Sky Harbour Group Corporation (NYSE: SKYH) reported substantial financial and operational achievements in fiscal year 2024, showcasing resilience amid challenging economic conditions. The company's strategic expansion of aviation infrastructure and strong financial performance signal potential growth in the premium business jet facility market.
The company's consolidated revenues reached $14.8 million in FY24, representing a 95% year-over-year increase from the previous year. Revenue growth was primarily driven by new lease initiations, campus optimizations, and the acquisition of the Camarillo campus. The company's portfolio now encompasses approximately 580,000 square feet of leasable space, with over 2.1 million square feet currently under construction or development.
Sky Harbour's strategic geographic expansion includes new facilities at key locations such as Seattle's Boeing Field, Phoenix Deer Valley Airport, Addison Dallas Airport, and upcoming developments at Denver Centennial Airport. These strategic investments are projected to generate approximately $37.6 million in additional annual revenue upon completion.
Financial indicators demonstrate the company's careful management, with gross margins improving to 14.5% in the fourth quarter and a strong balance sheet position of $556.6 million in total assets. The company raised $75 million through a second PIPE equity placement in December, enhancing its liquidity for future growth.
Analysts from Stonegate Capital Partners project a valuation range of $15.36 to $23.80 for Sky Harbour, reflecting confidence in the company's strategic direction and potential for future expansion in the aviation infrastructure sector.
