Sky Harbour Group Corporation (NYSE: SKYH) reported substantial growth in its first quarter of 2025, expanding its aviation infrastructure portfolio and increasing total revenue to $5.6 million, a 133% increase from the same period in 2024.
The company's strategic expansion includes operational campuses at Phoenix Deer Valley, with upcoming openings planned for Dallas Addison and Denver Centennial. A significant addition includes a new 90,000-square-foot facility at Seattle's Boeing Field, reinforcing the company's national footprint.
Revenue growth was primarily driven by new lease commencements at the San José campus, partial lease-up at the Deer Valley campus, and contributions from the recently acquired Camarillo facility. Rental revenue reached $4.5 million, while fuel revenue increased to $1.1 million.
The company's portfolio now includes eight operational campuses, one under construction, and ten in pre-development. Total leasable space stands at approximately 580,000 square feet, with over 2.1 million square feet in development, representing potential annualized revenue of $37.6 million once stabilized.
Despite operational improvements, the company reported an operating income of $(6.8) million, reflecting increased ground lease expenses and higher personnel costs. Management remains optimistic, maintaining guidance to achieve consolidated run-rate breakeven cash flow by year-end.
Financial analysts at Stonegate Capital Partners have valued the company between $14.40 and $22.46 per share, with a midpoint of $17.72, indicating potential growth in the aviation infrastructure sector.
