Core Insights - Sky Harbour Group Corp. (NYSE: SKYH) demonstrated strong operational momentum in Q2 2025, driven by campus openings, leasing activity, and construction progress across its expanding network [1][6] - The company commenced operations at new locations in Dallas and Seattle, with plans for Denver to start resident flight operations in early Q3 2025 [1] - Significant construction developments include the groundbreaking of Miami Opa-Locka Phase 2, with completion expected in Q2 2026, and pre-development activities at multiple Tier 1 airport sites [1][6] Financial Performance - Revenue for Q2 2025 increased by 82% year-over-year and 18% sequentially, with net operating cash use improving to $0.9 million from $5 million in Q1 [6] - The company reported robust liquidity of approximately $75 million, supporting its operational activities [6] - Sky Harbour is pursuing a $200 million five-year tax-exempt bank construction facility to fund 5-6 new airport projects, aiming for breakeven run-rate operating cash flow by year-end [6] Operational Developments - The company has executed its first leases at new campuses in Denver, Dallas, and Phoenix, with pre-leasing activities underway at Bradley International and Dulles airports, achieving above-target rates [6] - As of the end of the quarter, Sky Harbour's portfolio included nine operational campuses, one nearing completion, and thirteen in various pre-development stages [1][6]

Sky Harbour Group Corporation (SKYH) came out with a quarterly loss of $0.1 per share versus the Zacks Consensus Estimate of a loss of $0.12. This compares to earnings of $0.06 per share a year ago. These figures are adjusted for non-recurring items. While Sky Harbour Group has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is t ...

Financial Data and Key Metrics Changes - Consolidated revenues increased by 82% year-over-year and 18% sequentially, reaching $6,600,000 for the quarter, driven by the acquisition of Camarillo and higher revenues from existing campuses [5][6] - Cash flow used in operating activities improved significantly to less than $1,000,000 for the quarter, compared to $5,000,000 used in Q1 [6] - The company expects to reach cash flow breakeven on a consolidated basis by the end of the year [6] Business Line Data and Key Metrics Changes - Revenues from wholly owned subsidiaries increased by 20% sequentially from the first quarter, with expectations for a significant increase in Q3 and Q4 as new campuses are leased [7] - Operating expenses increased due to onboarding personnel in anticipation of campus openings, but cash flow from operations generated a positive $2,200,000 in the quarter [8] Market Data and Key Metrics Changes - The revenue capture potential is currently at about $140,000,000, with expectations to approach $200,000,000 by the end of the year [9] - Miami has proven to be a strong market, with lease rates increasing from $32 per square foot to around $46 [44][46] Company Strategy and Development Direction - The company is focusing on Tier one airports for site acquisitions, aiming to maximize revenue capture [27] - A pilot project for preleasing hangars at campuses not yet under construction has been initiated, showing promising initial results [14][29] - The company is vertically integrating construction efforts to improve quality, accelerate construction pace, and lower costs [16][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving profitability expectations in the near term due to projected revenues from new campuses [6][57] - The company is optimistic about the impact of preleasing on credit profiles and future debt offerings [93] Other Important Information - The company is pursuing a $200,000,000 warehouse bank debt facility to finance upcoming capital developments, which is expected to close soon [22][24] - The SH-37 hangar prototype is now fully standardized, aiming to increase speed, decrease costs, and improve quality [95][96] Q&A Session Summary Question: Can you provide details on actual revenues as compared to forecasted revenues? - The company is tracking to exceed projections for various campuses, with Miami showing strong market performance [41][43] Question: Can you provide details on the preleasing hangar space at Bradley and Dallas Airports? - Initial results from preleasing are positive, with advantageous introductory pricing for first residents [47][48] Question: Do you feel like you are seeing scale gains in line with expectations? - The company expects to see operating leverage as new campuses start cash flowing, with fixed SG&A expenses benefiting from increased revenues [50][51] Question: What are the drivers for higher than forecasted revenue at campuses? - Key drivers include higher rents due to scarcity, fuel margin revenues, and the ability to achieve occupancy levels above 100% [56][58] Question: Are you seeing any changes to the electric aviation industry? - The company is prewiring campuses for electric aviation and believes regulatory hurdles have been reduced [66][67] Question: What aspects differentiate Sky Harbor from FBOs? - The company emphasizes its service offerings and training programs that enhance safety and efficiency, differentiating it from traditional FBOs [73][78]

Financial Performance & Construction - Sky Harbour's construction is accelerating, leading to increasing revenues[20] - Sky Harbour Capital is experiencing a step up in 2025 with three new campus openings[32] - A drawdown "warehouse" bank facility is expected to provide $200 million for construction[59] - The warehouse facility is projected to fund construction of ADS2, BDL, POU1, SLC, and TTN[61] Leasing & Revenue - Stabilized campuses are enjoying higher-than-forecast revenue[70] - Potential revenue opportunity at SHER stabilization shows a 23% premium with an average expected revenue of $35.75 per rentable square foot compared to the 2022 CBRE projected $29.08, and a 38% premium with the highest expected revenue of $40.06 per rentable square foot[44] - Q2 Revenue Run Rate for SGR is $1.4 million, $5.0 million for BNA, $6.3 million for OPF, $4.0 million for SJC, and $2.9 million for DVT[48] Site Acquisition & Development - Sky Harbour reaffirms guidance of 5 new ground lease announcements by year-end[42] - The company has secured 18 airport ground leases and is targeting Tier-1 SHER locations[70] - Construction has commenced in OPF2, with completion expected by Q2 2026[70] Operational Strategy - Sky Harbour is transitioning to a centralized operating model[70] - The company is focused on maximizing revenue capture and is on course to meet its 2025 acquisitions target[74]

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) August 8, 2025 Sky Harbour Group Corporation (Exact name of registrant as specified in its charter) | Delaware | 001-39648 | 85-2732947 | | --- | --- | --- | | (State or other jurisdiction | (Commission | (IRS Employer | | of incorporation) | File Number) | Identification No.) | 136 Tower Road, ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR (212) 554-5990 Registrant's telephone number, including area code ☐ 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 n ...

