Sky Harbour Group Corporation Shows Strong Growth in Q2 2025 Amid Expansion
TL;DR
Sky Harbour Group Corp's strategic expansions and pre-leasing initiatives offer investors a competitive edge with a projected valuation range of $13.53 to $20.69.
Sky Harbour Group Corp reported a consolidated revenue increase to $6.6M in 2Q25, with a detailed plan for future developments and a $200M tax-exempt warehouse debt facility secured.
Sky Harbour Group Corp's nationwide network expansion and campus openings enhance aviation infrastructure, contributing to economic growth and job creation in multiple communities.
Sky Harbour Group Corp is pioneering pre-leasing hangars at airports not yet under construction, securing early commitments and setting a new industry standard.
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Sky Harbour Group Corp. (NYSE: SKYH) has reported a notable increase in operational momentum during the second quarter of 2025, according to an updated coverage by Stonegate Capital Partners. The company's growth is attributed to the opening of new campuses, active leasing, and progress in construction across its expanding national network. Key developments include the commencement of operations at Dallas Addison (ADS) and Seattle Boeing Field (BFI), with Denver Centennial (APA) expected to start resident flight operations early in the third quarter. Additionally, the groundbreaking of Miami Opa-Locka (OPF) Phase 2, targeted for completion in 2Q26, and advancements in pre-development at several Tier 1 airport sites underscore Sky Harbour's aggressive expansion strategy.
Financially, Sky Harbour reported consolidated revenue of $6.6M for 2Q25, marking an 82% increase year-over-year and an 18% sequential growth. This performance is driven by the acquisition of Camarillo (CMA), heightened activity at existing campuses, and initial revenue from newly operational sites. The company's rental and fuel revenues rose to $5.2M and $1.4M, respectively, with leasing velocity remaining strong across its portfolio.
Construction and development efforts have also seen significant investment, with constructed assets and construction-in-progress totaling over $295M at the quarter's end. The establishment of Ascend Aviation Services, a vertically integrated development subsidiary, aims to enhance in-house capabilities, promising improved quality control, faster delivery, and reduced costs. Despite a gross margin of (2.0)% in Q2, attributed to higher operational costs from new campuses, the company's net income attributable to common shareholders stood at $17.5M, or $0.18 per diluted share, buoyed by a non-cash gain on warrant revaluation.
Looking ahead, Sky Harbour's financial position appears robust, with $74.9M in consolidated cash, restricted cash, and U.S. Treasuries as of quarter-end. The securing of a $200M tax-exempt warehouse debt facility further strengthens its capacity to fund upcoming developments. Stonegate Capital Partners' valuation of SKYH, based on a Discounted Cash Flow Analysis, suggests a promising outlook, with a valuation range of $13.53 to $20.69.
For more information on Sky Harbour Group Corp.'s developments and financial performance, visit https://www.skyharbour.group.
Curated from Reportable
