky Harbour Group Corporation reported a consolidated revenue of $27.5 million for FY25, representing an 87% year-over-year increase, driven by contributions from CMA, increased occupancy at various locations, and new operations at DVT, ADS, and APA [1][6]. Revenue Breakdown - The revenue consisted of $21.6 million from rental income and $6.0 million from fuel revenue [1]. - The growth in revenue was attributed to a full year of contribution from CMA and improved occupancy rates at BNA, OPF, and SJC [1]. Leasing and Development - Management indicated that leasing activities in Phoenix and Dallas were progressing faster than anticipated, while Denver's initial pace was slower but showing improvement [1]. - Early lease-up activities may involve short-term leases at lower rates to boost occupancy before transitioning tenants to longer-term leases at target pricing [1]. - An active pre-leasing strategy is in place for future campuses, particularly at Bradley, with pre-leasing rents exceeding existing campus averages due to long-term leases signed [1]. Financial Performance - The company has invested over $328 million in development, securing funding for the next six projects totaling more than 1.0 million rentable square feet [6]. - Profitability has improved significantly, with a gross profit margin of 7.6% and adjusted EBITDA reaching run-rate breakeven in December 2025 [6].

分组1 - Sky Harbour Group Corporation reported quarterly earnings of $0.25 per share, exceeding the Zacks Consensus Estimate of a loss of $0.15 per share, representing an earnings surprise of +272.41% [1] - The company posted revenues of $8.06 million for the quarter ended December 2025, which was 13.05% below the Zacks Consensus Estimate, compared to revenues of $4.64 million a year ago [2] - Sky Harbour Group has surpassed consensus EPS estimates for the last four quarters but has not beaten revenue estimates during the same period [2] 分组2 - The stock has increased approximately 6.9% since the beginning of the year, while the S&P 500 has declined by 3.2% [3] - The current consensus EPS estimate for the upcoming quarter is -$0.09 on revenues of $12 million, and for the current fiscal year, it is -$0.79 on revenues of $52.23 million [7] - The Real Estate - Development industry, to which Sky Harbour Group belongs, is currently ranked in the top 27% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

On cash generation, Gonzalez said consolidated cash flow from operations turned positive “for the first time” in the company’s history, but he emphasized this was “mostly driven” by $5.9 million received from rent tied to a lease extension that closed in December. He described the extended lease as the company’s longest tenant lease to date, at 12 years. Management also said Adjusted EBITDA reached breakeven on a run-rate basis in December.Revenue grew 87% year-over-year to a record $27.5 million in 2025, w ...

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [6][9] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [6][9] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [8][35] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4 [11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with an 18% sequential increase in Q4 [9] - The company expects moderate revenue increases in Q1 2025, followed by a significant step-up in Q2 and Q3 2027 due to the opening of phase II in Miami [9] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with a 22% average markup on lease renewals, indicating strong demand for airport space [19] - The average rent for pre-leasing campuses is higher than that for stabilized and initial lease-up campuses, reflecting improved targeting of better airports [61] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [7] - The focus for 2026 will be on maximizing net operating income (NOI) capture and expanding in the best geographies [46] - The company is refining its guidance metrics to focus on total available NOI rather than just the number of airports [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity, with a focus on operational efficiency and cost reduction [39][44] Other Important Information - The company finalized a five-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring the sale of hangars as a means to generate capital, particularly for tenants who prefer ownership over leasing [73] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Management confirmed that new ground leases are expected, with guidance to be provided in the next earnings call [53] Question: Will the company be breakeven going forward from here? - Management indicated that cash flows follow revenues, and with upcoming campus openings, they expect to move north from breakeven in Q2 2026 [54][55] Question: How can we think about construction spend ramping as we move throughout 2026 and beyond? - Management noted that construction expenditures are ramping up, with strong liquidity and a new subsidiary for in-house construction management [56] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Management expects stabilization for the three assets in the coming two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Management reiterated that guidance will focus on NOI generation rather than the number of ground leases [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized and initial lease-up campuses? - Management explained that improved targeting of better airports has led to higher rents for pre-leased campuses [61] Question: Can you explain the unit economic slide more? - Management clarified that the illustration of $36 NOI per square foot is based on current leasing trends, with expectations for higher rents in new campuses [65][66] Question: Can you provide details on your interest in selling hangars? - Management stated that they are open to selling hangars if it makes financial sense, particularly for long-term prepaid leases [73][74]

