Core Insights - Sky Harbour Group Corp. (NYSE: SKYH) demonstrated strong momentum in Q3 2025, transitioning from development to cash-generating operations [1] - The company is now conducting resident flight operations at nine campuses, with additional Tier 1 locations in development [1] - Constructed assets and construction in progress exceeded $308 million at the end of the quarter, indicating significant growth [1] Financial Performance - Revenue reached $7.3 million, reflecting a 78% year-over-year increase and an 11% sequential increase, driven by $5.7 million in rental income and $1.6 million from fuel as nine campuses ramped up operations [6] - At the end of Q3 2025, liquidity stood at approximately $48 million in cash, restricted cash, and Treasuries, with a new $200 million warehouse facility available for expansion to $300 million, which remained undrawn [6] Operational Developments - The company has fully operational sites at Sugar Land, Nashville, Miami Opa-Locka, San Jose, Camarillo, Phoenix Deer Valley, Dallas Addison, Seattle Boeing Field, and Denver Centennial [1] - Management has strengthened the capital structure by signing a joint venture letter of intent for an SH34 hangar at OPF Phase 2, providing flexible and lower-cost funding for future growth [1]