Sky Harbour Announces Q3 Results; Updates on Leasing, Construction and Other Activities; and Agrees to JV Partnership at Miami Opa Locka Executive Airport.

Core Viewpoint - Sky Harbour Group Corporation reported significant growth in Q3 2025, with a 78.2% increase in consolidated revenues compared to Q3 2024, and reiterated its guidance for reaching operating cash-flow breakeven by year-end 2025 [5][12]. Financial Highlights - Constructed assets and construction in progress reached over $308 million, an increase of $108 million year-over-year [5]. - Q3 2025 consolidated revenues increased by 78.2% year-over-year and 10.8% compared to the prior quarter [5]. - Net cash used in operating activities was approximately $0.9 million for Q3 2025, down from $1.2 million in Q3 2024 [5]. - As of September 30, 2025, consolidated cash and US Treasuries totaled $47.9 million, with access to a $200 million construction warehouse bank facility [5]. - Q3 2025 Obligated Group revenues increased approximately 8.2% over the prior quarter, with net cash generated from operating activities reaching approximately $4.2 million, a 92.2% increase from the prior quarter [5]. Update on Construction and Development Activities - Miami Opa Locka Phase 2 is expected to be completed by Q2 2026, adding 111,720 rentable square feet [9]. - Bradley International Airport broke ground in October 2025, expected to be completed in Q4 2026 [9]. - Site work has commenced at Salt Lake City International Airport, with full construction permit expected soon [9]. - Dallas Addison Phase 2 demolition work is nearing completion [9]. Update on Leasing Activities - Dallas Addison Phase 1 and Phoenix Deer Valley Phase 1 have surpassed 50% occupancy [9]. - A preleasing pilot program has been adopted as a permanent program, with binding leases in place at Bradley International Airport and Dulles International Airport [9]. - A binding Letter of Intent has been executed with a JV Partner for a hangar at Miami Opa Locka, involving a $30.75 million cash payment [9]. Update on Airport Operations - The company currently operates campuses at nine airports and plans to reach a total of 23 airports in operation or development by the end of 2025 [9]. - Surveys indicate that Sky Harbour's HBO service offering is well-received, providing a distinct value proposition for residents [9]. Update on Capital Formation - The company entered into a $200 million construction warehouse facility with JPMorgan Chase Bank, with a fixed interest rate of 4.73% locked in through an interest rate swap [15]. - The facility is expandable to $300 million subject to credit approval, with no funds drawn yet [15]. - The company is exploring financing options to minimize capital costs as its development pipeline grows [15].