Core Viewpoint - Sky Harbour Group Corporation (SKYH) shows potential for significant upside, with a mean price target of $17.92 indicating a 73% increase from its current price of $10.36 [1] Price Targets and Analyst Estimates - The mean estimate consists of six short-term price targets with a standard deviation of $4.8, suggesting variability in analyst predictions [2] - The lowest estimate of $14.00 indicates a 35.1% increase, while the highest estimate of $25.00 suggests a potential surge of 141.3% [2] - A low standard deviation indicates strong agreement among analysts regarding the stock's price movement [9] Earnings Estimates and Analyst Sentiment - Analysts have shown increasing optimism about SKYH's earnings prospects, with a positive trend in earnings estimate revisions [11] - Over the last 30 days, one estimate has increased, leading to a 9.8% rise in the Zacks Consensus Estimate [12] - SKYH holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates [13] Caution on Price Targets - Solely relying on price targets for investment decisions may not be wise, as analysts' ability to set unbiased targets has been questioned [3][7] - Price targets should be treated with skepticism, as they can mislead investors [10]

Core Viewpoint - Sky Harbour Group Corporation (SKYH) is anticipated to report a year-over-year decline in earnings despite an increase in revenues for the quarter ended June 2025, with the actual results being a significant factor influencing its near-term stock price [1][2]. Financial Expectations - The consensus estimate indicates a quarterly loss of $0.12 per share, reflecting a year-over-year change of -300% [3]. - Expected revenues are projected to be $6.63 million, representing an 83.2% increase from the same quarter last year [3]. Estimate Revisions - The consensus EPS estimate has been revised 13.33% higher in the last 30 days, indicating a collective reassessment by analysts [4]. - The Most Accurate Estimate for Sky Harbour Group is higher than the Zacks Consensus Estimate, resulting in an Earnings ESP of +35.13% [12]. Earnings Surprise Prediction - A positive Earnings ESP reading suggests a likely earnings beat, especially when combined with a Zacks Rank of 1 (Strong Buy) [10]. - Sky Harbour Group's current Zacks Rank is 1, indicating a strong likelihood of surpassing the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Sky Harbour Group was expected to post a loss of $0.25 per share but actually reported a loss of -$0.11, achieving a surprise of +56.00% [13]. - Over the past four quarters, the company has exceeded consensus EPS estimates two times [14]. Industry Context - Another player in the Aerospace - Defense Equipment industry, Mercury Systems (MRCY), is expected to report earnings of $0.21 per share, reflecting a year-over-year decline of -8.7% [18]. - Mercury Systems' revenues are projected to be $241.71 million, down 2.8% from the previous year, with an Earnings ESP of +8.05% [19].

Core Viewpoint - Sky Harbour Group Corporation (SKYH) shows potential for significant upside, with a mean price target of $17.92 indicating a 76.9% increase from its current price of $10.13 [1] Price Targets and Analyst Estimates - The mean estimate consists of six short-term price targets with a standard deviation of $4.8, suggesting variability among analysts [2] - The lowest estimate of $14.00 indicates a 38.2% increase, while the highest estimate of $25.00 suggests a potential surge of 146.8% [2] - Analysts' price targets can often mislead investors, as empirical research indicates they rarely reflect actual stock price movements [7][10] Earnings Estimates and Analyst Agreement - There is strong agreement among analysts regarding SKYH's ability to report better earnings, which supports the potential for stock upside [4][11] - Over the last 30 days, the Zacks Consensus Estimate for the current year has increased by 9.8%, with one estimate moving higher and no negative revisions [12] - SKYH holds a Zacks Rank 1 (Strong Buy), placing it in the top 5% of over 4,000 ranked stocks based on earnings estimates [13] Conclusion on Price Movement - While the consensus price target may not be a reliable indicator of the extent of potential gains, it does provide a useful guide for the direction of price movement [14]

Group 1 - The individual holds a PhD in Machine Learning with a focus on Economics and Finance, indicating a strong academic background relevant to financial analysis [1] - Professional experience includes working at Deloitte Financial Advisory, specializing in Data Science and Machine Learning applications for clients in banking, insurance, and finance, highlighting expertise in applying advanced technologies in financial sectors [1] - Current teaching roles include Asset Pricing and Introduction to Corporate Finance at ESADE Business School, suggesting involvement in educating future finance professionals [1] Group 2 - Research interests focus on Generative AI in sustainable finance, indicating a trend towards integrating advanced AI technologies in financial practices [1] - Proficiency in programming languages such as Python, R, and SQL, which are essential for data analysis and financial modeling in the industry [1] - The individual has publications in Artificial Intelligence and finance journals, reflecting a commitment to contributing to academic and professional discourse in these fields [1]