Businesswire·2026-03-19 20:48Core 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]