DALLAS, TX -- August 13th, 2025 --  Sky Harbour Group Corp. (NYSE: SKYH): Stonegate Capital Partners updates their coverage on Sky Harbour Group Corp. (NYSE: SKYH). Sky Harbour maintained strong operational momentum in 2Q25, underpinned by campus openings, leasing activity, and construction progress across its growing nationwide network. During the quarter, the Company commenced operations at Dallas Addison (ADS) and Seattle Boeing Field (BFI) and prepared for the start of resident flight operations at Denver Centennial (APA) in early 3Q25. Miami Opa-Locka (OPF) Phase 2 broke ground in Q2, with completion targeted for 2Q26. The Company also advanced pre-development at multiple Tier 1 airport sites, including Dulles (IAD), Bradley International (BDL), and Portland-Hillsboro (HIO), and initiated a successful pilot program to pre-lease hangars at airports not yet under construction, securing early commitments at BDL and IAD. As of quarter-end, the portfolio included nine operational campuses, one nearing completion, and thirteen in various pre-development stages. 

Company Updates:

Occupancy and Revenue Performance: For 2Q25, Sky Harbour reported consolidated revenue of $6.6M, up 82% y/y and 18% sequentially, reflecting contributions from the December 2024 acquisition of Camarillo (CMA), increased activity at legacy campuses, and initial revenue from newly opened ADS, APA, and DVT campuses. Rental revenue grew to $5.2M, while fuel revenue rose to $1.4M. Leasing velocity remained strong, with stabilized campuses largely at or near full occupancy and active negotiations underway for available space at new sites. Pre-leasing initiatives at future developments demonstrated that early commitments could be secured without significant pricing concessions.

Construction and Development: Constructed assets and construction-in-progress reached over $295M at quarter-end, up $125M y/y and $18M sequentially, supported by continued build-out at Phoenix (DVT), ADS, APA, and OPF Phase 2. The formation of Ascend Aviation Services—a wholly owned, vertically integrated development subsidiary led by industry veteran Phil Amos— strengthened in-house general contracting and construction management capabilities, complemented by the Company’s Stratus Building Systems manufacturing unit. This integration is expected to improve quality control, accelerate delivery, reduce per-square-foot costs, and mitigate supply chain risk.

Margins and Profitability: Gross margin was (2.0)% in Q2, compared to 7.7% in 2Q24 and 1.3% in 1Q25, reflecting higher ground lease, payroll, and operating costs associated with newly opened campuses ahead of full lease-up. Operating loss widened to $(7.5)M from $(5.0)M in the prior-year quarter. Net income attributable to common shareholders was $17.5M, or $0.18 per diluted share, driven by a $21.8M non-cash gain on warrant revaluation. Adjusted for non-cash items, EBITDA remained negative but improved sequentially, with management reaffirming expectations to achieve consolidated run-rate breakeven cash flow and adjusted EBITDA by year-end.

Balance Sheet Strength and Guidance: Sky Harbour ended 2Q25 with $74.9M in consolidated cash, restricted cash, and U.S. Treasuries. Subsequent to quarter-end, the Company secured a committed $200M tax-exempt warehouse debt facility with a major U.S. financial institution, providing flexible, draw-as-needed capital to fund 5–6 upcoming developments while reducing negative carry relative to a full bond issuance.

Valuation: We use a Discounted Cash Flow Analysis to guide our valuation of SKYH. Our DCF analysis produces a valuation range of $13.53 to $20.69 with a mid-point of $16.48. This analysis relies on a range of discount rates between 8.75% and 9.25% with a midpoint of 9.00% and accounts SKYH's debt being assumable, which has an estimated blended interest rate of 4.25%.

About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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