Sky Harbour Group (SKYH) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $27.5 million for 2025, up 87% year-over-year, driven by new campus openings, Camarillo acquisition, and same-field expansion, exceeding guidance metrics.

• Positive cash flow from operations reached for the first time, aided by a $5.9 million upfront rent payment and improved net income from $(53.7) million in FY'24 to $7.3 million in FY'25.

• Significant expansion in assets under construction, now exceeding $328 million, with over 23 airport ground leases and nine new leases secured in 2025.

• Focus on operational efficiency, scaling development, and launching initiatives for service and cost efficiency, with a major push for OpEx efficiency in 2026.

• Development program remained on time and on budget, with preparations for a Q2 scale-up and continued reduction in cost per square foot.

Financial highlights

• Revenues increased 87% year-over-year to $27.5 million; Obligated Group revenues up 49%, with quarterly revenues reaching approximately $9 million by Q4'25.

• Operating expenses rose to nearly $28 million, reflecting expanded operations and more ground leases, with OPEX efficiency programs in place.

• Adjusted EBITDA for Q4 was negative $1 million, but improved sequentially and turned positive on a run-rate basis; FY'25 adjusted EBITDA was $(9.6) million.

• Net income improved significantly, and net cash used in operating activities improved to $2.3 million in 2025 from $9.1 million in 2024.

• Ended the year with $48 million in cash and Treasuries, plus $150 million from new bonds and $200 million undrawn JPMorgan facility.

Outlook and guidance

• Guidance for 2026 will focus on NOI capture rather than number of airports, with formal metrics to be provided next earnings call.

• Expect continued revenue growth as new campuses open and stabilize, with further efficiency gains and a surge in development and leasing activity in 2027.

• Construction spend to accelerate in 2026 as more projects break ground, supported by strong liquidity and fully funded pipeline.

• Leasing team expansion and prototype program aimed at higher quality and lower lifecycle costs.

• Short-term priorities include bringing new campuses to full occupancy and market rents, while enhancing legacy campus revenue.