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [6][9] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [6][9] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [8][36] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4 [11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with an 18% sequential increase in Q4 [9] - The company expects moderate revenue increases in Q1 2025, followed by a significant step-up in Q2 and Q3 2027 due to the opening of phase two in Miami [9] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with an average markup of 22% on lease renewals, indicating strong demand [19] - The company is targeting better airports for future developments, which is expected to lead to higher rents and NOI revenues per square foot [66] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [7] - The focus for 2026 will be on maximizing NOI capture and expanding in the best geographies, with a strategic emphasis on same metro center expansion [47][48] - The company is refining its guidance metrics to focus on total available NOI rather than just the number of airports [38] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about reaching breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity, with a focus on operational efficiency and cost reduction [39][44] - Management acknowledged the competitive landscape but emphasized the company's unique positioning and strategy to capture prime airport locations [46] Other Important Information - The company has secured a 5-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring potential sales of hangars to generate capital, particularly for tenants interested in long-term leases [73][77] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Yes, guidance will be provided in the next earnings call, focusing on NOI capture rather than the number of airports [53] Question: How should we think about breakeven in 2026? - Cash flows will follow revenues, with expectations to move north from breakeven in Q2 as new campuses open [54][55] Question: How can we think about construction spend ramping in 2026? - Construction expenditures are expected to accelerate as the company has raised capital and completed onboarding for in-house construction management [56][57] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Stabilization is expected within the next two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Formal guidance will be provided in the next earnings call, focusing on NOI generation [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized campuses? - The company is targeting better airports now, leading to higher rents in pre-leasing compared to existing campuses [61][66] Question: Can you explain the unit economic slide more? - The illustration suggests that rents and NOI revenues per square foot are likely to trend higher in new campuses compared to previous ones [66] Question: What is the actual IRR or yield on cost expected? - The yield on cost is expected to be lower initially due to past challenges, but higher rents are anticipated to improve returns over time [70][72] Question: Can you provide details on your interest in selling hangars? - The company is open to selling hangars if it makes financial sense, particularly for tenants preferring ownership over leasing [73][77]

Financial Data and Key Metrics Changes - The company reported a record revenue of $27.5 million for 2025, reflecting an 87% year-over-year increase, driven by the acquisition of Camarillo and higher revenues from new campuses [7][10] - Operating expenses increased to nearly $28 million, primarily due to the rise in campus operations and the number of ground leases [7][10] - The company achieved positive cash flow from operations for the first time, largely due to a $5.9 million rent realization from a lease extension [9][35] - Adjusted EBITDA improved for the third consecutive quarter, reaching a negative EBITDA of approximately $1 million in Q4, driven by increased occupancy and rental rates [12][11] Business Line Data and Key Metrics Changes - Revenues for the wholly-owned subsidiary, Sky Harbour Capital, increased by 49% year-over-year, with Q4 showing an 18% sequential increase [10] - The company expects moderate revenue increases in Q1 2025, with a significant step-up anticipated in Q2 and Q3 2027 due to the opening of phase two in Miami [10] Market Data and Key Metrics Changes - The company is experiencing a fundamental supply-demand mismatch in the airport market, with a noted average markup of 22% on lease renewals, indicating strong demand for airport space [20] - The company is targeting better airports for future developments, which is expected to lead to higher rents and NOI revenues per square foot [66] Company Strategy and Development Direction - The company aims to achieve higher efficiencies at the campus level in 2026, particularly as it opens second phases in Miami and Dallas [8] - A focus on maximizing NOI capture and refining guidance metrics is emphasized, moving away from simply counting the number of airports [38][46] - The company is investing in vertical integration and cost efficiencies to improve unit economics and expand its addressable market [39][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving breakeven cash flows in 2026, with expectations for revenue growth following campus openings and lease rate increases [54] - The company is preparing for a significant surge in development activity starting in 2027, with a focus on operational efficiency and service quality [39][44] Other Important Information - The company finalized a 5-year tax-exempt drawdown facility with JPMorgan to fund upcoming projects, enhancing its liquidity position [30][35] - The company is exploring the potential sale of hangars as a means to generate capital, particularly for tenants preferring ownership over leasing [73][76] Q&A Session Summary Question: Should we be expecting the signing of any new ground leases in 2026? - Management confirmed that new ground leases are expected, with guidance to be provided in the next earnings call [53] Question: Will the company be breakeven going forward from here? - Management indicated that cash flows will follow revenues, with expectations for breakeven in Q2 2026 as new campuses open [54] Question: How can we think about construction spend ramping as we move throughout 2026 and beyond? - Management noted that construction expenditures are ramping up, with strong liquidity and a new subsidiary for in-house construction management [56] Question: What are the expectations for stabilization across the three assets delivered in 2025? - Management expects stabilization for the three assets in the coming two quarters, with a new lease-up strategy in place [58][59] Question: How many additional ground leases do you expect in 2026? - Management reiterated that guidance will focus on NOI generation rather than the number of ground leases [60] Question: Why is the average rent at pre-leasing campuses higher than stabilized campuses? - Management explained that targeting better airports has led to higher rents in pre-leasing compared to initial lease-up campuses [61] Question: Can you explain the unit economic slide more? - Management clarified that the illustration of $36 NOI per square foot is based on expected higher rents in better airports compared to previous projects [65] Question: How much of a new campus do you ideally want pre-leased before construction begins? - Management indicated that ideally, about 50% pre-leasing is targeted before opening, balancing early visibility with potential for higher rents [67]

