Q4 2025 Sky Harbour Group Corp Earnings Call Transcript
Key Points
- Sky Harbour Group Corp (SKYH) reported a significant year-over-year revenue increase of 87%, reaching a record $27.5 million for 2025.
- The company achieved positive cash flow from operations for the first time in its history, driven by a $5.9 million rent realization from an extended tenant lease.
- Sky Harbour Group Corp (SKYH) reached breakeven on an adjusted EBITDA basis by the end of 2025.
- The company successfully met its 2025 guidance of securing 23 airports under ground lease, with additional expansions at existing airports.
- Sky Harbour Group Corp (SKYH) has established a strong liquidity position with $48 million in cash and US treasuries, enhanced by $150 million in proceeds from subordinate bonds and a $200 million committed facility.
- Operating expenses increased to nearly $28 million due to higher CapEx and the impact of ground leases, which are mostly noncash.
- The company experienced a slight decline in adjusted EBITDA on a year-over-year basis, despite improvements in the latter half of the fourth quarter.
- Denver's campus lease-up was slower than expected, partly due to seasonal effects, impacting overall leasing progress.
- Construction expenditures were lighter in Q4 than in prior quarters, likely due to timing of deliveries and development starts.
- Sky Harbour Group Corp (SKYH) faces challenges in maintaining a balance between pre-leasing and maximizing rent potential closer to delivery, as pre-leasing can leave money on the table.
Good evening. My name is Tiffany, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sky Harbour 2025 year-end earnings call and webinar conference. (Operator Instructions)
Francisco Gonzales, Chief Financial Officer, you may begin your conference.
Thank you, Tiffany. I'm Francisco Gonzalez, CFO, Sky Harbour. Hello and welcome to the 2025 full year results investor conference call and webcast for the Sky Harbour Group Corporation. We have also invited our bond holding investors in our powering subsidiary, Sky Harbour Capital and now also our lenders in Sky Harbour Capital to and the 2026 Series bondholders of Sky Harbour Capital III to join and participate on this call. Before we begin, I have been asked by counsel to note that on today's call, the company will address certain factors that may impact this and next year's earnings. So all the information that we'll discuss today contains forward-looking statements. These statements are
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