Sky Harbour Group Corp SKYH
We are an aviation infrastructure development company building the first nationwide network of Home Base Operator ("HBO") campuses designed exclusively for business aircraft. We develop, lease and manage general aviation hangars across the United States, targeting airfields in markets with significant based aircraft populations and high hangar demand. Our HBO campuses feature private and semi-private hangars and a full suite of dedicated services specifically optimized for home based, versus transient, aircraft.
The physical footprint of the U.S. business aviation fleet grew by almost 46 million square feet in the past sixteen years, with hangar supply lagging dramatically, especially in key growth markets. As the fleet of private jets in the United States continues to grow, with recent new aircraft deliveries exceeding retirements, demand for hangar space is at a premium in part because new jets require taller tail clearances and more square footage of hangar space and the pace of new hangar construction has lagged behind the demand. The cumulative square footage of the business aircraft fleet in the United States increased 73% between 2010 and 2025. Moreover, over that same period, there was an 120% increase in the square footage of larger private jets – those with greater than a 24-foot tail height. A recent study conducted by a business aircraft manufacturer forecasted that business aircraft will only continue to grow in the next ten years, with up to 8,500 new business jet deliveries worth over $283 billion expected to be delivered between 2025 and 2034, with over two-thirds of the deliveries expected to be comprised of larger private jets. This forecast is further supported by data from the major business aviation manufacturers that suggest the current order backlog for new business aviation aircraft as of December 31, 2025 is over $57 billion, an increase of approximately 10% over the prior year.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Revenue | $27.5M | $14.8M | $7.6M | $1.8M | $1.6M | — |
| SG&A | $4.3M | $3.5M | $3.3M | $14.7M | $8.7M | — |
| Total operating expenses | $55.6M | $35.2M | $24.6M | $20.7M | $13.8M | — |
| Operating income | -$28.0M | -$20.4M | -$17.0M | -$18.9M | $2.9M | — |
| Interest expense | $1.4M | $715.0K | $541.0K | $0 | $1.2M | — |
| Pre-tax income | $18.8M | -$45.2M | -$16.2M | -$3.2M | $2.9M | — |
| Income tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | $18.8M | -$45.2M | -$16.2M | -$3.2M | -$13.6M | — |
| EPS, basic | 0.56 | -1.76 | -0.98 | -0.23 | 0.00 | — |
| EPS, diluted | 0.09 | -1.76 | -0.98 | -0.23 | 0.00 | — |
| Shares, diluted (wtd. avg.) | 77.8M | 25.7M | 16.5M | 14.0M | 0 | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Cash and equivalents | $37.0M | $94.4M | $72.3M | $41.4M | $203.9M | $72.0K |
| Total assets | $593.2M | $556.6M | $402.2M | $331.2M | $303.9M | $140.2M |
| Accounts payable | — | — | — | — | $1.2M | $153.9K |
| Total current liabilities | — | — | — | — | $6.9M | $4.9M |
| Long-term debt | $187.4M | $162.6M | $162.4M | $162.2M | $160.7M | — |
| Total liabilities | $421.2M | $396.7M | $270.0M | $232.8M | $232.9M | $22.9M |
| Retained earnings | -$45.8M | -$64.6M | -$19.4M | -$3.2M | $0 | -$21.4M |
| Total equity | $172.0M | $159.8M | $132.2M | $98.4M | $16.9M | -$6.5M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 |
|---|---|---|---|---|---|---|
| Operating cash flow | -$2.3M | -$9.1M | -$7.7M | -$27.5M | -$6.6M | — |
| Depreciation and amortisation | $6.4M | $2.7M | $2.3M | $695.0K | $1.0M | — |
| Stock-based compensation | $5.8M | $3.9M | $2.3M | $1.2M | $217.0K | — |
| Capital expenditure | $9.5M | $2.3M | $767.0K | $1.1M | $162.0K | — |
| Investing cash flow | -$62.3M | -$43.9M | -$16.3M | -$187.8M | -$16.0M | — |
| Financing cash flow | $7.3M | $75.1M | $54.9M | $52.8M | $226.5M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-009045.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | — | $1.6M | $1.8M | $7.6M | $14.8M | $27.5M |
| Gross profit | — | — | — | — | — | — |
| Net income | — | -$13.6M | -$3.2M | -$16.2M | -$45.2M | $18.8M |
Recent filings and events
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Regulation FD disclosure Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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