Sky Harbour Group Corporation reported consolidated revenue of $27.5 million for FY25, representing an 87% year-over-year increase according to coverage updated by Stonegate Capital Partners. The revenue growth was driven by multiple factors including a full year of contribution from CMA, increased occupancy at BNA, OPF, and SJC locations, and the commencement of operations at DVT, ADS, and APA campuses during 2025. The company's revenue breakdown included $21.6 million from rental operations and $6.0 million from fuel sales.
Management noted that leasing progress varied by market, with Phoenix and Dallas campuses progressing somewhat faster than expected, while Denver experienced slower initial leasing activity that has since shown improvement. The company employs a strategic approach to early lease-up that includes offering short-term leases at lower rates to drive initial occupancy before transitioning tenants to longer-term leases at target pricing levels. For future campus development, management highlighted an active pre-leasing strategy, particularly at the Bradley location, where pre-leasing rents are running above existing campus averages due to long-term lease agreements already secured.
The company continues aggressive development with over $328 million invested to date and funding secured for the next six projects that will add more than 1.0 million rentable square feet of space. Profitability metrics showed meaningful improvement throughout the fiscal year, with gross profit margin reaching 7.6% and adjusted EBITDA achieving run-rate breakeven by December 2025. The company's growth strategy focuses on developing airport-adjacent business campuses that serve aviation-related businesses, with the current portfolio expansion reflecting strong execution of this business model. The full announcement including additional details and financial metrics is available through Stonegate Capital Partners' research coverage.
