Sky Harbour Group Corporation Demonstrates Strong Growth in Q2 2025

Sky Harbour Group Corp. (NYSE: SKYH) has reported a period of substantial growth and operational achievements in the second quarter of 2025, according to an updated coverage by Stonegate Capital Partners. The company's strategic expansions and leasing activities have positioned it for continued success in the aviation infrastructure sector.

During Q2 2025, Sky Harbour commenced operations at Dallas Addison (ADS) and Seattle Boeing Field (BFI), with Denver Centennial (APA) set to begin resident flight operations early in the third quarter. The groundbreaking of Miami Opa-Locka (OPF) Phase 2 marks another milestone, with completion targeted for Q2 2026. These developments are part of Sky Harbour's aggressive expansion strategy, which also includes pre-development activities at several Tier 1 airport sites such as Dulles (IAD), Bradley International (BDL), and Portland-Hillsboro (HIO).

The company's financial performance in Q2 2025 reflected this growth, with consolidated revenue reaching $6.6 million, an 82% increase year-over-year. Rental and fuel revenues contributed significantly to this uptick, with $5.2 million and $1.4 million, respectively. Sky Harbour's leasing velocity remains strong, with stabilized campuses nearing full occupancy and active negotiations for available space at new sites.

Construction and development efforts have also seen remarkable progress, with constructed assets and construction-in-progress totaling over $295 million at the end of Q2. The establishment of Ascend Aviation Services, a wholly owned subsidiary, enhances Sky Harbour's in-house development capabilities, promising improved quality control and reduced costs.

Despite a gross margin of (2.0)% in Q2, attributed to higher operational costs from newly opened campuses, Sky Harbour's net income attributable to common shareholders was $17.5 million, or $0.18 per diluted share. This was largely due to a $21.8 million non-cash gain on warrant revaluation. The company's balance sheet remains strong, with $74.9 million in consolidated cash, restricted cash, and U.S. Treasuries, and a recent $200 million tax-exempt warehouse debt facility secured to fund upcoming developments.

Stonegate Capital Partners' valuation of Sky Harbour, using a Discounted Cash Flow Analysis, suggests a promising future for the company, with a valuation range of $13.53 to $20.69. This analysis underscores the potential impact of Sky Harbour's strategic initiatives on its financial health and industry standing.

For more information on Sky Harbour Group Corp.'s developments and financial performance, visit https://www.skyharbour.group.