Sky Harbour Group Corporation (NYSE: SKYH) has announced a remarkable 133% surge in total revenue to $5.6 million in the first quarter of 2025, compared to the same period in 2024. This growth is attributed to new lease commencements and the acquisition of key facilities, marking a significant milestone in the company's expansion within the aviation infrastructure sector.
The company's strategic initiatives included the commencement of operations at its Phoenix Deer Valley (DVT) campus and preparations for upcoming openings in Dallas Addison (ADS) and Denver Centennial (APA). A notable expansion was the addition of a facility at Seattle's Boeing Field, which offers approximately 90,000 square feet of rentable space, further solidifying Sky Harbour's national presence.
With a portfolio now encompassing eight operational campuses, one under construction, and ten in pre-development stages, Sky Harbour has demonstrated robust growth. Rental revenue climbed to $4.5 million, complemented by $1.1 million in fuel revenue. The execution of long-term leases at strategic locations such as Boeing Field, Hillsboro, and Stewart International underscores the company's commitment to sustained growth.
Financial metrics revealed sequential improvements, with gross margins increasing to 1.3% in the first quarter. The management team is optimistic about achieving consolidated run-rate breakeven cash flow and adjusted EBITDA by the end of 2025. The quarter concluded with total assets amounting to $553.7 million and a strong liquidity position, evidenced by $83.7 million in consolidated cash and restricted cash.
Stonegate Capital Partners has provided a valuation of Sky Harbour between $14.40 and $22.46 per share, with a midpoint of $17.72. This valuation takes into account various factors, including discount rates and the company's assumable debt, which carries an estimated blended interest rate of 4.25%.
As Sky Harbour continues to expand its network of aviation infrastructure, the company is well-positioned to leverage the burgeoning opportunities in the aerospace and private aviation sectors. For more information on Sky Harbour's growth and strategic initiatives, visit https://www.skyharbour.group.
