Stonegate Capital Partners Updates Coverage on Sky Harbour Group Corporation (SKYH) Q425

Rhea-AI Summary

Sky Harbour Group (NYSE: SKYH) reported FY25 consolidated revenue of $27.5M, up 87% YoY, including $21.6M rental and $6.0M fuel revenue. Development spending exceeds $328M and funding is secured for six projects totaling 1.0M+ rentable sq ft. Gross margin reached 7.6% and adjusted EBITDA hit run-rate breakeven in December 2025.

Management cited faster lease-up in Phoenix and Dallas, slower early leasing in Denver, and a pre-leasing strategy at Bradley with rents above campus averages.

Positive

• Revenue +87% YoY to $27.5M in FY25
• Development funding secured for six projects totaling 1.0M+ rentable sq ft
• Adjusted EBITDA reached run-rate breakeven in December 2025
• Gross profit margin improved to 7.6%

Negative

• Initial lease-up in Denver was slower than expected
• Early leasing can include short-term, lower-rate contracts that may pressure near-term pricing
• Aggressive development with $328M+ invested increases capital deployment risk

Key Figures

FY25 revenue: $27.5M Revenue growth: 87% Rental revenue: $21.6M +4 more

7 metrics

FY25 revenue $27.5M Consolidated revenue for FY25

Revenue growth 87% FY25 year-over-year revenue increase

Rental revenue $21.6M FY25 rental revenue component

Fuel revenue $6.0M FY25 fuel revenue component

Gross profit margin 7.6% FY25 GPM, cited as meaningful improvement

Development investment $328M+ Capital invested in development to date

Future rentable space 1.0M+ sq ft Next six projects with funding secured

Market Reality Check

Price: $9.46 Vol: Volume 268,087 is 2.1x th...

high vol

$9.46 Last Close

Volume Volume 268,087 is 2.1x the 20-day average of 127,721, indicating elevated trading interest pre-news. high

Technical Shares at $9.46 are trading below the 200-day MA of $9.68 and about 33% under the 52-week high of $14.20.

Peers on Argus

SKYH fell 1.25% while key real estate development peers FPH, SDHC, FOR, and CCS ...

SKYH fell 1.25% while key real estate development peers FPH, SDHC, FOR, and CCS declined between 1.3–2.07%. Only HOUS diverged with a 3.64% gain, suggesting broader sector pressure with one outlier.

Historical Context

5 past events · Latest: Mar 11 (Neutral)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 11	Earnings call schedule	Neutral	-2.2%	Announcement of FY2025 results release date and investor webcast details.
Jan 29	Bond pricing	Positive	+2.0%	Upsized Series 2026 bond issue at 6% yield to fund new hangars.
Jan 12	Financing & leasing	Neutral	-1.5%	Proposed $100M bonds, JPM facility draw, and updated campus occupancies.
Jan 05	Affiliate capital raise	Neutral	+1.7%	Center Capital Partners IOS platform equity raise mentioning SKYH ticker.
Dec 11	New campuses & loans	Positive	+1.2%	Dallas campus approvals and new corporate and subsidiary loan financings.

Pattern Detected

Recent news around financing, development expansion, and earnings dates has generally produced modest, directionally consistent price moves, with no large dislocations.

Recent Company History

Over the last few months, SKYH has focused on funding and expanding its hangar campus network. A $150M Series 2026 bond pricing on Jan 29, 2026 and a prior $100M bond memorandum plus JPM facility draw on Jan 12, 2026 underscored capital-raising for over 1.1M rentable sq ft. On Dec 11, 2025, the company added two Dallas campuses, lifting its network to 23 airports with multiple loans closed. The latest article highlighting strong FY25 revenue growth and improving profitability follows this pattern of growth and financing updates.

Market Pulse Summary

This announcement underscores a step-change in scale for SKYH, with FY25 revenue of $27.5M up 87%, a...

Analysis

This announcement underscores a step-change in scale for SKYH, with FY25 revenue of $27.5M up 87%, a 7.6% gross margin, and adjusted EBITDA reaching run-rate breakeven by December 2025. Management reports $328M+ invested and funding secured for six additional projects totaling over 1.0M rentable square feet. Recent filings describe more than 1 million square feet of fully funded new hangars but also highlight high secured debt, large construction budgets, and refinancing and execution risks that remain central to the story.

Key Terms

adjusted EBITDA

1 terms

adjusted EBITDA financial

"Profitability improved meaningfully, with 7.6% GPM and adjusted EBITDA reaching run-rate breakeven..."

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

AI-generated analysis. Not financial advice.

Dallas, Texas--(Newsfile Corp. - March 20, 2026) - Sky Harbour Group Corporation (NYSE: SKYH): Stonegate Capital Partners Updates Coverage on Sky Harbour Group Corp. (NYSE: SKYH): For FY25, Sky Harbour reported consolidated revenue of $27.5 million, up 87% year over year, including $21.6 million of rental revenue and $6.0 million of fuel revenue. Revenue growth was driven by a full year of contribution from CMA, increased occupancy at BNA, OPF, and SJC, and the commencement of operations at DVT, ADS, and APA during 2025. On leasing, management noted Phoenix and Dallas were progressing somewhat faster than expected, while Denver was slower initially but improving. It was noted that early lease-up activity can include short-term leases at lower rates to drive occupancy before recycling those tenants into longer-term leases at target pricing. For future campuses, management highlighted an active pre-leasing strategy, particularly at Bradley, with pre-leasing rents running above existing campus averages due to long term leases signed.

To view the full announcement, including downloadable images, bios, and more, click here.

Key Takeaways:

• FY25 revenue rose 87% to $27.5M, driven by CMA, higher occupancy, and new campuses at DVT, ADS, and APA.
• Development continues aggressively, with $328M+ invested and funding secured for the next six projects totaling 1.0M+ rentable square feet.
• Profitability improved meaningfully, with 7.6% GPM and adjusted EBITDA reaching run-rate breakeven in December 2025.

Click image above to view full announcement.

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About Stonegate

Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking, equity research and capital raising for public and private companies.

Contacts:

Stonegate Capital Partners
(214) 987-4121
info@stonegateinc.com

Source: Stonegate, Inc.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/289431

FAQ

What were Sky Harbour (SKYH) FY25 revenues and key revenue breakdown?

Sky Harbour reported $27.5M in FY25 revenue, up 87% year-over-year. According to the company, revenue included $21.6M rental revenue and $6.0M fuel revenue, driven by new campus operations and higher occupancy.

When did Sky Harbour's adjusted EBITDA reach breakeven and what does that mean for SKYH shareholders?

Adjusted EBITDA reached run-rate breakeven in December 2025, indicating operational break-even on a run-rate basis. According to the company, this reflects improved campus occupancy and revenue mix reducing reliance on external cash to cover operations.

How much has Sky Harbour invested in development and what projects are funded for 2026?

Sky Harbour has invested over $328M in development and secured funding for six upcoming projects totaling 1.0M+ rentable square feet. According to the company, funding covers the next six campuses advancing construction and pre-leasing.

What did management say about leasing progress at Sky Harbour campuses like Phoenix, Dallas, and Denver?

Management said Phoenix and Dallas are leasing faster than expected, while Denver was initially slower but improving. According to the company, early lease-up sometimes uses short-term lower-rate leases to drive occupancy before converting to long-term target rents.

How is pre-leasing at Bradley expected to affect Sky Harbour's rental rates and occupancy for SKYH?

Pre-leasing at Bradley is running above existing campus averages, suggesting stronger pricing at opening. According to the company, long-term leases signed in pre-leasing are contributing to higher initial rents and anticipated stable occupancy.