SKYH NYSE Investor Presentation Summer 2025 2025 Year End Earnings Webcast March 19th , 2026 SKYH NYSE 239 61 41 0 0 0 140 140 140 178 178 178 167 191 219 222 222 222 ©2025 Sky Harbour Proprietary DI S C L A I ME R General This presentation and information provided at a webcast or meeting at which it is presented (the "Presentation") is for informational purposes only to assist investors, prospective investors and other parties in making their own evaluation with respect to Sky Harbor Group Corporation ("Sk ...

Core Insights - Sky Harbour Group Corporation reported record financial results for Q4 and the full year 2025, achieving its site acquisition target and breakeven guidance for operating cash flow [1][2] Financial Performance - The company met its guidance for operating cash flow/adjusted EBITDA run-rate breakeven by the end of 2025, driven by positive cash flows from newly opened campuses and a $5.9 million upfront rent payment from a lease renewal [2] - Consolidated revenues for 2025 increased by 87% compared to the previous year [2] - Net cash used in operating activities decreased to $2.3 million in 2025 from $9.1 million in 2024 [2] - The company reported strong liquidity with consolidated cash and U.S. Treasuries totaling $48 million and $200 million available under a term bank facility as of December 31, 2025 [2] Site Acquisition and Development - Sky Harbour secured nine additional ground leases in 2025, bringing the total to 23 airport ground leases, expected to encompass approximately 4 million rentable square feet once fully developed [3] - The company has campuses under construction at multiple airports, including Bradley International Airport and Salt Lake City International Airport, with occupancy rates nearing 100% at campuses opened prior to 2025 [3] - New campuses opened in 2025 have varying occupancy rates, with the latest campuses at 77%, 84%, and 35% as of March 16, 2026 [3] Funding and Capital Formation - The company closed on $150 million in tax-exempt financing through the 2026 Series Bonds, issued at a 6.00% fixed interest rate [6] - The proceeds from the bonds will be used to fund capital expenditures for upcoming projects totaling over 1 million rentable square feet [6] - Sky Harbour has drawn $17.9 million from its J.P. Morgan facility to cover capital expenditures and expects to continue drawing as construction accelerates [6] Strategic Focus - The CEO emphasized the company's focus on scaling operations in 2026, with over 1 million square feet of new hangar development fully funded [4] - Sky Harbour aims to provide superior service and safety while improving cost efficiencies across its campuses [3]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported) March 19, 2026 Sky Harbour Group Corporation (Exact name of registrant as specified in its charter) ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | Delaware | 001-39648 | 85-2732947 | | --- | --- | --- | | (State or other jurisdiction | ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number: 001-39648 Sky Harbour Group Corporation (Exact name of registrant as specified in its Charter) Delaware 85-2732947 (St ...