Stonegate Capital Partners has updated its coverage on Sky Harbour Group Corporation (NYSE: SKYH), emphasizing the company's strong financial performance and aggressive expansion strategy. For fiscal year 2025, Sky Harbour reported consolidated revenue of $27.5 million, an 87% increase year-over-year, driven by a full year of contribution from CMA, higher occupancy at BNA, OPF, and SJC, and the commencement of operations at DVT, ADS, and APA during 2025. Rental revenue accounted for $21.6 million, while fuel revenue contributed $6.0 million.
Management noted that leasing activity at Phoenix and Dallas campuses is progressing faster than expected, while Denver has been slower initially but is showing improvement. Early lease-up activity often involves short-term leases at lower rates to drive occupancy, with a strategy to transition tenants to longer-term leases at target pricing. For future campuses, the company has an active pre-leasing strategy, particularly at Bradley, where pre-leasing rents are running above existing campus averages due to long-term lease commitments.
Sky Harbour's development pipeline remains robust, with over $328 million invested and funding secured for the next six projects, totaling more than 1.0 million rentable square feet. Profitability has improved meaningfully, with a gross profit margin of 7.6% and adjusted EBITDA reaching run-rate breakeven in December 2025. The company continues to focus on expanding its network of home-base hangar campuses for business aviation, targeting key markets across the United States.
Stonegate Capital Partners, a leading capital markets advisory firm, provides investor relations and equity research services for public companies. The full announcement, including downloadable images and bios, is available at Stonegate's website.
